Top Strike Announces Second Quarter Financial Results and Provides Corporate Update
Top Strike Announces Second Quarter Financial Results and Provides Corporate Update
Canada NewsWire
CALGARY, Dec. 31, 2018
CALGARY, Dec. 31, 2018 /CNW/ - Top Strike Resources Corp. d.b.a. "Vencanna Ventures Inc." (the "Corporation" or "Vencanna") (CSE:VENI) is pleased to provide a summary of its financial results as of October 31, 2018.
Selected financial information is outlined below and should be read in conjunction with the Corporation's unaudited condensed interim financial statements and management's discussion and analysis for the three and six months ended October 31, 2018, which are available on SEDAR at www.sedar.com.
Financial Highlights
The following table summarizes key financial highlights associated with the Corporation's financial performance for the quarter ended October 31, 2018.
October 31, 2018 | October 31, 2017 | ||
Revenues | Nil | Nil | |
Expenses | 286,894 | 2,867 | |
Net loss | 286,799 | 2,720 | |
Total assets | 9,231,900 | 79,091 | |
Total liabilities | 449,524 | 1,074 | |
Total shareholders' equity | 8,782,376 | 78,017 |
Corporate Update
We are pleased to announce that on November 15, 2018, the board of directors of the Corporation (the "Board") elected Jon Sharun as Chairman of the Board.
Effective December 15, 2018, Michael Tanasichuk resigned as chief financial officer from the Corporation to pursue another business opportunity. We'd like to thank Michael for his contribution during the Recapitalization Transaction (defined below). Jon Sharun, in addition to being the Corporation's Executive Chairman, has assumed the role of chief financial officer on an interim basis. Jon Sharun is a CPA and has a MBA from the UBC Sauder School of Business.
About Vencanna
On September 24, 2018, the Corporation announced, among other things, the completion of a recapitalization transaction (the "Recapitalization Transaction"), delisting of the Corporation from the NEX board of the TSX Venture Exchange and commencement of trading on the Canadian Securities Exchange. As part of the recapitalization transaction, the Corporation closed the initial tranches of a private placement and insider private placement (the "Private Placements"), raising aggregate gross proceeds of $7.2 million.
On October 19, 2018, the Corporation raised further aggregate gross proceeds of $2.4 million through the completion of second tranches of the Private Placements. The Private Placements raised aggregate gross proceeds of $9.6 million
The Recapitalization Transaction has transitioned the Corporation from an oil and gas issuer to a merchant capital firm, rebranded as "Vencanna Ventures Inc." The recapitalized Corporation aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on state compliant opportunities in limited licensed jurisdictions in the United States. The Corporation looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).
Additional details on the Recapitalization Transaction and Private Placements can be found on SEDAR at www.sedar.com.
SOURCE Top Strike Resources Corp.
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