The accompanying unaudited condensed interim financial statements of Norden Crown Metals Corporation (the "Company") have been prepared by and are the responsibility of the management of the Company. The Company's independent auditor has not performed a review of these unaudited condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
NORDEN CROWN METALS CORPORATION (an exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars)
As at
Notes
March 31, 2022
December 31, 2021
($)
($)
Assets
Current assets
Cash and cash equivalents
403,659
299,772
Receivable from option partner
49,637
427,531
Receivables
46,047
40,736
Prepayment of exploration and
269,645
282,764
evaluation asset expenditures
Prepayment of other expenses
91,282
129,496
860,270
1,180,299
Non-current assets
Reclamation bonds
7,310
7,310
Exploration and evaluation assets
4
5,342,235
5,195,553
Equipment
5
1,446
1,918
6,211,261
6,385,080
Liabilities
Current liabilities
Accounts payable and accrued liabilities
6
Advances from related parties
9
565,702
554,377
162,400
162,400
728,102
716,777
Shareholders' Equity
Share Capital
8
15,056,157
15,056,157
Reserves
8
1,168,634
1,168,634
Deficit
(10,741,632)
(10,556,488)
5,483,159
5,668,303
6,211,261
6,385,080
Nature of operations and going concern (Note 1)
Approved and authorized by the Board of Directors on May 25, 2022.
"Patricio Varas"
"Jon Sherron"
Patricio Varas, Director
Jon Sherron, Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
NORDEN CROWN METALS CORPORATION (an exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian Dollars)
Notes
Three months ended March 31,
2022
2021
($)
($)
EXPENSES
Consulting fees
9
54,069
23,797
Depreciation
472
278
General exploration expenditures
-
54,756
Foreign exchange
(56,673)
14,352
Legal and accounting
9
22,936
7,641
Management fees
9
70,158
70,759
Office expenses and salaries
14,841
19,421
Shareholder communication
96,191
93,096
Travel
2,362
4,811
(204,356)
(288,911)
OTHER ITEMS
Interest expense
-
(12,871)
Management fee - option agreement
4
19,212
51,728
Loss and comprehensive loss
(185,144)
(250,054)
Basic and diluted loss per share
(0.00)
(0.01)
(#)
(#)
Weighted-average number of
common shares outstanding
53,024,495
32,684,731
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
NORDEN CROWN METALS CORPORATION (an exploration stage company)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited - Expressed in Canadian Dollars)
Share Capital
Reserves
Total
Number of
Capital
Stock
Warrant
shareholders'
Shares
stock
options
s
Deficit
deficit
(#)
($)
($)
($)
($)
($)
Balance, December 31, 2020
44,398,878
12,835,021
530,814
496,573
(9,045,732)
4,816,676
Net loss
-
-
-
-
(250,054)
(250,054)
Balance, March 31, 2021
44,398,878
12,835,021
530,814
496,573
(9,295,786)
4,566,622
Shares issued for cash
8,625,617
2,458,301
-
129,384
-
2,587,685
Share issuance costs - cash
-
(225,302)
-
-
-
(225,302)
Share issuance costs - warrants
-
(11,863)
-
11,863
-
-
Net loss
-
-
-
-
(1,260,702)
(1,260,702)
Balance, December 31, 2021
53,024,495
15,056,157
530,814
637,820
(10,556,488)
5,668,303
Net loss
-
-
-
-
(185,144)
(185,144)
Balance, March 31, 2022
53,024,495
15,056,157
530,814
637,820
(10,741,632)
5,483,159
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5
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Norden Crown Metals Corp. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 08:17:34 UTC.
Norden Crown Metals Corporation is a Canada-based exploration company, which is engaged principally in the acquisition, exploration, and development of mineral properties in Sweden and Norway. The Company is focused on the discovery of zinc, silver, lead, copper, and gold deposits. Its Gumsberg VMS Project consists of six exploration licenses in the Bergslagen Mining District of southern Sweden totaling over 17,830 hectares, where multiple zones of volcanogenic massive sulfide (VMS) style mineralization occur. Its Burfjord copper-gold Project is comprised of seven exploration licenses totaling approximately 6,200 hectares in the Kafjord copper belt near Alta, Norway. Copper and gold mineralization at Burfjord are hosted by swarms of iron-oxide-rich carbonate veins, with high grade copper mineralization. The Burjord project is situated approximately 40 kilometers (km) southwest of Alta (regional airport), road accessible and is located approximately 7.5 km from tide water.