GRID METALS CORP. GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2021
INDEX | |
Interim Unaudited Condensed Consolidated Statements of Financial Position | 1 |
Interim Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | 2 |
Interim Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity | 3 |
Interim Unaudited Condensed Consolidated Statements of Cash Flows | 4 |
Notes to the interim unaudited condensed consolidated financial statements | 5 |
Notice of no auditor review of interim financial statements:
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim unaudited condensed consolidated financial statements, they must be accompanied by a notice indicating that the interim unaudited condensed consolidated financial statements have not been reviewed by an auditor.
The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared by, and are the responsibility of, the Company's management. The Company's independent auditor has not performed a review of these interim unaudited condensed consolidated financial statements.
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT
(In Canadian dollars)
September 30, | December 31, | |
2021 | 2020 | |
ASSETS | ||
Current | ||
Cash | $3,415,091 | $3,033,899 |
Marketable securities, (Note 5) | 12,147 | 52,821 |
Amount receivable from a government | 46,921 | 71,483 |
Prepaids | 65,150 | 8,606 |
Total current assets | 3,539,309 | 3,166,809 |
EXPLORATION AND EVALUATION ASSETS, (Note 6 and 12) | 31,630,512 | 29,545,054 |
CAPITAL ASSETS, (Note 7) | 33,612 | 3,717 |
Total assets | $35,203,433 | $32,715,580 |
LIABILITIES | ||
Current | ||
Accounts payable and accrued liabilities, (Notes 9 and 12) | $277,496 | $87,648 |
Lease obligations, (Note 10) | 12,575 | 3,891 |
Flow through share premium, (Note 8(a)) | 122,712 | 519,761 |
Total current liabilities | 412,783 | 611,300 |
Non-current | ||
Term loan payable, (Note 11) | 60,000 | 60,000 |
Long term lease obligations, (Note 10) | 21,239 | - |
Deferred income tax | 966,000 | 966,000 |
Total liabilities | 1,460,022 | 1,637,300 |
SHAREHOLDERS' EQUITY | ||
Capital stock, (Note 8) | 54,726,126 | 52,606,067 |
Contributed surplus | 9,407,303 | 7,967,037 |
Deficit | (30,390,018) | (29,494,824) |
Total shareholders' equity | 33,743,411 | 31,078,280 |
Total liabilities and shareholders' equity | $35,203,433 | $32,715,580 |
Going concern (Note 2)
Commitments and contingencies (Notes 6 and 9)
Approved on Behalf of the Board | |
'Thomas W. Meredith' | Director |
'Robin Dunbar' | Director |
The accompanying notes are an integral part of these consolidated financial statements. | 1 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In Canadian dollars)
For the three months ended | For the nine months ended | |||||||
September 30, | September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Expenses | ||||||||
Office, general and administrative | $ | 175,415 | $ | 46,753 | $ | 530,834 | $ | 368,925 |
Professional and consulting fees | 79,883 | 9,378 | 148,978 | 104,756 | ||||
Management fees and directors fees (Note 12) | 62,750 | 60,250 | 197,750 | 225,750 | ||||
Public company costs | 26,989 | 6,919 | 114,174 | 33,818 | ||||
Share-based payments, (Note 8(b)) | 21,449 | - | 409,999 | 493,000 | ||||
Amortization, (Note 7) | 4,182 | 2,496 | 9,139 | 7,484 | ||||
Flow-through share premium recovery (Note 8(a)) | - | - | (519,761) | (51,600) | ||||
Loss from operations before the undernoted | (370,668) | (125,796) | (891,113) | (1,182,133) | ||||
Other income (expense) | (13,125) | 3,718 | (4,081) | 6,508 | ||||
Net loss and comprehensive loss for the period | (383,793) | (122,078) | (895,194) | (1,175,625) | ||||
Income (loss) per share | ||||||||
Basic and diluted | $ | (0.00) | $ | (0.00) | $ | (0.01) | $ | (0.02) |
Weighted average number of common shares outstanding - | ||||||||
basic and diluted | 94,292,302 | 63,060,733 | 85,357,606 | 58,104,213 |
The accompanying notes are an integral part of these consolidated financial statements. | 2 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021, AND 2020
(In Canadian dollars)
Capital Stock | Contributed | ||||
# of shares | Amount | Surplus | Deficit | Total | |
$ | $ | $ | $ | ||
Balance, December 31, 2019 | 46,276,610 | 49,717,593 | 7,343,571 | (28,387,507) | 28,673,657 |
