Vancouver, British Columbia--(Newsfile Corp. - August 28, 2017) - Canada Rare Earth Corp. (TSXV: LL) ("Canada Rare Earth" or the "Company") is pleased to announce the filing of the unaudited financial statements and related management discussion and analysis for the three months ended June 30, 2017.
Canada Rare Earth increased revenues by 226% over the entire year ended March 31, 2017 and decreased the net loss and comprehensive loss for the three months by 65% compared to the comparative three months in fiscal 2016.
A summary of the revenues and expenses for the three months ended June 30, 2017 compared to three months ended June 30, 2016 respectively is as follows:
|June 30, 2017||June 30, 2016||Comment|
|Revenues||$ 525,000 || $ - |
|Cost of sales||481,000||-|
|Operating expenses||66,000||147,000||55% decrease|
|Other, net||(32,000)||(6,000)||Impact of stronger CAD on long term assets|
|Net loss||$ (54,000)||$ (153,000)||65% improvement|
A summary of the balance sheets as at June 30, 2017 and March 31, 2017 respectively is as follows:
|June 30, 2017||March 31, 2017|
|Current Assets||$ 266,000||$ 309,000|
|Liabilities and Equity|
|Accounts payable and accruals||154,000||144,000||$89,000 due to insiders|
|Trade finance loans||120,000||161,000||$55,000 due to insiders|
|Total||$ 2,115,000||$ 2,195,000|
In the two months following June 30, 2017, we completed more than $280,000 of sales of rare earth products and we are in progress of closing additional $275,000 in sales this week.
Tracy A. Moore, CEO of Canada Rare Earth explained, "we are increasingly pleased with the momentum of our purchases and sales trading activities. The trading activities are providing a significant contribution to our financial position and on a consistent and reliable basis."
Salil Dhaumya, CFO of Canada Rare Earth added, "the trade financing we have arranged is a critical component of our trading activity platform. Management is in discussions to increase available financing resources in anticipation of increasing size and frequency of trading activities."
Peter Shearing, COO of Canada added "We continue to improve the logistics and flow of rare earth materials to our customers to ensure their increasing demand for material is met smoothly."
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is developing an international integrated business network within the global rare earth industry. Our immediate key focus is to generate revenues and positive cash flow from a variety of profit centers in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations.
"Neither the 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." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections."
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tracy A. Moore
Chief Executive Officer
Chief Operating Officer
Tel: (604) 638-8886