AMERICAN MANGANESE INC.
Condensed Consolidated Interim Financial Statements
Period ended April 30, 2022
(Unaudited - expressed in Canadian dollars)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102 Part 4, subsections 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements, they must be accompanied by a notice indicating that these condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
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AMERICAN MANGANESE INC.
Condensed Consolidated Interim Statements of Financial Position As at April 30, 2022 and July 31, 2021
(Unaudited - expressed in Canadian dollars unless specifically indicated otherwise)
April 30, 2022 | July 31, 2021 | |||
Assets | ||||
Current | ||||
Cash (Note 4) | $ | 22,837,087 | $ | 5,905,644 |
Restricted cash equivalents (Note 4) | 23,000 | 23,000 | ||
Amounts receivable (Note 5) | 129,979 | 119,219 | ||
Prepaid expenses and advances | 111,375 | 792,449 | ||
23,101,441 | 6,840,312 | |||
Non-current | ||||
Reclamation deposits | 46,842 | 41,416 | ||
Exploration and evaluation assets (Note 7) | 713,943 | 561,964 | ||
Total assets | $ | 23,862,226 | $ | 7,443,692 |
Liabilities | ||||
Current | ||||
Accounts payable and accrued liabilities (Note 5) | $ | 116,971 | $ | 545,271 |
Equity | ||||
Share capital (Note 8) | 59,575,716 | 39,202,150 | ||
Share-based payments reserve (Note 8) | 25,543,558 | 17,153,390 | ||
Warrants reserve (Note 8) | 4,818,778 | 4,422,363 | ||
Deficit | (66,192,796) | (53,879,482) | ||
Total equity | 23,745,255 | 6,898,421 | ||
Total liabilities and equity | $ | 23,862,226 | $ | 7,443,692 |
Nature and Continuance of Operations (Note 1)
Subsequent events (Note 14)
Approved on behalf of the Board of Directors and authorized for issue on June 29, 2022
Larry W. Reaugh | Director | Norman L. Tribe | Director |
The accompanying notes are an integral part of these consolidated financial statements
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AMERICAN MANGANESE INC.
Condensed Consolidated Interim Statements of Comprehensive Loss For the three and nine-month period ended April 30, 2022 and 2021 (Unaudited-expressed in Canadian dollars unless specifically indicated otherwise)
Nine months ended | Three months ended | |||||||
April 30 | April 30 | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Expenses | ||||||||
Administration (Note 9) | $ | 12,643,645 | $ | 3,690,849 | $ | 4,120,984 | $ | 2,375,995 |
Loss from operations | 12,643,645 | 3,690,849 | 4,120,984 | 2,375,995 | ||||
Finance income | (39,280) | (98) | (23,632) | (40) | ||||
Foreign exchange loss | (35,591) | 24,878 | (3,736) | 25,088 | ||||
Government grants received | (255,460) | (257,727) | (50,657) | (183,592) | ||||
Net loss for the period | 12,313,314 | 3,457,902 | 4,042,959 | 2,217,451 | ||||
Other comprehensive income | ||||||||
Foreign currency gain on translation of | ||||||||
subsidiary | $ | - | $ | - | $ | - | $ | - |
Other comprehensive income for the period | - | - | - | - | ||||
Total comprehensive loss for the period | 12,313,314 | 3,457,902 | 4,042,959 | 2,217,451 | ||||
Basic and diluted loss per share | $ | (0.051) | $ | (0.02) | $ | (0.017) | $ | (0.01) |
Weighted average shares outstanding | ||||||||
(basic and diluted) | 237,464,591 | 194,199,537 | 237,464,591 | 194,199,537 |
The accompanying notes are an integral part of these consolidated financial statements
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AMERICAN MANGANESE INC.
