ROSCAN GOLD CORPORATION CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended April 30, 2023 and 2022
(Unaudited)
EXPRESSED IN CANADIAN DOLLARS
NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
The accompanying unaudited condensed interim consolidated financial statements of Roscan Gold Corporation (the "Company") have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor, RSM Canada LLP, has not performed a review of these unaudited condensed interim consolidated financial statements, in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim consolidated financial statements by an entity's auditor.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited, expressed in Canadian dollars)
April 30 | October 31 | |||
As at | 2023 | 2022 | ||
ASSETS | ||||
Current | $ | 115,051 | ||
Cash | $ | 46,953 | ||
Sales tax receivable | - | 37,584 | ||
Prepaid expenses and deposits | 212,837 | 56,888 | ||
$ | 327,888 | $ | 141,425 | |
LIABILITIES | ||||
Current | $ | 2,186,361 | ||
Accounts payable and accrued liabilities (note 7) | $ | 1,341,051 | ||
EQUITY (DEFICIENCY) | ||||
Share capital (note 8) | 70,965,992 | 70,898,744 | ||
Contributed surplus | 8,188,915 | 7,399,780 | ||
Deficit | (81,013,380) | (79,498,150) | ||
(1,858,473) | (1,199,626) | |||
$ | 327,888 | $ | 141,425 | |
Nature of operations and going concern (note 1) |
Commitments and contingencies (notes 11, 12, 14)
Subsequent events (note 17)
See accompanying notes.
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, expressed in Canadian dollars)
Three months ended | Six months ended | |||||||
2023 | April 30 | 2023 | April 30 | |||||
2022 | 2022 | |||||||
Expenses | ||||||||
Corporate and administrative (notes 10,13) | $ | 429,240 | $ | 391,289 | $ | 764,005 | $ | 774,835 |
Exploration and evaluation (notes 8,11) | 2,898,881 | 4,662,742 | 4,821,713 | 8,397,820 | ||||
Project evaluation | - | 158,237 | - | 158,237 | ||||
Share-based payments (notes 8,13) | 721,100 | 1,741,803 | 789,134 | 2,011,079 | ||||
Amortization of right-of-use asset | - | 6,822 | - | 13,645 | ||||
(4,049,220) | (6,960,893) | (6,374,851) | (11,355,616) | |||||
Other Income (expense) | ||||||||
Sale of NS royalty, net (note 12) | - | 4,880,000 | ||||||
Foreign exchange gain (loss) | (9,633) | (40,342) | (20,378) | (34,552) | ||||
Interest income | - | 2,310 | - | 5,394 | ||||
Interest on lease liabilities | - | (50) | - | (246) | ||||
Net income (loss) and comprehensive income (loss) | $ | (4,058,852) | $ | (6,998,975) | $ (1,515,229) | $(11,385,020) | ||
Basic and diluted income (loss) per share (note 15) | $ | (0.011) | $ | (0.019) | $ | (0.004) | $ | (0.031) |
Weighted average number of common shares | ||||||||
outstanding: | ||||||||
Basic | 379,404,338 | 368,634,395 | 379,404,338 | 363,443,133 | ||||
Diluted | 384,404,338 | 368,634,395 | 384,404,338 | 363,443,133 | ||||
See accompanying notes.
