TORONTO, ONTARIO–(Marketwired – May 13, 2016) – Marret Resource Corp. (TSX:MAR) (“Marret” or the “Company”) announces that it has reported a total comprehensive loss for the three months ended March 31, 2016 of $0.5 million or $0.03 per share compared to an income of $2.7 million or $0.15 per share for the same period in 2015. As of March 31, 2016, the Company had total assets of $15.3 million, liabilities of $1.0 million, shareholders’ equity of $14.3 million and a net asset value per share of $0.808 (including a value of $0.45 per share attributable to the Company’s interest in Cline Mining Corp.). The financial statements along with management’s discussion and analysis can be found on SEDAR (www.sedar.com) or on Marret’s website (www.marret.com).
The Company also announced that its annual general meeting has been set for June 30, 2016 with a record date of May 18, 2016. The Company also announced that two directors, Mr. Frank Davis and Mr. Douglas Scharf will not be standing for re-election at the AGM. The slate of directors nominated in the management information circular include incumbents, Mr. John Anderson, Mr. David Gluskin and Mr. Barry Allan, along with a new nominee, Mr. Philip Armstrong.
About Marret Resource Corp.
Marret Resource Corp. is currently focused on natural resource lending. The Company’s business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource-related businesses and investing in public and private equity and quasi-equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances. Marret Asset Management Inc. is the Company’s investment manager and is responsible for implementing Marret Resource Corp.’s investment strategy and managing its investment portfolio.
About Marret Asset Management Inc.
Marret Asset Management Inc. is the manager of the Company. Marret Asset Management and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies.
This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of Marret Resource Corp. (the “Company”) regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks Factors” in the prospectus or annual information form for the Company, and matters disclosed in the Company’s management information circular dated May 20, 2015. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.
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