West Vancouver, British Columbia--(Newsfile Corp. - April 2, 2024) - Cobra Venture Corporation (TSXV: CBV) (the "Company" or "Cobra") announces that the Company's board of directors has approved a special, one-time cash dividend of $0.027 per common share (the "Special Dividend"). The Special Dividend will be payable on May 2, 2024 to shareholders of record as of the close of business on April 16, 2024. The aggregate amount of the payment in connection with this Special Dividend will be approximately $446,951.
"We are pleased to be in a position to provide our shareholders with this special dividend. We believe this special dividend aligns the interests of management with those of all our shareholders," said Daniel Evans, President and Chief Executive Officer.
The Company has decided to pay the Special Dividend based on several factors including the Company's recently announced year end financial results, the management team's assessment of the Company's future capital requirements and corporate and property interest opportunities. There are currently no plans for future dividends. The declaration and payment of dividends is at the discretion of the board of directors of the Company and any future declaration of dividends will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the Company.
As an oil and gas project update (and as referred to in the Company's audited financial statements for the year ended November 30, 2023), in August 2019, the Company entered into a participation agreement (the "Agreement") with Makk Energy Ltd., a private oil and gas company controlled by Murray Rodgers, a director of the Company, and QC Energy LLC, a private oil and gas company based in Denver, Colorado. Pursuant to the Agreement, the Company had a nonoperating 25% working interest in the subject project. During the year ended November 30, 2023, the Company terminated its participation in the Agreement and wrote down $32,357 in exploration advances.
For further information visit the Company's website at www.cobraventure.com.
For further information, please contact:
Daniel B. Evans
President and CEO
Email: cbv@telus.net
(604) 922-2030
Cobra Venture Corporation
"Daniel B Evans"
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Daniel B. Evans, President and CEO
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.
Caution Regarding Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable securities legislation. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "suspects", "intends", "estimates", "projects", "targets", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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