TORONTO, ONTARIO--(Marketwired - July 30, 2014) - Marret Resource Corp. (TSX:MAR) ("Marret" or the "Company") announces that it has reported a total comprehensive loss for the three months ended June 30, 2014 of $0.2 million ($0.01 per share) compared to a loss of $6.8 million ($0.35) per share in the second quarter of 2013. Included in the loss for the current quarter is an unrealized valuation writedown of the Company's investment in Cline Mining of $2.1M. For the six months ended June 30, 2014, Marret reported a total comprehensive income of $3.1 million ($0.16 per share) compared to a loss of $8.6 million ($0.44 per share) for the comparative period in 2013. As of June 30, 2014, the Company had total assets of $122.4 million, liabilities of $22.5 million, shareholders' equity of $99.9 million and a net asset value per share of $5.15. The financial statements along with management's discussion and analysis can be found on SEDAR (www.sedar.com) or on Marret's website (www.marret.com).
About Marret Resource Corp.
Marret Resource Corp. is focused on natural resource lending. The Company's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource‐related businesses and investing in public and private equity and quasi‐equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.
Marret Asset Management Inc. is the Company's investment manager and is responsible for implementing Marret Resource Corp.'s investment strategy and managing its investment portfolio.
About Marret Asset Management Inc.
Marret Asset Management Inc. is the manager of the Company. Marret and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies. Barry Allan, the President and Chief Investment Officer, founded Marret in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30 years of experience in credit and fixed income markets.
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Contact Information:
416.214.5800
www.marret.com