Second quarter results
News Release Disclaimer
Ontex Resources 1999 Second Quarter Interim Financial Statements
Monday, August 30, 1999, 5:31 PM EDT
Toronto, Ontario
Ontex Resources Limited is pleased to present its second
quarter unaudited, interim financial statements for the 6
months ended June 30, 1999.
ONTEX RESOURCES LIMITED
[Signed]
Robin E. Goad,
President.
Further information can be obtained from Ontex Resources
Limited in London (contact Robin Goad or Gary Conn at: Tel.
(519) 858-8188); and in Toronto (contact Sam Fuda or Ross
McGroarty at Tel. (416) 360-4031; by Email at:
info@ontexresources.com, or visit our Website at:
www.ontexresources.com.
Neither the Alberta Stock Exchange nor any securities
Regulatory Authority has approved or
disapproved of the contents of this news release.
ONTEX RESOURCES LIMITED
148 Fullarton Street, Suite 2004, London, Ontario N6A 5P3
150 York Street, Suite 1206, Toronto, Ontario M5H 3S5
Tel. (519) 858-8188 * Fax. (519) 858-8155
Tel. (416) 360-4031 * Fax. (416) 360-4034
Listing: ASE, symbol "ONT"
Issued Capital: 39,036,506 Common Shares
ONTEX RESOURCES LIMITED
CONSOLIDATED BALANCE SHEET
June 30, 1999 June 30, 1998
[Unaudited] [Unaudited]
-------------- ---------------
ASSETS
Current Assets
Cash & Term Deposits $ 5,343,424 $ 218,697
Accounts Receivable 106,722 70,494
Prepaid Expenses - 72,000
---------------------------------------------------------------
5,450,146 361,191
Investments in Other Companies 339,795 349,875
Mineral Exploration Properties 6,817,108 3,201,703
Deferred Exploration Expenditures 715,223 176,788
Deferred Financing Costs 40,010 -
Capital Assets (net) 27,894 -
---------------------------------------------------------------
$ 13,390,176 $ 4,089,557
---------------------------------------------------------------
LIABILITIES
Current Liabilities
Accounts Payable $ 240,424 $ 20,939
Minority Interest 492,854 1,275
SHAREHOLDERS' EQUITY
Authorized
Unlimited number of Common Shares
Issued
39,036,506 [1998 - 16,784,170] 17,960,607 9,209,539
Deficit 5,303,709 5,142,196
---------------------------------------------------------------
12,656,898 4,067,343
---------------------------------------------------------------
$ 13,390,176 $ 4,089,557
---------------------------------------------------------------
ONTEX RESOURCES LIMITED
CONSOLIDATED STATEMENT OF LOSS AND DEFICIT
For the 6 Month For the 6 Month
Period Ended Period Ended
June 30, 1999 June 30, 1998
[Unaudited] [Unaudited]
---------------- ----------------
Interest Revenue $ 96,513 $ 2,850
Administrative & General Expenses 350,584 155,020
Operating Income (Loss) for
the Period (254,071) (152,170)
---------------------------------------------------------------
Gain on Issue of Shares
in Subsidiary 352,032 -
Income (Loss) for the Period 97,961 (152,170)
Minority Interest 10,197 -
Net Income (Loss) for the Period $ 108,158 $ (152,170)
Deficit, at the Beginning
of the Period (5,411,867) 4,990,026
---------------------------------------------------------------
Deficit, at the End of the
Period $ (5,303,709) $ 5,142,196
---------------------------------------------------------------
Net Income (Loss) per
Common Share $ - $ (0.01)
---------------------------------------------------------------
ONTEX RESOURCES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN CASH POSITION
For the 6 Month For the 6 Month
Period Ended Period Ended
June 30, 1999 June 30, 1998
[Unaudited] [Unaudited]
----------------- ---------------
Cash Resources Provided by (Used in):
Operating Activities
Net Income (Loss) 97,961 $ (152,170)
Depreciation 4,444 -
Gain on Issue of Shares in
Subsidiary (352,032)
Change in Non-Cash Working
Capital Balances 41,662 (62,019)
---------------------------------------------------------------
(207,965) (214,189)
---------------------------------------------------------------
Investing Activities
Capital Assets (11,468) -
Exploration Expenditures (425,290) (14,495)
---------------------------------------------------------------
(436,758)
Financing Activities
Issue of Shares 1,787,500 -
Issue of Shares in Subsidiary 934,660 -
Share Issue Costs (79,740) -
Deferred Financing Costs (1,120) -
---------------------------------------------------------------
2,641,300 -
---------------------------------------------------------------
Increase (Decrease) in Cash
for the Period 1,996,577 (228,684)
Cash, at the Beginning of the
Period 3,346,847 447,381
---------------------------------------------------------------
Cash, at the End of the Period 5,343,424 $ 218,697
---------------------------------------------------------------
***
ONTEX RESOURCES LIMITED
(Mining)
ontexresources.com
ASE: ONT 0.700 N/A
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© 1999 BCE Emergis
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