The Conversation (0)
Roxgold Inc. (TSXV:ROG) announced the Company’s unaudited financial results for the three and twelve months ended October 31, 2012. As at October 31, 2012, the Company had cash and cash equivalents of $13,672,614 and net working capital of $12,186,673. Roxgold’s net loss for the three and twelve months ended October 31, 2012 totaled $5,154,265 and $18,879,500 respectively (October 31, 2011: $704,695 and $1,959,486 respectively).
As quoted in the press release:
The increase in the net loss for the current period was primarily due to costs relating to a proxy battle that preceded the Company’s Annual General Meeting (“AGM”) held on September 25, 2012. A settlement was reached prior to the AGM and during the most recently completed financial quarter the Company recognized $1,882,566 in expenses related to the proxy contest and $1,567,500 in severance related expenses relating to change of control provisions in employee contracts that were triggered by changes at the board level. During the twelve month period the Company recognized $11,941,068 (2011: $1,401,919) in share-based payments relating to stock options granted to employees and former employees, consultants and directors of the Company. The majority of these stock options have now been cancelled.
Click here to read the Roxgold Inc. (TSXV:ROG) press release