Toronto, Ontario--(Newsfile Corp. - July 29, 2022) - MGM Resources Corp. ("MGM" or the "Company") announces that its board of directors has approved a special dividend (the "Special Dividend") and a return of capital (the "Return of Capital"; together with the Special Dividend, the "Distribution") to registered holders ("Registered Holders") of common shares in the capital of MGM ("MGM Shares"), which will be comprised of a combination of cash and common shares in the capital of WonderFi Technologies Inc. ("WonderFi Shares").
Each Registered Holder will receive the Distribution on a pro rata basis based on the percentage of MGM Shares held by each Registered Holder (the "Proportional Interest"), as determined on the date hereof at 5:00 p.m. (Toronto time) (the "Record Date"). The Distribution is comprised of a total of $600,000 in cash and 1,500,000 WonderFi Shares.
Registered Holders are required to properly complete, duly execute and submit, together with all other related or required documents, the letter of transmittal (the "Letter of Transmittal") to MGM in order to claim their Proportional Interest of the Distribution. The Letter of Transmittal will be mailed to Registered Holders and will also be made available under MGM's profile on SEDAR at www.sedar.com. Registered Holders will be entitled to submit the Letter of Transmittal to claim their Proportional Interest of the Distribution during the Distribution period (the "Distribution Period") being from the Record Date to July 29, 2024 (the "Outside Date").
Any amount of the Distribution that is unclaimed by the Outside Date, will be distributed pro rata to those Registered Holders who submitted the Letter of Transmittal to claim their Proportional Interest of the Distribution before the Outside Date (the "Claiming Shareholders"). Claiming Shareholders are urged to consult their own tax advisors regarding the tax implications of the Distribution and are strongly urged to review the Letter of Transmittal for instructions and additional terms and conditions for this Distribution.
For more information, please contact:
MGM Resources Corp.
Jerry Wang, CEO, CFO and Director
Telephone: (416) 301-3036
Cautionary Note Regarding Forwarding-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132407