Clearwater Approves and Implements Dividend Reinvestment Plan

HALIFAX, Feb. 15, 2018 /CNW/ - Clearwater Seafoods Incorporated ("Clearwater") (TSX: CLR) today announced that it has approved a Dividend Reinvestment Plan (the "Plan") effective February 23, 2018 to provide shareholders of Clearwater who are resident in Canada ("Eligible Shareholders") with the option to have the cash dividends declared on the common shares of Clearwater ("Shares") reinvested automatically back into additional Shares, without the payment of brokerage commissions or service charges.

Participation in the Plan is optional; shareholders of Clearwater who do not wish to participate in the Plan will continue to receive cash dividends. Dividends are payable only as and when declared by Clearwater's board of directors.

Computershare Trust Company of Canada (the "Agent") has been appointed as the agent for the Plan.  Clearwater will pay to the Agent all cash dividends which are to be reinvested on behalf of Eligible Shareholders participating in the Plan and the Agent will then use those funds to purchase additional Shares on behalf of participants.  At the election of Clearwater, Shares may be either newly issued from treasury or purchased by the Agent on the open market, in each case at 100% of the average market price of the Shares on the Toronto Stock Exchange ("TSX").

Clearwater may from time to time, in its sole discretion, offer a discount of up to 5% of the average market price for Shares purchased from treasury under the Plan. Clearwater will provide a discount of 3% from the average market price for shares purchased under the Plan until further notice.

To enroll in the Plan, Eligible Shareholders of Clearwater must contact the broker, dealer, bank or other market participant who holds their Shares and complete and submit an enrollment form before 4:00 p.m. (Eastern) on the fifth business day immediately preceding a dividend record date.  Enrollment for the April dividend will commence on February 26^th and will end in early March following the announcement of final dividend information with an expected dividend record date of mid-March.

Clearwater will be applying to the TSX to conditionally reserve for issuance an additional 3,000,000 Shares to accommodate the purchase of Shares under the Plan.

The Plan is an "automatic securities purchase plan" under applicable securities laws.  Eligible Shareholders that are insiders (as defined under applicable securities laws) or employees of Clearwater or its subsidiaries may elect to participate in the Plan in order to permit the Plan Agent to purchase Common Shares on their behalf during blackout periods under the Corporation's insider trading policy, provided however, that such persons must give directions to participate, vary or terminate their participation in the Plan when they are not subject to a blackout period and must otherwise comply with any additional requirements imposed upon them by Clearwater's insider trading policy.

Proceeds received by Clearwater from the issuance of Shares from treasury under the Plan will be used for general corporate purposes.

Additional information on the Plan including the Reinvestment Enrollment ? Participant Declaration Form can be found on Clearwater's website at www.clearwater.ca, on the Agent's self-service web portal at www.investorcentre.com or by contacting your financial institution or investment advisor.

About Clearwater

Clearwater is one of North America's largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, crab and groundfish.

Since its founding in 1976, Clearwater has invested in science, people and technological innovation as well as resource ownership and management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.

SOURCE Clearwater Seafoods Incorporated