Mason Resources Reports Fiscal 2017 Results

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Algemeen advies 20/03/2018 07:22
VANCOUVER, March 16, 2018 /PRNewswire/ - Mason Resources Corp. (TSX:MNR; OTCQB: MSSNF – "Mason" or the "Company") is pleased to report its financial results for the year ended December 31, 2017. All figures are in US dollars unless otherwise noted.

2017 HIGHLIGHTS
•On May 9, 2017, Mason and Entrée Resources Ltd. (formerly Entrée Gold Inc. (GG) – "Entrée") completed a strategic reorganization of Entrée's business through a plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, Entrée transferred to Mason the Ann Mason copper-molybdenum project in Nevada and the Lordsburg copper-gold property in New Mexico, and $8.84 million in cash.

•As part of the Arrangement, each existing share of Entrée was exchanged for 0.45 of a Mason common share and one "new" common share of Entrée. Optionholders and warrantholders of Entrée received replacement options and warrants of Entrée and options and warrants of Mason which are proportionate to, and reflective of the terms of, their existing options and warrants of Entrée.

•On May 9, 2017, the Company entered into an Administrative Services Agreement with Entrée, pursuant to which Entrée provides office space, furnishings and equipment, communications facilities and personnel necessary for Mason to fulfill its basic day-to-day head office and executive responsibilities on a pro-rata cost-recovery basis.

•On May 10, 2017, Mason filed its National Instrument 43-101 technical report titled "2017 Updated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A." (the "2017 PEA") for its flagship Ann Mason Project in Nevada on SEDAR at www.sedar.com. The 2017 PEA indicates the Ann Mason Project has positive project economics and has the potential to be a large, long life copper-molybdenum mining operation.

•On May 12, 2017, the Company's common shares commenced trading on the Toronto Stock Exchange under the symbol "MNR".

•On July 19, 2017, the Company adopted a Shareholder Rights Plan (the "Rights Plan") to ensure, to the extent possible, that all shareholders of the Company are treated fairly and equally in connection with any take-over bid or other acquisition of control of the Company. The Rights Plan was not adopted in response to any specific take-over bid or other proposal to acquire control of Mason and Mason was not aware of any such pending or contemplated proposals.

•In August 2017, the Company welcomed two new significant shareholders in Mason replacing disinterested shareholders following the spinout of Mason from Entrée:

• Mantos Copper (Bermuda) Limited ("Mantos") purchased an aggregate of 13,664,757 common shares of Mason at a price of C$0.20 per share for an aggregate purchase price of C$2,732,952 from Rio Tinto International Holdings Limited and Turquoise Hill Resources Ltd., which represents approximately
17.5% of the outstanding common shares of Mason.

•Hudbay Minerals Inc. ("Hudbay") purchased an aggregate of 10,854,170 common shares of Mason including 10,755,170 common shares on August 24, 2017 from Sandstorm Gold Ltd. ("Sandstorm"). The shares were purchased from Sandstorm at a price of C$0.26 per share for an aggregate purchase price of C$2,796,344. This represents approximately 13.9% of the outstanding common shares of Mason.

•Effective November 9, 2017, the Company's common shares commenced trading on the OTCQB Venture Market in the United States under the symbol "MSSNF".

•Following the acquisition of shares by Mantos and Hudbay, the Board of Directors of the Company determined to allow the Rights Plan to expire, in accordance with its terms, on January 19, 2018.

•The 2017 full year net loss was $2.2 million which included net income of $0.2 million in Q4 2017 as a result of a deferred income tax recovery adjustment of $0.7 million. The Company's cash balance at December 31, 2017 was $7.5 million with no debt.

*The consolidated financial operating results have been prepared on a continuity of interest basis of accounting following the
Arrangement, which requires that prior to the May 9, 2017 effective date thereof, the assets, liabilities, results of operations and
cash flows of the Company be on a 'carve-out' basis from the consolidated financial statements and accounting records of Entrée.

OUTLOOK AND STRATEGY

Corporate
The Company's corporate focus going forward will be to maximize market value through assessing and executing on options to move Ann Mason forward, possibly including introducing one or more strategic partners. In addition, Mason is undertaking a process to prioritize and progress other growth strategies involving its Lordsburg property and additional new exploration acquisitions. Fiscal responsibility and only spending the Company's cash reserves on value adding activities remains a high priority.

The Company expects to spend between $1.2 million and $1.4 million for the 2018 year, which includes $0.4 million for corporate costs, investor relations and compliance and the balance related to the Ann Mason Project and Lordsburg property.

Ann Mason Project
The Company is currently evaluating options for its Ann Mason Project which may include optimizing certain aspects of the 2017 PEA, commencing a Pre-Feasibility study and testing high priority exploration targets with potential to provide early production options.

The Company is targeting expenditures of between $0.7 million and $0.9 million for the 2018 year, including claim fees and payments, site maintenance and local administration costs.

Lordsburg Property
The Company is managing the costs associated with the Lordsburg property while management evaluates the best path forward to add value to the project. Expenditures for 2017 were mainly for claim fees and local administration costs. The Company expects to spend approximately $0.1 million for the 2018 year.

The Company's Annual Financial Statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form are available on SEDAR at www.sedar.com and on the Company's website at www.MasonResources.com.

QUALIFIED PERSON

Robert Cinits, P.Geo., Mason's Chief Operating Officer, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release.



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