Business
Leading Edge Materials Reports Quarterly Results To July 31, 2023
Vancouver, September 20, 2023 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF)
About this update from Leading Edge Materials Corp.
[{"type":"text","content":" Vancouver, September 20, 2023 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) third quarter results for the period ending July 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 July 31, 2023: On June 1, 2023, the Company announced in-situ assay results at over 30% Nickel and 4.7% Cobalt at Bihor Sud. Additionally, surface trench assay results indicate a zone of Pb-Zn-Ag mineralisation. Subsequent to July 31, 2023: On August 23, 2023, company announced the closing of the non-brokered private placement financing. Pursuant to the Private Placement, the Company has issued 21,739,130 units at a price of C$0.115 per unit for aggregate gross proceeds of C$2,500,000. Results of Operations Three Months Ended July 31, 2023, Compared to Three Months Ended April 30, 2023 During the three months ended July 31,2023 (“Q3 2023”) the Company reported a net loss of $322,392 compared to a reported net loss of $1,235,603 for the three months ended April 30,2023 (“Q2 2023”), an decrease in loss by $913,211 the decrease in loss mainly due to share-based compensation related to granting of stock options under the Company’s stock option plan of $710,563 in Q2 2023 compared to share-based compensation of $Nil in Q3 2023. Three Months Ended July 31, 2023, Compared to Three Months Ended July 31, 2022 During the three months ended July 31,2023 (“2023 period”), the Company reported a net loss of $322,392 compared to a net loss of $609,709 for the three months ended July 31,2022 (“2022 period”), an decrease in loss of $287,317, the decrease in loss mainly due to mark to market gain of $34,065 (2022 period loss-$126,036) and Directors and officer's compensation of $46,270 (2022 period - $97,482). Specific expenses of note during three months ended July 31,2023 are as follows: (i) incurred $46,270 (2022 - $97,482) for directors and officer’s compensation. (ii) incurred $48,829 (2022 - $67,500) for listing and regulatory fees with respect to ongoing fees for the Company’s listing of its common shares on the TSXV, Nasdaq First North and OTC exchanges. (iii) incurred a total of $37,998 (2022 - $29,915) for accounting and ...