MONTREAL, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Dynacor Gold Mines Inc. (TSX: DNG) (Dynacor or the Corporation) announced today the Corporation is changing its dividend payment frequency schedule to monthly from quarterly beginning in February 2021. The declaration of a dividend payment of CA $0.005 per common share, which will be payable on February 17, 2021, to shareholders of record as of the close of business on February 8, 2021. This dividend represents the eleventh dividend and first monthly payment made to shareholders.
President and CEO Jean Martineau states, "I am pleased to announce the change in our dividend policy to monthly from quarterly payments. This compound friendly and value-added shareholder move is based on Dynacor's healthy balance sheet, stable free cash flow model and expectation that 2021 and beyond will be among the company's very best. We believe the new monthly income streams distributed from Dynacor will be an attractive part of our dividend policy from which a large percentage of our shareholder base will benefit."
The Corporation’s monthly dividend qualifies as an “eligible dividend” for Canadian income tax purposes.
The payment and increase of dividends are at the discretion of the Board and will depend on the Corporation’s financial results, cash requirements, prospects and other factors deemed relevant by the Board.