STOCK TITAN

Athabasca Minerals Inc. - ABCAF STOCK NEWS

Welcome to our dedicated page for Athabasca Minerals news (Ticker: ABCAF), a resource for investors and traders seeking the latest updates and insights on Athabasca Minerals stock.

Athabasca Minerals Inc. (TSXV: AMI, OTCQX: ABCAF) is an integrated industrial minerals company specializing in the production and delivery of frac sand to Canada and the United States. The company also operates aggregate operations in Western Canada and manages the largest platform for buying, selling, and transporting aggregates through its wholly-owned technology platform, AMI RockChain.

Core Business

Athabasca Minerals Inc. focuses on serving the energy sector by providing high-quality frac sand essential for hydraulic fracturing in oil and gas extraction. The company’s primary operations include sand mining and processing facilities, along with strategic partnerships and supply chain management to ensure timely delivery of its products.

Recent Achievements

  • Successful acquisition of a fully operational sand mine and facilities in Wisconsin capable of producing 2 million tons of sand annually.
  • Entered multi-year transload agreements for sand delivery and storage at locations in Taylor, BC, and Grande Prairie, BC.
  • Generated significant revenue growth, with gross revenue reaching $34,579,732 in 2022, an increase of 185% from the previous year.
  • Reported a net income of $12,167,346 in 2022, up from a net loss in the prior year.

Financial Condition and Projects

Athabasca Minerals has continually focused on enhancing its financial stability and operational efficiency. The company secured non-dilutive financing to support expansion initiatives and completed several strategic reviews to optimize its asset portfolio. Additionally, the company has engaged in strategic alternatives exploration to maximize shareholder value, which includes potential mergers, acquisitions, or other business combinations.

Partnerships and Technology

Athabasca's technological innovation, AMI RockChain, stands out as a key differentiator, facilitating the seamless buying, selling, and transportation of aggregates, thereby ensuring operational efficiency and customer satisfaction.

Challenges and Future Outlook

The company has faced challenges such as delays in financial reporting due to complex acquisitions and corporate restructurings. Despite these obstacles, Athabasca continues to work diligently to maintain transparency and regulatory compliance. The reinstatement of trading on the TSX Venture Exchange and the ongoing strategic reviews position Athabasca for sustained growth.

For further information, investors can contact Cheryl Grue, Director of Corporate Affairs, at cheryl.grue@athabascaminerals.com or visit their website at www.athabascaminerals.com.

Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) obtains a court order supporting its restructuring efforts under the Notice of Intention to Make a Proposal, extending the stay period to April 22, 2024. The Corporation secures new interim financing from Badger Mining Corporation, amending the previous stay extension.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary
Athabasca Minerals Inc. announces acquisition by Badger Mining Corporation for approximately CAD $29.2 million. The Transaction involves exchanging existing shares for shares in a new entity, ResidualCo, and transferring claims and liabilities. Badger will become the sole shareholder, while existing shareholders will own shares in ResidualCo. The Transaction is subject to Court approval and is a result of a competitive auction process.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) has obtained a court order extending the stay period for its restructuring efforts under the Notice of Intention to Make a Proposal (NOI) until March 11, 2024. The company has also been working on a court-approved sale and investment solicitation process (SISP) for its business and property, with final bids due by January 31, 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) has commenced a restructuring process by filing Notices of Intention to Make a Proposal to its creditors under the Bankruptcy and Insolvency Act. The sales and investment solicitation process (SISP) includes a stalking horse bid to acquire Athabasca's business for $13,000,000 from JMAC Energy Services LLC. Interested parties can submit final bids by January 31, 2024, with a run-off auction in case of superior offers.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) reported its financial and operating results for the three and nine months ended September 30, 2023, including a net loss of $5.1 million for the nine months, a decrease in consolidated revenue, and an operating loss of $1.0 million in Q3-2023. The Corporation also announced the resignation of Mr. Donald Paulencu as Director and Chairman.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
management earnings
-
Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) announces the termination of an arrangement agreement with JMAC Energy Services LLC, resignation of a director, and filing of a Notice of Intention to Make a Proposal to its creditors. The Corporation also filed amended and restated financial statements, resulting in a net income reduction by $0.3 million and a $32.3 million reduction in total assets.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
management
Rhea-AI Summary
Athabasca Minerals Inc. (TSXV: AMI) announces that it is required to amend and restate its audited consolidated financial statements for 2021 and 2022, as well as the interim condensed consolidated financial statements for the three and six month periods ended June 30, 2023. The restatement is necessary due to an incorrect accounting position regarding a joint arrangement. The Corporation is working to finalize the amended filings.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary
Athabasca Minerals Inc. announces definitive arrangement agreement with JMAC Energy Services LLC for the acquisition of all issued and outstanding common shares of Athabasca for $0.145 per share, representing a 45% premium. Transaction to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta). Special Committee believes transaction provides most advantageous outcome for securityholders. Loan amending agreement also entered into with JMAC for secured bridge loan of $2,000,000, with maturity date extended to November 30, 2023. Transaction subject to Securityholder approval and regulatory approvals.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
20.97%
Tags
-
Rhea-AI Summary
Athabasca Minerals Inc. announces its Q2 Financial Statements for the second-quarter ending June 30, 2023. Q2 2023 highlights include signed agreements for silica sand delivery and divestment of non-core assets. Q2 2023 financial results show a gain of 92% in consolidated revenue compared to Q2 2022. Gross profit improved from Q2 2022. Total comprehensive loss decreased by $4,164,487. CEO states higher demand for sand despite challenges. The Corporation plans to hold the annual meeting and potential special meeting by December 31, 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none

FAQ

What does Athabasca Minerals Inc. specialize in?

Athabasca Minerals Inc. specializes in the production and delivery of frac sand and operates aggregate operations in Western Canada.

What are some recent achievements of Athabasca Minerals Inc.?

Recent achievements include the acquisition of a sand mine in Wisconsin, multi-year transload agreements, and significant revenue growth in 2022.

How has Athabasca Minerals Inc. performed financially in recent years?

In 2022, Athabasca reported gross revenue of $34.58 million, a 185% increase from the previous year, and a net income of $12.17 million.

What challenges has Athabasca Minerals Inc. faced recently?

The company has faced delays in financial reporting due to complex acquisitions and corporate restructuring but continues to work towards maintaining transparency and compliance.

What is AMI RockChain?

AMI RockChain is a technology platform owned by Athabasca Minerals Inc. that facilitates the buying, selling, and transportation of aggregates.

What are the future plans for Athabasca Minerals Inc.?

The company is focusing on optimizing its asset portfolio, exploring strategic alternatives, and ensuring sustained growth by enhancing its financial stability and operational efficiency.

How can I contact Athabasca Minerals Inc. for more information?

You can contact Cheryl Grue, Director of Corporate Affairs, at cheryl.grue@athabascaminerals.com or visit their website at www.athabascaminerals.com.

What is the significance of Athabasca's recent acquisition in Wisconsin?

The acquisition adds a fully operational sand mine and processing facilities capable of producing 2 million tons of sand annually, enhancing their production capacity.

What strategic measures is Athabasca Minerals Inc. undertaking?

The company is engaged in exploring strategic alternatives, which may include financing, mergers, acquisitions, or other business combinations to maximize shareholder value.

What is the current status of Athabasca Minerals Inc. in terms of trading?

Athabasca's common shares have been reinstated for trading on the TSX Venture Exchange as of June 16, 2023, following the filing of required financial documents.

Athabasca Minerals Inc.

OTC:ABCAF

ABCAF Rankings

ABCAF Stock Data

8.38M
63.08M
22.53%
Dimension Stone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
Link
United States of America
Edmonton