VANCOUVER, July 13, 2018 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the six months ended June 30, 2018 and the related management
discussion & analysis, both of which are available under
Itasca's profile on SEDAR at www.sedar.com. All amounts are in
Canadian dollars unless indicated otherwise.
The Company reported net loss attributable to common
shareholders of $0.1 million, or
$0.005 loss per share in the second
quarter of 2018, primarily due $0.5
million unrealized loss incurred on the Company's investment
in 1347 Investors LLC, partially mitigated by a foreign exchange
gain of $0.4 million. Itasca incurred
net loss attributable to common shareholders of $3.9 million, or $0.18 loss per share in the second quarter of
2017.
As of June 30, 2018, Itasca
reported total shareholders' equity of $21.2
million with a book value per share of $0.97 based on the 21,810,626 issued and
outstanding common shares.
The Company is also pleased to announce that its Board of
Directors declared today a special cash dividend of $0.15 per common share to be paid on August 10, 2018 to shareholders of record on
July 25, 2018.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We are pleased to announce the
special dividend, which is a result of gains we have generated from
our investment in 1347 Investors LLC. We continue to analyze
further value-enhancing opportunities for our Company and
shareholders."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE
Book value per share is a non-IFRS
measure calculated as the total of shareholders' equity divided by
the issued and outstanding shares of Itasca. The term "book value
per share" does not have any standardized meaning according to IFRS
and therefore may not be comparable to similar measures presented
by other companies. There is no comparable IFRS measure presented
in Itasca's audited consolidated financial statements and thus no
applicable quantitative reconciliation for such non-IFRS financial
measure. Itasca believes that book value per share can provide
information useful to its shareholders.
This news release contains certain forward-looking
information and statements which can be identified by termination
such as "to be" and similar expressions. In particular this news
release contains forward-looking statements and information
relating to a future dividend to be paid on the Company's common
shares, the dividend payment and the receipt of cash dividends.
Forward-looking statements are not guarantees of future performance
and are subject to a number of known and unknown risks and
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward
looking information. No assurance can be given that this
information will be prove to be correct and such forward looking
information included in this news release should not be unduly
relied upon. With respect to forward looking information contained
in this news release, assumptions have been made regarding, among
other things, the Company's ability to complete the dividend
payment on the payment date set forth above. The forward looking
information included in this news release is expressly qualified by
this cautionary statement and is made as of the date of this news
release. The Company does not undertake any obligation to publicly
update or review any forward looking information except as required
by applicable securities.
SOURCE Itasca Capital Ltd.
