Stock Name: SPZ
Amount: CAD 0.01
Announcement Date: 07/11/2011
Record Date: 28/12/2011
Dividend Detail:
TORONTO, Nov. 7, 2011 /CNW/ - Sprott Power Corp. (TSX:SPZ), a developer,
owner and operator of renewable energy projects, today announced that
its Board of Directors has approved the introduction of a dividend
policy.
Pursuant to the new dividend policy, Sprott Power has instituted an
annual $0.04 cash dividend, payable quarterly. The Board of Directors declared the
first such quarterly cash dividend of $0.01 per share payable on
January 16, 2012 to shareholders of record as of the close of business
on December 30, 2011. Sprott Power's Board of Directors will review the
dividend policy from time to time taking into consideration the
Company's cash flow, earnings, working capital requirements, financial
position and other relevant factors.
"Our Board's decision to introduce a quarterly cash dividend policy
demonstrates its confidence in the Company's financial strength and the
ability of our existing operating assets and projects under
construction to generate consistent positive cash flows," said Jeff
Jenner, Chief Executive Officer of Sprott Power. "The Board will
review this policy as our pipeline of development projects mature, and
we bring new assets online."
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company
dedicated to the development, owning and operating of renewable energy
projects. Through project development efforts, acquisitions,
partnerships and joint ventures, Sprott Power provides its shareholders
with income and growth from the renewable power generation sector of
the energy industry.
Forward-Looking Statements
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations
of Sprott Power. This information, such as future proceeds on sale of
assets, reflects Sprott Power's current beliefs with respect to future
events and are based on information currently available to management.
Forward-looking information involves significant known and unknown
risks, uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to be materially different from
any future results, performance or achievements that may be expressed
or implied by such forward-looking information including, without
limitation, the risks listed under the heading "Risk and Uncertainties"
in the Management Discussion and Analysis of Financial Results dated
June 13, 2011. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied by
the forward-looking information contained in this release. Although
forward-looking information contained in this release is based upon
what Sprott Power believes to be reasonable assumptions, management
cannot assure investors that actual results, performance or
achievements will be consistent with this forward-looking information.
The forward-looking information is made as of the date of this release
and Sprott Power does not assume any obligation to update or revise it
to reflect new events or circumstances, except as required by law.
For further information:
| Jeff Jenner, CA, CBV President and Chief Executive Officer Sprott Power Corp. 416-943-6387 jjenner@sprottpower.com | | Babak Pedram Investor Relations The Equicom Group 416-815-0700 ext. 264 bpedram@equicomgroup.com |
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