TORONTO, ONTARIO--(Marketwired - March 31, 2014) - Marret Resource Corp. (TSX:MAR) ("Marret" or the "Company") has agreed to amend the management services agreement with Marret Asset Management Inc. (the "Manager") effective April 1, 2014 to provide for the reduction in the annual management fee charged to the Company by the Manager from 1.5% to 1%. In addition, the Company will assume the costs of its two executive officers and one director which were previously the responsibility of the Manager. The net effect of these changes will be to save the Company approximately $250,000 per annum.
The Company also announces that effective April 1, 2014 Barry Allan will resign as President and CEO of the Company and will be replaced by Peter Rizakos, formerly the General Counsel of the Manager, subject to approval of the Toronto Stock Exchange. The change will permit Mr. Allan to focus his attention on the Company's investment portfolio. He will remain on the board of directors of the Company.
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 and is 65% owned by CI Financial Corp. 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.
About CI Financial Corp.
CI Financial Corp. is an independent, Canadian-owned wealth management company. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.cifinancial.com.
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This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company's investment and macroeconomic views. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include, but are not limited to, market conditions and the other risks identified in the short form prospectus dated June 23, 2011 and the Company's annual information form, in both cases under the heading "Risk Factors". There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.