CHILEAN METALS INC. POWER NICKEL INC.
(FORMERLY CHILEAN METALS INC.)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2022 (EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
NOTICE TO READER
The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of management. The unaudited condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
Power Nickel Inc.
Formerly Chilean Metals Inc.
Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
March 31, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | $ | 585,048 | ||
Cash | $ | 1,176,687 | ||
Amounts receivable (note 11) | 69,744 | 102,688 | ||
Due from related party (note 11) | - | 54,471 | ||
Advances, prepaid expenses and deposits | 21,470 | 57,025 | ||
Total current assets | 676,262 | 1,390,871 | ||
Non-current assets | 11,917 | |||
Equipment (note 3) | 12,883 | |||
Total assets | $ | 688,179 | $ | 1,403,754 |
LIABILITIES AND SHAREHOLDERS' DEFICIENCY | ||||
Current liabilities | $ | 1,030,570 | ||
Accounts payable and accrued liabilities (notes 11 and 13) | $ | 1,105,148 | ||
Due to related parties (note 11) | 8,029 | - | ||
Flow-through liability (note 7 and 13) | 188,222 | 219,722 | ||
Debentures payable (note 5) | 735,711 | 703,363 | ||
Advances from shareholders (note 11) | 7,000 | 7,000 | ||
Total current liabilities | 1,969,532 | 2,035,233 | ||
Non-current liabilities | 55,464 | |||
Other liabilities (note 6) | 55,464 | |||
Total liabilities | 2,024,996 | 2,090,697 | ||
Shareholders' deficiency | 68,406,458 | |||
Issued capital (note 7) | 68,376,098 | |||
Contributed surplus | 5,348,691 | 5,201,630 | ||
Warrants (note 9) | 1,282,228 | 1,290,088 | ||
Deficit | (76,374,194) | (75,554,759) | ||
Total shareholders' deficiency | (1,336,817) | (686,943) | ||
Total liabilities and shareholders' deficiency | $ | 688,179 | $ | 1,403,754 |
Nature of operations and going concern (note 1) | ||||
Commitments and contingencies (notes 4 and 13) |
The notes to the unaudited condensed consolidated interim financial statements are an integral part of these
statements.
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Power Nickel Inc.
Formerly Chilean Metals Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | ||||
March 31, | ||||
2022 | 2021 | |||
Operating expenses | $ | 87,500 | ||
Administration fees (note 11) | $ | 93,032 | ||
Amortization (note 3) | 966 | 1,380 | ||
Accretion, bank and Interest fees (note 5) | 32,964 | 28,450 | ||
Exploration expenditures (note 4) | 124,145 | 5,398,749 | ||
Foreign exchange loss (gain) | 44,201 | (22,768) | ||
Investor relations | 353,873 | 58,690 | ||
Office and miscellaneous | 12,135 | 15,627 | ||
Professional fees (note 11) | 31,437 | 86,362 | ||
Share-based payments (note 8) | 171,871 | 39,411 | ||
Transfer agent and regulatory | 10,293 | 34,921 | ||
Travel, promotion and mining shows | 6,360 | 73,192 | ||
Net operating loss before other items | (875,745) | (5,807,046) | ||
Other items | 31,500 | |||
Flow-through liability amortization | - | |||
Net loss and comprehensive loss for the period | $ | (844,245) | $ | (5,807,046) |
Net loss and comprehensive loss per share | ||||
- basic and diluted (note 10) | $ | (0.01) | $ | (0.10) |
Weighted average number of common shares | ||||
outstanding - basic and diluted (note 10) | 75,146,431 | 55,339,458 |
The notes to the unaudited condensed consolidated interim financial statements are an integral part of these
statements.
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Power Nickel Inc.
Formerly Chilean Metals Inc.
Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Three months ended | ||||
March 31, | ||||
2022 | 2021 | |||
Operating activities | $ | (844,245) | ||
Net loss for the period | $ | (5,807,046) | ||
Items not affecting cash: | 32,348 | |||
Accrued interest and accretion | 26,832 | |||
Amortization | 966 | 1,380 | ||
Share-based payments | 171,871 | 39,411 | ||
Shares issued for exploration properties | - | 5,152,246 | ||
Flow-through liability amortization | (31,500) | - | ||
Non-cash working capital items: | 32,944 | |||
Amounts receivable | 146,558 | |||
Advances, prepaid expenses and deposits | 35,555 | 6,697 | ||
Accounts payable and accrued liabilities | (74,578) | (78,956) | ||
Net repayment to related parties | 62,500 | 51,832 | ||
Net cash used in operating activities | (614,139) | (461,046) | ||
Financing activities | - | |||
Exercise of options | 259,000 | |||
Exercise of warrants | 22,500 | 928,890 | ||
Net cash provided by financing activities | 22,500 | 1,187,890 | ||
Investing activities | - | |||
Loan receivable | (50,000) | |||
Proceeds loan receivable | - | 50,411 | ||
Net cash provided by investing activities | - | 411 | ||
Net change in cash | (591,639) | 727,255 | ||
Cash, beginning of period | 1,176,687 | 179,272 | ||
Cash, end of period | $ | 585,048 | $ | 906,527 |
The notes to the unaudited condensed consolidated interim financial statements are an integral part of these
statements.
- 3 -
Power Nickel Inc.
Formerly Chilean Metals Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders' Deficiency (Expressed in Canadian Dollars)
(Unaudited)
Common Shares | Contributed | |||||||||
Number | Amount | Surplus | Warrants | Deficit | Total | |||||
Balance, December 31, 2020 | 44,337,226 | $ | 58,328,714 | $ | 4,096,158 | $ | 1,611,502 | $ (65,353,716) | $ | (1,317,342) |
Share based compensation | - | - | 39,411 | - | - | 39,411 | ||||
Exercise of warrants | 6,791,400 | 1,352,745 | - | (348,855) | - | 1,003,890 | ||||
Exercise of options | 3,050,000 | 759,595 | (332,595) | - | - | 427,000 | ||||
Shares issued for exploration properties | 16,620,147 | 5,152,246 | - | - | - | 5,152,246 | ||||
Net comprehensive loss for the period | - | - | - | - | (5,807,046) | (5,807,046) | ||||
Balance, March 31, 2021 | 70,798,773 | $ | 65,593,300 | $ | 3,802,974 | $ | 1,262,647 | $ (71,160,762) | $ | (501,841) |
Balance, December 31, 2021 | 84,785,773 | $ | 68,376,098 | $ | 5,201,630 | $ | 1,290,088 | $ (75,554,759) | $ | (686,943) |
Share based compensation | - | - | 171,871 | - | - | 171,871 | ||||
Exercise of warrants | 150,000 | 30,360 | - | (7,860) | - | 22,500 | ||||
Option expiry | - | - | (24,810) | - | 24,810 | - | ||||
Net comprehensive loss for the period | - | - | - | - | (844,245) | (844,245) | ||||
Balance, March 31, 2022 | 84,935,773 | $ | 68,406,458 | $ | 5,348,691 | $ | 1,282,228 | $ (76,374,194) | $ | (1,336,817) |
The notes to the unaudited condensed consolidated interim financial statements are an integral part of these statements.
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Power Nickel Inc. published this content on 03 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2022 21:01:11 UTC.
