PhosCan Chemical Corp.
TSX : FOS

PhosCan Chemical Corp.

June 12, 2015 14:56 ET

PhosCan Chemical Announces Results for Quarter Ended April 30, 2015

(Expressed in Canadian dollars unless otherwise indicated)

TORONTO, ONTARIO--(Marketwired - June 12, 2015) - PhosCan Chemical Corp. (TSX:FOS) today released its quarterly results for the period ended April 30, 2015.

PhosCan reported a net loss of $668 thousand for the three months ended April 30, 2015 compared to a net loss of $172 thousand for the same period of the previous fiscal year. Professional and legal fees were significantly higher to support increased business development activities. In particular the Company engaged in negotiations for a potential investment, which ceased during the due diligence process. Interest income was down due to lower interest rates and investment balances. On the plus side salaries and share based payments were lower in the three month period. The remaining expenses were generally in line with prior year periods.

Cash, cash equivalents, short-term investments and marketable securities were $54.6 million at April 30, 2015 versus $55.0 million at January 31, 2015 and working capital was $54.1 million versus $54.9 million. The decrease in working capital was primarily due to administration expenses of $703 thousand, the repurchase of common shares of $273 thousand, and expenditures on the Martison Project of $61 thousand, net of interest income of $156 thousand and net realized and unrealized gains on marketable securities of $65 thousand.

For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the quarter ended April 30, 2015 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.

About PhosCan

PhosCan owns a 100% interest in the Martison Project and currently has cash, cash equivalents, short term investments and marketable securities of approximately $54.2 million. The Company continues to monitor economic conditions for attractively priced acquisitions and investment opportunities that would be accretive to shareholder value.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of PhosCan, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of financial markets and commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on development projects, results of future metallurgical testing, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    416 972-9222