Business
Galantas Gold Reports Results for the Three and Six Months Ended June 30, 2019
TORONTO, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) (TSXV & AIM: GAL) is pleased to announce its financial results for the thre
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) (TSXV & AIM: GAL) is pleased to announce its financial results for the three and six months ended June 30, 2019. Financial HighlightsHighlights of the 2019 second quarter’s and first six month’s results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Second Quarter EndedJune 30 Six Months EndedJune 30 2019 2018 2019 2018 Revenue $ 0 $ 57,040 $ 0 $ 57,040 Cost of Sales $ (85,482 ) $ (34,150 ) $ (155,508 ) $ (58,216 ) (Loss)/income before the undernoted $ (85,482 ) $ 22,890 $ (155,508 ) $ (1,176 ) Depreciation $ (99,085 ) $ (77,980 ) $ (186,490 ) $ (142,229 ) General administrative expenses $ (646,381 ) $ (616,153 ) $ (1,248,810 ) $ (1,025,043 ) Unrealized gain on fair value of derivative financial liability $ 0 $ 0 $ 0 $ 10,000 Foreign exchange loss $ (60,915 ) $ (29,267 ) $ (80,572 ) $ (66,560 ) Net Loss for the period $ ( 891,863 ) $ (700,510 ) $ (1,671,380 ) $ (1,225,008 ) Working Capital Deficit $ (4,753,840 ) $ (5,252,685 ) $ (4,753,840 ) $ (5,252,685 ) Cash loss from operating activities before changes in non-cash working capital $ (673,444 ) $ (429,920 ) $ (1,064,481 ) $ (762,340 ) Cash at June 30, 2018 $ 1,314,113 $ 732,603 $ 1,314,113 $ 732,603 The Net Loss for the three months ended June 30, 2019 amounted to CDN$ 891,863 (2018: CDN$ 700,510) and the cash loss from operating activities before changes in non-cash working capital for the second quarter of 2019 amounted to CDN$ 673,444 (2018 Q2: CDN$ 429,920). The Net Loss for the six months ended June 30, 2019 amounted to CDN $ 1,671,380 (2018:CDN$ 1,225,008) and the cash loss from operating activities before changes in non-cash working capital for the first six months of 2019 amounted to CDN$ 1,064,481 (2018: CDN$ 762,340). Shipments o...