Business
Alexander Nubia International Inc.: Financial and Operating Highlights for the Third Quarter Ended September 30, 2010
Alexander Nubia International Inc.: Financial and Operating Highlights for the Third Quarter Ende...
About this update from Aton Resources Inc.
[{"type":"text","content":"\nAlexander Nubia International Inc.: Financial and Operating Highlights for the Third Quarter Ended September 30, 2010\n\n\n Nov. 25, 2010 (Filing Services Canada) -- Alexander Nubia International Inc. (AAN - TSX Venture), on November 25, 2010 has filed on www.sedar.com its interim report for the third quarter ended September 30, 2010 and 2009. 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, the highlights should be read in conjunction with our interim MD&A and unaudited interim consolidated financial statements contained in our 3rd Quarter 2010 reports.Key Operational and Financial Highlights of the QuarterFor the three and nine months ended September 30, 2010, the Company incurred a loss of $98,898 and $168,245 respectively (three and nine months ended September 30, 2009 - $62,166 and $233,524 respectively) and has an accumulated deficit of $1,100,945 since incorporation. Exploration expenditures on our primary target, the Abu Marawat Property, for the three and nine months ended September 30, 2010 amounted to $81,459 and 261,266 respectively (three and nine months ended September 30, 2009 - $158,197 and $469,109 respectively). At September 30, 2010, the Company had cash on hand of $3,378,480. Effective September 30, 2010 the Company closed the transaction (the \"Acquisition\") that was previously announced resulting in the release of US$3,302,700 in gross proceeds from the brokered private placement, and reinstatement of trading of its common shares on the TSX Venture Exchange on October 5, 2010 under the symbol \"AAN\". In addition to the foregoing, as a result of the Acquisition, $216,724 in cash was acquired, and seed shareholders paid $476,979 in to the treasury of the Company to top-up the subscription price for certain seed shares to $0.05 per share. The net proceeds from all of these sources of $3,133,265 increased the Company's working capital position to $3,008,059 to allow it to advance its exploration initiatives of the Abu Marawat Concession.Objectives for the Coming YearResumption of exploration of the primary target, the Abu Marawat Property located within the Abu Marawat Concession, to achieve the following milestones: * Undertake a 7,500 metre diamond-drill program to establish continui...