Fission Announces Financial Results for 2019
TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU
KELOWNA,BC, March 25, 2020 /CNW/ - FISSION URANIUM CORP. ("Fission" or "the Company") today announced its unaudited financial results for the year ended December 31, 2019. All figures are in Canadian dollars unless otherwise stated.
The Company has made this announcement due to filing requirements of CGN Mining Company Limited and will SEDAR file its full financial statements and MD&A on March 30, 2020.
Statements of financial position | ||
December 31 | December 31 | |
2019 | 2018 | |
$ | $ | |
Assets | ||
Current assets | ||
Cash and cash equivalents | 4,785,701 | 10,943,396 |
Short-term investments | 22,764 | 10,500,984 |
Amounts receivable | 119,971 | 311,230 |
Prepaid expenses | 75,381 | 87,453 |
5,003,817 | 21,843,063 | |
Non-current assets | ||
Investment in Fission 3.0 Corp. | 559,661 | 1,113,774 |
Property and equipment | 117,937 | 195,188 |
Right-of-use assets | 230,423 | - |
Exploration and evaluation assets | 316,812,426 | 305,379,601 |
317,720,447 | 306,688,563 | |
Total Assets | 322,724,264 | 328,531,626 |
Liabilities | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 320,946 | 1,094,156 |
Lease obligations - current portion | 99,390 | - |
420,336 | 1,094,156 | |
Non-current liabilities | ||
Deferred gain on short-term investments | 185,339 | 291,247 |
Lease obligations | 137,124 | - |
322,463 | 291,247 | |
Total Liabilities | 742,799 | 1,385,403 |
Shareholders' Equity | ||
Share capital | 413,615,850 | 413,399,850 |
Other capital reserves | 26,717,159 | 26,698,159 |
Deficit | (118,351,544) | (112,951,786) |
321,981,465 | 327,146,223 | |
Total Liabilities and Shareholders' Equity | 322,724,264 | 328,531,626 |
Statements of loss and comprehensive loss | ||
Year Ended | Year Ended | |
December 31 | December 31 | |
2019 | 2018 | |
$ | $ | |
Expenses | ||
Business development | 353,752 | 528,242 |
Consulting and directors fees | 1,509,717 | 1,530,370 |
Depreciation | 189,913 | 100,331 |
Office and administration | 643,050 | 822,205 |
Professional fees | 355,701 | 279,445 |
Public relations and communications | 623,873 | 713,374 |
Share-based compensation expense | 17,223 | 297,263 |
Trade shows and conferences | 308,803 | 387,366 |
Wages and benefits | 724,553 | 807,422 |
4,726,585 | 5,466,018 | |
Other items - income/(expense) | ||
Foreign exchange loss | (7,758) | (3,253) |
Interest and miscellaneous income | 277,424 | 613,831 |
Interest - lease obligations | (15,719) | - |
Loss on disposal of property | ||
and equipment | (695) | (359) |
Share of loss from equity investment | ||
in Fission 3.0 Corp. | (190,256) | (168,424) |
Investment in Fission 3.0 Corp. | ||
write-down | (363,857) | (1,164,525) |
Dilution gain on investment | ||
in Fission 3.0 Corp. | - | 29,412 |
Gain/(loss) on short-term investments | (372,312) | 209,737 |
(673,173) | (483,581) | |
Loss before income taxes | (5,399,758) | (5,949,599) |
Deferred income tax recovery | - | 762,109 |
Net loss and comprehensive loss | ||
for the year | (5,399,758) | (5,187,490) |
Basic and diluted loss per common share | (0.01) | (0.01) |
Weighted average number of common | ||
shares outstanding | 486,178,313 | 485,759,052 |
Statements of changes in equity | |||||
Total | |||||
Share capital | Other capital | shareholders' | |||
Shares | Amount | reserves | Deficit | equity | |
$ | $ | $ | $ | ||
Balance, January 1, 2018 | 485,651,038 | 413,155,475 | 26,307,729 | (107,764,296) | 331,698,908 |
Director remuneration shares issued | 363,604 | 244,375 | - | - | 244,375 |
Share-based compensation | - | - | 390,430 | - | 390,430 |
Net loss and comprehensive loss | - | - | - | (5,187,490) | (5,187,490) |
Balance, December 31, 2018 | 486,014,642 | 413,399,850 | 26,698,159 | (112,951,786) | 327,146,223 |
Director remuneration shares issued | 605,448 | 216,000 | - | - | 216,000 |
Share-based compensation | - | - | 19,000 | - | 19,000 |
Net loss and comprehensive loss | - | - | - | (5,399,758) | (5,399,758) |
Balance, December 31, 2019 | 486,620,090 | 413,615,850 | 26,717,159 | (118,351,544) | 321,981,465 |
Statements of cash flows | ||
Year Ended | Year Ended | |
December 31 | December 31 | |
2019 | 2018 | |
$ | $ | |
Operating activities | ||
Net loss and comprehensive loss | (5,399,758) | (5,187,490) |
Items not involving cash: | ||
Depreciation | 189,913 | 100,331 |
Share-based compensation | 17,223 | 297,263 |
Loss on disposal of property | ||
and equipment | 695 | 359 |
Director remuneration shares issued | 216,000 | 244,375 |
Share of loss from equity investment | ||
in Fission 3.0 Corp. | 190,256 | 168,424 |
Investment in Fission 3.0 Corp. | ||
write-down | 363,857 | 1,164,525 |
Dilution gain on investment | ||
in Fission 3.0 Corp. | - | (29,412) |
(Gain)/loss on short-term investments | 372,312 | (209,737) |
Deferred income tax recovery | - | (762,109) |
(4,049,502) | (4,213,471) | |
Changes in non-cash working capital items: | ||
(Increase)/decrease in amounts receivable | 170,131 | (86,067) |
Decrease in prepaid expenses | 12,072 | 65,273 |
Decrease in accounts payable | ||
and accrued liabilities | (69,481) | (115,288) |
Cash flow used in operating activities | (3,936,780) | (4,349,553) |
Investing activities | ||
Proceeds on redemption of short-term | ||
investments | 10,000,000 | - |
Property and equipment additions | (12,420) | (11,831) |
Purchase of units of Fission 3.0 Corp. | - | (400,000) |
Exploration and evaluation asset additions | (12,113,649) | (15,031,135) |
Cash flow used in investing activities | (2,126,069) | (15,442,966) |
Financing activities | ||
Lease obligation payments | (94,846) | - |
Cash flow used in financing activities | (94,846) | - |
Decrease in cash and cash equivalents | ||
during the year | (6,157,695) | (19,792,519) |
Cash and cash equivalents, beginning of year | 10,943,396 | 30,735,915 |
Cash and cash equivalents, end of year | 4,785,701 | 10,943,396 |
About Fission Uranium Corp.
Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the class-leading Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
"Paul Charlish"
Paul Charlish,
Chief Financial Officer & Corporate Secretary
Cautionary Statement:
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Fission Uranium Corp.
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