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited, expressed in Canadian dollars)
Share capital | Contributed | ||||||||||
Number of | |||||||||||
shares | Amount | surplus | Warrants | Deficit | Total | ||||||
Balance, October 31, 2021 | 353,900,554 | $ | 63,512,320 | $ | 4,562,624 | $ | 717,054 | $ | (62,715,779) | $ | 6,076,219 |
Exercise of unit warrants (notes 8, 9) | 7,432,500 | 1,513,055 | - | (323,855) | - | 1,189,200 | |||||
Share-based payments (note 8) | - | - | 269,276 | - | - | 269,276 | |||||
Net loss for the period | - | - | - | - | (4,386,045) | (4,386,045) | |||||
Balance, January 31, 2022 | 361,333,054 | 65,025,375 | 4,831,900 | 393,199 | (67,101,824) | 3,148,650 | |||||
Shares issued by private placement (note 8) | 12,500,000 | 5,000,000 | - | - | - | 5,000,000 | |||||
Shares issued for services (note 8) | 200,000 | 80,000 | - | - | - | 80,000 | |||||
Shares issued for mineral property (notes 8, 11) | 167,347 | 56,898 | - | - | - | 56,898 | |||||
Share issuance costs (note 8) | - | (405,000) | - | - | - | (405,000) | |||||
Exercise of options (note 8) | 4,850,000 | 1,141,471 | (526,471) | - | - | 615,000 | |||||
Warrants expired (note 9) | - | - | 393,199 | (393,199) | - | - | |||||
Share-based payments (note 8) | - | - | 2,701,152 | - | - | 2,701,152 | |||||
Net loss for the period | - | - | - | - | (12,396,326) | (12,396,326) | |||||
Balance, October 31, 2022 | 379,050,401 | 70,898,744 | 7,399,780 | - | (79,498,150) | (1,199,626) | |||||
Share-based payments (note 8) | - | - | 789,134 | - | - | 789,134 | |||||
Shares issued for mineral property (notes 8, 11) | 353,937 | 67,248 | 67,248 | ||||||||
Net loss for the period | - | - | - | - | (1,515,229) | (1,515,229) | |||||
Balance, April 30, 2023 | 379,404,338 | $ | 70,965,992 | $ | 8,188,915 | $ | - | $ | (81,013,380) | $ | (1,858,473) |
See accompanying notes. |
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CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, expressed in Canadian dollars)
Three months ended | Six months ended | |||||||
2023 | April 30 | 2023 | April 30 | |||||
2022 | 2022 | |||||||
Operating activities | ||||||||
Loss for the period | $ (4,058,852) | $ (6,998,975) | $ (1,515,229) | $(11,385,020) | ||||
Adjustments to reconcile loss to net cash used: | ||||||||
Amortization of right-of-use asset | - | 6,822 | - | 13,645 | ||||
Share-based payments | 721,100 | 1,741,803 | 789,134 | 2,011,079 | ||||
Shares issued for mineral property (note 11) | 67,248 | 56,898 | 67,248 | 56,898 | ||||
Unrealized foreign exchange | (1,271) | 10,060 | 200 | 5,747 | ||||
(3,271,775) | (5,183,392) | (658,647) | (9,297,651) | |||||
Changes in non-cash working capital items | ||||||||
Sales tax receivable | 64,813 | (90,019) | 37,584 | (82,591) | ||||
Prepaid expenses and deposits | 75,320 | (84,396) | (159,193) | (31,380) | ||||
Accounts payable and accrued liabilities | 1,564,805 | 1,204,970 | 845,312 | 606,696 | ||||
(1,566,837) | (4,152,837) | 65,056 | (8,804,926) | |||||
Financing activities | ||||||||
Repayment of lease liabilities | - | (7,450) | - | (14,754) | ||||
Shares issued by prospectus offering | - | - | - | - | ||||
Shares issued by private placement | - | 5,000,000 | - | 5,000,000 | ||||
Proceeds from exercise of options | - | 15,000 | - | 15,000 | ||||
Proceeds from exercise of warrants | - | - | - | 1,189,200 | ||||
Share issuance costs | - | (325,000) | - | (325,000) | ||||
- | 4,682,550 | - | 5,864,446 | |||||
Net change in cash | (1,566,837) | 529,713 | 65,056 | (2,940,480) | ||||
Cash, beginning of period | 1,676,213 | 3,403,690 | 46,953 | 6,867,764 | ||||
Effect of exchange rate changes on cash | 5,675 | (10,060) | 3,042 | (3,941) | ||||
Cash, end of period | $ | 115,051 | $ | 3,923,343 | $ | 115,051 | $ | 3,923,343 |
Supplemental disclosure | ||||||||
Shares issued for services | - | $ | 80,000 | - | $ | 80,000 | ||
Shares issued for mineral property | $ | 67,248 | - | $ | 67,248 | - | ||
See accompanying notes.
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Roscan Gold Corp. published this content on 29 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2023 21:01:38 UTC.
