SCOTTSDALE, AZ -- (Marketwire) -- 11/28/12 -- International Minerals Corporation (TSX: IMZ) (SWISS: IMZ) (the "Company") is pleased to advise its shareholders that, today, November 28, 2012, the Company's Board of Directors approved the payment of an annual cash dividend of CDN $0.12 per common share. This dividend payment is the first-ever to be paid by IMZ.
Shareholders of record at the close of business on December 14, 2012 will be entitled to receive payment of this dividend on the payment date of January 31, 2013. The ex-dividend date will be December 12, 2012.
Under Canadian tax law, the Company is required to withhold tax at the rate of 25% on the payment of any dividend to shareholders who are non-residents of Canada; unless a shareholder can prove that a reduced withholding is permitted.
Under applicable Canadian tax treaties with foreign countries (such as Switzerland, Germany and the United States, etc), the Canadian withholding tax rate may be reduced to 15% or less if shareholders provide their brokerage firm, or for registered shareholders the Company's Transfer Agent (see contact information below), with the appropriate documentation supporting the applicable withholding rate. In addition, certain qualified foreign pension funds owning IMZ shares may be able to obtain an exemption from the withholding requirements provided that the Canadian Customs and Revenue Agency grants an exemption based on submittal of a letter requesting the exemption by the qualified pension fund. In addition, all shareholders subject to taxation in the United States must provide the Company's transfer agent with their taxpayer identification number.
The Company expects that the payment of this dividend will be recognized as an eligible dividend as defined in the Income Tax Act (Canada).
The Company's ISIN number on the Swiss Stock Exchange is CA 4598751002.
The Company does not assume any responsibility for the applicability or accuracy of any general taxation statements contained in this news release and shareholders are encouraged to consult with their own financial advisors to determine their eligibility with respect to any reduction in the mandatory Canadian tax withholding and other taxation matters pertaining to this dividend.
Computershare Investor Services
100 University Avenue, 9th Floor
Toronto, Ontario, Canada, M5J 2YI
Attention: Shareholder Inquiries
Telephone: In North America 1-800-564-6253 (toll free); International 1-514-982-7555
Facsimile: In North America 1-866-249-7775 (toll free); International 1-416-263-9524
This release contains "forward-looking" statements within the meaning of applicable Canadian securities laws. Such forward looking statements may include statements relating to current and future dividend payments and tax laws. Investors are cautioned that any dividend declarations are non-binding. The declaration and payment of all dividends remain at the discretion of the Board of Directors of the Company, and they will be determined based upon the financial results, cash and liquidity requirements, future prospects and other factors deemed relevant by the Board of Directors of the Company. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on common shares of the Company, the Board of directors may revise or terminate such policy at any time without prior notice. As a result, investors should not place undue reliance on past practice or policy guidelines and investors must confirm the applicable tax laws and regulations as they pertain to any payment of a dividend.
For additional information, contact:
In North America:
VP Corporate Relations
Tel: +1 203 883 8358
Tel: +41 44 853 00 47
Renmark Financial Communications:
Or send an e-mail to: Email Contact
Internet Site: http://www.intlminerals.com