CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED
JANUARY 31, 2022 AND 2021
Notice of No Auditor Review of Interim Financial Statements
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the unaudited condensed interim consolidated financial statements (or "Interim Financial Statements"), they must be accompanied by a notice indicating that the Interim Financial Statements have not been reviewed by an auditor.
The management of Signature Resources Ltd. ("Management") is responsible for the preparation of the Interim Financial Statements and accordingly, these Interim Financial Statements have been prepared in accordance with International Financial Reporting Standards and are considered by Management to present fairly the consolidated financial position, operating results and cash flows of the Company.
The Company's independent auditor has not performed a review of these Interim Financial Statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of the Interim Financial Statements by an entity's auditor. These Interim Financial Statements include all adjustments, consisting of normal and recurring items, that Management considers necessary for a fair presentation of the consolidated financial position, results of operations and cash flows.
S/"Robert Vallis" | S/"Donna McLean" |
Robert Vallis, | Donna McLean, |
Chief Executive Officer | Chief Financial Officer |
March 28, 2022 |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars)
January 31,October 31, 2022$
As at | Note | ||
ASSETS | |||
CURRENT | |||
Cash | 19,913 | 75,281 | |
Investments | 4 | 57,500 | 1,350,000 |
Amounts receivable | 263,406 | 254,546 | |
Prepaid expenses and deposit | 30,027 | 67,306 | |
Total current assets | 370,846 | 1,747,133 | |
Equipment | 5 | 1,225,374 | 1,301,383 |
Exploration and evaluation assets | 6,7,10 | 13,926,642 | 12,811,830 |
Total assets | 15,522,862 | 15,860,346 | |
LIABILITIES | |||
CURRENT | |||
Accounts payable and accrued liabilities | 7,9 | 1,398,621 | 1,396,638 |
Total current liabilities | 1,398,621 | 1,396,638 | |
Rehabilitation provision | 10 | 850,796 | 848,271 |
Total liabilities | 2,249,417 | 2,244,909 | |
SHAREHOLDERS' EQUITY | |||
Share capital | 8 | 15,582,097 | 15,582,097 |
Contributed surplus | 8 | 4,062,496 | 4,031,249 |
Deficit | (6,371,148) | (5,997,909) | |
Total shareholders' equity | 13,273,445 | 13,615,437 | |
Total liabilities and shareholders' equity | 15,522,862 | 15,860,346 | |
Nature of business and continuing operations (note 1) | |||
Commitments and contingencies (notes 6, 10, 11) | |||
Subsequent events (note 14) | |||
Approved by the Board: |
2021 $
(Unaudited)
S/ "Paolo Lostritto"
S/ "Stephen Timms"
Director
Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) (Expressed in Canadian dollars)
Period ended January 31, | Note | 2022 | 2021 |
$ | $ | ||
GENERAL AND ADMINISTRATION | |||
Salaries and wages | 7 | 138,575 | 125,280 |
Office and general | 109,801 | 47,385 | |
Depreciation | 5 | 83,723 | 28,985 |
Professional fees | 10,000 | 24,612 | |
Share-based payments | 7,8 | 31,247 | 221,166 |
NET LOSS BEFORE OTHER ITEMS | (373,346) | (447,428) | |
Premium on flow-through shares income | 14 | - | 74,245 |
Foreign exchange income (loss) | 107 | (1,166) | |
Gain on forgiveness of debt | 11 | - | 79,100 |
NET LOSS AND COMPREHENSIVE LOSS | (373,239) | (295,249) | |
LOSS PER SHARE, basic and diluted | $(0.00) | $(0.00) | |
Weighted average number of common shares, | |||
basic and diluted | 237,060,527 | 147,588,957 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Expressed in Canadian dollars)
Period ended January 31, | Note | 2022 | 2021 |
$ | $ | ||
OPERATING ACTIVITIES | |||
Net loss for the period | (373,239) | (295,249) | |
Items not affecting cash: | |||
Depreciation expense | 5 | 83,723 | 28,985 |
Share-based payments | 8 | 31,247 | 221,166 |
Premium on flow-through shares income | 14 | - | (74,245) |
Gain on forgiveness of debt | (79,100) | ||
Interest expense | 11 | - | - |
(258,269) | (198,443) | ||
Changes in non-cash working capital items: | |||
Amounts receivable | (8,860) | (101,876) | |
Prepaid expenses and deposit | 37,279 | 8,456 | |
Accounts payable and accrued liabilities | 1,982 | 239,045 | |
Net cash used in operating activities | (227,868) | (52,818) | |
FINANCING ACTIVITIES | |||
Proceeds from private placement | 8 | - | 3,000,000 |
Share issuance costs | 8 | - | (132,148) |
Proceeds from warrant exercise | 8 | - | 5,000 |
Net cash provided by financing activities | - | 2,872,852 | |
INVESTING ACTIVITIES | |||
Expenditures on exploration and evaluation assets | 6 | (1,112,287) | (506,438) |
Expenditures on equipment | 5 | (7,713) | (210,725) |
Investments | 4 | 1,292,500 | (1,500,000) |
Net cash used in investing activities | 172,500 | (2,217,163) | |
Net change in cash | (55,368) | 602,871 | |
Cash and equivalent, beginning of period | 75,281 | 462,184 | |
Cash and equivalent, end of period | 19,913 | 1,065,055 | |
Non-cash activities: | |||
Depreciation included in exploration and evaluation assets | 5 | $- | $1,110 |
Shares for debt | 8 | $- | $291,955 |
Exercise of options | 8 | $- | $100,000 |
Increase in rehabilitation provision | 10 | $2,525 | $- |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Signature Resources Ltd. published this content on 04 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2022 13:46:08 UTC.