ANACORTES MINING CORP.
(formerly First Light Capital Corp.)
CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in Canadian dollars)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
Index | Page |
Consolidated Financial Statements | |
Consolidated Statements of Financial Position | 2 |
Consolidated Statements of Loss and Comprehensive Loss | 3 |
Consolidated Statements of Changes in Equity | 4 |
Consolidated Statements of Cash Flows | 5 |
Notes to Consolidated Financial Statements | 6 - 17 |
Suite 1090 - 510 Burrard Street
Vancouver, British Columbia, Canada V6C 3B9
Tel: (604) 684-6730
Fax: (866) 684-6730
ANACORTES MINING CORP.
(Formerly First Light Capital Corp.) Consolidated statements of financial position (Expressed in Canadian dollars)
As at June 30, 2022 and December 31, 2021
June 30 | December 31 | |||
Note | 2022 | 2021 | ||
Assets | ||||
Current | ||||
Cash and cash equivalents | $ | 9,823,690 | $ | 12,862,013 |
Receivables | 691,607 | 332,339 | ||
Prepaid expenses | 12,813 | 28,438 | ||
10,528,110 | 13,222,790 | |||
Non-current | ||||
Exploration and evaluation properties | 5, 7 | 6,070,372 | 3,173,826 | |
$ | 16,598,482 | $ | 16,396,616 | |
Liabilities | ||||
Current | ||||
Trade payables and accrued liabilities | $ | 1,121,230 | $ | 248,003 |
Due to related parties | 7 | 96,988 | 26,781 | |
1,218,218 | 274,784 | |||
Equity | ||||
Share capital | 6 | 64,330,787 | 63,879,101 | |
Reserves - stock options | 6(c) | 4,800,728 | 4,802,260 | |
Reserves - warrants | 6(d) | 2,932,515 | 2,932,515 | |
Other comprehensive income | 30,755 | (2,561) | ||
Deficit | (56,714,521) | (55,489,483) | ||
15,380,264 | 16,121,832 | |||
$ | 16,598,482 | $ | 16,396,616 |
Approved and Authorized for Issue by the Board on August 23, 2022:
"Barry Hildred"
……………………………………………… Director
"Brian Storseth"
……………………………………………… Director
The accompanying notes are an integral part of these consolidated financial statements
2
ANACORTES MINING CORP.
(Formerly First Light Capital Corp.)
Consolidated statements of loss and comprehensive loss (Expressed in Canadian dollars)
For the three and six months ended June 30, 2022 and 2021
Three months ended June 30, | Six months ended June 30, | |||||||
Note | 2022 | 2021 | 2022 | 2021 | ||||
Expenses | ||||||||
Consulting fees | 7 | 30,720 | 69,081 | 52,722 | 119,081 | |||
Directors fees | 7 | 28,750 | 10,500 | 57,500 | 24,000 | |||
General and administration | 7 | 6,556 | 6,208 | 9,894 | 12,464 | |||
Salaries and benefits | 7 | 186,872 | - | 387,028 | - | |||
Insurance | 7,813 | 6,250 | 15,625 | 12,500 | ||||
Legal and audit | 49,789 | 214,971 | 105,021 | 227,481 | ||||
Property investigations | 176,242 | - | 211,507 | 194 | ||||
Regulatory fees | 28,821 | 12,171 | 62,572 | 26,848 | ||||
Travel | 12,000 | - | 20,526 | - | ||||
Shareholders communications | 99,357 | 4,212 | 201,243 | 41,522 | ||||
Share-based payments | 6(c) | (5,507) | - | 167,199 | 115,761 | |||
(621,413) | (323,393) | (1,290,837) | (579,851) | |||||
Other | ||||||||
Interest income | 29,513 | - | 42,912 | - | ||||
Foreign exchange gain | 1,853 | (4,104) | 22,887 | (2,463) | ||||
Net loss for the period | $ | (590,047) | $ | (327,497) | (1,225,038) | $ | (582,314) | |
Other comprehensive income | ||||||||
Gain on foreign currency translation | 89,016 | - | 33,316 | - | ||||
Net loss and other comprehensive loss | ||||||||
for the period | (501,031) | (327,497) | (1,191,722) | (582,314) | ||||
Loss per share, basic and diluted | $ | (0.01) | $ | (0.01) | (0.03) | $ | (0.02) | |
Weighted average number of common | ||||||||
shares outstanding | 42,321,648 | 27,887,962 | 42,315,466 | 27,887,962 |
The accompanying notes are an integral part of these consolidated financial statements
3
ANACORTES MINING CORP.
