| ||Thu May 17, 2018|
Black Bull Resources Inc. Announces March 31, 2018 -- Interim Financial Statement Release
| ||Shelburne, NS --- May 17, 2017 --- Black Bull Resources Inc. (NEX:BBS.H) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the first fiscal quarter ended March 31, 2018. |
The Company recorded a net and comprehensive loss for the three-month period of $40,987 versus $31,594 for March 31, 2017, or ($0.01) per share versus ($0.01). Allowing for non-cash operating expense of $1,248 compared to $1,199 for March 31, 2017, the Company's operational cash flow loss was $39,739 versus $30,396 for March 31, 2017.
Year to date, the Company recorded a net and comprehensive loss of $61,899 versus $56,802 for the six-month period ended March 31, 2017, or ($0.02) per share vs. ($0.02). Allowing for non-cash operating expense of $2,497 compared to $2,397 for March 31, 2017, the Company's operational cash flow loss was $59,402 vs. $54,405 for March 31, 2017.
As a result of a review by the British Columbia Securities Commission ("BCSC"), issued a Cease Trade Order on March 7, 2018. Interim Statements that were filed on SEDAR were reviewed by the BCSC and several amendments were required. Furthermore, a review of the BCSC also required changes to the year end September 30, 2017 MD&A. Several copies of the Financial Statements and MD&A were mistakenly filed on SEDAR by the Company due uncertainty as to the processes under a Cease Trade Order.
On April 30, 2018 the British Columbia Securities Commission revoked the Cease Trade Order
"The focus continues to be to reduce cash burn." says Chris Every President and CEO, "While the Company's future is uncertain the Company is working to conclude an asset purchase agreement with a group of investment and business professionals to affect an arm's length "Change of Business" transaction (as defined in Policy 5.2 of the TSX Venture Exchange).
About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com. For other Company information contact:
Martin MacKinnon CFO
Black Bull Resources Inc.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "[Risks and Uncertainties]" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
You can view the Next News Releases item: Sat May 26, 2018, BLACK BULL RESOURCES INC. ANNOUNCES UPDATE TO PROPOSED CHANGE OF BUSINESS AND UPDATE ON TERMS OF OFFERING
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