Dynamix Corporation Second Quarter Results, Financing and Name Change
CALGARY, ALBERTA--DYNAMIX CORPORATION (formerly Dakota Resources Ltd.) is pleased to announce results for the six months ending March 31, 1998. Revenue and earnings for the period were $3.7 million and $429,000 respectively. This performance includes operations for the Corporation's subsidiary, Fastway Exploration Ltd., for the 3 months from January 1, 1998 to March 31, 1998. Comparative data is available in the accompanying financial overview. Detailed financial data is available by contacting the company.
1998 ($) 1997 ($)
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Assets 2,907,882 848,260
Liabilities 1,910,924 621,879
Equity 996,958 226,381
Revenue 3,671,618 6,171
Expenses 3,242,709 22,515
Income 428,909 (16,344)
Cash Flow 474,796 (16,070)
EPS 0.02 0.00
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Additionally, the company would like to announce the completion of financing by way of the following:
1. A total of 1,093,000 warrants (priced at $0.17) were exercised for proceeds of $185,810. Of this total 505,000 were exercised by the March 31, 1998 expiry date and the remaining 588,000 were exercised by April 30, 1998. The extension of the expiry date for this remaining tranche was previously approved by the Alberta Stock Exchange.
2. 1,180,000 units (each unit priced at $0.25) were sold by way of a non-brokered private placement for proceeds of $295,000. Each unit consisted of one share and one share purchase warrant entitling the subscriber to acquire an additional share for $0.40 on or before March 31, 1999.
3. Officers and directors exercised 762,500 options for proceeds of $129,625.
This represents an aggregate financing of $610,435 as of April 30, 1998. The current outstanding shares are 20,308,322 (basic) and 22,026,057 (fully diluted). The latter includes 1,180,000 warrants exercisable at $0.40 and 537,500 options exercisable at $0.17.
On April 14, 1998 the Company legally changed its name to Dynamix Corporation pursuant to a shareholders' resolution passed at the Annual General Meeting and commenced trading under the new name and symbol (DYX) on June 3, 1998. The Corporation also advises a change in its email address to dynamixcorp@telusplant.net. The company is creating a new website that will be available soon. The old website, telusplanet.com/public/dakotar, is no longer functional.
Dynamix Corporation is a junior company with interests in petroleum industry, specifically in seismic services.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dynamix Corporation
Richard LeBlanc
Executive Vice President/Director
(403) 221-7715
dynamixcorp@telusplanet.net
The Alberta Stock Exchange has neither approved nor disapproved the information herein contained. |
