Business
Dacha releases audited financial statements for year ended March 31, 2014 and provides update on Merus transaction
TORONTO , July 11, 2014 /CNW/ - Dacha Strategic Metals Inc. (TSX-V: DSM) ("Dacha") t...
About this update from Koryx Copper S.a.
[{"type":"text","content":"\n\nTORONTO, July 11, 2014 /CNW/ - Dacha Strategic Metals Inc. (TSX-V: DSM) (\"Dacha\") today released its audited consolidated financial results for the year ended March 31, 2014 and provided an update on its pending transaction involving Merus Labs International Inc. (\"Merus\").  For more information, please see Dacha's audited consolidated financial statements and management's discussion and analysis filed under Dacha's profile on SEDAR at www.sedar.com. Unless otherwise noted, dollar references below are to U.S. funds.\n\nAudited Financial Statements for year ended March 31, 2014\n\nDuring the year ended March 31, 2014, Dacha reported a net loss of $14.1 million (or $0.19 per basic share), compared to a net loss of $57.5 million (or $0.77 per basic share) during the year ended March 31, 2013.  The net loss during the year ended March 31, 2014 was largely as a result of pricing declines in Dacha's metals investments. \n\nAs at March 31, 2014, Dacha held 14,000 kilograms of rare earth metals with an estimated fair market value of $2.7 million.  Subsequent to March 31, 2014, these metals were sold for total proceeds equal to that amount.  \n\nAs at March 31, 2014, Dacha had net assets of $11.5 million (or $0.15 per basic share), principally comprising cash of $8.1 million, metals inventories with an estimated fair market value of $2.7 million, amounts receivable of $1.0 million, prepaid expenses and deposits of $36,746, accounts payable and accrued liabilities of $295,521 and income taxes payable of $39,026.\n\nMerus Transaction Update\n\nAs previously announced by Dacha in press releases issued on June 10, 2014, June 12, 2014, and July 4, 2014, Dacha is in the process of completing transactions whereby, subject to receiving all necessary regulatory and shareholder approvals and the satisfaction of certain other conditions, Dacha will invest at least Cdn. $11 million in Merus in exchange for common shares of Merus, which will then be distributed to Dacha's shareholders with a view to ultimately winding up Dacha's business and affairs.  Dacha will be seeking the requisite shareholder approvals for these transactions at Dacha's annual and special meeting of shareholders to be held on August 11, 2014, and further details regarding these matters will be set out in Dacha's management information circul...