VANCOUVER, BC / ACCESSWIRE / May 25, 2020 / Aurwest Resources Corporation (“Aurwest” or the “Company“) (CSE:AWR) is pleased to announce its third quarter financial results and the management discussion and analysis (“MD&A”) for the three and nine months ended February 29, 2020 and has been prepared by management and reviewed by the board of Aurwest on May 24, 2020. The financial results and MD&A are a review of the financial results of the Company prepared in accordance with International Reporting Standards (“IFRS”), which are also generally accepted accounting principles (“GAAP”) for publicly accountable enterprises in Canada.
The MD&A’s primary focus is a comparison of the financial performance for the three months ended February 29, 2020 to the three months ended February 28, 2019 and should be read in conjunction with the Corporation’s condensed financial statements and notes thereto for the nine months ended February 29, 2020 and February 28, 2019 and the Company’s annual audited financial statements and notes thereto for the years ended May 31, 2019 and 2018.
- Reported a net loss of $109,750 for the three-month period ending February 29, 2020.
- Cash and cash equivalents of $115, total assets of $256,948, total liabilities of $581,846 and a shareholder deficit of $324,898 for the nine months ended February 29, 2020.
- Liquidity: As of February 29, 2020, the Company’s cash position was $115 (February 28, 2019 – $22,806) and a working capital position of ($574,617) (February 28, 2019 – ($344,890)).
As of March 5, 2020, Colin Christensen was appointed as Chief Executive Officer and President and Warren Brown was appointed as Chief Financial Officer and Corporate Secretary. In addition, the Company approved the audit committee members consisting of Warren Brown, Elmer Stewart and Cameron MacDonald. In addition, Mr. Elmer B. Stewart, MSc. P. Geol., a director of the Company, has been appointed as the qualified person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) who has reviewed and approved all technical and scientific disclosure contained in this MD&A regarding the Company’s mineral properties. Mr. Stewart is not independent of the Company.
As of May 4, 2020, in an effort to clean up the Balance Sheet, the Company executed various Debt Settlement Agreements representing $254,208 of accounts payable, loans, accrued interest and other accrued liabilities, which was discounted to $121,487. The Company will settle the combined discounted amount through a combination of cash payments totaling $49,969 plus the issuance of 3,575,906 common shares for a consideration of $71,518. All securities issued under these Debt Settlement Agreements, may be subject to a statutory hold period expiring four months and one day from issuance. The closing of the Debt Settlement Agreements, including the issuance of the securities is subject to the CSE approval.
On May 6, 2020 Aurwest announced a non-brokered private placement of up to 8,000,000 common shares at a price of $0.02 per common share for proceeds of up to $160,000. The Offering included an up to 20% over-allotment option, exercisable by the Company, which if fully exercised equates to an additional 1,600,000 Common Shares and $32,000 (“Greenshoe”). If the Greenshoe is fully exercised, the total proceeds of the Offering will be an aggregate of 9,600,000 Common Shares and gross proceeds of $192,000.
All amounts are presented in Canadian dollars, unless otherwise stated.
On Behalf Of Aurwest resources Corporation
President and Chief Executive Officer
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About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration and development of gold, silver and other precious and base metal properties in North America. The Company currently holds a 100% interest in the Stellar copper/gold Project, located approximately 25 kilometres southwest of Houston British Columbia. The Stellar project consists of the Stellar claims (3,174 hectares) and the Buckley claims (15,317 hectares).
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Aurwest Resources Corporation
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