Business
Jaguar Mining Announces Quarterly Dividend and Decision to Proceed with a Share Consolidation
Board of Directors declares a quarterly cash dividend on common shares Jaguar intends ...
About this update from Jaguar Mining Inc.
[{"type":"text","content":"Jaguar Mining Announces Quarterly Dividend and Decision to Proceed with a Share ConsolidationBoard of Directors declares a quarterly cash dividend on common sharesJaguar intends to consolidate its common shares on a 1 for 10 basisTORONTO / ACCESSWIRE / August 12, 2020 / Jaguar Mining Inc. (\"Jaguar\" or the \"Company\") (TSX:JAG) is pleased to announce that its Board of Directors has declared a dividend of C$0.08 per common share of the Company (a \"Share\") on a post-Consolidation (as hereinafter defined) basis, payable to shareholders of record at the close of business on the date that is five trading days after the Effective Date (as hereinafter defined) of the Consolidation. Jaguar will make a further announcement to confirm the record date and payable date of the dividend following the completion of the Consolidation.The Board of Directors intends to review, among other things, the Company's budget, cash flow forecast and existing market conditions on a quarterly basis in order to determine whether any additional dividends will be declared on Shares for subsequent quarters. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Board of Directors. The dividend is designated as an eligible dividend for Canadian income tax purposes.Jeff Kennedy, Chairman and Director of the Company, stated, \"The declaration of a dividend and the concurrent announcement of a share consolidation represent an important milestone for Jaguar as we believe it will create greater exposure for the Company and attract an expanded and diverse group of new institutional and retail investors in the United States, Canada and abroad. The payment of this quarterly dividend also reflects the strong confidence we have in the expected future operating and financial performance of the Company and its mineral properties including the needs of our exploration team in providing for future growth.\"The aggregate dollar amount of the dividend contemplated hereby will be paid by the Corporation irrespective of whether the Consolidation is completed.Announcement of Share ConsolidationThe Company also announces that, as previously authorized by its shareholders at the Company's annual general and special meeting of shareholders held on June 5, 2017 and following a determination by its Board of Directors, the Company intends...