Mano River Resources registers loss in first nine months of FY08
by Jo Black
The Board of Mano River Resources Inc. has issued the accounts of the company for the financial quarter ended October 31, 2007. The company has registered a net loss grew 51 percent to $1.24 million during the nine month period ending October 31, 2007.
During the nine months period ended October 31, 2007: (a) The Company issued 2,100,000 common shares on exercise of stock options at a price of Cdn$0.11 per share and 100,000 common shares at a price of Cdn$0.10 per share.
Cash proceeds of $198,276 for exercise of these stock options were received by the Company on January 31, 2007 and recorded as subscriptions under shareholders‟ equity. (b) 590,000 stock options were exercised at a price of CDN$0.10 per share and 15,000 options expired unexercised; and 2,000,000 stock options were exercised at a price of CDN$0.11 per share and 1,000,000 options expired unexercised. Total option exercise proceeds were $239,560.
Mano River Resources is engaged in the acquisition, exploration and development of gold, diamond and iron ore properties. The Company is in the development stage and has no source of cash flows other than loans from related parties or equity offerings.
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