Paramount distributed to its shareholders, by way of dividend, 3.8 million Class A Common Shares of Seven Generations Energy Ltd. (“7G Shares”).
The dividend payment date was January 16, 2017 and resulted in Paramount's shareholders of record at the close of business on January 9, 2017 (“Eligible PRL Shareholders”) receiving 0.03580964 of a 7G Share for each Paramount share they held on such date, subject to applicable withholding taxes for non-Canadian residents and fractional entitlements to 7G Shares being rounded to the closest whole number.
Each Eligible PRL Shareholder will be mailed a DRS advice specifying the number of 7G Shares they received pursuant to the dividend by the transfer agent for 7G Shares, Computershare Investor Services Inc.
Paramount’s shareholders that hold their Paramount common shares in the name of a nominee (i.e. deposited with a securities broker, bank or other institution) will not receive a DRS advice, and instead will need to contact their nominee for further information as to their entitlement to 7G Shares.
The 7G Shares were valued at $26.27 per share for tax purposes, which was the closing trading price of such shares on the TSX on Friday January 13, 2017, the last trading day before the dividend was paid.
The dividend was designated by Paramount to be an "eligible dividend" for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to an eligible dividend paid to Canadian residents.
For further information, contact:
J.H.T. (Jim) Riddell, President and Chief Executive Officer
B.K. (Bernie) Lee, Chief Financial Officer
Phone: (403) 290-3600, Fax: (403) 262-7994