HOUSTON, Texas, March 4, 2022 – Houston Natural Resources Corp. (OTC: HNRC) (“HNR or the Company”) announced today that it has implemented a dividend policy.
In order to reward the shareholders, the Company intends to pay dividends, while consideration be given for the additional provision of corporate reserves from a viewpoint of safe and sound investment planning.
During the fiscal year ended December 31, 2022, in the anticipation of the Company receiving a distribution from its investment in HNR Acquisition Corp (“HNRA”), a special purpose acquisition corporation that began trading on the NYSE on February 11, 2022, the Company intends to dividend the value of the investment in cash or shares to its shareholders.
The Company’s shares are currently locked up until the earlier of (A) 180 days after the completion of the HNRA initial Business Combination, or earlier if, subsequent to the HNRA’s initial Business Combination, the last sale price of HNRA’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 90 days after the HNRA initial Business Combination or (B) the date on which HNRA completes a liquidation, merger, stock exchange or other similar transaction after the initial Business Combination that results in all of the HNRA’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. When the shares or cash are available for distribution the Company will announce the definitive date for shareholders of record to receive the dividend.
If the Company’s current holdings of 359,375 common shares are available for distribution for a dividend @ $10 per share, then the value of the distribution in cash or shares would be $3,593,750 at $0.17c per share.
The company intends to continue to sponsor additional special purpose acquisition corporations during the fiscal year ending December 31 that would provide for additional dividends.
About Houston Natural Resources Corp
Houston Natural Resources Corp (www.hnrcholdings.com) (OTC:HNRC). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in energy, information technology and healthcare.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.