Marret Resource Corp.

TSX : MAR


March 21, 2014 19:11 ET

Marret Resource Corp. Releases 2013 Year End Financial Statements

TORONTO, ONTARIO--(Marketwired - March 21, 2014) - Marret Resource Corp. (TSX:MAR) ("Marret" or the "Company") announces that it has reported a total comprehensive loss for the year ended December 31, 2013 of $3.0 million or $0.15 per share compared to a loss of $3.7 million or $0.19 per share in 2011. As of December 31, 2013, the Company had total assets of $115.3 million, liabilities of $15.8 million, shareholders' equity of $99.5 million and a net asset value per share of $5.13. 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).

The Company's Investment manager continues to manage the Company's portfolio with the objective of providing sufficient yield from investments to fund expenses and payment of the monthly dividend.

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 is an investment management firm based in Toronto and has approximately $4 billion of assets under management. Marret Asset Management and its experienced team of investment professionals led by Barry Allan specialize in fixed income and, particularly, in high yield debt strategies.

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Forward-Looking Information

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.

Contact Information

  • Marret Resource Corp.
    Barry Allan
    Chief Executive Officer
    416.214.5800
    www.marret.com