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Un coup que tu revienderais … tes anciennes amours aprŠs ton aventure QCOM, Une news est sorti sur SAG;
South American Gold and Copper Company Limited Announces Financial
Results for its Six Month Period Ending March 31, 2000
Toronto, Ontario --
South American Gold and Copper Company Limited ("SAGC"), Toronto
Stock Exchange Symbol "SAG," announced today unaudited
non-operating earnings of US $3,630,000 for its six month period
ending March 31, 2000, or US $0.04 per share (US $0.03 per share
fully diluted) compared to a loss of US $403,000 or US $0.01 per
share for the comparable period a year ago.
The reported earnings are totally related to a gain of US
$3,981,000 on the extinguishment of debt as a result of the
Company's previously announced debt restructuring and debt
reduction program.
As a result of the balance sheet restructuring, unaudited
comparative results showed a net working capital deficit at March
31, 2000, of US $228,000 compared to a year ago working capital
deficit of US $5,687,000. At March 31, 2000, total current
liabilities were US $852,000 and long term debt amounted to US
$1,498,000 compared to total current liabilities and debt of US
$5,860,000 at March 31, 1999.
Subsequent to March 31, 2000, a substantial portion of the
Company's Convertible Debentures were converted into common stock
of the Company thereby further reducing reported long term debt
from US $1,498,000 to US $881,186.
At March 31, 2000 current assets totaled US $624,000, consisting
of cash of $438,000 and other current assets of US $186,000
compared to total current assets of US $173,000, consisting of
cash of US $13,000 and other current assets of US $160,000 at
March 31, 1999.
At March 31, 2000, common shares outstanding totaled 97,344,252
shares and subsequent to March 31, 2000, as a result of the
conversion of a substantial part of the Company's Convertible
Debentures, common shares outstanding now total 108,344,252, of
which Directors and management hold approximately 34%.
Stephen W. Houghton, President and CEO, stated, "We are very
pleased to report the full results of the Company's recent
balance sheet restructuring and debt reduction program to our
shareholders and are confident that the Company's significantly
improved financial condition will enable it to move forward in
the development of its metallurgical grade lime projects."
SAGC is a mineral exploration and development company with
current focus on industrial mineral projects in Chile. The
Company also holds significant interests in several high
potential gold projects in Chile. Its common shares are listed on
the Toronto Stock Exchange under the symbol SAG.
For further information, contact Stephen W. Houghton, President
and CEO, or William C. O'Donnell, EVP and CFO. Telephone: (212)
751-0083. Fax (212) 751-0319, and visit our website at
sagc.com. |
