VANCOUVER, British Columbia,
December 1, 2014 /PRNewswire/ --
Mundoro Capital Inc.
(TSXV:MUN http://www.mundoro.com)
("Mundoro or the "Company") is pleased to announce the Company has
filed financial results for the third quarter ended September 30, 2014.
Teo Dechev, CEO & President
commented, "Mundoro has been extremely prudent in allocating our
cash as we advance our exploration targets. We currently have
sufficient cash on hand to see us through two years of exploration
programs in southeastern Europe.
The Company continues to evaluate strategic opportunities such as
joint ventures with producers for the Company's projects in
Bulgaria and Serbia as we work to
enhance shareholder value."
Mundoro ended the third quarter and nine months with cash, cash
equivalents and short term investments totaling $8,357,951 and no debt which represents
approximately $0.19 per share. For
the three months ended September 30,
2014 the Company recorded a net loss of $1,189,581 ($0.03
per share) compared to a net loss of $1,429,071 ($0.03
per share) for the comparable period in 2013. During the quarter
the Company advanced its properties on the Tethyan Metallogenic
Belt in Serbia and Bulgaria. A
summary of activity can be found in the MD&A. The highlights
provided in this press release should be read in conjunction with
the Company's unaudited Financial Statements and Management
Discussion and Analysis, which are available on SEDAR at
http://www.sedar.com. All dollar amounts are in Canadian Dollars
unless otherwise specified.
The Company also announces that Ernst & Young LLP (the
"Former Auditors") have, at the Company's request, resigned. They
have been replaced, effective November 28,
2014, by PricewaterhouseCoopers LP ("PwC"), to hold office
until the close of the next annual general meeting.
Teo Dechev, CEO & President
commented, "On behalf of the Company, we would like to thank Ernst
& Young for their past services and look forward to working
with PwC."
There were no disagreements or unresolved issues with the Former
Auditors on any matter of audit scope or procedure, accounting
principles or policies or financial statement disclosure. It is the
Company's opinion that there have been no reportable events (as
defined in NI 51-102 (Part 4.11)) between the Company and the
Former Auditors. The Former Auditors did not have any reservation
in the auditors' report for the financial statements for the
Company's last two fiscal years or for any period subsequent to the
date the most recent audit report was issued and preceding the date
hereof.
The Company has sent a Notice of Change of Auditor ("Notice") to
the Former Auditors and to PwC and has received a letter from each,
addressed to the securities commissions in each of Ontario, British
Columbia and Alberta
stating that they agree with the information contained in the
Notice. The Notice, together with the letters from the Former
Auditor and from PwC have been reviewed by the Company's Board of
Directors and are available on http://www.sedar.com
On behalf of the Company,
Teo Dechev, Chief Executive
Officer, President and Director
About Mundoro Capital Inc.
Mundoro is a well-funded, Canadian based, company focused on
mineral acquisition, exploration, and development. Our primary
focus is advancing our properties on the Tethyan Belt in
Southeastern Europe. Mundoro has
methodically acquired a district-scale land position on this
prolific mineral belt which hosts significant Gold-Copper porphyry
and related epithermal deposits. Our strong project pipeline, which
also includes assets in Mexico and
China, is positioned to drive
long-term, sustainable growth in order to attain production and
shareholder return.
Caution Concerning Forward-Looking Statements
Information included, attached to or incorporated by reference
into this News Release may contain forward-looking statements,
including the amount of time that existing cash resources will be
sufficient for exploration and potential strategic joint venture
partnerships. All statements, other than statements of historical
fact, included or incorporated by reference in this News Release
are forward-looking statements, including, without limitation,
statements regarding activities, events or developments that the
Board expects or anticipates may occur in the future. These
forward-looking statements can be identified by the use of
forward-looking words such as "will", "expect", "intend", "plan",
"estimate", "anticipate", "believe" or "continue" or similar words
or the negative thereof. The material assumptions that were applied
in making the forward looking statements in this News Release
include expectations as to the Company's future strategy and
business plan and execution of the Company's existing plans. There
can be no assurance that the plans, intentions or expectations upon
which these forward-looking statements are based will occur. We
caution readers of this News Release not to place undue reliance on
forward looking statements contained in this News Release, which
are not a guarantee of performance and are subject to a number of
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These factors include general economic
and market conditions, changes in law, regulatory processes, the
status of Mundoro's assets and financial condition, actions of
competitors and the ability to implement business strategies and
pursue business opportunities. The forward-looking statements
contained in this News Release 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 Board undertakes no obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise, except as required by
law. Shareholders are cautioned that all forward-looking statements
involve risks and uncertainties and for a more detailed discussion
of such risks and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, refer to the Company's filings with the
Canadian securities regulators available on
http://www.sedar.com.
Neither 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.
For further information: please contact Teo Dechev, CEO, President and Director of
Mundoro Capital Inc. at +1-604-669-8055 or Michelle Roth, Roth Investor Relations at
+1-732-792-2200.