NWT Uranium Corp13 May 2015 09:52
QUINAN 12 May'15 - 22:17 - 227 of 228 1 0
http://uk.advfn.com/cmn/fbb/thread.php3?id=33556304
I have been sniffing around and found NWT Uranium Corp has John Zorbas as the MD, I take it NWT coal is a separate company?
NWT Uranium Corp now wants to become an investment company as below. Could MR Zorbas be helping with the next investment for MMO???
Financial Update
As reported in the Corporation's unaudited financial statements for three (3) months ended June 30, 2014, the Corporation currently has approximately $3.9 million in cash and cash equivalents with approximately $7.2 million in total assets (of which approximately $5.1 million is current assets) and an aggregate of approximately $3.8 million in total liabilities of which all are current liabilities.
Of the $3.9 million in cash and cash equivalents, $827,378 is held in three (3) separate fixed term deposits of 6, 9 and 12 months with the Bank of Cyprus. The Bank of Cyprus has the option to renew each of the fixed term deposits once for the same duration of the original deposit. The Bank of Cyprus exercised such option with respect to one of the term deposits (which was placed in a one-month rollover account). The Corporation expects that the Bank of Cyprus will exercise its option with respect to the remaining two (2) term deposits. As a result of the fact that the Corporation will not be able to access the funds on deposit in the Bank of Cyprus the Corporation set up an allowance of $370,949
Investment in URU Metals Limited
URU Metals Limited ("URU"), which is an AIM listed exploration and development company focusing on the development of large-scale metal projects worldwide, and the Corporation are related parties due to the fact that Mr. John Zorbas, who is a director of the Corporation, is an officer of URU and the Corporation owns, as at June 30, 2014, an aggregate of 52,783,339 common shares in the capital of URU or 39.8% of URU's issued and outstanding capital.
Subsequent to June 30, 2014, the Corporation acquired an additional 19,283,335 URU common shares for an aggregate purchase price of $533,088 or approximately $0.03 per common share. As of the date of this news release, the Corporation owns an aggregate of 72,066,427 URU common shares or 30.2% of URU's issued and outstanding capital.
Other Investments
In the June 30, 2014 balance sheet, the Corporation has $924,792 allocated to "Other Investments". These investments are comprised of the following securities:
• 5,000,000 common shares of Canuc Resources Corporation (CDA.V)
• 1,800,000 common shares of Azimut Exploration Inc. (AZM.V)
• 5,000,000 common shares of Bank of Cyprus
• 11,205,332 common shares of Unique Broadband Systems Inc. (UBS.H.V)
• 4,248,500 common shares of Handa Copper Corporation (HEC.V) [New Hana Copper Mining Ltd. changed its name on April 25, 2014]
http://www.marketwired.com/press-release/nwt-uranium-corp-provides-update-tsx-
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