MGX Minerals Announces Fiscal 2018 Financial Results Posts Loss of $0.27 per Share vs. $0.24 per Share Fiscal 2017
Total Assets Increase to $38.5M and Total Liabilities Increase to $3.3MVANCOUVER, Nov. 29, 2018 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) today announced it has filed financial results and operating highlights for the fiscal year ended (“YE”) July 31, 2018. This press release should be read in conjunction with MGX’s Consolidated Financial Statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the year ended July 31, 2018, which are available for download on the Company’s website at www.mgxminerals.com and under the Company’s profile on SEDAR at www.sedar.com. All figures are reported in Canadian dollars unless otherwise stated.
Assets, Liabilities, and Shareholder’s Equity Fiscal 2018
The Company’s Total Assets increased to $38.5M at YE 2018 vs. $11.6M at YE 2017. Current Assets increased to $8.9M at YE 2018 vs. $3.7M at YE 2017, Fixed Assets increased to $29.2M at YE 2018 from $8.0M at YE 2017. Current Liabilities increased to $3.2M at YE 2018 vs. $1.2M at YE 2017. Total Liabilities increased to $3.3M at YE 2018 vs. $1.2M at YE 2017. Shareholder’s Equity rose to $34.7M at YE 2018 vs. $10.4M at YE 2017.
Loss and Comprehensive Loss Fiscal 2018
The Company’s Loss and Comprehensive Loss for Fiscal 2018 was $25.4M vs. $13.9M for Fiscal 2017. This resulted in a loss per share of $0.27 per share for Fiscal 2018 vs. $0.24 per share for Fiscal 2017. The weighted number of shares outstanding basic and diluted was 94.1M for Fiscal 2018 versus 57.8M for Fiscal 2017.
This press release should be read in conjunction with MGX’s Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended July 31, 2018, which are available for download on the Company’s website at www.mgxminerals.com and under the Company’s profile on SEDAR at www.sedar.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets. Learn more at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Contact Information
Jared Lazerson, President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
