SKANA Capital Corp.
TSX VENTURE : SKN

SKANA Capital Corp.

February 25, 2008 18:45 ET

SKANA Reports Financial Results for Q3

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2008) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA"), announces release of its unaudited consolidated interim financial statements for the nine-month period ended December 31, 2007. SKANA reported a net loss of $1,503,965 ($0.03 basic and $0.03 diluted loss per share) compared to a net loss of $385,396 for the comparative period in 2006.

As at December 31, 2007 SKANA had cash and cash equivalents of $20,055,557 and carried its marketable securities at $15,217,713. 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 third quarter of fiscal 2007 have been filed on SEDAR and are available for download at www.sedar.com.

The Company has granted directors, consultants and employees options to purchase up to 420,000 shares in the capital of the Company, with an exercise price of $0.80 per share, exercisable for a period of five years from the date of grant. 25% of these options shall vest upon the date of grant and 25% shall vest 6 months, 12 months and 18 months thereafter.

SKANA further announces that through a series of transactions, it has acquired ownership of 600,000 common shares of Rainy River Resources Ltd. ("Rainy River") through the facilities of the TSX Venture Exchange. These transactions were made for investment purposes and SKANA could increase or decrease its investments in Rainy River depending on market conditions or any other relevant factor.

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.
    Brian Tingle
    Interim President and CEO
    (604) 669-4899