AXMIN Announces Financial Results for the Three Months Ending June 30, 2018
Vancouver, August 29, 2018 - AXMIN Inc. (TSXV: AXM) ("AXMIN" or the "Company") announces its financial and operating results for the three months ended June 30, 2018. All amounts included in this news release are in United States dollars
Highlights
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During the three months ended June 30, 2018, the Company reported royalty income of $576,643 from Gora Projects, compared with $386,655 for the same time period of 2017.
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The net income for the three months ended June 30, 2018 was $437,586 compared to $359,338 in the same period of 2016.
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2018 the Company had cash on deposit in the amount of $1,944,449, accounts and other receivables of $577,237, and prepaid expenses of $5,487. Royalty income receivable of $573,643 has been received subsequent to the period ended June 30, 2018.
Net assets inclined to negative $362,169 at June 30, 2018 compared to negative $1,215,536 at December 31, 2017.
OUTLOOK
We continue our efforts and commitment with our developments in the CAR. We look forward to the time when we can reclaim our operations in CAR again.
About AXMIN
AXMIN is a Canadian exploration and development company with a strong focus on the African continent. AXMIN continues to closely monitor the political situation at its Feasibility Stage Passendro Gold Project in the Central African Republic. For more information regarding AXMIN visit our website at www.axmininc.com.
For additional information, please contact Axmin Inc.:
Lucy Yan
Chairman and CEO
ceo@axmininc.com
Axmin Inc.
General Enquiries
Jin Kuang
Chief Financial Officer and Corporate Secretary
j.kuang@axmininc.com
604-339-7688
Investor Relations
ir@axmininc.com
www.axmininc.com
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical fact included herein, including without limitation, information regarding the future option grant plans and objectives of AXMIN, are forward-looking information that involves various risks and uncertainties.
There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from AXMIN's expectations have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking information whether resulting from new information, future events or otherwise, except as required by applicable law.
Neither 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.