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Midway Gold Corp Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 7, 2012 06:16AM
Midway Gold Corp (MDW) filed Quarterly Report for the period ended 2012-06-30.
Highlight of Business Operations:The Company has not generated revenues from operations. These consolidated financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of its assets and the settlement of its liabilities in the normal course of operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, confirmation of the Company’s interests in the underlying properties, the attainment of profitable operations and/or realizing proceeds from the sale of one or more of the Company’s properties. As at June 30, 2012, the Company had an accumulated deficit of $84,921,393 and working capital of $1,915,154. On July 6, 2012, the Company closed a public offering for the aggregate gross proceeds of US$15,694,799. Management believes that the proceeds of the offering along with existing working capital are sufficient to fund ordinary operations through the subsequent twelve months. However the Company intends to raise additional capital through debt and/or equity placements as the opportunity presents itself.
Stocks Discussed: MDW,