Northern Uranium Corp V.UNO.H

This from the latest financial statement...

[RazorRamone777]

"The Company does not generate revenue from operations.  As the Company has no revenues, its ability to continue as a going concern is dependent on obtaining additional financing. "

"Its main project has been the North West Manitoba uranium project; the Company has reached 70% ownership of that project and has finalized a joint venture agreement at the 70/30% level.  On July 23, 2018, the Company announced that it does not intend to continue with this project and is seeking a potential buyer of it. "

"Due to the lack of ability to move forward with the uranium project and the difficulty in obtaining financing, the Company’s shares were moved back to the NEX on November 8, 2019."

"Until such time as the Company is able to realize any profits, the Company will report an annual loss and will rely on its ability to obtain equity or debt financing to fund ongoing operations."

"The Company recorded $5,195 in office and administrative expenses (2020 – $16,516), $3,267 in professional fees (2020 – $1,157) and $11,862 in transfer agent and filing fees (2020 – $8,181).  In the current period, the group of companies that share office space had slightly lower costs, which decreased the Company’s office and administrative costs.  CFO services had also been previously included in these expenditures, and are now being billed separately by a different related party.   In lieu of shared payroll allocation, the Company incurred separate consulting fees in the current period ($3,250; 2020 –$nil).  The Company had higher filings fees in 2021 due to the timing of listing fees for the NEX and the timing of the AGM.  This also resulted in higher Professional fees. "

"As at June 30, 2021, the Company had cash and cash equivalents of $20,797.   "

"As at June 30, 2021 and July 27, 2021, the Company had 162,361,514 common shares issued and outstanding and there are 2,000,000 outstanding stock options, with an exercise price of $0.15 expiring   May 13, 2024."

"Other risks facing the Company include competition, environmental and insurance risks, fluctuations in metal prices, share price volatility and uncertainty of additional financing. "

"On July 23, 2018, the Company announced that it no longer intends to proceed with the North West Manitoba and intends to seek buyers for the project."

[kcuhc11]

This post has been removed in accordance with Community Policy