CALGARY, Alberta, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Blackhawk Resource Corp. (“Blackhawk” or the “Corporation”) (BLR: TSX-V) is pleased to announce that the financial statements and MD&A for its fiscal year ended June 30, 2018 have been filed on Sedar.
- Blackhawk had interest income of $6,090 on its debt portfolio, a realized gain on disposal of equity investments of $48,956, an unrealized loss on equity investments of $164,245 and $42,390 of net revenue from its oil and gas assets for the year ended June 30, 2018.
- Blackhawk had negative cash flow from operations of $191,895 for the year ended June 30, 2018.
- As at June 30, 2018, Blackhawk held $5,170,500 in investments.
- As at June 30, 2018, NAV per share was $0.12.
Blackhawk continues to hold certain equity and short term loan investments. The equity portion of its portfolio includes a significant investment in a private eSports company, UMG Media Corp. (“UMG”). UMG is involved in both live tournament events as well as on line match play.
The loss for the year ended June 30, 2018 was also impacted by a decrease in investment activity in the year, with that reduced activity and in recognition of market conditions, the Corporation in an effort to reduce administrative costs took certain steps including a 50% reduction in all senior management fees.
As at June 30, 2018, the Corporation held total investments of $5,170,500 comprised of equity type investments of $4,795,500 and short term loan investments of $375,000. In addition, the Corporation held a cash balance of $88,812.
Investments at fair value by sector consist of the following as at June 30, 2018:
|Sector||Cost||Total fair value||% of total fair value|
|Technology and media||1,813,264||4,795,500||100%|
Debt instrument investments consist of the following as at June 30, 2018:
|Short term loans||$375,000|
|Total current debt instrument investments||$375,000|
Additional information is available on our website at www.blackhawkcorp.ca.
For further information please contact:
Dave Antony, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NON-GAAP OR NON IFRS FINANCIAL MEASURES
This press release includes references to “net asset value per share (“NAV per share”),” a financial measure that does not have a standardized meaning prescribed by generally accepted accounting principles (GAAP) or International IFRS. NAV per share is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. Investors are cautioned that this non-GAAP measure should not be construed as an alternative to the measurement calculated in accordance with IFRS as, given its non-standardized meaning; it is unlikely to be comparable to similar measures presented by other issuers.
This news release contains forward-looking statements as defined under applicable securities laws. Statements other than statements of historical fact contained in this news release may be forward-looking statements under applicable securities legislation, including, without limitation, management's expectations. Many of these statements can be identified by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. To the extent any forward-looking statements herein constitute a financial outlook, including, without limitation, the estimated effect on the Corporation's revenues, they were approved by management as of the date hereof and have been included to assist readers in understanding management's current expectations regarding the Corporation’s financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.
Statements containing forward-looking information by their nature involve numerous assumptions and significant known and unknown facts and uncertainties of both a general and a specific nature.
The forward-looking statements contained herein are subject to numerous known and unknown risks that may cause actual results to vary from those set forth in the forward-looking statements, including, but not limited to risks associated with: general economic conditions and changes in the financial markets; risks associated with investment Corporation businesses; a material change in the operations of an investment Corporation or the industries in which they operate; and key assumptions.
As forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. Accordingly, readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management's current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and the Corporation does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.