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CALGARY, AB, July 15, 2024 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on August 15, 2024 to shareholders of record on July 31, 2024.
This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
GRANTS OF INCENTIVE SECURITIES
Source Rock further announces that effective July 15, 2024 (the "Grant Date"), pursuant to its Stock Option Plan and Restricted Share Unit and Deferred Share Unit Compensation Plan, respectively, it has granted (i) 260,000 stock options (each an "Option"); (ii) 455,000 restricted share units (each a "RSU"); and (iii) 312,500 deferred share units (each a "DSU") to officers and directors.
Each Option has a term of 3 years and may be exercised at a price of $0.93 per Option. The Options shall vest one-third on the Grant Date, and one-third on each of the first and second anniversaries of the Grant Date.
Each RSU entitles the holder to receive one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock at the time of vesting, or a combination of both. The RSU's granted shall vest one-third on each of the first, second and third anniversaries of the Grant Date. Each DSU represents the right to receive one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock, upon the holder of such DSU ceasing to be an officer or director of Source Rock.
About Source Rock Royalties Ltd.
Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalties in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
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 of this release.
SOURCE Source Rock Royalties Ltd.
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