Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. CANADIAN NATIONAL STOCK EXCHANGE
  5. Green River Gold Corp.
  6. News
  7. Summary
    CCR   CA39328D1042

GREEN RIVER GOLD CORP.

(CCR)
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

GREEN RIVER GOLD : Management Discussion and Analysis of Financial Condition and Result of Operations For the Six Months Ended March 31, 2021 and 2020

06/01/2021 | 03:55pm EDT

GREEN RIVER GOLD CORP.

Management Discussion and Analysis of Financial Condition and Result of Operations

For the Six Months Ended March 31, 2021 and 2020

GREEN RIVER GOLD CORP.

Index to Management Discussion and Analysis of

Financial Conditions and Result of Operations

For the Six Months Ended March 31, 2021 and 2020

(Expressed in Canadian dollars)

Page

Introduction

2

Date of Report

2

Overview

2

Select Financial Information

4

Summary of Quarterly Results

5

Result of Operations

5

Liquidity and Capital Resources

6

Share Capital

8

Outlook

8

Off-Balance Sheet Arrangements

12

Contractual Obligations

12

Events After the Reporting Period

14

Changes in Accounting Standards

14

Critical Accounting Estimates

14

Risks and Uncertainities

16

Related Party Transactions

19

Forward Looking Statements

20

Approval

20

GREEN RIVER GOLD CORP.

Management Discussion & Analysis of Financial Condition

And Results of Operations

Form 51-102F For the Six Months Ended March 31, 2021 and 2020

INTRODUCTION

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") of Green River Gold Corp. ("Green River," the "Company") should be read in conjunction with the unaudited interim financial statements for the six month period ended March 31, 2021 and 2020 (the "Financial Statements") and the related notes. The accompanying financial statements have been prepared by management and are in accordance with International Financial Reporting Standards ("IFRS") and all amounts are expressed in Canadian dollars unless otherwise noted. Other information contained in this document has also been prepared by management and is consistent with the data contained in the Financial Statements. In this discussion and analysis, unless the context otherwise dictates, a reference to the Company refers to Green River Gold Corp. Additional information relating to the Company is available for viewing under the Company's profile on the SEDAR website at www.sedar.com.

This discussion and analysis contains forward-looking statements. Please refer to the cautionary language on page 20.

DATE OF REPORT

This MD&A is prepared as of May 31, 2021. All amounts in the financial statements and this MD&A are expressed in Canadian dollars unless otherwise indicated.

OVERVIEW

Green River Gold Corp. was incorporated on June 5, 2006 under the Canada Business Corporations Act as Minerva Minerals Limited and commenced trading on August 13, 2007. On June 25, 2013, the Company received approval to change its name from Minerva Minerals Limited to Greywacke Exploration Ltd. On August 25, 2017, the Company's shareholders approved a name change to Green River Gold Corp. The Company began trading under the new name and ticker symbol CCR on September 8, 2017. The shares of the Company are listed on the Canadian Stock Exchange ("the CSE").

On May 17, 2017, new management and directors took over operations with the intent to focus on gold mining opportunities in the Cariboo Mining District of British Columbia. The Company is in the business of location, acquisition, exploration, and development of mineral claims as well as placer mining claims. The exploration and development of hard rock mineral claims is a process that is measured in years rather than months. Conversely, placer gold mining claims can typically be permitted within as little as a few months and can be placed into production with relatively low capital investment compared to even the smallest of hard rock mining properties. The Company's plan is to generate short term income from renting its placer mining claims while continuing to explore and evaluate longer term mineral prospects. The company is also involved in providing products and services to the placer mining industry, including selling and renting mining supplies and equipment, renting placer claims, and providing permitting and consulting services. In September 2020, the Company announced that it was forming a Limited Partnership, the Green River Gold Trading Limited Partnership (LP), which will purchase raw placer gold from miners and sell it to refineries and other markets. Green River Gold Corp. was originally intending to serve as the General Partner of the LP but upon further review of the costs, complexity, and risk of serving as the General Partner, management made the decision to participate as a Limited Partner instead. The General Partner will receive a management fee of $5,000 per month, 1% of the gross revenue of the LP, and 0.1% of the profits of the LP. The Limited Partners will receive 99.9% of the profits of the LP. The Company resigned as General Partner of the LP on March 5, 2021 and invested $30,000 in Limited Partnership Units in March 2021.

