Alamos adopts dividend reinstatement plan, appoints exploration VP

Alamos adopts dividend reinstatement plan, appoints exploration VP
Mining News Pro - Gold miner Alamos Gold on Tuesday declared a quarterly dividend, announced a dividend reinstatement and share purchase plan (DRIP) and named a new VP for exploration.

The miner, which operates three mines in North America, rewarded shareholders with a quarterly dividend of $0.015 a common share, which it would pay at the end of the month.

Alamos explained that the DRIP would give shareholders the option of increasing their investment in the company, at a discount to the prevailing market price and without incurring any transaction costs, by electing to receive common shares in place of cash dividends.

For shareholders that elect to participate in the DRIP, common shares would be issued from treasury at a 3% discount to the prevailing market price.

Shareholders who elect to participate in the DRIP would also have the option of acquiring additional common shares in the company (subject to limitations) at the same 3% discount to the prevailing market price, and without incurring additional transaction costs.

Meanwhile, Alamos appointed Scott Parsons as its VP exploration, succeeding Chris Rockingham who retired on August 31.

Parsons joined Alamos in January 2018, most recently serving as director exploration, Canada where he has helped oversee the exploration programmes at Island Gold, Young-Davidson, and Lynn Lake. Prior to joining Alamos, Scott was manager of regional exploration and geoscience with TMAC Resources, where he was responsible for resource expansion and regional exploration on the Hope Bay project, in Nunavut.

“On behalf of the entire organisation, I would like to thank Chris for his contributions to Alamos, including leading and developing our strong exploration team over the past two years. We wish Chris all the best in his retirement," said Alamos president and CEO John McCluskey.

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