Alvopetro Initiates US$0.06 Per Share Quarterly Dividend
CALGARY, AB, Sept. 21, 2021 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOD) announces that our Board of Directors has declared a quarterly dividend of US$0.06 per common share, payable in cash on October 15, 2021 to shareholders of record on September 29, 2021. This dividend is designated as an "eligible dividend" for Canadian income tax purposes. Alvopetro's cash flows are linked to US dollars and as such, dividends are being paid in US dollars. Alvopetro has also given our lender notice of an additional US$1.0 million repayment of our credit facility that will bring the amount outstanding under the loan to US$6.5 million.
Corey C. Ruttan, President and Chief Executive Officer, commented:
"We have had a long-standing objective of implementing a disciplined model that balances reinvestment in organic growth opportunities with stakeholder returns. With the repayment of over half of our initial debt project financing and with ongoing strong production and financial results we are pleased to be implementing quarterly dividends to our shareholders, six months ahead of our previous indication."
Non-resident Shareholders
Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%. Read More
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