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New Pacific Metals Reports Financial Results for the Year Ended June 30, 2018
VANCOUVER, British Columbia, Sept. 13, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) today announced its audited consolidat
About this update from New Pacific Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 13, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (“New Pacific” or the “Company”) today announced its audited consolidated financial results for the year ended June 30, 2018. This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com. All figures are expressed in Canadian Dollars (CAD) unless otherwise stated. FISCAL 2018 HIGHLIGHTS Completed the Alcira acquisition becoming owner of the Silver Sand Property in Bolivia for a total cash consideration of US$45,000,000; Successfully received exploration permits for the Silver Sand Property in October 2017 and immediately commenced a 30,000 metre exploration drilling program; and Raised US$57,002,700 through three private placements including strategic financing with Pan American Silver Corp. and Silvercorp Metals Inc. as a part of the funding source of the acquisition and exploration for the Silver Sand Property. FISCAL 2018 FINANCIAL SUMMARY Net loss attributable to equity holders of the Company for the year ended June 30, 2018 was $4,106,450 or $0.03 per share (year ended June 30, 2017 - net income of $1,372,544 or $0.02 per share). The Company’s financial results were mainly impacted by the following: (i) loss from investments of $1,539,759 compared to income of $3,032,548 in the prior year, and, (ii) operating expenses of $3,103,712 compared to $2,107,187 in the prior year. Loss from investments for the year ended June 30, 2018 was $1,539,759 (year ended June 30, 2017 - income of $3,032,548). Within the loss from investments, $1,081,767 was loss on the Company’s equity investments and $472,432 was loss from fair value change on bonds net of interest earned. Operating expenses for the year ended June 30, 2018 was $3,103,712 (year ended June 30, 2017 - $2,107,187). The increase in operating expenses was a result of the Company’s increased activity. Foreign exchange gain for the year ended June 30, 2018 was $470,966 (year ended June 30, 2017 - foreign exchange loss of $78,944). The Company holds a large portion of cash and c...