ABRASILVER RESOURCE CORP. ABRASILVER RESOURCE CORP.
(FORMERLY ABRAPLATA RESOURCE CORP.)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021
(Expressed in Canadian Dollars)
(UNAUDITED)
Notice to Reader
The accompanying unaudited condensed interim consolidated financial statements of AbraPlata Resource Corp. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements as at and for the three and nine months ended September 30, 2021 have not been reviewed by the Company's auditors.
ABRASILVER RESOURCE CORP. (FORMERLY ABRAPLATA RESOURCE CORP.)
Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
September 30, | December 31, | |||
As at | 2021 | 2020 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 19,861,295 | $ | 17,087,494 |
Receivables | 156,544 | 211,218 | ||
Prepaid expenses | 140,100 | 73,025 | ||
Total current assets | 20,157,939 | 17,371,737 | ||
Equipment | 164 | 264 | ||
Right-of-use asset (note 9) | 31,820 | 59,408 | ||
Mineral property interests (note 7) | 18,645,015 | 16,762,683 | ||
Total Assets | $ | 38,834,938 | $ | 34,194,092 |
Liabilities and Shareholders' Equity | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities (note 12) | $ | 241,930 | $ | 530,438 |
Lease liabilities (note 10) | 12,308 | 25,667 | ||
Total current liabilities | 254,238 | 556,105 | ||
Non-Current liabilities | ||||
Lease liability (note 10) | 16,007 | 28,039 | ||
Total Liabilities | 270,245 | 584,144 | ||
Shareholders' Equity | ||||
Share capital (note 11(b)) | 63,468,086 | 51,313,308 | ||
Reserves (notes 11 (c) and (d)) | 10,091,105 | 9,839,298 | ||
Shares to be issued | 15,300 | 195,045 | ||
Accumulated other comprehensive loss | 830,478 | (2,165,069) | ||
Accumulated deficit | (35,840,276) | (25,572,634) | ||
Total shareholders' equity | 38,564,693 | 33,609,948 | ||
Total Liabilities and Equity | $ | 38,834,938 | $ | 34,194,092 |
Nature of operations (note 1)
Commitments (note 15)
Subsequent events (note 16)
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
Approved by the Board of Directors:
Director: (s) " Flora Wood"
Director: (s) "Robert Bruggeman"
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ABRASILVER RESOURCE CORP. (FORMERLY ABRAPLATA RESOURCE CORP.)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Administrative expenses | ||||||||
Consulting fees (note 12) | $ | 189,918 | $ | 116,100 | $ | 476,294 | $ | 324,454 |
Insurance | 22,916 | 12,024 | 55,602 | 23,324 | ||||
Depreciation | 6,143 | 6,557 | 20,537 | 19,902 | ||||
Investor relations | 37,236 | 20,199 | 148,415 | 149,890 | ||||
Office and administration (note 12) | 231,060 | 151,587 | 666,728 | 294,029 | ||||
Professional fees (note 12) | 147,861 | 171,051 | 403,763 | 313,973 | ||||
Rent | - | 6,881 | - | 9,414 | ||||
Salaries, benefits and director fees | 140,049 | 92,500 | 428,970 | 291,342 | ||||
Share-based payments (notes 11 and 12) | 500,668 | 57,670 | 1,551,890 | 309,567 | ||||
Transfer agent and filing fees | 18,998 | 19,190 | 105,092 | 65,405 | ||||
Travel | - | 419 | - | 8,293 | ||||
Accretion of lease liabilities | 942 | 334 | 4,024 | 1,715 | ||||
Total administrative expenses | 1,295,791 | 654,512 | 3,861,315 | 1,811,308 | ||||
Evaluation and exploration expenses (note 8) | 3,695,609 | 1,216,502 | 9,370,224 | 2,120,803 | ||||
Other (income) expenses | ||||||||
Gain on sale of marketable securities (note 13) | (1,145,249) | - | (3,519,363) | - | ||||
Write-off of mineral property interests (note 7) | 3,024 | 56,056 | 39,008 | 56,056 | ||||
Other (income) | (272,391) | 1,591 | (291,600) | (12,633) | ||||
Foreign exchange loss | 1,619 | 129,853 | 537,338 | 294,357 | ||||
Loss on net monetary position | 21,000 | 65,925 | 270,720 | 30,713 | ||||
Total other expenses (income) | (1,391,997) | 253,425 | (2,963,897) | 368,493 | ||||
Net loss for the period | 3,599,403 | 2,124,439 | 10,267,642 | 4,300,604 | ||||
Other comprehensive (income) loss: | ||||||||
Impact of hyperinflation | (1,856,453) | 45,103 | (5,616,912) | 371,895 | ||||
Foreign currency translation adjustment | 197,676 | (192,486) | 2,621,365 | (200,418) | ||||
Total comprehensive loss for the period | $ | 1,940,626 | $ | 1,977,056 | $ | 7,272,095 | $ | 4,472,081 |
Basic and diluted loss per share | $ | 0.01 | $ | 0.00 | $ | 0.02 | $ | 0.01 |
Weighted average number of | ||||||||
shares outstanding | 453,775,845 | 340,791,246 | 436,865,601 | 284,740,471 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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ABRASILVER RESOURCE CORP. (FORMERLY ABRAPLATA RESOURCE CORP.)
