Khan Files Fiscal Year End 2013 Financial Results
TORONTO, ONTARIO -- (Marketwired) -- 01/15/14 -- Khan Resources
Inc. (CNSX: KRI) (" Khan" or "the Company") announced today that it has
filed its financial statements and management discussion and analysis
for the year ended September 30, 2013 on Sedar and has posted these
documents to its website www.khanresources.com.
Highlights for the year include:
The following table summarizes financial results of the
Company for the fourth quarter and the years ended September 30, 2013
and 2012.
Forward-Looking Statements and Information
This press release may contain forward-looking
statements and forward-looking information, which are subject to certain
risks, uncertainties and assumptions. Forward-looking statements and
information are characterized by words such as "will", "plan", "expect",
"project", "intend", "believe", "anticipate", "forecast", "schedule",
"estimate" and similar expressions, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements and
information are not historical facts and are based upon a number of
estimates and assumptions and are inherently subject to significant
business, social, economic, political, regulatory, competitive and other
risks and uncertainties, contingencies and other factors, including the
impact of international, Mongolian and Canadian laws, trade agreements
and regulatory requirements on Khan's business, properties, licenses,
operations and capital structure, Khan's ability to re-instate or
re-register the Dornod uranium project licenses, regulatory uncertainty
and obtaining governmental and regulatory approvals, legislative,
political, social, regulatory and economic developments or changes in
jurisdictions in which Khan carries on business, the nature and outcome
of pending and future litigation, arbitration and other legal
proceedings, the speculative nature of exploration and development,
risks involved in the exploration, development and mining business,
changes in market conditions, changes or disruptions in the securities
markets and market fluctuations in prices for Khan securities, the
existence of third parties interested in purchasing some or all of the
common shares or Khan's assets, the method of funding and availability
of any potential alternative strategic transactions involving Khan or
its assets, including those transactions that may produce strategic
value to shareholders, the need to obtain, maintain and/or re-register
licenses and permits and comply with national and international laws,
regulations, treaties or other similar requirements, and uncertainty in
the estimation of mineral reserves and resources. In addition, a number
of other factors could cause actual results to differ materially from
the results discussed in such statements and information, and there is
no assurance that actual results will be consistent with them. For
further details, reference is made to the risk factors discussed or
referred to in Khan's annual and interim management's discussion and
analyses and Annual Information Form on file with the Canadian
securities regulatory authorities and available on SEDAR at www.sedar.com.
Such forward-looking statements and information are made or given as at
the date of this news release, and Khan assumes no obligation to update
or revise them, either publicly or otherwise, to reflect new events,
information or circumstances, except as may be required under applicable
securities law.
Contacts:
Khan Resources Inc.
Grant Edey
President & CEO
416.360.3405
gedey@rogers.com
Khan Resources Inc.
Bruce Gooding
Chief Financial Officer
416.360.3405
bgooding@khanresources.com
www.khanresources.com
Inc. (CNSX: KRI) (" Khan" or "the Company") announced today that it has
filed its financial statements and management discussion and analysis
for the year ended September 30, 2013 on Sedar and has posted these
documents to its website www.khanresources.com.
Highlights for the year include:
-- International arbitration action against the Government of Mongolia -
the hearing by the International Arbitration Tribunal on merits and
quantum was held and completed between November 11 and November 15,
2013. Arguments were heard by the Tribunal from Khan and from the
Government of Mongolia on the merits of the case and the damages
incurred by Khan due to the illegal expropriation in 2009 of the mining
and exploration licenses for the Dornod uranium project in northeastern
Mongolia. The amount of damages sought by Khan currently exceeds $326
million.
-- Investments - During the year, the fair value of the Company's
investment in Macusani Yellowcake, Inc. (Macusani) common shares
decreased by $1,009,000 net of an impairment reversal of $233,000 which
was recorded in accumulated other comprehensive income (loss) (2012 -
impairment loss of $1,953,000).
-- Equity issue - On September 24, 2013, the Company announced the closing
of a non-brokered private placement financing resulting in the issuance
of 7,237,703 common shares at a price of $0.17 per common share for
gross proceeds of $1,230,410. The Company plans to use the proceeds of
the offering to advance the international arbitration case against the
Government of Mongolia and for general corporate purposes.
