Canadian Zinc Reports Financial Results for Q3 2016
Canadian Zinc Corporation (TSX:CZN,OTCQB:CZICF) released its results for Q3 2016: a net loss of $1,708,000, an underwritten public offering of $9,249,000 after costs, and a positive working capital balance of $9,245,000. As quoted in the press release: Financial Results For the three and nine month periods ended September 30, 2016, the Company reported a net … Continued
Canadian Zinc Corporation (TSX:CZN,OTCQB:CZICF) released its results for Q3 2016: a net loss of $1,708,000, an underwritten public offering of $9,249,000 after costs, and a positive working capital balance of $9,245,000.
As quoted in the press release:
Financial Results
For the three and nine month periods ended September 30, 2016, the Company reported a net loss and comprehensive loss of $1,708,000 and $3,351,000 respectively, compared to a net loss and comprehensive loss of $1,778,000 and $8,213,000 for the same periods ended September 30, 2015.
For the three and nine month periods ended September 30, 2016, the Company expensed $758,000 and $1,451,000 respectively on its exploration and evaluation programs at Prairie Creek compared to $1,208,000 and $6,935,000 respectively for the three and nine month periods ended September 30, 2015. The Company was completing an underground diamond drilling program at Prairie Creek in the comparable periods of 2015 with no similar programs of comparable costs in the three and nine month periods ending September 30, 2016.
For the three and nine month periods ended September 30, 2016, the Company expensed $80,000 and $191,000 respectively on its exploration and evaluation properties in central Newfoundland compared to $81,000 and $229,000 respectively for the comparative periods.
The Company completed an underwritten public offering in July, 2016 and raised gross proceeds of $10.2 million from the issue of 40,800,000 common shares. Net proceeds from the offering were $9,249,000 after costs.
At September 30, 2016, the Company had a positive working capital balance of $9,245,000 including cash and cash equivalents of $3,483,000 and short term investments of $6,025,000.
