TORONTO, ONTARIO--(Marketwired - Jun 11, 2014) - PhosCan Chemical Corp. (FOS.TO) today released its quarterly results for the period ended April 30, 2014.
PhosCan reported a net loss of $135 thousand for the three months ended April 30, 2014 compared to a net loss of $106 thousand for the same period of the previous fiscal year. The increase in net loss of $29 thousand was primarily due to a $102 thousand decrease in foreign exchange gains partially offset by a $78 thousand decrease in professional and legal fees.
Cash, cash equivalents, short-term investments and marketable securities were $56.1 million at April 30, 2014 versus $56.2 million at January 31, 2014 and working capital was $57.0 million versus $57.1 million. The decreases were primarily due to administration expenses (excluding depreciation) of $301 thousand net of interest income of $192 thousand.
Capitalized expenditures on the Martison Project were $96.0 million at April 30, 2014 as compared to $95.9 million at January 31, 2014. The increase was primarily due to the expense of maintaining the project in good standing with all stakeholders in order to enable the Company to resume the feasibility study of the project when it believes it can secure suitable financing to develop the project to commercial production. Further exploration and evaluation work on the Martison Project will occur as part of the feasibility study.
For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the quarter ended April 30, 2014 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.
About PhosCan
PhosCan owns a 100% interest in the Martison Project and currently has cash, short term investments and marketable securities of approximately $55.8 million. The Company continues to monitor economic conditions for attractively priced acquisitions and investment opportunities that would be accretive to shareholder value.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of PhosCan, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on development projects, results of future metallurgical testing, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.