STAR DIAMOND CORPORATION ANNOUNCES 2023 YEAR END RESULTS
Overview
The Company also holds a 50% interest in the exploration and evaluation properties and assets of the Buffalo Hills JV located in north-central
Fort à
On
The Agreement provides that, upon closing:
- RTEC will transfer to
Star Diamond all of RTEC's 75% interest in the Project, such that the Project will be 100% owned byStar Diamond ; - RTEC will transfer to
Star Diamond ownership of the trench cutter drill rig used by RTEC to complete its prior bulk sampling program at the Project; - RTEC will transfer to
Star Diamond the Bulk Sample Plant located at the Project, including the TOMRA XRT diamond sorting machine that is on-site; -
Star Diamond will issue to RTEC and/or an affiliate that number of common shares ofStar Diamond that results in RTEC and its affiliates owning 19.9% of the then outstanding common shares ofStar Diamond (RTEC and its affiliates currently own approximately 2.3% ofStar Diamond's outstanding common shares); and - RTEC and
Star Diamond will enter into an Investor Rights Agreement whereby, among other things, RTEC will be granted certain pre-emptive rights to maintain its 19.9% ownership interest inStar Diamond in connection with future financings undertaken byStar Diamond , and RTEC will agree to certain standstill protections provided that RTEC will have the right to increase its 19.9% ownership position in the event thatStar Diamond receives an acquisition proposal.
Upon completion of the transactions that are the subject of the Agreement,
As of the date of this News Release, the Agreement is expected to close in the near future.
Recent activities relating to the Star -
During the first quarter of 2024,
Year End Results
For the year ended
At
Selected financial highlights include:
Condensed Consolidated Statements of Financial Position |
As at
2023 |
As at
2022 |
Current assets |
$ 0.6 M |
$ 2.7 M |
Exploration and evaluation, investments and other assets |
0.6 M |
0.4 M |
Current liabilities |
0.9 M |
0.7 M |
Non-current liabilities |
0.1 M |
0.0 M |
Shareholders' equity |
0.2 M |
2.4 M |
|
|
|
Consolidated Statements of Loss |
Year Ended 2023 |
Year Ended 2022 |
Expenses |
|
|
Loss before undernoted items |
(3.0)M |
(3.0)M |
Investment in Wescan Goldfields Inc. |
(0.0)M |
(0.4)M |
Contingent consideration |
0.0 M |
0.9 M |
Impairment charge |
0.0 M |
(66.3)M |
Net loss for the year |
(3.0)M |
(68.8)M |
Net loss per share for the year (basic and diluted) |
(0.01) |
(0.15) |
|
|
|
Condensed Consolidated Statements of Cash Flows |
Year Ended 2023 |
Year Ended 2022 |
Cash flows used in operating activities |
$ (2.3)M |
$ (4.9)M |
Cash flows from investing activities |
0.0 M |
0.6 M |
Cash flows from financing activities |
0.2 M |
5.7 M |
Net increase (decrease) in cash |
(2.1)M |
1.3 M |
Cash – beginning of year |
2.6 M |
1.3 M |
Cash – end of year |
0.6 M |
2.6 M |
Outlook
Fort à
Subsequent to the successful close of the Agreement with RTEC,
Management continues to review the recent results from the diamond valuation and typing analysis. A more detailed update on activities at the Buffalo Hills JV will be provided as it becomes available.
About
Technical Information
All technical information in this press release has been prepared under the supervision of
Stay Connected with Us:
Twitter: https://twitter.com/StarDiamondCorp
LinkedIn: https://www.linkedin.com/company/star-diamond-corp
Facebook: https://www.facebook.com/people/Star-Diamond-Corp/100058096376664/
Instagram: https://www.instagram.com/stardiamondcorp/
Caution Regarding Forward-looking Statements
This press release contains "forward-looking statements" and/or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities 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 the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All statements, other than statements of historical fact, are forward-looking statements.
These forward-looking statements are based on
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and
SOURCE