RE:Special Distribution from NIFThe distribution is payable January 25:
Noranda Income Fund (TSX:NIF.UN) (the “Fund”) announced today that the Board of Trustees of Noranda Operating Trust (the “Board” or “Trustees”) has approved a special cash distribution of $0.03 per unit payable on January 25, 2021 to Priority and Ordinary Unitholders of record as at the close of business on December 31, 2020. This special cash distribution is based on the Fund’s 2020 unconsolidated taxable income calculated in accordance with the Fund’s Trust Indenture.
All cash distributions to Unitholders must also be approved by the asset-based revolving credit facility lenders of the Fund and they have provided consent for this special distribution.
The 2020 special distribution does not signal a return to regular recurring monthly distributions to Unitholders. On January 31, 2017, in light of the negative market conditions facing the Fund, the Board announced the suspension of future monthly distributions to Unitholders until further notice.