(continues)

2

GREEN RIVER GOLD CORP.

Management Discussion & Analysis of Financial Condition

And Results of Operations

Form 51-102F For the Six Months Ended March 31, 2021 and 2020

OVERVIEW (continued)

During the six months ended March 31, 2020, the Company took significant strides toward achieving its goals. The Company continued to add to its existing inventory of placer mining claims and mineral claims as discussed in the section titled Capital and Exploration Expenses. As of March 31, 2021, the Company now holds over 10,100 hectares of mineral claims and over 2,600 hectares of placer claims.

On August 12, 2019, the Company announced that it had rented office and retail space in a location on Highway 97 in Quesnel BC. The location gave the Company office space in the middle of the Cariboo Mining District as well as retail space. The Company opened the retail store in September of 2019. The Company had been looking for office space in Quesnel and the potential to profit from the office space via the retail operation was a good fit. The Company purchased all the inventory from a mining supply store in Alberta that was ceasing operations and opened the retail store in September 2019.

On July 15, 2020, the Company moved the retail operation to a much larger facility, also on Highway 97 North in Quesnel, B.C. The new location has much larger signage with greater visibility. The retail operation and the recently announced prospective gold buying business are housed in the new facility, which is shared with an affiliated private company that manufactures gold mining equipment. In total, the new building is over 6,000 square feet with an additional 3,000 square feet of finished mezzanine space. The building sits on a two-acre lot and has been leased to December 31, 2022.

The store caters to the needs of the hundreds of smaller placer mining operations and hobby miners in the area. The Company distributes some well-established international brands of mining equipment as well as some locally built mining equipment. During the year ended September 30, 2020, the Company expanded its product offering by setting up distribution deals with several manufacturers, including an exclusive deal to sell Turbo Pans in the Canadian market. The space provides ample office space for our administration function as well as providing efficient office space for our Mine Manager and any outside geological consultants. During the year ended September 30, 2020, the Company also began to sell mining supplies and equipment from its online store.

The Company also sells large mining equipment acquired from third parties and sells Green River Gold Corp. branded mining equipment built in the shared facility by a related company, 1070923 B.C. Ltd.

On January 23, 2020, the Company announced a private placement of up to $1,000,000. The financing was subsequently amended and expanded to $1,200,000 on July 31, 2020. The amended non-brokered private placement is for up to 20,000,000 units priced at $0.06. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $0.10 for a period of two years following the date of the financing. The Company completed the financing in early December 2020, raising total gross proceeds of $1,200,000.

On December 8, 2020, the Company announced its intention to raise up to $500,000 through a non- brokered private placement of units to be offered at a price of $0.07 per unit. Each unit will consist of one common share of the Company and one warrant, with each warrant entitling the holder to acquire one common share at a price of $0.11 for a period of three years following the issuance date.

By March 31, 2021, the Company had issued 2,100,000 shares for gross proceeds of $147,000. On May 14, 2021, the Company announced that the offering was oversubscribed and was being expanded to raise a maximum of $700,000. The expanded offering closed on May 31, 2021 having raised the full amount of $700,000.

The unaudited interim financial statements for the six month periods ended March 31, 2021 and 2020 have been prepared in accordance with IFRS applicable to a going concern. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and liabilities and commitments in other than the normal course of business and at amounts different from those in the accompanying financial statements.

(continues)

3

GREEN RIVER GOLD CORP.

Management Discussion & Analysis of Financial Condition

And Results of Operations

Form 51-102F For the Six Months Ended March 31, 2021 and 2020

OVERVIEW (continued)

As mentioned above, the business strategy of the Company is focused on acquiring mineral and placer claims and making investments related to the placer mining industry which can provide potential cash flow in a relatively short time. This will complement the longer-term nature of exploring and developing mineral claims. There is no certainty that suitable properties or investments can be found.