Common shares issued in connection with unit private placments (Note 8(a)) | 16,269,123 | 2,249,986 | - | - | 2,249,986 |
Fair value assigned to warrants issued in connection with the private placement (Note 8(c)) | - | (600,400) | 600,400 | - | - |
Cash share issue costs (Note 8(a)) | - | (159,113) | - | - | (159,113) |
Warrants exercised (Note 8(c)) | 415,000 | 62,250 | - | - | 62,250 |
Original fair value of warrants exercised (Note 8(c)) | - | 19,103 | (19,103) | - | - |
Shares issued in partial satisfaction of a property acquisition(Note 8(a)) | 100,000 | 21,500 | - | - | 21,500 |
Stock options granted (Note 8(b)) | - | - | 493,000 | - | 493,000 |
Options expired (Note 8(b)) | - | - | (93,000) | 93,000 | - |
Net income for the period | - | - | - | (1,175,625) | (1,175,625) |
Balance, September 30, 2020 | 63,060,733 | 51,310,919 | 8,324,868 | (29,470,132) | 30,165,655 |
Balance, December 31, 2020 | 77,882,099 | 52,606,067 | 7,967,037 | (29,494,824) | 31,078,280 |
Common shares issued in connection with unit private placements (Note 8(a)) | 9,588,363 | 2,109,440 | - | - | 2,109,440 |
Flow through common shares issued in connection with a private placment (Note 8(a)) | 5,562,240 | 1,390,560 | - | - | 1,390,560 |
Flow through share premium (Note 8(a)) | - | (122,712) | - | - | (122,712) |
Fair value assigned to warrants issued in connection with the private placement (Note 8(c)) | - | (1,270,247) | 1,270,247 | - | - |
Cash share issue costs (Note 8(a)) | - | (244,365) | - | - | (244,365) |
Shares issued for debt settlements (Note 8(a)) | 150,000 | 36,750 | - | - | 36,750 |
Stock options granted (Note 8(b)) | - | 215,250 | - | 215,250 | |
Warrants exercised (Note 8(c)) | 1,109,600 | 175,402 | - | - | 175,402 |
Original fair value of warrants exercised (Note 8(c)) | - | 45,231 | (45,231) | - | - |
Net income for the period | - | - | - | (895,194) | (895,194) |
Balance, September 30, 2021 | 94,292,302 | 54,726,126 | 9,407,303 | (30,390,018) | 33,743,411 |
The accompanying notes are an integral part of these consolidated financial statements. | 3 |
GRID METALS CORP.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
(In Canadian dollars)
2021 | 2020 | |||
Cash flows used in operating activities | ||||
Net income (loss) for the period | $ | (894,311) | $ | (1,053,547) |
Adjustments not affecting cash | ||||
Gain on disposal of marketable securities | (9,044) | - | ||
Amortization | 8,256 | 4,989 | ||
Flow-through share premium recovery | (519,761) | (51,600) | ||
Share based payments | 409,999 | 493,000 | ||
Changes in non‑cash working capital | ||||
Amounts receivable | 24,562 | (57,481) | ||
Un-realized loss (gain) on marketable securities | 45,637 | 2,045 | ||
Prepaids | (56,544) | (7,948) | ||
Lease obligations | 8,731 | - | ||
Accounts payable and accrued liabilities | 24,353 | 159,121 | ||
Cash flows used in operating activities | (958,123) | (511,421) | ||
Cash flows used in investing activities | ||||
Investment in marketable securities | (23,628) | - | ||
Additions to capital assets | (30,777) | - | ||
Increase in exploration and evaluation assets | (2,048,755) | (719,580) | ||
Cash flows used in investing activities | (2,103,160) | (719,580) | ||
Cash flows from financing activities | ||||
Payment of lease obligations | (9,753) | (5,182) | ||
Long term lease obligations | 21,239 | - | ||
Issuance of common shares and warrants | 3,500,000 | 2,249,986 | ||
Share issue costs | (244,365) | (159,113) | ||
Term loan proceeds | - | 40,000 | ||
Proceeds on sale of marketable securities | - | - | ||
Proceeds on exercise of warrants | 175,402 | 62,250 | ||
Cash flows provided by financing activities | 3,442,523 | 2,187,941 | ||
Change in cash for the period | 381,240 | 956,940 | ||
Cash, beginning of period | 3,033,899 | 1,088,604 | ||
Cash, end of period | $ | 3,415,139 | $ | 2,045,544 |
Supplemental information | ||||
Shares issued in satisfaction of a property acquisition | $ | 36,750 | $ | 21,500 |
The accompanying notes are an integral part of these consolidated financial statements. | 4 |
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Grid Metals Corp. published this content on 23 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 22:30:09 UTC.
