TORONTO, ONTARIO--(Marketwired - Sep 12, 2014) -
(Expressed in Canadian dollars unless otherwise indicated)
PhosCan Chemical Corp. (FOS.TO) today released its quarterly results for the period ended July 31, 2014.
PhosCan reported a net loss of $134 thousand for the three months ended July 31, 2014 compared to a net loss of $104 thousand for the same period of the previous fiscal year. During the six months ended July 31, 2014, the Company reported a net loss of $269 compared to a net loss of $210 in the same period of the previous year. Expenses were generally in line with prior year periods with the exception of lower share-based payments which were offset by a larger decrease in other income, specifically gain on sale of marketable securities and foreign exchange gain.
Cash, cash equivalents, short-term investments and marketable securities were $55.8 million at July 31, 2014 versus $56.2 million at January 31, 2014 and working capital was $56.7 million versus $57.1 million. The decreases were primarily due to administration expenses (excluding depreciation) of $632 thousand and capitalized expenditures on the Martison Project of $67 thousand, net of interest income of $397 thousand.
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 July 31, 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, cash equivalents, short term investments and marketable securities of approximately $56.6 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.