Aldridge Reports Q2 2017 Financial Results and Provides a Corporate Update
August 10 2017 - 6:00AM
Business Wire
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the
“Company”) announced today the filing of its unaudited consolidated
interim financial statements as at and for the three and six months
ending June 30, 2017 (the “Q2 Financials”), and the Management’s
Discussion & Analysis related thereto (the “Q2 MD&A”),
which are available on SEDAR and at www.aldridgeminerals.ca. All
dollar amounts, unless otherwise indicated, are reported in U.S.
dollars.
Highlights
Financing
- On June 20, 2017, the Company announced
it had closed its non-brokered $5,000,000 private placement (the
“Private Placement”), which was previously announced on May 29,
2017. Pursuant to the Private Placement, the Company issued
33,333,333 common shares (“Common Shares”) of the Company at $0.15
(or approximately CAD$0.20) per Common Share for aggregate gross
proceeds of $5,000,000 to Mr. Ahmet Taçyildiz, the Chairman and
controlling shareholder of ANT Holding Anonim Sti. (“ANT”) and a
director of the Company.
- Aldridge intends to use the net
proceeds of the Private Placement to fund the completion of the
Yenipazar Project land acquisition process, progress Project
development and for general corporate purposes.
Land Acquisition
- As at June 30, 2017 and August 9, 2017,
the Company had acquired title to or had the right to access
approximately 91.9% and 93.1%, respectively, of the Yenipazar
Project area, including partially owned land parcels.
- The Company’s land acquisition process
is focused on the ongoing State-led compulsory sale process and
court hearings, which are proceeding as anticipated.
- The Court has recently issued its Final
Price Decision on land representing an additional 4.6%. Following
the routine conversion of these parcels to treasury land, Aldridge
will have acquired title to or have the right to access
approximately 97.7% of the Yenipazar Project area.
- The Company expects that the land
acquisition will be completed in 2017 within the Company’s current
capital expenditure budget for land.
Strategy and Outlook
The Company’s focus is on supporting the State-led compulsory
sale process in order to complete the land acquisition process in
2017, and on the evaluation of project financing and strategic
transaction alternatives required to maximize value for Aldridge
shareholders.
Selected Financial
Information
The following table provides selected consolidated financial
information that should be read in conjunction with the Q2
Financials.
SIX MONTHS SIX
MONTHS YEAR ENDED AND AS AT
ENDED AND AS AT ENDED AND AS AT JUNE 30,
JUNE 30, DECEMBER 31,
2017 2016 2016
Loss before income tax and discontinued operations
$
(1,190,248 ) $ (1,688,792 )
$
(4,418,102 ) Net loss
(1,190,248 )
(1,688,792 )
(4,418,102 ) Net loss per share
(0.01 ) (0.02 )
(0.04 ) Cash and cash
equivalents
4,999,772 3,607,954
4,289,055 Working
capital(i)
4,311,164 (15,670,335 )
4,132,470 Total
assets
58,101,013 30,711,251
51,138,630 Total
non-current liabilities(ii)
45,528,657 174,892
42,577,599
(i) Working capital equals current assets less current
liabilities, and is a non-GAAP measure used by management. (ii)
Total non-current liabilities exclude deferred revenue and
environmental rehabilitation provision.
About Aldridge
Aldridge is a development-stage mining company focused on its
wholly owned and permitted Yenipazar polymetallic VMS Project
(Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed
the Yenipazar Optimization Study and filed the related NI 43-101
compliant technical report in May 2014, which updated the original
May 2013 Feasibility Study. The Optimization Study demonstrated
that the Yenipazar Project is highly robust with an after-tax NPV
of US$330 million at a 7% discount rate and an after-tax IRR of
approximately 32%. The Company is currently advancing the Yenipazar
Project on key aspects including land acquisition and
financing.
Caution Regarding Forward-Looking
Information
This news release includes certain forward-looking statements
within the meaning of Canadian securities laws. Forward-looking
statements involve risks, uncertainties and other factors that
could cause actual results, performance, prospects and
opportunities to differ materially from those expressed in such
forward-looking statements. When used in this press release, words
such as “proposed”, “may”, “would”, “could”, “will”, “expect”,
“anticipate”, “estimate”, “believe”, “intend”, “plan”, and other
similar expressions are intended to identify forward-looking
statements. Such risks, uncertainties and factors, include, but are
not limited to, the ability of the Company to raise additional debt
or equity financing on acceptable terms or at all; the risk that
the Company’s failure to raise additional capital will have a
material adverse effect on the Company’s liquidity, capital
resources, results of operations, assets, properties and prospects,
the ability of the Company to fund the purchase of the remaining
land required to develop the Yenipazar Project, its ability to
complete the land acquisition in 2017, and its ability to otherwise
advance the development of the project; the ability of the Company
to pay its outstanding debts when due; economic performance;
mineral prices; the future plans and objectives of the Company; and
the other factors discussed under the heading “Risk Factors” in the
Company’s Management’s Discussion and Analysis for the year ended
December 31, 2016 and in other continuous disclosure filings made
by the Company with Canadian securities regulatory authorities and
available at www.sedar.com. Any number of important factors could
cause actual results to differ materially from these
forward-looking statements as well as future results.
Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but
which may prove to be incorrect, including, but not limited to,
assumptions in connection with the continuance of Aldridge and its
subsidiaries as a going concern, general economic, political and
market conditions, mineral prices, and the accuracy of mineral
resource estimates. Although Aldridge believes that the assumptions
and factors used in making the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Aldridge disclaims any intention
or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise
unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170810005254/en/
Aldridge Minerals Inc.Han Ilhan, 416-477-6988President
& CEOorDavid Carew, 416-477-6984Director of Investor
Relations
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