VAL-D’OR, QUÉBEC–(Marketwired – March 15, 2016) – Abitibi Royalties Inc. (TSX VENTURE:RZZ) “Abitibi Royalties” or the “Company”) announces that the Board of Directors, after continued consultations with various stakeholder groups, has terminated the Management Success Fee Agreement as described in the Company’s Management Information Circular dated May 15, 2015, prepared in connection with the Company’s annual general and special meeting of shareholders held on June 25, 2015. Approximately $132,000 had been paid under the Management Success Fee Agreement, with no further amounts payable.
The Company, through its Board of Directors on recommendations from the Compensation and Corporate Governance Committee, intends to compensate its officers, directors, employees and consultants through conventional means including salaries or management or consulting services fees, bonuses, as well as awards under the Company’s Restricted Share Unit Plan as previously approved by shareholders and the TSX-Venture Exchange. The Company has 824,269 Restricted Share Units available for issuance.
About Abitibi Royalties
Abitibi Royalties holds a 3% NSR on the Odyssey North discovery, Jeffrey Zone and the eastern portion of the Barnat Extension and a 2% NSR on portions of the Gouldie and Charlie zones all at the Canadian Malartic mine near Val-d’Or, Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines and it holds 100% title to the Luc Bourdon and Bourdon West Prospects in the Ring of Fire, Ontario. The Company owns 3,549,695 shares of Yamana Gold and 444,197 shares of Agnico Eagle Mines.
Golden Valley Mines and Rob McEwen hold approximately 51.4% and 8.7% interest in Abitibi Royalties, respectively.
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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 news release.