Terra Nova Announces Name Change and Fourth Quarter 2011 Cash Dividend Payment

NEW YORK, Sept. 19, 2011 /PRNewswire/ -- Terra Nova Royalty Corporation (NYSE: TTT) ("Terra Nova" or the "Company") is pleased to announce that, further to its news release dated August 15, 2011, it will be changing its name to "MFC Industrial Ltd." effective September 30, 2011.  The Company's common shares will commence trading under the new name and under the symbol "MIL" on September 30, 2011.  

The Company is also pleased to announce the following details with respect to its fourth quarter 2011 cash dividend payment:  

• The dividend payment of $0.05 per common share will be paid on October 11, 2011 to shareholders of record on September 30, 2011.
• For the above payment, the common shares of the Company will trade ex-dividend on September 28, 2011.
• The dividend is subject to customary Canadian withholding tax for non-resident shareholders. Pursuant to applicable tax treaties the withholding rate for eligible U.S. resident shareholders is 15%.  The dividend is an eligible dividend under the Income Tax Act (Canada).

About Terra Nova Royalty Corporation

Terra Nova is active in a broad spectrum of activities related to the integrated combination of commodities and resources, including commodity and resource interests, and merchant banking, including structured finance, and proprietary investing. To obtain further information on the Company, please visit our website at: http://www.terranovaroyalty.com.

SOURCE Terra Nova Royalty Corporation