Advantagewon Oil Corp. Appoints Mr. Howard Blacker as CFO, Announces Q3 Results and Enters into Loan Agreements
Toronto, Ontario--(Newsfile Corp. - December 4, 2019) - Advantagewon Oil Corp., (CSE: AOC), (OTC Pink: ANTGF), (the "Corporation", "Advantagewon", "AOC") announced today that effective immediately, it has appointed Mr. Howard Blacker as the Corporation's Chief Financial Officer. Mr. Blacker is a Chartered Professional Accountant and a Chartered Accountant. Mr. Blacker articled with Coopers and Lybrand where he practised until 1990, working in the firm's audit and insolvency divisions. Mr. Blacker left public practise in 1990 to join a geological and geophysical consulting firm as Chief Financial Officer and as a Director. Since then, Mr. Blacker has been the Chief Financial Officer and or Director of a number of public and private firms, primarily in the energy sector. Mr. Blacker has focused his career on financial control, management and corporate governance. Mr. Blacker holds a B.Comm. from the University of Calgary.
The Corporation also released a summary of its financial results for the Three & Nine months ended September 30th, 2019.
Key highlights include:
Total Revenue decreased to $ 106,830 CDN in Q3 2019, from $ 247,819 CDN in Q3 2018, representing a decrease of 57%.
Total Revenue for the Nine months ended September 30, 2019 decreased to $ 339,600 CDN from $ 674,964 CDN for the Nine months ended September 30, 2018, representing a decrease of 49%.
Net loss for the Three months ended September 30, 2019 was reduced to ($ 233,076) CDN vs. ($ 729,537) CDN for the Three months ended September 30, 2018 representing a decrease of 49%.
Net loss for the Nine months ended September 30, 2019 was reduced to ($ 978,341) CDN vs. ($ 1,724,841) CDN for the Nine months ended September 30, 2018 representing a decrease of 43%.
Fully Diluted EPS for the Nine months ended September 30, 2019 remained as $0.00 vs. $0.00 for the Nine months ended September 30, 2018.
It should be noted that for the Nine months ended September 30, 2017 the Corporation incurred a Net loss of ($2,459,219) vs. the net loss of ($ 978,341) for the Nine months ended September 30 ($ 978,341) representing a decrease of 60% over the two year period. The Corporation continues to rapidly approach the breakeven point with its goal of achieving profitability in the near term.
The Corporation's Unaudited Consolidated Financial Statements and Management's Discussion and Analysis for the Three & Nine months ended September 30th, 2019 were posted on the Corporation's SEDAR profile page on November 29th and can be viewed by visiting www.sedar.com and on the Corporation's website, which can be viewed by visiting www.aoc-oil.com
The Corporation further announced that it had entered into secondary loan agreements with a syndicate of lenders for a total of Eighty-Seven Thousand, Five Hundred Dollars ("$87,500.00") CDN. Under the terms of the agreements the Corporation will pay Twelve percent ("12%") per interest per annum to the lenders and repay the loan over three ("3") years. The Corporation will also issue a combined Thirteen Million, One Hundred and Twenty-Five Thousand ("13,125,000") Units of the Corporation to the syndicate. Each unit shall consist of One ("1") Common Share of the Corporation and 1 full Purchase Warrant. Each Purchase Warrant shall entitle the holder of the Warrant the ability to purchase 1 additional Common Share at a deemed price of Five Cents ("$0.05") CDN per Common Share for a period up to three years after the date of issuance of the Units.
For further information please contact:.
Mr. Stephen Hughes
CEO & Director
Advantagewon Oil Corp.
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50438