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Dalradian Resources Inc. (TSX:DNA) announced its results for Q3 2015, as well as the first nine months of the year. The company incurred a net loss of $2.1 million, or $0.01 per share, for the quarter; that’s up from a net loss of $1.2 million in the year-ago period.
Dalradian Resources Inc. (TSX:DNA) announced its results for Q3 2015, as well as the first nine months of the year. The company incurred a net loss of $2.1 million, or $0.01 per share, for the quarter; that’s up from a net loss of $1.2 million in the year-ago period.
Other financial highlights are as follows:
- Corporate reorganization to reduce ongoing corporate costs
- Subsequent to the end of Q3 2015, closed a bought deal financing for gross proceeds of approximately $40 million
- Cash and cash equivalents were $24.4 million at September 30, 2015 (excluding approximately $40 million in gross proceeds from the bought deal financing above) compared with $37.0 million at September 30, 2014
- Spending on asset evaluation, which includes development planning, permitting and other activities associated with the Underground Program, was $7.2 million in the three months ended September 30, 2015 compared with $1.2 million in the comparable period of 2014 due to an increase in on-site activities associated with the Underground Program; similarly for the nine months ended September 30, 2015, asset evaluation spending was $22.1 million compared to $3.0 million in the comparable period of 2014
- Exploration expenditures were $1.3 million in the three months ended September 30, 2015 compared with $0.3 million in the comparable period of 2014; for the nine months ended September 30, 2015 exploration expenditures were $1.3 million compared to $1.1 million in the comparable period of 2014
Patrick F.N. Anderson, chairman and CEO of Dalradian, commented:
The confidence the market has shown by giving us further funding during a downturn of the commodity cycle speaks to the quality of our high-grade Curraghinalt gold project, which we are advancing toward permitting. Leading up to submission of our planning application, we will be releasing results from an additional 35,000 metres of infill drilling, the two test stopes, an updated resource and a feasibility study, as well as completing our ESIA. This program of work makes Dalradian one of the most active gold companies globally.
Click here to read the full Dalradian Resources Inc. (TSX:DNA) press release.