TORONTO, Nov. 26, 2012 /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 increase of its
quarterly dividend to $0.01625 per share from $0.01325 per share
effective with the dividend declaration for the fourth quarter at the
end of December, 2012.
The dividend increase represents a 23% increase to an annual $0.065 cash
dividend, payable quarterly. 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. For Canadian resident
shareholders, dividends declared are considered as "eligible dividends"
for purposes of the divided tax credit rules contained in the Income
Tax Act (Canada).
"Our Board's decision to increase the quarterly cash dividend reflects
the Company's financial strength, cash flows from existing operating
assets and the positive cash flow impact of the recently completed
acquisition of Shear Wind Inc.," said Jeff Jenner, Chief Executive
Officer of Sprott Power.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company
dedicated to the development, ownership and operation 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.
Certain information contained in this press release may constitute
"forward-looking information" which reflects the current expectations
of Sprott Power including the ability of the Sprott Power to continue
to generate sufficient cash to pay future dividends. This information
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 Factors" in the
Company's Annual Information Form dated March 26, 2012. 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.
SOURCE: Sprott Power Corp.