Newlox Gold – Files an Amended and Restated MD&A
As a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure.
Vancouver, BC, November 28, 2016 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt: NGO) a Canadian company involved in the development of environmentally-friendly artisanal mine tailings remediation and reprocessing systems, announces the refilling of its annual Management Discussion and Analysis (“MD&A”) dated November 28, 2016, related to the annual consolidated financial statements of Newlox for the for the year ended March 31, 2016.
The Amended and Restated MD&A provides enhanced disclosure of the Company’s financial performance for the year ended March 31, 2016.
Following a review by the British Columbia Securities Commission, the Company has identified a number of areas within its MD&A for the year ended March 31, 2016 which require clarification. The material revisions include:
- A clarification of how the Company earned revenue in fiscal 2016.
- The timeline for the Company’s planned commercialization program.
- An updated section on the Company’s proposed transactions.
- A clarification of the Company’s disclaimer regarding forward-looking statements.
- A more detailed analysis of the Company’s operations during the relevant reporting period.
- A discussion of the factors that have caused variations over the quarters necessary to understand general trends that have developed and the seasonality of the business.
- An analysis of the Company’s liquidity.
- An analysis of the Company’s capital resources.
- A more detailed discussion of the Company’s transactions with related parties.
- A more detailed analysis and discussion regarding the events which affected the Company during the fourth quarter.
- A more detailed discussion of the Company’s Results of Operations with a particular focus on changes to consulting and professional fees, management fees, depreciation, and financings.
- A revised statement on revenue, gross profits, and net comprehensive loss.
- A revised statement on the Company’s Liquidity and Capital Resources with a focus on clarifying the company’s working capital requirements and the expenditures required to fund development activities.
The amended and restated MD&A is available to the public on SEDAR and contains the updated information detailed above.
About Newlox Gold
Newlox Gold Ventures Corp., CSE (LUX), Frankfurt (NGO), is an environmentally and socially responsible company pursuing precious metals and environmental reclamation related business opportunities in Latin America. The Company is working in collaboration with the Norman B. Keevil Institute of Mining Engineering at the University of British Columbia and with its experienced team in Central America has established a waste remediation and gold recovery operation.
Newlox, through its wholly owned subsidiary, Oro Roca SA is applying innovative processing technologies to historical tailings to achieve precious metals extraction and soil remediation. Newlox does not own any properties and does not have reserves or resources. It is not an exploration or mining company. It provides a valuable service to local stakeholders where there exist many historical waste dumps (tailings), which pose social and environmental risks. Newlox is addressing this problem by reprocessing these materials to recover remaining values of minerals and clean up the environment.
The longer-term objective of Newlox Gold Ventures Corp. is to establish a dividend paying enterprise, which will allow its shareholders to participate in equity value growth, share in profits, and contribute to environmental cleanup while setting a high standard of social responsibility.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release).
Stewart A. Jackson, Ph.D., P.Geo., is a “Qualified Person” within the meaning of National Instrument 43-101 and has reviewed the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
For a PDF file of this news release, click here.