Khan Files Second Quarter 2012 Financial Results
TORONTO, ONTARIO--(Marketwire - May 4, 2012) - Khan Resources Inc. (TSX:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the three and six months ended March 31, 2012 on SEDAR and has posted these documents to its website www.khanresources.com.
Highlights for the quarter include:
· The Company's interim financial statements have been prepared in accordance with IFRS and in Canadian dollars. Comparative statements, previously prepared in US dollars under Canadian Generally Accepted Accounting Principles ("GAAP"), have been adjusted for changes in the functional and reporting currencies of the Company and its subsidiaries and other IFRS adjustments.
· The net loss for the three-month period ended March 31, 2012 was $1,259,000 or $0.02 per share compared to a net loss of $1,222,000 or $0.02 per share for the same period in 2011.
· In respect of the $200 million International Arbitration action against the Government of Mongolia, a hearing on jurisdictional matters will be held May 14 to May 16, 2012. As a result, activity levels were high in the second quarter preparing and submitting briefs in advance of the actual hearing. Submissions were made to the Tribunal on February 3, 2012 and on April 23, 2012. The Company remains confident of a favourable outcome to the arbitration action.
· In respect of the $300 million lawsuit against Atomredmetzoloto JSC ("ARMZ"), the Company announced on March 12, 2012 that it had received the decision of Justice O'Marra of the Superior Court of Justice of Ontario allowing an appeal by ARMZ of the previous decision of the Superior Court which had validated service of a statement of claim in respect of Khan's lawsuit against ARMZ. On April 20, 2012, Khan announced that it has filed an appeal with the Court of Appeal for Ontarioin relation to the March decision of the Superior Court.
· On April 12, 2012, the Company announced that it had received a notice from the Toronto Stock Exchange ("TSX") that the TSX has decided to delist the Company's securities effective at the close of market on May 11, 2011. The Company's common shares have been conditionally approved for trading on the Canadian National Stock Exchange ("CNSX") and the Company is in the process of completing the listing procedures for the CNSX.
· On April 19, 2012, the Company announced the closing of a non-brokered private placement financing resulting in the issuance of 13,600,000 common shares at a price of $0.17 per common share for gross proceeds of $2,312,000. The Company plans to use the proceeds of the offering to advance the International Arbitration case against the Government of Mongolia and for general corporate purposes.
Highlights for the quarter include:
· The Company's interim financial statements have been prepared in accordance with IFRS and in Canadian dollars. Comparative statements, previously prepared in US dollars under Canadian Generally Accepted Accounting Principles ("GAAP"), have been adjusted for changes in the functional and reporting currencies of the Company and its subsidiaries and other IFRS adjustments.
· The net loss for the three-month period ended March 31, 2012 was $1,259,000 or $0.02 per share compared to a net loss of $1,222,000 or $0.02 per share for the same period in 2011.
· In respect of the $200 million International Arbitration action against the Government of Mongolia, a hearing on jurisdictional matters will be held May 14 to May 16, 2012. As a result, activity levels were high in the second quarter preparing and submitting briefs in advance of the actual hearing. Submissions were made to the Tribunal on February 3, 2012 and on April 23, 2012. The Company remains confident of a favourable outcome to the arbitration action.
· In respect of the $300 million lawsuit against Atomredmetzoloto JSC ("ARMZ"), the Company announced on March 12, 2012 that it had received the decision of Justice O'Marra of the Superior Court of Justice of Ontario allowing an appeal by ARMZ of the previous decision of the Superior Court which had validated service of a statement of claim in respect of Khan's lawsuit against ARMZ. On April 20, 2012, Khan announced that it has filed an appeal with the Court of Appeal for Ontarioin relation to the March decision of the Superior Court.
· On April 12, 2012, the Company announced that it had received a notice from the Toronto Stock Exchange ("TSX") that the TSX has decided to delist the Company's securities effective at the close of market on May 11, 2011. The Company's common shares have been conditionally approved for trading on the Canadian National Stock Exchange ("CNSX") and the Company is in the process of completing the listing procedures for the CNSX.
· On April 19, 2012, the Company announced the closing of a non-brokered private placement financing resulting in the issuance of 13,600,000 common shares at a price of $0.17 per common share for gross proceeds of $2,312,000. The Company plans to use the proceeds of the offering to advance the International Arbitration case against the Government of Mongolia and for general corporate purposes.
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