www.unuudur.com » Khan Files Fiscal Year End 2013 Financial Results

Khan Files Fiscal Year End 2013 Financial Results

[Нийтэлсэн: 22:18 15.01.2014 ]

www.marketwatch.com

TORONTO, ONTARIO, Jan 15, 2014 (Marketwired via COMTEX) — Khan Resources Inc. (cnsx:KRI) (” Khan” or “the Company”) announced today that it has filed its financial statements and management discussion and analysis for the year ended September 30, 2013 on Sedar and has posted these documents to its website www.khanresources.com .

Highlights for the year include:

– International arbitration action against the Government of Mongolia -the hearing by the International Arbitration Tribunal on merits and quantum was held and completed between November 11 and November 15, 2013. Arguments were heard by the Tribunal from Khan and from the Government of Mongolia on the merits of the case and the damages incurred by Khan due to the illegal expropriation in 2009 of the mining and exploration licenses for the Dornod uranium project in northeastern Mongolia. The amount of damages sought by Khan currently exceeds $326 million.

– Investments – During the year, the fair value of the Company’s investment in Macusani Yellowcake, Inc. (Macusani) common shares decreased by $1,009,000 net of an impairment reversal of $233,000 which was recorded in accumulated other comprehensive income (loss) (2012 -impairment loss of $1,953,000).

– Equity issue – On September 24, 2013, the Company announced the closing of a non-brokered private placement financing resulting in the issuance of 7,237,703 common shares at a price of $0.17 per common share for gross proceeds of $1,230,410. The Company plans to use the proceeds of the offering to advance the international arbitration case against the Government of Mongolia and for general corporate purposes.

– Corporate matters – On August 22, 2013 the Company decided to close its operations in Mongolia. Results of Mongolian operations were a loss of $219,000 (2012 – loss of $ 16,261,000) and the results are rep orted as discontinued operations on the face of the Company’s audited consolidated statement of comprehensive loss for the year ended September 30, 2013 with reclassified comparative results for the year ended September 30, 2012.

– Atomredmetzoloto (“ARMZ”) litigation – On April 2, 2013 the Court of Appeal for Ontario dismissed Khan’s appeal to validate, substitute or dispense with service of Khan’s Statement of Claim against ARMZ, its Russian partner in Mongolia. ARMZ had avoided service of the Statement of Claim as the Russian Ministry of Justice had invoked Section 13 of the Hague Convention which allowed Russia to refuse to serve ARMZ as a matter of Russian sovereignty or security. Khan has decided not to appeal this decision to the Supreme Court of Canada.



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