Business
Canada Rare Earth Announces Financial Results of Operations for the Three Months Ended June 30, 2017
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2017) - Canada Rare Earth Corp. (TSX...
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"Canada Rare Earth Announces Financial Results of Operations for the Three Months Ended June 30, 2017Vancouver, British Columbia--(Newsfile Corp. - August 28, 2017) - Canada Rare Earth Corp. (TSXV: LL) (\"Canada Rare Earth\" or the \"Company\") is pleased to announce the filing of the unaudited financial statements and related management discussion and analysis for the three months ended June 30, 2017.The financials and analysis can be found on our website (www.canadarareearth.com) and on SEDAR.com. They are summarized and highlighted as follows:Canada Rare Earth increased revenues by 226% over the entire year ended March 31, 2017 and decreased the net loss and comprehensive loss for the three months by 65% compared to the comparative three months in fiscal 2016.A summary of the revenues and expenses for the three months ended June 30, 2017 compared to three months ended June 30, 2016 respectively is as follows:Three Months EndedJune 30, 2017 June 30, 2016 CommentRevenues$ 525,000  $             -   Expenses Cost of sales   481,000          -  Operating expenses       66,000          147,000 55% decrease Other, net     (32,000)(6,000)Impact of stronger CAD on long term assets Net loss $ (54,000)$ (153,000)65% improvement A summary of the balance sheets as at June 30, 2017 and March 31, 2017 respectively is as follows: June 30, 2017March 31, 2017Assets Current Assets$   266,000$   309,000 Non-current assets1,849,0001,886,000Total 2,115,0002,195,000Liabilities and EquityAccounts payable and accruals154,000144,000 $89,000 due to insidersTrade finance loans120,000161,000 $55,000 due to insiders       Shareholders' equity1,841,0001,890,000Total $ 2,115,000$ 2,195,000 In the two months following June 30, 2017, we completed more than $280,000 of sales of rare earth products and we are in progress of closing additional $275,000 in sales this week.Tracy A. Moore, CEO of Canada Rare Earth explained, \"we are increasingly pleased with the momentum of our purchases and sales trading activities. The trading activities are providing a significant contribution to our financi...