382 0 Kommentare Khan Files Third Quarter 2014 Financial Results

TORONTO, ONTARIO--(Marketwired - Aug. 22, 2014) - Khan Resources Inc. (CSE:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the nine months ended June 30, 2014 on SEDAR and has posted these documents to its website www.khanresources.com.

Highlights

International arbitration action against the Government of Mongolia - All submissions and hearings have now been completed in respect of the international arbitration action against the Government of Mongolia for the illegal expropriation in 2009 of the Company's mining and exploration licenses for the Dornod uranium project in northeastern Mongolia. The hearing on merits and quantum was completed between November 11 and November 15, 2013 and two post-hearing briefs were subsequently submitted; the first on February 5, 2014 followed by a final brief on April 11, 2014. The Tribunal is now in the process of formulating their decision which is expected in the second half of 2014. The amount of damages sought by Khan currently exceeds $350 million.
Cash - Substantial cash outflows for legal expenses related to the international arbitration came to an end by March 31, 2014. Management is now conserving its cash resources pending the judgment of the
Tribunal. The Company's rate of cash expenditures has declined significantly since April 1, 2014.
Investments - As at June 30, 2014, Khan held 14.8 million common shares of Macusani Yellowcake Inc. ("Macusani"), which represents 8.8% of the 167.6 million Macusani outstanding common shares. The fair value of the investment at June 30, 2014 was $889,000 - a decrease of $275,000 from the value at September 30, 2013. The decrease was due to a decline in the price of Macusani common shares from $0.075 per share at September 30, 2013 to $0.06 per share at June 30, 2014 and the sale of 700,000 shares during February and March for gross proceeds of $92,000.
Corporate matters - The Mongolian subsidiaries were closed on September 30, 2013 and all Mongolian tangible assets were retired. The office in Ulaanbaatar was closed on June 30, 2014.
The following table summarizes financial results of the Company for the three and nine months ended June 30, 2014 and 2013.

In thousands of dollars
				Change
		2014	2013	%
Net loss from continuing operations
	Three months ended June 30	(389)	(1,121)	65.3%
	Nine months ended June 30	(2,240)	(3,216)	30.3%
Net income (loss) from discontinued operations
	Three months ended June 30	(27)	(26)	-3.8%
	Nine months ended June 30	(12)	(98)	87.8%
Basic and diluted earnings per share ($)
	Three months ended June 30	(0.01)	(0.02)	66.7%
	Nine months ended June 30	(0.03)	(0.03)	0.0%
Cash flow
	Nine months ended June 30	(1,880)	(2,867)	34.4%
Cash and cash equivalents
	As at June 30	351	1,813	-80.6%
Working Capital
	As at June 30	1,237	2,314	-46.5%