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Voyageur Pharmaceuticals Ltd. Files Annual Audited Financial Statements
(TheNewswire) Calgary, A B - TheNewswire - March 30, 2023 - Voyageur Ph...
About this update from Voyageur Pharmaceuticals Ltd
[{"type":"text","content":"Voyageur Pharmaceuticals Ltd. Files Annual Audited Financial Statements\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, A\n \n \n B\n \n \n -\n \n \n TheNewswire -\n \n \n March 30, 2023 -\n \n \n Voyageur Pharmaceuticals Ltd.\n \n \n (TSX.V:VM)\n \n \n (USA:VYYRF) (the\n\"Company\" or \"Voyageur\") announces that it has\nfiled its annual audited financial statements and management's\ndiscussion and analysis for the year ended November 30, 2022 on SEDAR.\n \n \n \n \n The Company also announces that, due to a shortfall in\nspending on the Frances Creek project, because of closures to the site\nover the past three years, it is liable for and has accrued a\nliability to the subscribers that participated in the private\nplacements of flow-through share units that closed on December 31,\n2020 and May 5, 2021. The site was closed due to covid in 2021, forest\nfires closed the area in 2022 and the Frances Creek forestry road was\nwashed out in 2022-23 and has not been repaired by the Province of\nBritish Columbia. The accrual is based on the indemnification clause\nin the flow-through subscription agreement requiring the Company to\nreimburse shareholders for their tax liability resulting from the\nspending shortfall. The accrual amount was calculated on the highest\nmarginal tax rate in Alberta (48%) applied to the total spending\nshortfall of $347,152 amounting to $166,633 liability to the Company.\nThe Company is also liable for, and has accrued, interest and\npenalties to the Canada Revenue Agency which amount to approximately\n$56,154.\n \n \n \n \n About Voyageur\n \n \n \n \n Voyageur is a Canadian public company listed on the\nTSXV under the trading symbol VM. Voyageur is focused on the\ndevelopment of barium and iodine Active Pharmaceutical Ingredients\n(“API”) and high-performance cost-effective imaging contrast\nagents for the medical imaging marketplace. Voyageur’s goal is to\nfully integrate the barium and iodine contrast market by producing its\nown minerals of barium and iodine. The business plan is to initially\ngenerate cash flow from operations using third party GMP\npharmaceutical manufacturers in Canada and validate the products for\nregulatory agencies globally. Then transitioning into a high margin\ndomestic manufac...