Business
Leading Edge Materials Reports Quarterly Results to January 31, 2023
Vancouver, March 22, 2023 – 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 22, 2023 – 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, 2023. 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, 2023: On November 3, 2022, the Company also granted stock options to officers and consultants to purchase an aggregate of 700,000 common shares of the Company, at exercise price of $0.20 per Optioned Share, expiring on the date that is 5 years from the date of grant. The Options will vest 33% one year after the date of grant, 33% two years after the date of grant and 34% three years after the date of grant. The Options were issued pursuant to the terms of the Company’s Option Plan. On January 9, 2023, the company issued 13,000,000 common shares on the exercise of 13,000,000 warrants by the Interim CEO for the proceeds of $1,300,000. On January 23, 2023, the company announced that it is ahead of schedule in exploration of its exclusive and 100% owned Bihor Sud license in the Apuseni Mountains of central-western Romania. Furthermore, extensive Nickel and Cobalt mineralisation has been visually identified over 100 m in the first of the recently opened historic galleries on the property. Subsequent to January 31, 2023: On March 1, 2023, the Company announced it identified extensive Co-Ni-mineralization 50 metres above the previously reported Gallery 7 at its Bihor Sud project in the Apuseni Mountains of central-western Romania. Results of Operations Three Months Ended January 31, 2023, Compared to Three Months Ended October 31, 2022 During the three months ended January 31, 2023 (“Q1 2023”) the Company reported a net loss of $637,135 compared to a reported net loss of $116,354 for the three months ended October 31, 2022 (“Q4 2022”), a increase in loss by $520,781, the increase in loss mainly due to Woxna exploration cost write-off $81,117 (Q4 2022- $Nil), stock based compensation $97,029 (Q4 2022- $Nil), foreign exchange loss $24,612 (Q4 2022- gain $236,983) and net mark to market adjustment loss of $52,812 (Q4 2022- gain $61,664). Three Months Ended January 31, 2023, Compared to Three Months Ended January ...