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Otis Gold Corp assets grow in 1H

Monday, February 27, 2017 12:03
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Otis Gold Corp (CVE:OOO) reported a rise in its first-half assets on Monday but also overcame a challenge from foreign exchange fluctuations.

Total assets rose to C$21.7mln in the six months to Dec 31 from C$18.1mln in the preceding six months to June 30.

The company maintained a strong control of its cash position and it ended 2016 with C$910,831 versus C$988,451 at the end of last June.

The company reported a comprehensive loss of C$219,295 in the three months to December 31, versus C$173,170 in the same period in 2015.

Foreign exchange was a factor in the accounts.

“During the second quarter of fiscal 2017, the Company incurred exchange losses of C$36,677 due to large US dollar payments and a fluctuating exchange rate and earned interest income of C$4,145, resulting in a net loss in the three months ended December 31, 2016 of C$219,295 or C$0.00 per share,” the company said in a statement.

“During the second quarter of fiscal 2016, the Company incurred foreign exchange losses of C$203, resulting in a net loss in the three months ended December 31, 2015 of V$173,170 or C$0.00 per share.

On Friday the company reported that Agnico-Eagle had investors over C$5mln in the enterprise via a private placement.

Read: Otis shares jump 20% after arranges $5.04mln financing with Agnico-Eagle Story by ProactiveInvestors


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