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian Dollars)
(Unaudited)
Share Capital | Share-based | Accumulated | |||||||||||||
Shares to be | payment | Warrant | Other Comprehensive | Accumulated | |||||||||||
Number | Amount | issued | reserve | reserve | Income (loss) | Deficit | Total | ||||||||
Balance, December 31, 2019 | 249,758,862 | 28,851,962 | - | 1,731,728 | 2,446,075 | (1,817,239) | (19,880,254) | 11,332,272 | |||||||
Private placement, net of share issue costs | 135,144,927 | 15,559,638 | - | - | 7,907,919 | - | - | 23,467,557 | |||||||
Shares issued from exercise of warrants | 12,754,865 | 2,675,337 | - | - | (102,986) | - | - | 2,572,351 | |||||||
Shares issued from exercise of stock options | 2,340,000 | 386,743 | - | (90,090) | - | - | - | 296,653 | |||||||
Proceeds of sahres to be issued | - | - | 33,492 | - | - | - | - | 33,492 | |||||||
Share-based payments | - | - | - | 309,567 | - | - | - | 309,567 | |||||||
Impact of hyperinflation | - | - | - | - | - | (371,895) | - | (371,895) | |||||||
Foreign currency translation adjustment | - | - | - | - | - | 200,418 | - | 200,418 | |||||||
Net loss for the year | - | - | - | - | - | - | (4,300,604) | (4,300,604) | |||||||
Balance, September 30, 2020 | 399,998,654 | 47,473,680 | 33,492 | 1,951,205 | 10,251,008 | (1,988,716) | (24,180,858) | 33,539,811 | |||||||
Balance, December 31, 2020 | 409,284,334 | $ | 51,313,308 | $ | 195,045 | $ | 2,011,259 | $ | 7,828,039 | $ | (2,165,069) | $ | (25,572,634) | $ | 33,609,948 |
Shares issued and shares to be issued from exercise of warrants | 48,482,554 | 12,052,550 | (179,745) | - | (1,261,230) | - | - | 10,611,575 | |||||||
Shares issued from exercise of stock options | 975,000 | 102,228 | - | (38,853) | - | - | - | 63,375 | |||||||
Share-based payments | - | - | - | 1,551,890 | - | - | - | 1,551,890 | |||||||
Impact of hyperinflation | - | - | - | - | - | 5,616,912 | - | 5,616,912 | |||||||
Foreign currency translation adjustment | - | - | - | - | - | (2,621,365) | - | (2,621,365) | |||||||
Net loss for the year | - | - | - | - | - | - | (10,267,642) | (10,267,642) | |||||||
Balance, September 30, 2021 | 458,741,888 | $ | 63,468,086 | $ | 15,300 | $ | 3,524,296 | $ | 6,566,809 | $ | 830,478 | $ | (35,840,276) | $ | 38,564,693 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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ABRASILVER RESOURCE CORP. (FORMERLY ABRAPLATA RESOURCE CORP.)
Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Nine months ended September 30, | 2021 | 2020 | ||
Operating Activities | ||||
Net loss for the period | $ | (10,267,642) | $ | (4,300,604) |
Items not affecting cash: | ||||
(Gain) loss on net monetary position | 270,720 | (30,713) | ||
Share-based payments | 1,551,890 | 309,567 | ||
Write-off of mineral properties | 35,984 | 56,056 | ||
Accretion of lease liabilities | 4,024 | 1,707 | ||
Depreciation | 20,537 | 19,830 | ||
Gain on sale of marketable securities | (3,519,363) | - | ||
Changes in non-cash operating working capital: | ||||
Receivables | 54,674 | (24,614) | ||
Accounts payable and accrued liabilities | (288,508) | (502,374) | ||
Prepaid expenses | (67,075) | 71,408 | ||
Cash (used in) operating activities | (12,204,759) | (4,399,737) | ||
Investing Activities | ||||
Additions to mineral interests | (283,373) | (94,928) | ||
Cash (used in) provided by investing activities | (283,373) | (94,928) | ||
Financing Activities | ||||
Proceeds on issuance of shares in private placements, net of issuance costs | - | 23,467,557 | ||
Proceeds on exercise of warrants | 10,596,276 | 2,572,351 | ||
Proceeds on exercise of stock options | 63,375 | 296,653 | ||
Repayment of lease liabilities | (23,128) | (20,959) | ||
Proceeds received for shares to be issued on exercise of warrants | 15,300 | 33,492 | ||
Cash provided by financing activities | 10,651,823 | 26,349,094 | ||
Impact of foreign exchange rate on cash and cash equivalents | 4,610,110 | 800,423 | ||
Change in cash and cash equivalents during the period | 2,773,801 | 22,654,852 | ||
Cash and cash equivalents, beginning of the period | 17,087,494 | 1,812,119 | ||
Cash and cash equivalents, end of the period | $ | 19,861,295 | $ | 24,466,971 |
Cash and cash equivalents are comprised of: | ||||
Cash | $ | 1,265,608 | $ | 1,797,489 |
Term deposits | 18,595,687 | 22,669,482 | ||
$ | 19,861,295 | $ | 24,466,971 |
The notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements.
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AbraPlata Resource Corp. published this content on 27 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2021 14:09:02 UTC.
