Three And Nine Months Ended January 31, 2022
Unaudited Interim Condensed Consolidated Financial
Statements
(Expressed in Canadian Dollars)
(Prepared by Management)
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANICAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.
The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.
The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
2
Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
January 31, | April 30, | ||
Note | |||
2022 | 2021 | ||
$ | $ | ||
ASSETS | |||
CURRENT | |||
Cash and cash equivalent | 823,701 | 1,667,763 | |
Miscellaneous receivables | 22,500 | 4,000 | |
Sales tax recoverable | 94,009 | 78,541 | |
Prepaids | 16,569 | 16,873 | |
Total Current Assets | 956,779 | 1,767,177 | |
NON-CURRENT | |||
Exploration advance | 6 | - | 68,029 |
Exploration and evaluation assets | 6 | 9,299,649 | 8,164,391 |
TOTAL ASSETS | 10,256,428 | 9,999,597 | |
LIABILITIES | |||
CURRENT | |||
Accounts payable and accrued liabilities | 100,024 | 206,598 | |
Total Current Liabilities | 100,024 | 206,598 | |
LONG TERM DEBT | |||
Flow-through share premium liability | 7 | 88,389 | 230,311 |
TOTAL LIABILITIES | 188,413 | 436,909 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 8 | 11,914,088 | 11,259,255 |
Reserves | 8 | 3,325,129 | 2,993,269 |
Deficit | (5,171,202) | (4,689,836) | |
10,068,015 | 9,562,688 | ||
TOTAL LIABILITIES AND SHAREHOLER'S EQUITY | 10,256,428 | 9,999,597 | |
Basis of Preparation and Going Concern (Note 2) |
The accompanying notes are an integral part of these consolidated financial statements. Approved on behalf of the Board:
"Paul Wood"
Paul Wood, Director
"Michael England"
Michael England, Director
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Consolidated Statements of Changes in Shareholders' Equity (Deficiency) For the Three and Nine Months ended January 31, 2022, and 2021 (Expressed in Canadian Dollars)
Number of | ||||||
Common | ||||||
Shares | ||||||
$ | $ | $ | $ | |||
Balance, April 30, 2020 | 89,119,965 | 9,219,107 | 1,971,289 | (3,169,099) | $ | 8,021,297 |
Comprehensive loss for the year | - | - | - | (620,086) | (620,086) | |
Private placement | 10,100,000 | 1,492,594 | 644,406 | - | 2,137,000 | |
Finder's fee shares | 200,000 | (42,000) | - | - | (42,000) | |
Share issuance costs - cash | - | (19,489) | - | - | (19,489) | |
Share issued for property payments | 170,000 | 33,300 | - | - | 33,300 | |
Share-based compensation | - | - | 551,475 | - | 551,475 | |
Shares issued on exercise of options | 1,325,000 | 109,000 | - | - | 109,000 | |
Fair value of options exercised | - | 67,905 | (67,905) | - | - | |
Shares issued on exercise of warrants | 1,050,604 | 143,842 | - | - | 143,842 | |
Fair value of warrants exercised | - | 64,782 | (64,782) | - | - | |
Balance January 31, 2021 | 101,965,569 | 11,069,041 | 3,034,483 | (3,789,185) | 10,314,339 | |
Comprehensive Loss For The Period | - | - | - | (900,651) | (900,651) | |
Share issued for property payments | 250,000 | 30,000 | - | - | 30,000 | |
Shares issued on option exercise | 400,000 | 44,000 | - | - | 44,000 | |
Carrying value of options exercised | - | 28,600 | (28,600) | - | - | |
Shares issued on exercise of warrants | 500,000 | 75,000 | - | - | 75,000 | |
Carrying value of warrants exercised | - | 12,614 | (12,614) | - | - | |
Balance, April 30, 2021 | 103,115,569 | 11,259,255 | 2,993,269 | (4,689,836) | 9,562,688 | |
Comprehensive loss for the period | - | - | - | (481,366) | (481,366) | |
Private placements | 9,050,000 | 663,285 | 142,285 | - | 805,570 | |
Share issuance costs -cash | - | (24,952) | (6,025) | - | (30,977) | |
Shares issued to finder in lieu of cash | - | - | - | - | - | |
Share issuance costs - common shares | - | - | - | - | - | |
Share issued for property payments | 150,000 | 16,500 | - | - | 16,500 | |
Share-based Compensation | - | - | 195,600 | - | 195,600 | |
Balance, January 31, 2022 | 112,315,569 | 11,914,088 | 3,325,129 | (5,171,202) | 10,068,015 |
Total Shareholders'
Share CapitalReserves
Deficit
Equity
$
$
$
The accompanying notes are an integral part of these consolidated financial statements.
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BTU Metals Corp.
Consolidated Statements of Comprehensive Loss
For the Three and Nine Months ended January 31, 2022, and 2021 (Expressed in Canadian Dollars)
NoteOperating Expenses Investor relations Management and director fees 9 Office, rent , telephone and insurance Professional fees Share-based compensation Transfer agent and filing fees Travel 8& 9 Exploration costs Recovery of flow-through premium 7 Loss and comprehensive loss Loss per share for the year Basic and diluted loss per share Weighted average number of shares outstanding - basic and diluted | Three Months Ended January 31, 2022 | Three Months Ended January 31, 2021 $ 19,196 95,050 5,278 8,263 - 11,662 - 6,276 (145,725) (91,067) ($54,658) $0.00 101,960,678 | Nine Months Ended January 31, 2022 | Nine Months Ended January 31, 2021 $ 78,364 290,320 14,205 17,536 551,475 50,135 5,534 14,782 (1,022,351) (402,265) (620,086) ($0.01) 96,351,555 |
$ 12,423 95,000 6,238 15,140 - 9,205 - (22,500) | $ 54,030 285,040 16,283 42,294 195,600 49,065 3,255 (22,280) | |||
(115,506) | (623,287) | |||
(12,087) | (141,921) | |||
($103,419) $0.00 | (481,366) $0.00 | |||
110,379,156 | 105,576,982 |
The accompanying notes are an integral part of these consolidated financial statements.
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BTU Metals Corp. published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 13:14:11 UTC.