Business
Canadian Royalties Announces Financial Results for the Quarter Ended March 31, 2007
MONTREAL, May 15 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ) ("Canadian Royalties" or the "...
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nMONTREAL, May 15 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ)\n("Canadian Royalties" or the "Corporation") announces that it filed on May 15,\n2008 its financial results for the Quarter ended March 31, 2008.\n\n\nFinancial Results Quarter Ended March 31\n\n\nDuring the quarter the company continued its progress towards the\ndevelopment of the Nunavik Nickel Project planning the start of construction\nwork early in the summer of 2008 once the appropriate permits have been\napproved. As part of this process, on April 9, 2008, the Corporation, three\nInuit communities located in the vicinity of the Project and the Makivik\nCorporation signed an Impact and Benefits Agreement (the "IBA"). The IBA is a\nformal commitment by the company to ensure fair distribution of the economic\nbenefits arising from the project. The company is expecting the regulatory\nauthorities to issue the Global Certificate of Authorization by the end of\nMay 2008.\n\n\nAs of March 31, 2008, the company had spent and committed approximately\n$ 124.9 million in investments for engineering and equipment for the\n$ 465.6 million project. The investments have been funded through\n$ 100 million of equity issued in 2007, $ 9.8 million of supplier equipment\nloans and the convertible debenture financing of $ 137.5 million completed in\nMarch 2008. The remainder of the project investment funding will be in the\nform of a project term loan currently being negotiated with a consortium of\nbanks.\n\n\nIncome Statement Highlights\n(in thousands of Cdn dollars, except per share amounts)\n\n Three Months Three Months\n 2008 2007\n\nNet loss 1,902 406\n\nNet loss per share 0.019 0.006\n\n\nThe Net loss for the quarter reflects the cost of additional support staff\ndue to the increased activity level and increased professional fees.\n\nBalance Sheet Highlights\n(in thousands of Cdn dollars)\n\n March 31 December 31\n 2008 2007\n\nCash and cash equivalents 141,827 37,008\n\nWorking Capital (excluding cash\n and cash equivalents) 10,479 6,318\n\nTotal Assets 291,781 163,301\n\nLong term debt 92,957 7,776\n\nShareholders Equity 185,976 141,290\n\n\nThe full text of the Corporation's financial documentation is available\nfor public viewing via the internet at www.sedar.com.\n\n\n Forward-looking Statements\n\nThis news release contains ce...