Financial Results 3rd Quarter - NOV.19 AEX @ 1.85 +0.06 84,600
AltaRex Corp
AEX
Shares issued
Nov 18 close $1.79
Tue 19 Nov 96
News Release
Dr Antoine Noujaim reports
The company's cash and short term investment balance as at
September 30 1996 was $2.6 million. This compares with a cash balance of $32,000 on December 31 1995. This increase in cash is the result of the net proceeds of $3.5 million that were received through the sale of private placement units and special warrants that accompanied the acquisition of AltaRex Inc on July 17 1996.
Effective July 17 1996, AltaRex Corp, the company, (formerly known
as Allrich Energy Group) acquired all of the outstanding shares of AltaRex Inc by issuing 30.1 million of the company's common shares. These common shares gave AltaRex Inc's shareholders a controlling interest in the company and effectively constituted a reverse takeover. Accordingly, the consolidated financial information presented accounts for the reverse takeover as a continuation of the operations and net assets of the subsidiary, AltaRex Inc.
STATEMENT OF EARNINGS
3mo ended 9mo ended
Sept 30 Sept 30
1996 1996
Revenue $ 22,443 $ 49,818
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R & D 345,267 1,145,850
General and admin 133,750 352,018
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479,017 1,497,878
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Net earnings
(loss) ($456,574)($1,448,060)
======== ==========
Net earnings (loss)
per common share $(0.01) $(0.04)
(c) Copyright 1996 Canjex Publishing Ltd.
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