Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 2019 and accompanying Managements Discussion and Analysis for the same period. Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
During the 12 months ending February 28, 2019, the Company spent $6,579,680 (12 months ended February 28, 2018 – $7,494,051) on its exploration projects. As of February 28, 2019, Rupert held cash or cash equivalents of $5,949,381. The Company recorded a net loss and comprehensive loss for the year of $(6,171,061) (12 months ended February 28, 2018 – $(5,079,159)) and a net loss per share of $(0.05) (12 months ended February 28, 2018 – $(0.06)).
James Withall, Chief Executive Officer of Rupert Resources said, “We have made a number of breakthroughs at the Pahtavaara Project in 2019 culminating in the new discovery at Area 1 announced in May. Looking forward we now intend to focus our activities on identifying and developing a number of similar discoveries on our extensive land holding in northern Finland. We continue to be well supported by existing shareholders having raised over twelve million dollars in 2018 to fund the exploration programs. ”