Foraco International SA Announces Election Of Directors And Declaration Of Cad$ 0.06 Dividend Per Common Share

In accordance with French law, shareholders of the Company, when voting in elections for directors, are given the option to vote "for" or "against/abstain" for the director nominees, meaning that it is not possible for nominees for directors to receive a majority of "withhold" votes and retain their position as directors of the Company. The director nominees, as listed in the Company's management proxy circular dated March 8, 2024 for the Meeting, were elected as directors of the Company at the Meeting. The votes submitted for each director were as follows:

Daniel Simoncini

Jean-Pierre Charmensat

Bruno Chabas

Warren Holmes

Jorge Hurtado

In addition, at the Meeting, the shareholders voted 100% in favour of the Company declaring a cash dividend for the 2023 fiscal year. Accordingly, Foraco will pay a special dividend, payable in cash in Canadian dollars, of CAD$ 0.06 per common share in the capital of the Company on July 18, 2024 to shareholders of record at the close of business (Toronto time) on April 23, 2024 (the "Dividend").

Payment of the Dividend to a non-French resident shareholder is generally subject to French withholding tax at a rate of 12.8% for individuals and 25% for non individuals. A general summary of the principal withholding tax considerations pursuant to French law with respect to such shareholders is available on Foraco's website at www.foraco.com, together with information regarding potential withholding tax reductions under the provisions of an applicable tax treaty or convention.

The Company's statutory filings, including its complete report of voting results from the Meeting, are available at www.sedarplus.ca.

Foraco International SA (TSX: FAR) is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 22 countries across five continents. For more information about Foraco, visit www.foraco.com.

This document may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the payment of the special dividend. Often, but not always, forward-looking statements and information can be identified by the use of words such as "will" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 7, 2024, which is filed with Canadian regulators on SEDAR+ (www.sedarplus.ca). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

SOURCE Foraco International SA



Contact
Fabien Sevestre, Email: ir@foraco.com, Tel: 1 705 495 6363