Century Global Commodities Corporation
TSX : CNT

Century Global Commodities Corporation

August 04, 2016 17:00 ET

Century Announces Filing of First Quarter Financial Results and Related MD&A, a Change on Its Board of Directors and the Grant of Stock Options

TORONTO, ONTARIO--(Marketwired - Aug. 4, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Century Global Commodities Corporation ("Century" or the "Company") (TSX:CNT) is pleased to announce that it has filed its condensed consolidated interim financial statements for the first fiscal quarter ended June 30, 2016 and the related management's discussion and analysis ("MD&A"). Copies of these documents may be obtained under Century's SEDAR profile at www.sedar.com and will be posted on Century's website at www.centuryglobal.ca.

The Company reported substantial working capital of $34.1 million, comprised of cash, bank deposits and marketable securities of $24.0 million and a net receivable of $9.1 million as at June 30, 2016, not tied to any funding commitment for the iron ore project development. In addition, Labec Century Iron Ore Inc., a joint venture between the Company and WISCO International Resources Development & Investment Limited ("WISCO"), has a cash balance of $13.7 million at the quarter end which will provide the financial resources for the Company to deliver on its iron ore strategy when the market recovers. As mining and resource development still form a fundamental part of the Company's overall strategy, our ventures into technical and financial services and quality food services are progressing as planned and are expected to create long-term value for our shareholders.

Century also announced that Mr. Jinfa Xiao has resigned from its Board of Directors. Mr. Xiao has been a valuable member of Century's Board of Directors.

The Board of Directors has appointed Mr. Caifa Xu as a Director of the Company to replace Mr. Xiao on the Board. Mr. Xu currently serves as the Resources Development Department Head of WISCO Resources Corporation in charge of domestic and overseas iron ore projects development. He is a senior mechanics engineer, holding a Master's degree in engineering. He has been working for WISCO for 25 years and has extensive experiences in engineering, marketing, logistics and general management. He also has experience working in multi-cultural environments as he had worked in Germany CDG for more than 3 years.

Sandy Chim, President and Chief Executive Officer of Century commented: "We thank Mr. Xiao for his service on the Board and wish him well in his future endeavours. We welcome Mr. Xu to the Board of Directors. Through our joint venture projects with WISCO, we have already established a good relationship with Mr. Xu, and we have learned to value his guidance and expertise. We look forward to working even more closely with him as a Director of the Company."

Century also announced that a total of 3,750,000 stock options had been granted to directors, senior management and consultants of the Company. The bulk of the options (2,400,000) were granted to optionees who have been working with Century since 2011 or earlier, all of whom previously held options of the Company. Those options expired unexercised in May of 2016, the exercise price of the options having remained higher than the market price for the Company's ordinary shares. The balance of the options (1,350,000) were granted to directors, senior management and consultants of Century who are expected to provide important contributions to the Company as its business continues to evolve in new areas. All options have a ten year term and are exercisable at $0.22 per ordinary share.

About Century

Century Global Commodities Corporation (TSX:CNT) is building shareholder value through existing and entrepreneurial business units that meet continuing and growing demand from China, the largest market in human history.

Iron Ore

With WISCO and Minmetals, both Global Fortune 500 Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is our most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. We are maintaining our properties in preparation for a return to higher iron ore prices.

Base and Precious Metals

Century is monitoring investment and acquisition opportunities. When the right opportunity presents itself, our strong balance sheet will allow us to invest or acquire undervalued assets during the current down-cycle, positioning ourselves for gains when the market improves.

Technology and Financial Services

Century's award-winning team has harnessed multidisciplinary expertise to build a proprietary bilingual Chinese/English mining investment evaluation and tracking system. The database tracks daily over 1,500 globally listed mining and mineral resource companies with a primary focus on gold and copper and their 3,000 projects. We are now commercializing the technology for use by retail and institutional investors as well as mining professionals worldwide. Century Mining Database can be accessed via www.centurymining.cn.

Quality Food Services

Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually mainland China. Initial successes include contracts with one of the largest egg producers in Australia and supply contracts with hotels, restaurants, grocery chains as well as an international airline.

Century's website is www.centuryglobal.ca.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2016. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Contact Information

  • Robin Cook
    Century Iron Ore Holdings Inc., a subsidiary of
    Century Global Commodities Corporation
    416-977-3188, ext. 109
    robin.cook@centuryglobal.ca