Condensed Consolidated Interim Statements of Changes in Equity For the nine-month period ended April 30, 2022 and 2021 (Unaudited-expressed in Canadian dollars unless specifically indicated otherwise)
Share-based | Accumulated | |||||||||||||||
Warrants | other | |||||||||||||||
Number of shares | Share capital | payments | Deficit | comprehensive | ||||||||||||
Prepaid share | reserve | reserve | income (loss) | |||||||||||||
(Note 8) | (Note 8) | subscriptions | (Note 8) | (Note 8) | (Note 9) | (Note 7(c)) | Total equity | |||||||||
Balance, July 31, 2020 | 180,736,228 | $ | 29,060,554 | $ | - | $ | 6,641,619 | $ | 5,830,493 | $ | (40,815,326) | $ | - | $ | 717,340 | |
Share-based payments | 2,330,373 | 2,330,373 | ||||||||||||||
Issued pursuant to private placements | 8,235,770 | 1,667,994 | 1,667,994 | |||||||||||||
Cost of share issuance | (68,399) | (68,399) | ||||||||||||||
Warrants issued with private placement | (465,632) | 465,632 | - | |||||||||||||
Issued pursuant to options exercised | 8,414,400 | 1,771,366 | (770,542) | 1,000,824 | ||||||||||||
Issued pursuant to warrants exercised | 17,707,957 | 7,604,919 | (2,967,757) | 4,637,162 | ||||||||||||
Prepaid share subscriptions | 27,475 | 27,475 | ||||||||||||||
Net loss for the period | (3,457,902) | - | (3,457,902) | |||||||||||||
Balance, April 30, 2021 | 215,094,355 | - | 39,570,802 | - | 27,475 | - | 8,201,450 | - | 3,328,368 | - | (44,273,228) | - | - | - | 6,854,867 | |
Share-based payments | - | - | - | 9,052,949 | - | - | - | 9,052,949 | ||||||||
Issued pursuant to private placements | - | - | - | - | - | - | - | - | ||||||||
Cost of share issuance | - | - | - | - | - | - | - | - | ||||||||
Warrants issued with private placement | - | 42,818 | - | - | (42,818) | - | - | - | ||||||||
Issued pursuant to options exercised | 460,000 | 205,109 | - | (101,009) | - | - | - | 104,100 | ||||||||
Issued pursuant to warrants exercised | 2,364,088 | (349,516) | - | - | 869,750 | - | - | 520,234 | ||||||||
Prepaid share subscriptions | (27,475) | (27,475) | ||||||||||||||
Reclassification pursuant to extension of warrant expiry date | - | (267,063) | - | - | 267,063 | - | - | - | ||||||||
Net loss for the period | - | - | - | - | - | (9,606,254) | - | (9,606,254) | ||||||||
Balance, July 31, 2021 | 217,918,443 | - | 39,202,150 | - | - | - | 17,153,390 | - | 4,422,363 | - | (53,879,482) | - | - | - | 6,898,421 | |
Share-based payments | - | - | - | 8,947,853 | - | - | - | 8,947,853 | ||||||||
Issued pursuant to private placements | 20,000,000 | 20,000,000 | - | - | - | - | - | 20,000,000 | ||||||||
Cost of share issuance | - | (1,972,819) | - | - | 128,968 | - | - | (1,843,851) | ||||||||
Warrants issued with private placement | - | (1,039,026) | - | - | 1,039,026 | - | - | - | ||||||||
Issued pursuant to options exercised | 3,135,300 | 1,156,692 | - | (557,685) | - | - | - | 599,007 | ||||||||
Issued pursuant to warrants exercised | 6,752,604 | 2,228,718 | - | - | (771,579) | - | - | 1,457,139 | ||||||||
Net loss for the period | - | - | - | - | - | (12,313,314) | - | (12,313,314) | ||||||||
Balance April 30, 2022 | 247,806,347 | $ | 59,575,716 | $ | - | $ | 25,543,558 | $ | 4,818,778 | $ | (66,192,796) | $ | - | $ | 23,745,255 |
The accompanying notes are an integral part of these consolidated financial statements
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American Manganese Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 23:21:09 UTC.