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Gold Springs Resource Corp. files 2019 Financial Statements, MD&A, Provides Update on Gold Springs 2020 Exploration Plan and Avails of Temporary Exemption from Certain Corporate Finance Requirements
VANCOUVER, BC / ACCESSWIRE / March 27, 2020 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GR...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"Gold Springs Resource Corp. files 2019 Financial Statements, MD&A, Provides Update on Gold Springs 2020 Exploration Plan and Avails of Temporary Exemption from Certain Corporate Finance RequirementsVANCOUVER, BC / ACCESSWIRE / March 27, 2020 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the \"Company\" and formerly TriMetals Mining Inc.), reports the release of its audited consolidated financial statements for the year ended December 31, 2019, the related management's discussion and analysis of financial position and results of operations (\"MD&A\") and an update on the 2020 Exploration Plan for the Gold Springs project. In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.As at December 31, 2019, the Company had a working capital of $4.09 million including $3.83 million in cash.On September 5, 2019 the Company's wholly-owned Bermudian subsidiary, South American Silver Limited (\"SASL\"), received from the Government of Bolivia (\"Bolivia\") US$25,588,525, being net of $209,475 for the Arbitration Tribunal's cost order, as a final settlement amount for (i) SASL's arbitration award against Bolivia and (ii) the transfer of the Malku Khota Project Data by the Company to Bolivia. During the year ended December 31, 2019, the Company paid $8,408,603 of arbitration award liabilities and on November 4, 2019 redeemed the Class B shares for $0.09827 per Class B share for total redemption proceeds of $11,436,186. These transactions resulted in a fair value income change of $3.31 million for the year ended December 31, 2019. On November 5, 2019 the Class B shared were delisted from the TSX and the OTCQB.On September 26, 2019 the Company closed the transaction with Wealth Minerals Limited and Wealth Copper Limited (\"Wealth Copper\") for the sale of the Escalones Project (the \"Escalones Transaction\", refer to New Release of September 27, 2019) which resulted in the Company acquiring a 42.6% ownership stake (equity investment) in Wealth Copper and recognizing a non-cash loss of $13.47 million due to the write-down of the Escalones property asset. During the year ended December 31, 2019 the Company recognized a non-cash loss of $0.1 million for its proportionate share in Wealth Copper's results of operations from the date of acquisition.During Q4 2019, the Company completed a drill program ...