Business
Alexander Nubia International Inc.: Financial and Operating Highlights for the First Quarter Ended March 31, 2011
Jun. 29, 2011 (Filing Services Canada) -- Alexander Nubia International Inc. (AAN - TSX Venture...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Inc.: Financial and Operating Highlights for the First Quarter Ended March 31, 2011\n\n Jun. 29, 2011 (Filing Services Canada) -- Alexander Nubia International Inc. (AAN - TSX Venture), (\"AAN\" or the \"Company\"), on June 29, 2011 has filed on www.sedar.com its interim financial report for the first quarter ended March 31, 2011. In this release, we provide a comparative summary of the quarter's operational and financial highlights. Readers are advised that due to the summary nature of this release, these highlights should be read in conjunction with our interim management's discussion and analysis, and the interim unaudited condensed consolidated financial statements. First Reporting Under New Accounting StandardsAll publicly accountable enterprises in Canada were required to adopt new International Financial Reporting Standards (\"IFRS\"), replacing Canadian Generally Accepted Accounting Principles (\"GAAP\")effective January 1, 2011.Key Operational and Financial Highlights of the QuarterFor the three months ended March 31, 2011, the Company incurred a loss of $175,688 (three months ended March 31, 2010 - $13,196) and has an accumulated deficit of $1,956,004 since incorporation, after taking into account $146,574 in adjustments required as a result of the adoption of IFRS on January 1, 2011. Exploration expenditures on our primary target, the Abu Marawat Property, for the three months ended March 31, 2011 amounted to $741,571 (three months ended March 31, 2010 - $104,101). The increase in operating loss and exploration expenditures is primarily due to commencement of drilling at the Abu Marawat property. At March 31, 2011, the Company had cash on hand of $1,696,611, comprised of cash of $661,516, and restricted cash of $1,035,095. The restricted cash is pledged in support of a guarantee provided to the Egyptian Mineral Resource Authority  and is released as exploration expenditures are incurred at the Abu Marawat concession.  Subsequent to the quarter ended March 31, 2011, the Company completed a short form prospectus offering on May 17, 2011 through a syndicate of underwriters led by Wellington West Capital Markets Inc. and including Cormark Securities Inc. and Industrial Alliance Securities Inc. An aggregate of 25,000,000 common shares in the capital of the Company were is...