During the year ended December 31, 2019, the Corporation announced that it would start a regular recurring quarterly dividend. Canacol’s general practice will be to pay quarterly cash dividends on the Common Shares from its distributable cash flow to Shareholders of record as of the dividend record date, which will generally be 15 days prior to the dividend payment date.

Canacol’s dividend policy is intended to provide Shareholders with relatively stable and predictable quarterly dividends, while retaining a portion of cash flow to fund maintenance capital and ongoing growth projects. The amount of dividends to be paid on the Common Shares, if any, is subject to the discretion of the Board of Directors and may vary depending on a variety of factors. 

In addition to the standard legislated solvency and liquidity tests that must be met, Canacol’s ability to declare and pay dividends is also dependent on its compliance with the covenants under the 2021 Senior Note Indenture and the 2023 Credit Facility.

*On January 17, 2023, 170,557,290 Common Shares issued and outstanding were reduced to 34,111,458 Common Shares, this will translate to quarterly cash dividends of CAD $0.26 per share (Post-Consolidation) in comparison to CAD $0.052 (Pre-Consolidation) per share.