Noranda Income Fund announces special distribution of 2021 taxable income – QNT Press Release

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Toronto, December 17, 2021 (Global News Agency)-Noranda Income Fund (Toronto Stock Exchange:NIF) (“Fund”) announced today that Noranda Operating Trust’s trustee committee (“Board of Directors”) has approved a payment of 0.02 per unit to record priority and ordinary unitholders as of January 25, 2022 The special cash distribution in U.S. dollars will close on December 31, 2021.

This special cash distribution is based on the unconsolidated taxable income of the fund in 2021 calculated according to the trust deed of the fund. All cash distributions to unitholders must be approved by the fund’s asset-based revolving credit facility (“ABL Facility”) lenders, and they have agreed to this special distribution.

The special distribution in 2021 does not mean that unitholders will resume the monthly regular distribution. Based on the Fund’s current liquidity status and capital requirements, as well as continuing challenging market conditions, the Fund’s ability to pay regular dividends is limited. The board of directors continues to carefully monitor and review the fund’s financial performance, capital requirements, business environment and prospects, as well as the required level of reserves and expected future cash flows, to determine its ability to pay distributions to unitholders in the future.

Forward-looking information
Certain information in this press release, including…

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