/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE U.S./
CALGARY,
AB, July 15, 2024 /CNW/ - Source Rock
Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas
royalty company with an established portfolio of oil royalties,
announces that its board of directors has declared a monthly
dividend of $0.0065 per common share,
payable in cash on August 15, 2024 to
shareholders of record on July 31,
2024.
This dividend is designated as an "eligible dividend" for
Canadian income tax purposes.
GRANTS OF INCENTIVE SECURITIES
Source Rock further announces that effective July 15, 2024 (the "Grant Date"), pursuant to its
Stock Option Plan and Restricted Share Unit and Deferred Share Unit
Compensation Plan, respectively, it has granted (i) 260,000 stock
options (each an "Option"); (ii) 455,000 restricted share units
(each a "RSU"); and (iii) 312,500 deferred share units (each a
"DSU") to officers and directors.
Each Option has a term of 3 years and may be exercised at a
price of $0.93 per Option. The
Options shall vest one-third on the Grant Date, and one-third on
each of the first and second anniversaries of the Grant Date.
Each RSU entitles the holder to receive one common share of
Source Rock, or a cash payment equal to the equivalent value of one
common share of Source Rock at the time of vesting, or a
combination of both. The RSU's granted shall vest one-third on each
of the first, second and third anniversaries of the Grant Date.
Each DSU represents the right to receive one common share of Source
Rock, or a cash payment equal to the equivalent value of one common
share of Source Rock, upon the holder of such DSU ceasing to be an
officer or director of Source Rock.
About Source Rock Royalties Ltd.
Source Rock is a pure-play oil and gas royalty company with an
existing portfolio of oil royalties in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced
growth and yield business model, using funds from operations to
pursue accretive royalty acquisitions and to pay dividends. By
leveraging its niche industry relationships, Source Rock identifies
and acquires both existing royalty interests and newly created
royalties through collaboration with industry partners. Source
Rock's strategy is premised on maintaining a low-cost corporate
structure and achieving a sustainable and scalable business,
measured by growing funds from operations per share and maintaining
a strong netback on its royalty production.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy of
this release.
SOURCE Source Rock Royalties Ltd.