SERVICE SECTOR / Dynamix Corporation Second Quarter Results,
Financing and Name Change
ASE SYMBOL: DYX
JUNE 11, 1998
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 $429,000 respectively. This performance includes
operations for the Corporation's subsidiary, Fastway Exploration
Ltd., for the 3 months from January 1, 1998 to March 31, 1998.
Comparative data is available in the accompanying financial
overview. Detailed financial data is available by contacting the
company.
/T/
1998 ($) 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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/T/
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.
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