ST. HELIER, JERSEY, Sept.
27, 2013 /CNW/ - EastSiberian Plc ("EastSiberian" or the
"Corporation") a Jersey company, reports its audited financial
results for its year ended May 31,
2013. EastSiberian has filed its Consolidated Financial
Statements for the year ended May 31,
2013 and its Management's Discussion and Analysis
("MD&A") on www.sedar.com and on its website at
www.eastsiberianplc.com.
SELECTED FINANCIAL INFORMATION
The audited consolidated financial information
for EastSiberian includes the Corporation, its subsidiaries and its
proportionate share of the accounts of its joint interest
entities.
Selected financial information for the years
ended May 31, 2013 and 2012 and as at
May 31, 2013 and May 31, 2012 are set out below and should be read
in conjunction with EastSiberian's May 31,
2013 Consolidated Financial Statements and MD&A.
All financial information is stated in United States dollars, unless otherwise
indicated.
|
|
|
For the fiscal year ended |
May 31, 2013 |
|
May 31, 2012 |
Total expenses |
$ |
|
1,645,802 |
$ |
|
9,208,390 |
Net loss and comprehensive loss |
$ |
|
(1,617,560) |
$ |
|
(10,901,081) |
Net loss per share - basic and diluted |
$ |
|
(0.33) |
$ |
|
(1.89) |
Cash flow (used in) operations |
$ |
|
(2,398,896) |
$ |
|
(3,778,444) |
Cash flow (used in) investing |
$ |
|
2,492,045 |
$ |
|
(30,915) |
Cash flow provided by financing |
$ |
|
100,000 |
$ |
|
- |
Foreign exchange loss on cash held in foreign
currencies |
$ |
|
1,759 |
$ |
|
(6,393) |
Increase (decrease) in cash and cash
equivalents |
$ |
|
193,149 |
$ |
|
(3,809,359) |
|
As at |
May 31, 2013
|
May 31, 2012 |
Total assets |
$ |
|
545,231 |
$ |
|
3,775,498 |
Total liabilities |
$ |
|
1,471,273 |
$ |
|
3,083,980 |
Shareholders' equity |
$ |
|
(926,042) |
$ |
|
691,518 |
Number of common shares outstanding |
|
|
4,903,998 |
|
|
4,903,998 |
|
|
|
|
|
|
|
EastSiberian reported a net loss for the year
ended May 31, 2013 of $1.6 million ($0.33
per share) compared to a net loss of $9.3
million ($1.89 per share) for
the year ended May 31, 2012.
Expenses contributing to the 2013 and 2012 net loss included
operating expenses of Nil (2012 - $0.6
million), general and administration expenses of
$1.6 million (2012 - $3.0 million), non-cash expenses for share-based
compensation expense of Nil (2012 - $0.03
million) and depreciation of Nil (2012 - $1.6 million).
For the year ended cash flow used in operating
activities was approximately $2.4
million, used to fund general and administration
expenses. For the year ended net cash flow from investing
activities was approximately $2.5
million, with proceeds of $1.6
million from the sale of the mobile rig and 0.9 million from
cash held in trust.
At May 31, 2013,
the Corporation had negative working capital of $926,042 (May 31,
2012 - working capital surplus of $691,518). The components of working capital at
May 31, 2013 included cash of
$424,368, accounts receivable of
$117,222 and prepaid expense of
$3,641 less accounts payable and
accrued liabilities of $1,371,273 and
note payable of $100,000. At
May 31, 2013, the Corporation had an
accumulated deficit of $98,758,752
and expects to incur further losses in the development of its
business. The Corporation has no positive cash flow and there is a
significant risk associated with the Corporation's ability to raise
additional capital. Due to the lack of funding progress to date and
the Corporation's liquidity position, management is considering,
and may be required to, delist its common shares from TSXV or move
the listing to the NEX exchange, further reduce ongoing costs and
pursue alternative investment options for the Corporation.
About EastSiberian
EastSiberian is an international junior oil
exploration company incorporated in the Bailiwick of Jersey and is
pursuing oil & gas investment opportunities in the Russian Federation. For further information,
please visit the EastSiberian Plc website at
www.eastsiberianplc.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking
Statements
This press release together with the audited
consolidated financial statements and MD&A referred to therein
contains certain forward-looking statements and forward-looking
information (collectively referred to herein as "forward-looking
statements"). Forward-looking statements are based on the
EastSiberian's current beliefs as well as assumptions made by, and
information currently available to, EastSiberian concerning
business prospects, strategies, regulatory developments, the
ability to obtain equipment in a timely manner to carry out
development activities, the ability to get oil to market, and the
ability to obtain financing on acceptable terms Although
management of EastSiberian considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Undue reliance should not be placed on
forward-looking statements, which are inherently uncertain, are
based on estimates and assumptions, and are subject to known and
unknown risks and uncertainties (both general and specific) that
contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will
not occur. There can be no assurance that the plans,
intentions or expectations upon which forward-looking statements
are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to either
EastSiberian and/or its security holders. The forward-looking
statements contained in this press release are made as of the date
hereof and EastSiberian does not undertakes any obligation to
update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The
forward-looking statements contained herein are expressly qualified
by this cautionary statement.
SOURCE EastSiberian Plc