Canadian Manganese Reports Second Quarter 2024 Financial Results
Canadian Manganese Company Inc. (CBOE CA: CDMN) has reported its financial results for the second quarter ended June 30, 2024. The company recorded a loss of $768,601, which included interest expense on convertible debenture of $178,658, accretion expense on convertible debenture of $237,170, and corporate development expenses of $87,040. This compares to a loss of $454,592 in the previous year's second quarter.
CDMN's main focus remains on advancing the Woodstock manganese project in New Brunswick. As of June 30, 2024, the company held exploration and evaluation assets valued at $17,484,799, including the Woodstock project ($10,456,944) and the Cobequid IOCG property in Nova Scotia ($7,027,855).
The company has also provided an update on its royalty financing agreement with Leventis Capital Pte The initial plan to sell a 3% gross revenue royalty for US$15,000,000 has been modified to two separate transactions of 1.5% each for US$7,500,000. The first tranche is expected to close by the end of August 2024.
La Canadian Manganese Company Inc. (CBOE CA: CDMN) ha riportato i risultati finanziari per il secondo trimestre terminato il 30 giugno 2024. L'azienda ha registrato una perdita di $768,601, che includeva spese per interessi su obbligazioni convertibili di $178,658, spese di accrescimento su obbligazioni convertibili di $237,170 e spese per lo sviluppo aziendale di $87,040. Questo confronto mostra una perdita di $454,592 nel secondo trimestre dell'anno precedente.
Il principale obiettivo di CDMN rimane quello di avanzare il progetto manganese di Woodstock nel New Brunswick. Al 30 giugno 2024, l'azienda deteneva attivi di esplorazione e valutazione per un valore di $17,484,799, incluso il progetto Woodstock ($10,456,944) e la proprietà Cobequid IOCG nella Nuova Scozia ($7,027,855).
L'azienda ha anche fornito un aggiornamento sul suo accordo di finanziamento tramite royalties con Leventis Capital Pte. Il piano iniziale di vendere una royalty sul fatturato lordo del 3% per $15,000,000 è stato modificato in due transazioni separate del 1.5% ciascuna per $7,500,000. Si prevede che la prima tranche si chiuderà entro la fine di agosto 2024.
La Canadian Manganese Company Inc. (CBOE CA: CDMN) ha reportado sus resultados financieros para el segundo trimestre que finalizó el 30 de junio de 2024. La empresa registró una pérdida de $768,601, que incluyó gastos por intereses de una obligación convertible de $178,658, gastos de acumulación sobre la obligación convertible de $237,170 y gastos de desarrollo corporativo de $87,040. Esto se compara con una pérdida de $454,592 en el segundo trimestre del año anterior.
El enfoque principal de CDMN sigue siendo avanzar en el proyecto de manganeso de Woodstock en New Brunswick. Al 30 de junio de 2024, la empresa tenía activos de exploración y evaluación valorados en $17,484,799, incluyendo el proyecto Woodstock ($10,456,944) y la propiedad Cobequid IOCG en Nueva Escocia ($7,027,855).
La empresa también ha proporcionado una actualización sobre su acuerdo de financiamiento de regalías con Leventis Capital Pte. El plan inicial de vender una regalía sobre ingresos brutos del 3% por $15,000,000 se ha modificado en dos transacciones separadas del 1.5% cada una por $7,500,000. Se espera que el primer tramo se cierre para fines de agosto de 2024.
캐나다 망간 회사(Canadian Manganese Company Inc., CBOE CA: CDMN)는 2024년 6월 30일에 종료된 두 번째 분기의 재무 결과를 보고했습니다. 회사는 $768,601의 손실을 기록했으며, 여기에는 전환사채에 대한 이자비용 $178,658, 전환사채 관련 누적비용 $237,170 및 기업 개발 비용 $87,040이 포함되었습니다. 이는 전년도 두 번째 분기의 $454,592 손실과 비교됩니다.
CDMN의 주요 초점은 뉴 브런즈윅의 우드스톡 망간 프로젝트를 진전시키는 것입니다. 2024년 6월 30일 기준으로, 회사는 우드스톡 프로젝트($10,456,944) 및 노바스코샤의 코베퀴드 IOCG 부동산($7,027,855)을 포함하여 총 $17,484,799의 탐사 및 평가 자산을 보유하고 있었습니다.
회사는 Leventis Capital Pte와의 로열티 금융 계약에 대한 업데이트도 제공했습니다. 초기 계획은 $15,000,000에 대해 3%의 총수익 로열티를 판매하는 것이었으나, 이를 각각 $7,500,000에 1.5%씩 두 개의 개별 거래로 수정했습니다. 첫 번째 분할은 2024년 8월 말까지 마감될 것으로 예상됩니다.
