Dynacor Gold Mines, a gold production corporation headquartered in Montreal, Canada, said its board of directors has approved the distribution of the first quarterly cash dividends to its shareholders in the company's history.

The dividend of CAD$ 0.01 per common share, is payable on October 1, 2018 to shareholders of record on September 20, 2018, stated Dynacor, one of the largest ore purchasing processors in Peru.

With its new ore processing facility operating at near full capacity, the corporation is forecasting 2018 to be its best year on record.

Dynacor’s stable business model is proven to withstand the volatility of the gold price. It is free of debt, in a healthy financial situation and working towards its 30th consecutive quarter of profits, it added.

President and CEO Jean Martineau said: "Our team has worked very hard to build the corporation to what it is today. Our solid financial situation and leadership position in our market tells us the time is right to begin what we believe will be a lasting quarterly dividend payment initiative."

"We have a strong shareholder base that has loyally provided their support over the years. I am especially pleased to say that this long-awaited dividend declaration together with the corporation’s recently announced share repurchase program are part of our strategic plan to maximize returns to our deserving shareholders," noted Martineau.

The declaration and payment of dividends is at the discretion of the Board and will depend on the corporation’s financial results, cash requirements, future prospects and other factors deemed relevant by the board, he added.-TradeArabia News Service