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Black Bull Resources Inc. Announces September 30, 2012-Annual Financial Statement Release
By: Marketwired .
Jan. 28, 2013 09:30 PM
SHELBURNE, NOVA SCOTIA -- (Marketwire) -- 01/29/13 -- Black Bull Resources Inc. (NEX:BBS.H) released the Audited Financial Statements and Management Discussion & Analysis (MD&A) for the year ended September 30, 2012.
The Company reports a net income for the year of $26,907 (net loss of $368,396 in 2011) or $0.00, per share ($0.00 in 2011). The loss would have been $226,957 except for an adjustment to reclamation obligation. There was no mineral revenue of $35 ($159,065 in 2011) as the Company is in care and maintenance. The Company recorded $228,756 ($82,243 in 2011) in non-cash operating expenses resulting in a net cash loss from operations of $205,851 ($305,117 in 2011) or $0.00 per share ($0.00 in 2011).
During the fourth quarter, the Company reports a net income of $175,354 (net loss of $82,561 in 2011) or $0.00 per share ($0.00 in 2011). The Company recorded -$242,476 ($22,362 in 2011) in non-cash operating items resulting in a net cash loss from operations of $67,127 ($60,199 in 2011) or $0.00 per share ($0.00 in 2011).
On May 10, 2012 the company held its Annual General Meeting. At that time Richard J. Shearer, James Gogan, Joseph MacDonald and David Wood were elected to the Board. In addition, the shareholders authorized an amendment to Articles of Incorporation to consolidate all of the issued and outstanding common shares of the Corporation on the basis of one (1) post-consolidation share for up to every thirty (30) pre-consolidation shares. Such a consolidation will be initiated as part of implementing a strategic option.
In 2012, as per the resolution of the AGM the Board changed auditors to MacKay LLP. We are very pleased with the work they have done, which includes moving us from GAAP to IFRS. This has been accomplished at a substantially lower cost.
On December 3, 2012 the Company announced that effective November 30, 2012; the Company's listing on the TSX Venture Exchange has been transferred to NEX. The Company's tier classification has changed from Tier 2 to NEX because the Company did not meet the requirements for a Tier 2 listing on the Exchange. As a result, the Company's trading symbol has changed to BBS.H.
"The focus continues to be to reduce cash burn," says Joseph MacDonald President and CEO, "While the Company's future is uncertain with a reduced cash burn the Company can continue to seek longer-term strategic options for its resources."
About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia White(TM) trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "(Risks and Uncertainties)" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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