Business
Leading Edge Materials Reports Quarterly Results to January 31, 2022
Vancouver, March 24, 2022 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA
About this update from Leading Edge Materials Corp.
[{"type":"text","content":" Vancouver, March 24, 2022 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) first quarter results for the period ending January 31, 2022. All references to dollar amounts in this release are in Canadian dollars. Highlights During and After the Quarter During the three months ended January 31, 2022: The Company granted an aggregate of 3,200,000 common shares (the “Optioned Shares”) of the Company, at exercise price of C$0.62 per option, expiring on the date that is three years from the date of grant to its directors, officers, employees, and consultants. Subsequent to January 31, 2022: The Company initiated an internal review focused on the potential to restart production at the Company’s fully-owned Woxna graphite mine in Sweden. Results of Operations Three Months Ended January 31, 2022 Compared to Three Months Ended October 31, 2021 During the three months ended January 31, 2022 (“Q1 2022”) the Company reported a net loss of $2,094,349 compared to a reported net loss of $554,925 for the three months ended October 31, 2021 (“Q4 2021”), an increase in loss of $1,539,424, the increase in loss is mainly due to $1,421,437 of share-based compensation related to granting of stock options under the Company’s stock option plan during Q1 2022, and market to market loss of $219,208 booked in Q1 2022 compared to a mark to market gain of $122,484 booked in Q4 2021. Three Months Ended January 31, 2022 Compared to Three Months Ended January 31, 2021 During the three months ended January 31, 2022 (“2022 period”) the Company reported a net loss of $2,094,349 compared to a net loss of $668,278 for the three months ended January 31, 2021 (“2021 period”), an increase in loss of $1,426,071, the increase in loss is mainly due to $1,421,437 of share-based compensation related to granting of stock options under the Company’s stock option plan during the 2022 period. Selected Financial Data The following selected financial information is derived from the audited condensed consolidated interim financial statements of the Company prepared in accordance with IFRS. Fiscal 2022 Fiscal 2021 Fiscal 2020 Three Months Ended January 31,2022$ October 31,2021$ July 31,2021$ April 30,2021$ January 31,2021$ O...