BUZZ-Alamos Gold Inc: Cuts dividend by 70 pct

Tue Apr 21, 2015 11:52am EDT
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** Canadian gold miner's shares up 5 pct at C$8.77 in Toronto; U.S.-listed shares up 5.1 pct at $7.20

** Company cuts semi-annual dividend to 3 cents per share from 10 cents per share

** Says decrease in dividend was affected by a sharp decline in gold prices

** "The dividend cut will free up approximately $18 mln/year of cash for Alamos' use", Raymond James analysts say in a note

** Gold prices had fallen 7.3 pct in the past 12 months through Monday's close

** Up to Monday's close, company's U.S.-listed stock had fallen 25 pct in the past 12 months, while its Canada-listed stock fell nearly 17 pct