the Adoption of a Dividend Policy Calgary, Alberta--(Newsfile Corp. - December 10, 2021) - Circa Enterprises Inc. (TSXV: CTO) (the "Company" or "Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, announced today that it has adopted a Regular Dividend Policy and granted stock options.
DIVIDEND POLICY AND DECLARATION OF DIVIDEND
Circa expects to declare future dividends semi-annually in the amount of $0.03 per Common Share (which on an annualized basis would amount to $0.06 per Common Share), and has determined that this anticipated level of semi-annual dividend is appropriate based on the Company's current financial performance, liquidity and outlook.
In line with the adoption of the dividend policy, the Board of Directors has declared an initial cash dividend of $0.03 per share on its common shares payable January 19, 2022 to shareholders of record at the close of business January 5, 2022. The Dividend is deemed to be an eligible dividend for purposes of the Income Tax Act (Canada).
GRANT OF STOCK OPTIONS
The Company additionally announced today that it has granted a total of 225,000 stock options to directors, officers and employees of the Company pursuant to the Company's stock option plan. Of these stock options, 145,000 were granted to directors and officers of Circa. The stock options are exercisable for a period of five years at an exercise price per share equal to the closing price of the common shares of the Corporation on the TSX Venture Exchange as at the close of trading on December 9, 2021. One third of these options will vest on the anniversary from the date of the grant over each of the next three years.
Circa Enterprises Inc. is a public company with operations in Alberta and Ontario. The outstanding common shares of Circa Enterprises Inc. are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Website: www.circaent.com
https://www.newsfilecorp.com/release/107313