The Company has incurred recurring operating losses since inception and only within the past three fiscal years has it begun to generate any operating revenues. In addition, the cost of compliance with regulatory reporting requirements continues to rise at a rate that is far higher than the rate of inflation. The Company will require additional funds to meet its obligations and maintain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management's plans in this regard are to raise equity financing through private or public equity investment to support existing operations and expand its business. There is no assurance that such additional funds will be available to the Company when required or on terms acceptable to the Company. The March 31, 2021 and March 31, 2020 unaudited interim financial statements do not include any adjustments that would be necessary to the carrying amounts and classifications of assets and liabilities that might result from this uncertainty.

SELECTED FINANCIAL INFORMATION

The following information has been extracted from the Company's financial statement information for the six month period ended March 31, 2021 and the two most recently completed financial years:

March 31

September 30

September 30

2021

2020

2019

Revenue

$

46,064

$

290,195

$

3,585

Net loss

in total

$

(246,726)

$

(395,989)

$

(112,537)

per share*

$

(0.01)

$

(0.01)

$

(0.01)

Total assets

$

1,724,968

$

1,688,573

$

622,213

Total long-term financial liabilities

$

134,951

$

142,708

$

98,848

Cash dividends declared per share

$

nil

$

nil

$

nil

* Fully diluted loss per share amounts have not been calculated as they would be anti-dilutive.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Green River Gold Corp. published this content on 01 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 19:54:01 UTC.


ę Publicnow 2021
All news about GREEN RIVER GOLD CORP.
09/08GREEN RIVER GOLD CORP : . Adds to Land Position at the Kymar Silver Project and Announces ..
AQ
09/08Green River Gold Corp. acquired Hot Punch Silver Project for CAD 0.01 million.
CI
08/31Green River Gold Corp. Announces Airborne Survey Reveals Magnetic Anomalies at the Font..
CI
08/31GREEN RIVER GOLD CORP : . Airborne Survey Reveals Magnetic Anomalies at the Fontaine Lode ..
AQ
08/30Green River Gold Corp. Reports Earnings Results for the Third Quarter Ended June 30, 20..
CI
07/30GREEN RIVER GOLD : Grove Corporate Services Appoints Sarah Morrison as Chief Operations Of..
PU
07/29GREEN RIVER GOLD CORP : . Acquires Additional Mineral Rights at the Fontaine Lode Gold Pro..
AQ
07/29Green River Gold Corp. acquired An Additional 38.92 Hectares of Mineral Rights Contiguo..
CI
06/04GREEN RIVER GOLD CORP : . Announces Final Closing of Oversubscribed Private Placement of U..
AQ
06/04Green River Gold Corp. announced that it has received CAD 0.7 million in funding
CI
More news
Financials
Sales 2020 0,29 M 0,23 M 0,23 M
Net income 2020 -0,40 M -0,31 M -0,31 M
Net Debt 2020 0,34 M 0,27 M 0,27 M
P/E ratio 2020 -5,70x
Yield 2020 -
Capitalization 3,13 M 2,47 M 2,47 M
EV / Sales 2019 448x
EV / Sales 2020 12,0x
Nbr of Employees -
Free-Float 49,8%
Chart GREEN RIVER GOLD CORP.
Duration : Period :
Green River Gold Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
Pearson John Little President, Chief Executive Officer & Director
Shawn Stockdale Chief Financial Officer, Secretary & Director
Ricky James Watters Independent Director
David Upright Independent Director
Vernon Kibblewhite Director
Sector and Competitors
1st jan.Capi. (M$)
GREEN RIVER GOLD CORP.-21.43%2
BHP GROUP-9.55%137 392
RIO TINTO PLC-11.50%108 936
ANGLO AMERICAN PLC7.20%43 872
GRUPO MÉXICO, S.A.B. DE C.V.-1.31%32 265
SAUDI ARABIAN MINING COMPANY (MA'ADEN)92.59%25 591