La Canadian Manganese Company Inc. (CBOE CA: CDMN) a publié ses résultats financiers pour le deuxième trimestre se terminant le 30 juin 2024. La société a enregistré une perte de $768,601, ce qui inclut des charges d'intérêt sur des débentures convertibles de $178,658, des frais d'accrétion sur des débentures convertibles de $237,170 et des frais de développement d'entreprise de $87,040. Cela se compare à une perte de $454,592 au deuxième trimestre de l'année précédente.
Le principal objectif de CDMN reste de faire avancer le projet de manganèse de Woodstock au Nouveau-Brunswick. Au 30 juin 2024, la société détenait des actifs d'exploration et d'évaluation d'une valeur de $17,484,799, y compris le projet Woodstock ($10,456,944) et la propriété Cobequid IOCG en Nouvelle-Écosse ($7,027,855).
La société a également fourni une mise à jour sur son accord de financement par redevances avec Leventis Capital Pte. Le plan initial de vendre une redevance de 3% sur le chiffre d'affaires brut pour $15,000,000 a été modifié en deux transactions séparées de 1,5% chacune pour $7,500,000. La première tranche devrait être clôturée d'ici la fin août 2024.
Die Canadian Manganese Company Inc. (CBOE CA: CDMN) hat ihre finanziellen Ergebnisse für das am 30. Juni 2024 endende zweite Quartal bekannt gegeben. Das Unternehmen verzeichnete einen Verlust von $768,601, der Zinsaufwendungen auf umwandelbare Schulden in Höhe von $178,658, Aufzinsungskosten von umwandelbaren Schulden in Höhe von $237,170 und Unternehmensentwicklungskosten von $87,040 umfasste. Dies steht im Vergleich zu einem Verlust von $454,592 im zweiten Quartal des Vorjahres.
Der Schwerpunkt von CDMN liegt weiterhin auf dem Fortschritt des Woodstock-Mangan-Projekts in New Brunswick. Zum 30. Juni 2024 hielt das Unternehmen Erkundungs- und Bewertungserträge in Höhe von $17,484,799, einschließlich des Woodstock-Projekts ($10,456,944) und des Cobequid IOCG-Grundstücks in Nova Scotia ($7,027,855).
Das Unternehmen hat auch ein Update zu seinem Royalty-Finanzierungsvertrag mit Leventis Capital Pte. gegeben. Der ursprüngliche Plan, eine 3%ige Bruttoeinnahmen-Royalty für $15,000,000 zu verkaufen, wurde in zwei separate Transaktionen von je 1,5% für $7,500,000 geändert. Die erste Tranche wird voraussichtlich bis Ende August 2024 abgeschlossen sein.
- Continued focus on advancing the Woodstock manganese project
- Exploration and evaluation assets valued at $17,484,799
- Royalty financing agreement modified to potentially improve cash flow management
- Increased quarterly loss of $768,601 compared to $454,592 in the previous year
- Delay in closing the royalty financing transaction
- Outstanding $5,000,000 principal senior secured convertible debenture to be repaid
Toronto, Ontario--(Newsfile Corp. - August 14, 2024) - Canadian Manganese Company Inc. (CBOE CA: CDMN) ("CDMN" or the "Company") reports its financial results for the second quarter ended June 30, 2024.
This news release should be read in conjunction with the Company's condensed interim consolidated financial statements and associated management's discussion and analysis for the three and six months ended June 30, 2024, which are available on the Company's website at www.CanadianManganese.com or under the Company's profile at www.sedarplus.ca.
FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2024
During the second quarter of 2024 the Company continued its focus of advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits, near Woodstock, New Brunswick.
During the second quarter, the Company recorded a loss of
At June 30, 2024, the Company held exploration and evaluation assets with a carrying value of
UPDATE ON ROYALTY FINANCING
On April 2, 2024, the Company agreed to grant a gross revenue royalty on the Woodstock Project to Leventis Capital Pte Ltd. ("Leventis"). The Company had initially contemplated closing the purchase by Leventis of a
The Company intends to repay its outstanding
ABOUT CANADIAN MANGANESE
CDMN is a Canadian critical mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. CDMN holds the Woodstock Project in New Brunswick.
For further information:
Investors@CanadianManganese.com
www.CanadianManganese.com
Matthew Allas: President and CEO +1 647 338 3748
Cboe Canada has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219984
FAQ
What was Canadian Manganese's (CDMNF) financial performance in Q2 2024?
What is the status of CDMNF's Woodstock manganese project as of June 30, 2024?
How has Canadian Manganese's (CDMNF) royalty financing agreement changed?
When does Canadian Manganese (CDMNF) expect to close the first tranche of its royalty financing?
