Canacol Energy Ltd. Announces Dividend
Canacol Energy Ltd. (CNNEF) announced a dividend of CAD $0.052 per share, payable on July 15, 2022, for shareholders on record by June 30, 2022. This dividend qualifies as an eligible dividend for Canadian tax purposes. Payment will occur in Canadian Dollars for shares traded on the Toronto Stock Exchange, while Colombian shareholders will see payments converted at the central bank's exchange rate. Shareholders eligible for a reduced withholding tax must complete Form NR301 to avoid the standard 25% tax rate. The timing and amount of future dividends remain at the Board's discretion.
- Declared dividend of CAD $0.052 per share, enhancing shareholder returns.
- Dividend qualifies as an eligible dividend for Canadian tax purposes.
- Future dividend payments are at the discretion of the Board, adding uncertainty.
- Dividends subject to a 25% withholding tax for non-resident shareholders could reduce net returns.
CALGARY, Alberta, June 20, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) announced that it has declared a dividend of CAD$.052 per share, payable on July 15, 2022, to shareholders of record at the close of business on June 30, 2022. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
Dividends on shares traded on the Toronto Stock Exchange (“TSX”) will be paid in Canadian Dollars (“CAD”) on July 15, 2022.
For shareholders trading on the Colombia Stock Exchange (“BVC”), the Colombian peso equivalency shall be calculated based on the exchange rate as certified by the Banco de la Republica (“Central Bank”) on the date of monetization and will be published accordingly on the SIMEV website www.superfinanciera.gov.co
Shares traded on the Toronto Stock Exchange
Form NR301 will be mailed to Registered non-resident shareholders as at the dividend record date, by Olympia Trust Company, Canacol’s transfer agent. In order to receive the preferred treaty rate, you must complete and mail back the form as soon as possible. Failure to supply a completed NR301 form will result in Olympia withholding the statutory
Instructions on how to correctly complete the NR301 are on the back of the form. Shareholders who hold their shares through a broker should contact their broker directly. They do not need to return a form to Olympia.
Shares traded on the Colombia Stock Exchange
Dividend payments will be subject to withholding at the Canadian statutory rate of
Form NR301 can be downloaded at:
https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/nr301/nr301-13e.pdf
For information purposes, a Spanish version of Form NR301 can be downloaded at:
http://canacolenergy.co/es/investors/stocks-dividends/dividend-forms/
The content contained herein is not tax advice. Do not use or otherwise rely upon any of the content without first seeking independent tax advice.
About Canacol
Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.
For more information please contact:
Investor Relations
South America: +571.621.1747 IR-SA@canacolenergy.com
Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com
http://www.canacolenergy.com
FAQ
What is the dividend amount declared by Canacol Energy Ltd. (CNNEF)?
When is the dividend payment date for Canacol Energy Ltd. (CNNEF)?
Who is eligible to receive Canacol Energy Ltd.'s (CNNEF) dividend?
What is the withholding tax rate for non-resident shareholders of Canacol Energy Ltd. (CNNEF)?
Can the withholding tax rate be reduced for Canacol Energy Ltd. (CNNEF) shareholders?
