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Galantas Gold Reports Results for the Quarter Ended March 31, 2020
TORONTO, July 09, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the "Company" or “Galantas”) (TSXV & AIM : Symbol GAL) is pleased to announce its financia
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, July 09, 2020 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the \"Company\" or “Galantas”) (TSXV & AIM : Symbol GAL) is pleased to announce its financial results for the Quarter ended March 31, 2020. Financial HighlightsHighlights of the first quarter 2020 results, which are expressed in Canadian Dollars, are summarized below: Quarter Ended March 31 All in CDN$ 2020 2019 Revenue $ 0 $ 0 Cost and expenses of Operations $ (35,836 ) $ (70,026 ) Loss before the items below $ (35,836 ) $ (70,026 ) Amortization $ (88,727 ) $ (87,405 ) General administrative expenses $ (656,768 ) $ (602,429 ) Unrealized gain on fair value of derivative financial liability $ 0 $ 0 Foreign exchange gain (loss) $ 101,016 $ (19,657 ) Net (Loss) for the Quarter $ (680,315 ) $ (779,517 ) Working Capital (Deficit) $ (7,299,380 ) $ (2,702,004 ) Cash (loss) generated from operations before changes in non-cash working capital $ (348,899 ) $ (391,037 ) Cash at March 31, 2020 $ 936,560 $ 3,767,187 Revenue for the Quarters ended March 31, 2020 and 2019 amounted to $Nil for both periods. Shipments of concentrate had commenced during the second quarter of 2019. Concentrate sales provisional revenues totaled approximately US$ 186,000 for the first quarter of 2020. However, until the mine commences commercial production, the net proceeds from concentrate sales are being offset against Development assets. The Net Loss for the quarter ended March 31, 2020 amounted to $ 680,315 (2019: $ 779,517) and the cash outflow from operating activities before changes in non-cash working capital items for the quarter ended March 31, 2020 amounted to $ 348,899 (2019: $ 391,037). The Company had cash balances of $ 936,560 at March 31, 2020 compared to $ 3,767,187 at March 31, 2019. The working capital deficit at March 31, 2020 amounted to $ 7,299,380 compared to a working capital deficit of $ 2,702,004 at March 31, 2019. Subsequent to March 31, 2020 Galantas reported a proposed private placement of common shares and amendments to the terms of its loan facility with Ocean Partners UK Ltd both of which are subject to TSXV and regulatory approval. The private placement is expecte...