(Formerly First Light Capital Corp.) Consolidated statements of changes in equity (Expressed in Canadian dollars)
For the six months ended June 30, 2022 and 2021
Share capital | Reserves | Other | |||||||||||||
Number of | Stock | comprehensive | |||||||||||||
Note | shares | (1) | Amount | options | Warrants | income | Deficit | Total | |||||||
Balance, December 31, 2020 | 27,028,083 | $ | 35,701,029 | $ | 2,482,948 | $ | - | $ | - | $ | (36,065,203) | $ | 2,118,774 | ||
Share based payments | 6(c) | - | - | 115,761 | - | - | - | 115,761 | |||||||
Warrants exercised at $0.85 | 6(d) | 48,458 | 42,500 | - | - | - | - | 42,500 | |||||||
Net loss for the perioid | - | - | - | - | - | (582,314) | (582,314) | ||||||||
Balance, June 30, 2021 | 27,076,542 | $ | 35,743,529 | $ | 2,598,709 | $ | - | $ | - | $ | (36,647,517) | $ | 1,694,721 | ||
Cancellation of New Oroperu shares on closing of transaction | (27,076,542) | - | - | - | - | - | - | ||||||||
Anacortes shares issued on conversion of existing New Oroperu shares | 27,074,716 | - | - | - | - | - | - | - | |||||||
Anacortes shares issued on conversion of existing First Light shares | 4 | 14,297,279 | 26,592,939 | - | - | - | - | 26,592,939 | |||||||
Deemed cost of existing First Light stock options and warrants | 4(i) | - | - | 63,525 | 2,712,799 | - | - | 2,776,324 | |||||||
Anacortes shares and warrants issued as partial payment of advisory | |||||||||||||||
fees on closing of transaction | 4(iv) | 708,333 | 1,480,284 | - | 219,716 | - | - | 1,700,000 | |||||||
Share based payments | 6(c) | - | - | 2,182,376 | - | - | - | 2,182,376 | |||||||
Options exercised - transfer of option reserve | 6(c) | - | 42,350 | (42,350) | - | - | - | - | |||||||
Options exercised - proceeds of option exercise | 6(c) | 33,332 | 19,999 | - | - | - | - | 19,999 | |||||||
Other comprehensive loss | - | - | - | - | (2,561) | (2,561) | |||||||||
Net loss for the period | - | - | - | - | - | (18,841,966) | (18,841,966) | ||||||||
Balance, December 31, 2021 | 42,113,660 | $ | 63,879,101 | $ | 4,802,260 | $ | 2,932,515 | $ | (2,561) | $ | (55,489,483) | $ | 16,121,832 | ||
Share based payments | 6(c) | - | - | 172,706 | - | - | - | 172,706 | |||||||
Options exercised - transfer of option reserve | 6(c) | - | 168,731 | (168,731) | - | - | - | - | |||||||
Options exercised - proceeds of option exercise | 6(c) | 200,000 | 258,000 | - | - | - | - | 258,000 | |||||||
Warrants exercised at $0.52 | 6(c) | 48,458 | 24,955 | - | - | - | - | 24,955 | |||||||
Share based payments | 6(c) | - | - | (5,507) | - | - | - | (5,507) | |||||||
Other comprehensive gain | - | - | - | - | 33,316 | - | 33,316 | ||||||||
Net loss for the period | - | - | - | - | - | (1,225,038) | (1,225,038) | ||||||||
Balance, June 30, 2022 | 42,362,118 | $ | 64,330,787 | $ | 4,800,728 | $ | 2,932,515 | $ | 30,755 | $ | (56,714,521) | $ | 15,380,264 |
Note (1): All share numbers have been adjusted to reflect the 5.815:1 Share Exchange Ratio in accordance with the Arrangement Agreement between the Company and New Oroperu Resources Inc. (see Note 4) and the 6:1 share consolidation (see Note 6(a)).
The accompanying notes are an integral part of these consolidated financial statements
4
ANACORTES MINING CORP.
(Formerly First Light Capital Corp.) Consolidated statements of cash flows (Expressed in Canadian dollars)
For the six months ended June 30, 2022 and 2021
Six months ended June 30, | ||||
Note | 2022 | 2021 | ||
Operating activities | ||||
Net loss | $ | (1,225,038) | $ | (582,314) |
Items not involving cash: | ||||
Share-based payments | 6(c) | 167,199 | 115,761 | |
Unrealized foreign exchange | (22,887) | - | ||
Changes in non-cash working capital: | ||||
Receivables | (359,269) | (6,697) | ||
Prepaid expenses | 15,626 | 12,500 | ||
Due to related parties | 7 | 70,207 | 5,500 | |
Trade payables and accrued liabilities | 873,227 | 655 | ||
Cash used in operating activities | (480,936) | (454,595) | ||
Investing activities | ||||
Expenditures on exploration and evaluation properties | 5(a) | (2,863,230) | (311,427) | |
Cash used in investing activites | (2,863,230) | (311,427) | ||
Financing activities | ||||
Warrants exercised | 24,955 | 42,500 | ||
Stock options exercised | 6(c) | 258,000 | - | |
Cash provided by financing activities | 282,955 | 42,500 | ||
Effect of foreign exchange on cash | 22,887 | - | ||
Decrease in cash and cash equivalents | (3,038,324) | (723,522) | ||
Cash and cash equivalents, beginning of year | 12,862,014 | 1,820,538 | ||
Cash and cash equivalents, end of period | $ | 9,823,690 | $ | 1,097,016 |
Composed of: | ||||
Cash | $ | 9,823,690 | $ | (60,873) |
Cash equivalents | - | 1,157,889 | ||
$ | 9,823,690 | $ | 1,097,016 |
The accompanying notes are an integral part of these consolidated financial statements
5
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Anacortes Mining Corp. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 20:19:08 UTC.