TORONTO, ONTARIO -- (Marketwired) -- 11/19/15 -- PhosCan Chemical Corp. (TSX: FOS) today released its quarterly results for the period ended October 31, 2015.
PhosCan reported a net loss of $404 thousand for the three months ended October 31, 2015 compared to a net loss of $395 thousand for the same period of the previous fiscal year. During the nine months ended October 31, 2015 the Company reported a net loss of $1,383 thousand compared to a net loss of $729 thousand in the same period last year. Professional and legal fees were significantly higher to support increased business development activities. As well directors' fees were higher for fees paid to members of a Special Committee of independent directors, established to supervise and engage in a strategic review process with a view to enhancing shareholder value. Interest income was down due to lower interest rates and investment balances. On the plus side salaries and expenditures on the Martison project were lower in the three and nine month periods. The remaining expenses were generally in line with prior year periods.
Cash, cash equivalents, short-term investments and marketable securities were $53.8 million at October 31, 2015 versus $55.0 million at January 31, 2015 and working capital was $53.5 million versus $54.9 million. The decrease in working capital was primarily due to administration expenses of $1,642 thousand, the repurchase of common shares of $273 thousand, and expenditures on the Martison Project of $110 thousand, net of interest income of $476 thousand and net realized and unrealized gains on marketable securities of $149 thousand.
For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the quarter ended October 31, 2015 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.
About PhosCan
PhosCan owns a 100% interest in the Martison Project and currently has cash, cash equivalents, short term investments and marketable securities of approximately $53.7 million.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of PhosCan, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on development projects, results of future metallurgical testing, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contacts:
PhosCan Chemical Corp.
Stephen Case
President & CEO
416 972-9222
