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TriMetals Mining Inc. files Third Quarter 2018 Financial Statements, MD&A and Arbitration Update
DENVER, Nov. 14, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF) (the “Company”) reports the release of its condensed interim consolidat
About this update from Gold Springs Resource Corp.
[{"type":"text","content":" DENVER, Nov. 14, 2018 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX: TMI, OTCQX: TMIAF) (the “Company”) reports the release of its condensed interim consolidated financial statements for the three and nine months ended September 30, 2018 and the related management’s discussion and analysis of financial position and results of operations (“MD&A”). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated. During the nine months ended September 30, 2018, the Company reported net loss of $0.20 million ($0.00 per share) compared with net loss of $2.63 million ($0.02 per share) for the nine months ended September 30, 2017. During the three months ended September 30, 2018, the Company reported net loss of $2.53 million ($0.01 per share) compared with net loss of $2.60 million ($0.02 per share) for the three months ended September 30, 2017. A primary driver in the results for the three and nine months ended September 30, 2018 were the non-cash changes in the fair values of the Class B shares. The Company continued to reduce its level of operations from previous years and manage its costs structure which resulted in a decrease in cash outflows from operations from $1.17 million to $0.79 million during the nine months ended September 30, 2018. Exploration spending during the nine months ended September 30, 2108 decreased to $1.17 million from $2.39 million incurred in the first nine months in 2017. The 2018 costs included $0.88 million incurred at Gold Springs and $0.29 million incurred at the Escalones property in Chile. The Company continues to seek a partner to help advance Escalones towards development. Subsequent to September 30, 2018 the Company closed a private placement of 6,428,571 units priced at Cdn $0.07 per unit for total gross proceeds of $343,900 (Cdn $450,000). Each unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of Cdn. $0.11 per share for a period of 24 months from the closing date of the private placement. In addition, the convertible note holders converted 100% of the outstanding balance of the Notes, plus accrued interest, into an aggregate of 33,398,487 common shares of...