SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

November 23, 2007 09:30 ET

SKANA Reports Financial Results for Q2 and Filing for Extension of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA") announces release of its unaudited consolidated interim financial statements for the six-month period ended September 30, 2007. SKANA reported a net loss of $1,567,828 ($0.03 basic and $0.03 diluted loss per share) compared to net earnings of $2,869,344 for the comparative period in 2006. The difference between the two periods is largely accounted for by two items: 1) the recognition of an unrealized appreciation on marketable securities of $2,654,673 for the previous comparative period whereas for the period ended September 30, 2007 unrealized gains and losses are now recognized in Comprehensive Income under the Financial Instrument Standard adopted by SKANA as of April 1, 2007; and 2) during the six-month period ended September 30, 2007 expenses increased to $2,046,272 from $399,045 for the comparative period in 2006, which included an expense for stock-based compensation of $504,436 and an increase in salaries, wages and consultant fees of $519,874.

As at September 30, 2007 SKANA had cash and cash equivalents of $20,550,077 and carried its marketable securities at $13,812,792. SKANA maintains all of its cash, cash equivalents and short term investments with Schedule A banks.

SKANA's unaudited consolidated interim financial statements and management discussion and analysis ("MD&A") for the second quarter of fiscal 2007 have been filed on SEDAR and are available for download at www.sedar.com.

Management is also pleased to announce that it will be filing a request with the TSX-V to extend the expiry date of 26,143,845 warrants currently expiring December 22, 2007 and exerciseable at $2.00, by a further six months to June 22, 2008. Such extension is subject to TSX-V approval.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

Forward Looking Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of SKANA. Actual results realized may vary materially from the information provided in this release. As a result, there is no representation by SKANA that actual results realized in the future will be the same in whole or in part as those presented herein.

The TSX Venture Exchange has in no way passed upon the merits of this press release and has neither approved nor disapproved its content. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Neil Halldorson
    President and CEO
    (604) 669-4899