-- Corporate matters - On August 22, 2013 the Company decided to close its
operations in Mongolia. Results of Mongolian operations were a loss of
$219,000 (2012 - loss of $ 16,261,000) and the results are rep orted as
discontinued operations on the face of the Company's audited
consolidated statement of comprehensive loss for the year ended
September 30, 2013 with reclassified comparative results for the year
ended September 30, 2012.
-- Atomredmetzoloto ("ARMZ") litigation - On April 2, 2013 the Court of
Appeal for Ontario dismissed Khan's appeal to validate, substitute or
dispense with service of Khan's Statement of Claim against ARMZ, its
Russian partner in Mongolia. ARMZ had avoided service of the Statement
of Claim as the Russian Ministry of Justice had invoked Section 13 of
the Hague Convention which allowed Russia to refuse to serve ARMZ as a
matter of Russian sovereignty or security. Khan has decided not to
appeal this decision to the Supreme Court of Canada.
The following table summarizes financial results of the
Company for the fourth quarter and the years ended September 30, 2013
and 2012.
In thousands of dollars
Change
2013 2012 %
----------------------------------------------------------------------------
Net loss from continuing operations
Three months ended September 30 (1,844) (2,408) 23.4%
Twelve months ended September 30 (5,060) (5,362) 5.6%
----------------------------------------------------------------------------
Net loss from discontinued operations
Three months ended September 30 (121) (135) 10.7%
Twelve months ended September 30 (219) (16,261) 98.7%
----------------------------------------------------------------------------
Basic and diluted earnings per share ($)
Three months ended September 30 (0.03) (0.04) 24.4%
Twelve months ended September 30 (0.08) (0.36) 78.3%
----------------------------------------------------------------------------
Cash flow
Twelve months ended September 30 (2,449) (1,247) -96.4%
----------------------------------------------------------------------------
Cash and cash equivalents
As at September 30 2,231 4,680 -52.3%
----------------------------------------------------------------------------
Forward-Looking Statements and Information
This press release may contain forward-looking
statements and forward-looking information, which are subject to certain
risks, uncertainties and assumptions. Forward-looking statements and
information are characterized by words such as "will", "plan", "expect",
"project", "intend", "believe", "anticipate", "forecast", "schedule",
"estimate" and similar expressions, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements and
information are not historical facts and are based upon a number of
estimates and assumptions and are inherently subject to significant
business, social, economic, political, regulatory, competitive and other
risks and uncertainties, contingencies and other factors, including the
impact of international, Mongolian and Canadian laws, trade agreements
and regulatory requirements on Khan's business, properties, licenses,
operations and capital structure, Khan's ability to re-instate or
re-register the Dornod uranium project licenses, regulatory uncertainty
and obtaining governmental and regulatory approvals, legislative,
political, social, regulatory and economic developments or changes in
jurisdictions in which Khan carries on business, the nature and outcome
of pending and future litigation, arbitration and other legal
proceedings, the speculative nature of exploration and development,
risks involved in the exploration, development and mining business,
changes in market conditions, changes or disruptions in the securities
markets and market fluctuations in prices for Khan securities, the
existence of third parties interested in purchasing some or all of the
common shares or Khan's assets, the method of funding and availability
of any potential alternative strategic transactions involving Khan or
its assets, including those transactions that may produce strategic
value to shareholders, the need to obtain, maintain and/or re-register
licenses and permits and comply with national and international laws,
regulations, treaties or other similar requirements, and uncertainty in
the estimation of mineral reserves and resources. In addition, a number
of other factors could cause actual results to differ materially from
the results discussed in such statements and information, and there is
no assurance that actual results will be consistent with them. For
further details, reference is made to the risk factors discussed or
referred to in Khan's annual and interim management's discussion and
analyses and Annual Information Form on file with the Canadian
securities regulatory authorities and available on SEDAR at www.sedar.com.
Such forward-looking statements and information are made or given as at
the date of this news release, and Khan assumes no obligation to update
or revise them, either publicly or otherwise, to reflect new events,
information or circumstances, except as may be required under applicable
securities law.
Contacts:
Khan Resources Inc.
Grant Edey
President & CEO
416.360.3405
gedey@rogers.com
Khan Resources Inc.
Bruce Gooding
Chief Financial Officer
416.360.3405
bgooding@khanresources.com
www.khanresources.com
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