IMAGINE LITHIUM INC. IMAGINE LITHIUM INC.
(formerly INFINITE ORE CORP.)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED APRIL 30, 2022 AND 2021
EXPRESSED IN CANADIAN DOLLARS
Registered Head Office
1240 - 789 West Pender Street
Vancouver, BC
V6C 1H2
Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements
Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.
IMAGINE LITHIUM INC. (formerly INFINITE ORE CORP. )
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED, EXPRESSED IN CANADIAN DOLLARS)
AS AT,
April 30, | January 31, | |||
2022 | 2022 | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 3,944,557 | $ | 4,712,565 |
Marketable securities (Note 5) | 100,000 | 110,000 | ||
Commodity tax recoverable | 87,506 | 16,372 | ||
Subscription receivable | - | 16,000 | ||
Prepaids and other current assets | 66,279 | 18,934 | ||
4,198,342 | 4,873,871 | |||
Exploration and evaluation assets (Note 6) | 8,822,196 | 8,132,997 | ||
$ | 13,020,538 | $ | 13,006,868 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current | ||||
Accounts payable and accrued liabilities (Notes 7 & 11) | $ | 103,418 | $ | 91,284 |
Flow-through premium liability (Notes 8 & 10) | - | 162,505 | ||
103,418 | 253,789 | |||
Shareholders' Equity | ||||
Share capital (Note 8) | 30,943,439 | 30,805,039 | ||
Share-based payment reserve (Note 8) | 4,332,686 | 4,304,086 | ||
Deficit | (22,359,005) | (22,356,046) | ||
12,917,120 | 12,753,079 | |||
$ | 13,020,538 | $ | 13,006,868 |
Nature of Operations and Going Concern (Note 1)
Commitments and Contingencies (Note 10)
Subsequent events (Note 12)
Approved on behalf of the Board of Directors:
"Michael England", Director | "Jonathan Gagne", Director |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
IMAGINE LITHIUM INC. (formerly INFINITE ORE CORP.)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (UNAUDITED, EXPRESSED IN CANADIAN DOLLARS)
FOR THE THREE MONTHS ENDED APRIL 30,
2022 | 2021 | |||
OPERATING EXPENSES | ||||
Consulting and management fees (Note 11) | $ | 91,496 | $ | 79,496 |
Professional fees | 14,803 | 40,626 | ||
Office and administration (Note 11) | 2,380 | 24,372 | ||
Shareholder communication and promotion | 1,150 | 17,145 | ||
Transfer agent and filing fees | 14,672 | 18,757 | ||
Travel and accommodation | 2,363 | 2,028 | ||
Share-based compensation | 28,600 | - | ||
(155,464) | (182,424) | |||
Flow-through recovery (Notes 8 & 10) | 162,505 | - | ||
Gain on sale of exploration and evaluation asset (Note 6) | - | 121,500 | ||
Unrealized gain (loss) on marketable securities (Note 5) | (10,000) | 48,310 | ||
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD | $ | (2,959) | $ | (12,614) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ | (0.00) | $ | (0.00) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||||
- BASIC AND DILUTED | 199,963,421 | 130,130,871 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
IMAGINE LITHIUM INC. (formerly INFINITE ORE CORP.)
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED, EXPRESSED IN CANADIAN DOLLARS)
Share-based payment | Total shareholders' | ||||||||
Number of shares | Share capital | reserve | Deficit | equity | |||||
Balance, January 31, 2020 | 126,582,035 | $ | 24,022,320 | $ | 4,582,988 | $ | (21,858,173) | $ | 6,747,135 |
Shares issued for exploration and evaluation assets | 800,000 | 88,000 | - | - | 88,000 | ||||
Shares issued on exercise of warrants | 3,763,135 | 388,985 | (55,798) | - | 333,187 | ||||
Shares issued on exercise of options | 375,000 | 41,113 | (17,113) | 24,000 | |||||
Net loss for the period | - | - | - | (12,614) | (12,614) | ||||
Balance, April 30, 2021 | 131,520,170 | 24,540,418 | 4,510,077 | (21,870,787) | 7,179,708 | ||||
Private placements | 56,000,000 | 3,527,820 | - | - | 3,527,820 | ||||
Share issuance costs - cash | - | (47,875) | - | - | (47,875) | ||||
Flow-through share premium | - | (167,820) | - | - | (167,820) | ||||
Shares issued for exploration and evaluation assets | 7,000,000 | 880,000 | - | - | 880,000 | ||||
Shares issued on exercise of warrants | 16,211,848 | 1,753,608 | (72,303) | - | 1,681,305 | ||||
Shares issued on exercise of options | 2,370,000 | 318,888 | (133,688) | 185,200 | |||||
Net loss for the period | - | - | - | (485,259) | (485,259) | ||||
Balance, January 31, 2022 | 213,102,018 | 30,805,039 | 4,304,086 | (22,356,046) | 12,753,079 | ||||
Shares issued on exercise of warrants | 939,999 | 138,400 | - | - | 138,400 | ||||
Stock-based compensation | - | - | 28,600 | - | 28,600 | ||||
Net loss for the period | - | - | - | (2,959) | (2,959) | ||||
Balance, April 30, 2022 | 214,042,017 | $ | 30,943,439 | $ | 4,332,686 | $ | (22,359,005) | $ | 12,917,120 |
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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Imagine Lithium Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 18:01:07 UTC.
