DuSolo Fertilizers Announces Fiscal 2015 Year End Financial Results and Provides Business Update

DuSolo Fertilizers Inc. (TSXV:DSF) announced its year end production, sales and financial results for fiscal 2015.
As quoted in the press release:

For the fiscal year ended September 30, 2015, DuSolo produced 35,451 tonnes of Direct Application Natural Fertilizer (“DANF”) product of varying grades. This was the first year that DuSolo produced DANF product of varying grades.
During fiscal year ended September 30, 2015, the Company sold 12,289 tonnes of DANF product of varying grades. This was the first year that DuSolo sold DANF product of varying grades.
Revenue for the fiscal year ended September 30, 2015 was $1,253,487 and gross profit for the same time period was $800,041. Comprehensive loss for the fiscal year ended September 30, 2015 was $7,459,679. This translates to a loss per common share (basic and diluted) of $0.06 for the fiscal year ended September 30, 2015.
The Company’s cash position as at September 30, 2015 was $1,825,818 (including $100,021 that was restricted). Working capital as of September 30, 2015 was $955,218. For more information, please refer to the management discussion and analysis and financial statements filed on SEDAR at www.sedar.com.
Focused Exploration Portfolio
The Company has closely evaluated its current portfolio of exploration assets, and as a result decided to relinquinshed its claims to the Ruth Project (“Ruth”) and the Samba Project (“Samba”). The relinquishment of the Ruth and Samba claims allows DuSolo to focus its efforts on the Bomfim Project (“Bomfim”), which is comprised of an open pit mine at the Santiago Target and the Bomfim Processing Plant. Exploration results at Ruth and Samba demonstrated the presence of phosphate mineralization, however compared to Bomfim and São Roque, the Ruth and Samba claims showed limited potential for development.
Renegotiation of Acquisiton Agreement with Quantam Mineracao
DuSolo has renegotiated the terms of it acquisition agreement with Quantum Mineracao Ltda (“Quantum”) (see September 12, 2014 press release). The terms of the original transaction have been amended to delay certain payments until the end of January 2017. This will reduce the cash outlows for the first nine months of 2016. DuSolo will now pay Quantum BRL$3,715,000 or C$1,281,251, a 9% increase to what was previously owed (as per the January 28, 2016 exchange rate).

DuSolo Fertilizers CEO, Giles Baynham, stated:

The Company is focusing on growing its Bomfim operations and optimizing its production processes to maximize the value of its projects, DuSolo continues to cut costs and will be advancing its Preliminary Economic Assesment of new products in 2016.

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