Manchester may use private placements to fund exploration

By Sheri Kasprzak

New York, Oct. 17 - Manchester Inc. said it plans to use both private placements and a public offering of its stock to finance its operations.

"The future of the company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral properties," said a form 10-QSB the company filed with the Securities and Exchange Commission. "Management has plans to seek additional capital through a private placement and public offering of its common stock."

For the quarter ended Aug. 31, the company sustained a net loss of $6,541, compared to a net loss of $7,841 for the same quarter of 2004. Since its inception on Aug. 27, 2002, the company has incurred a net loss of $152,058.

"We did not earn any revenues during the nine-month period ending Aug. 31, 2005," the earnings report said. "We incurred operating expenses in the amount of $43,953 for the nine-month period ended Aug. 31, 2005, as compared to a loss of $24,798 for the comparative period in fiscal 2004. The increase in net loss in the current fiscal year is a result of an increase in professional fees."

Based in West Vancouver, B.C., Manchester is a mineral exploration and acquisition company.

On Monday, the company's stock closed up $0.01 to finish at $3.88.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.