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Aberdeen Provides Quarterly Update and Reports 2016 Third Quarter Financial Results
TORONTO, ONTARIO--(Marketwired - Dec. 17, 2015) - ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX:AAB) has released its financial results for th
About this update from Aberdeen International Inc.
[{"type":"text","content":" TORONTO, ONTARIO--(Marketwired - Dec. 17, 2015) - ABERDEEN INTERNATIONAL INC. (\"Aberdeen\", or the \"Company\") (TSX:AAB) has released its financial results for the third quarter of 2016, ended October 31, 2015. For more information please see the Company's Condensed Interim Financial Statements and Management's Discussion and Analysis (\"MD&A\") posted on SEDAR at www.sedar.com. Highlights: Corporate focus on recently acquired platinum-palladium and lithium projects; Closed the sale of certain portfolio investments to Landmark Equity Advisors, LLC; Announced it had entered into a definitive agreement to acquire all the shares of Potasio y Litio de Argentina SA (PLASA) which holds 100-per-cent interest in the Diablillos lithium-potash project located in Argentina. Subsequent to the quarter end, Ore Acquisition Partners LP sold its Tahoe Resources stake and Aberdeen will receive its deferred payment of $3,685,365; Net loss for the quarter and for the nine month period was $(1.1) million or $(0.01) per basic share and $(9.2) million or $(0.10) per basic share; Repurchased 1.14 million shares since the beginning of the year to October 31, 2105 and repurchased 1.4 million shares to date. During the third quarter, Aberdeen closed the sale of assets to Ore Acquisition Partners LP, a new Fund controlled by Landmark Equity Advisors LLC, and it also announced the acquisition of the Diablillos lithium project from Rodinia Lithium. By the end of the year, with the closing of the lithium acquisition, Aberdeen will have completed a repositioning of the company to focus on its principle investment platform. The principle investments, currently its 46.5% stake in African Thunder Platinum and upon closing, the Diablillos lithium project, will both be privately-held stakes exclusive to Aberdeen's shareholders. Both are projects that align best with Aberdeen's historical successes - a focus on growing and de-risking advanced stage mining and minerals projects. African Thunder Platinum The platinum sector has been extremely challenging throughout 2015. The price in US dollars has dropped by 34% over the past year, and while the weakening Rand helps offset that weakness to an extent. It has still been punitive for the sector and especially for an operation in the start-up phase, such as African Thunder's Smokey Hills mine. The most significan...