Business
Galantas Gold Reports Results for the Year Ended December 31, 2018
TORONTO, April 18, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its audited annual financial results for the year e
About this update from Galantas Gold Corporation
[{"type":"text","content":" TORONTO, April 18, 2019 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (the ‘Company’) is pleased to announce its audited annual financial results for the year ended December 31, 2018. A copy of the Annual Report and Accounts will be sent to shareholders shortly and are available on the Company's website at https://www.galantas.com/investors/financial-statements. Financial HighlightsHighlights of the 2018 audited annual results, which are expressed in Canadian Dollars, are summarized below: Year Ended December 31 All in CDN$ 2018 2017 Revenue $ 71,243 $ 35,308 Cost of Operations $ (185,058 ) $ (225,451 ) Loss before the items below $ (113,815 ) $ (190,143 ) Aggregates levy $ (352,168 ) - Depreciation $ (350,999 ) $ (203,431 ) General administrative expenses $ (2,131,872 ) $ (1,714,264 ) Unrealized gain on fair value of derivative financial liability $ 10,000 $ 14,000 Foreign exchange gain $ 53,417 $ 15,699 Net loss for the year $ (2,885,437 ) $ (2,078,139 ) Working Capital (Deficit) $ (272,783 ) $ (3,492,608 ) Cash loss generated from operations before changes in non-cash working capital $ (1,848,019 ) $ (1,357,221 ) Cash at December 31, 2018 $ 6,188,554 $ 779,758 The Net Loss for the year ended December 31, 2018 amounted to $ 2,885,437 (2017: $ 2,078,139) and the cash outflow from operating activities before changes in non-cash working capital for the year ended December 31, 2018 amounted to $ 1,848,019 (2017: $ 1,357,221). The Company had a cash balance of $ 6,188,554 at December 31, 2018 compared to $ 779,758 at December 31, 2017. The working capital deficit at December 31, 2018 amounted to $ 272,783 compared to a working capital deficit of $ 3,492,608 at December 31, 2017. Galantas completed two private placements during 2018. During the third quarter Galantas completed a private placement of shares on a part-brokered basis for aggregate gross proceeds of $ 1,571,771 (approximately UK£ 929,780). The placement comprised of the issue of 22,137,619 common shares of no par value. United Kingdom placees subscribed for a total of 17,416,667 shares at a price of UK£ 0.042 per share. Canadian placees subscribed for a total of 5,720...