ST. HELIER, JERSEY, April 22, 2016
/CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation") a
Jersey company, reports its unaudited financial results for the
period ended February 29, 2016.
EastSiberian has filed its Interim Consolidated Financial
Statements for the period ended February 29,
2016 and its Management's Discussion and Analysis
("MD&A") on www.sedar.com.
SELECTED FINANCIAL INFORMATION
The unaudited consolidated financial information of EastSiberian
includes the Corporation, its subsidiaries and its investments in
equity accounted investees.
Selected financial information for the periods ended
February 29, 2016 and 2015 and as
at February 29, 2016 and 2015 are set out below and
should be read in conjunction with EastSiberian's February 29,
2016 Interim Consolidated Financial Statements and MD&A.
All financial information is stated in United
States dollars, unless otherwise indicated.
|
|
|
All amounts
expressed in USD
|
Nine months ended
February 29,
|
|
except as
otherwise noted
|
2016
|
2015
|
|
Net loss for the
period
|
508,094
|
1,109,151
|
|
Weighted average
number of common shares
|
|
|
|
outstanding – basic
and diluted
|
43,362,832
|
7,814,213
|
|
Net loss per share –
basic and diluted
|
(0.01)
|
(0.14)
|
|
Comprehensive loss
for the period
|
508,094
|
1,109,151
|
|
|
|
|
Cash flow provided
from (used in) operations
|
(236,739)
|
(46,428)
|
|
Cash flow from (used
in) investing
|
(31,189)
|
-
|
|
Increase (decrease)
in cash and cash equivalents
|
(267,928)
|
(46,428)
|
|
|
|
|
Cash and cash
equivalents
|
16,403
|
1,581
|
|
Working capital
(deficit)
|
(1,424,811)
|
(1,832,273)
|
|
Total
assets
|
28,347
|
2,865
|
|
Total
liabilities
|
1,453,158
|
1,835,138
|
|
Shareholders' equity
(deficit)
|
(1,424,811)
|
(1,832,273)
|
EastSiberian reported a net loss for the period ended
February 29, 2016 of $508,094 ($0.01 per
share) compared to a net loss of $1,109,151 ($0.14
per share) for the period ended February
28, 2015. The loss for the current period consisted of
general and administrative expenses of $465,042, loss on equity accounted investees of
$31,189 and foreign exchange loss of
$11,863, whereas the loss for the
period ended February 28, 2015
consisted of general and administrative expenses of $936,080, loss on accounts receivable write-down
of $172,511 and foreign exchange loss
of $560.
About EastSiberian
EastSiberian is an international junior oil exploration company
incorporated in the Bailiwick of Jersey. For further information,
please visit the EastSiberian Plc website at
www.eastsiberianplc.com.
Neither the TSX NEX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX NEX) accepts
responsibility for the adequacy or accuracy of this
release.
Advisory Regarding Forward-Looking Statements
This press release together with the unaudited consolidated
financial statements and MD&A referred to therein contains
certain forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking
statements"). Forward-looking statements are based on the
EastSiberian's current beliefs as well as assumptions made by, and
information currently available to, EastSiberian concerning
business prospects, strategies, regulatory developments, the
ability to obtain equipment in a timely manner to carry out
development activities, the ability to get oil to market, and the
ability to obtain financing on acceptable terms Although
management of EastSiberian considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans,
intentions or expectations upon which forward-looking statements
are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to either
EastSiberian and/or its security holders. The forward-looking
statements contained in this press release are made as of the date
hereof and EastSiberian does not undertakes any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE EastSiberian Plc