Axmin earns $310,826 (U.S.) in Q3 2018
2018-11-28 09:08 MT - News Release
Ms. Lucy Yan reports
AXMIN ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2018
Axmin Inc. has released its financial and operating results for the three months ended Sept. 30, 2018. All amounts included in this news release are in United States dollars
Highlights:
During the three months ended Sept. 30, 2018, the company reported royalty income of $147,488 from Gora projects, compared with $273,516 for the same time period of 2017.The net income for the three months ended Sept. 30, 2018, was $310,826 compared with $206,789 in the same period of 2017.
Liquidity and capital resources
At Sept. 30, 2018, the company had cash on deposit in the amount of $2,250,907, accounts and other receivables of $153,047, and prepaid expenses of $2,105. Royalty income receivable of $147,487 has been received subsequent to the period ended Sept. 30, 2018.
Net assets increased to $777,226 at Sept. 30, 2018, compared with negative $1,215,536 at Dec. 31, 2017.
Outlook
The company is very pleased with the progress made to strengthen the balance sheet by settling the long-standing accounts payable. Axmin is looking forward to becoming operational again in the Central African Republic (CAR) as soon as conditions allow.
Resignation of chief financial officer
Jin Kuang has tendered her resignation and David de Jongh Weill has been appointed as the chief financial officer, effective from Nov. 15, 2018. In addition to having already served as chief financial officer of a listed public company, Mr. Weill has served as chairman of four companies listed in Toronto, London and Sydney.
Mr. Weill commented: "It is a privilege to serve Axmin as chief financial officer at this exciting time as we are making the requisite preparations to become operational again in the CAR. I believe that the duly elected government has laid a strong foundation for peace and stability in the country, and that it is now only a question of time for our company to be back on site and operational once more at the Passendro asset."
About Axmin Inc.
Axmin is a Canadian exploration and development company with a strong focus on the African continent. Axmin continues to closely monitor the political situation at its feasibility-stage Passendro gold project in the Central African Republic.
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