02:58:59 EDT Thu 13 Jun 2024
Enter Symbol
or Name

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Canadian Manganese Company Inc
Symbol CDMN
Shares Issued 145,029,580
Close 2023-08-15 C$ 0.07
Market Cap C$ 10,152,071
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Cdn Manganese spends $1.2M on exploration in Q2

2023-08-15 13:49 ET - News Release

Mr. Matthew Allas reports


Canadian Manganese Company Inc. has released its financial results for the second quarter ended June 30, 2023.

This news release should be read in conjunction with the company's condensed interim consolidated financial statements and associated management's discussion and analysis (MD&A) for the three and six months ended June 30, 2023, which are available on the company's website or under the company's profile on SEDAR+.

Financial results for the second quarter ended June 30, 2023

During the second quarter of 2023, the company continued its focus of advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits, near Woodstock, N.B.

The company recorded a loss of $454,592 during the second quarter, compared with a loss of $615,316 in the second quarter of 2022. The loss in the second quarter of 2023 included non-cash, share-based compensation of $24,241, whereas the loss in the second quarter of 2022 included non-cash, share-based compensation of $187,705 and $177,155 of other income from the reversal of flow-through share premium.

The company invested $1,200,147 in exploration and evaluation activities during the second quarter of 2023, including the completion of a diamond drilling program on the North Hartford deposit.

At June 30, 2023, the company held exploration and evaluation assets with a carrying value of $16,763,599, including the Woodstock manganese project in New Brunswick, with a carrying value of $9,753,155, and subsidiary Mongoose's Cobequid IOCG (iron ore, copper and gold) property in Nova Scotia, with a carrying value of $7,010,443 (before a 59.5-per-cent non-controlling interest).

The company had a working capital deficit of $2,872,509 at June 30, 2023. The company is pursuing various financing alternatives to finance its working capital deficit and its continuing operations.

With reference to the proposed financing previously announced on May 16, 2023, the company continues in negotiations to complete the proposed non-brokered convertible debenture of $5-million. Closing has been delayed by market conditions but is expected to be completed in the third quarter. However, there are no assurances that the company will be successful in completing such a planned financing. The company has decided to defer the previously announced proposed flow-through financing to the usual flow-through season toward the end of the year, when market conditions for flow through financings are expected to be more favourable.

If the company is unable to obtain adequate additional financing or liquidity in the immediate term, the company will be required to curtail its operations and activities. Failure to continue as a going concern would require that the company's assets and liabilities be restated on a liquidation basis, which may differ from the going-concern basis.

About Canadian Manganese Company Inc.

Canadian Manganese is a Canadian critical mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. Canadian Manganese holds the Woodstock project in New Brunswick.

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