Mount Logan Capital Inc. Releases Q3 2018 Financial Statements
TORONTO, Nov. 09, 2018 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO:MLC) (“Mount Logan” or the “Company”) announces that it has reported a total and comprehensive loss for the three months ended September 30, 2018 of $342,000 or $0.02 per share compared to an income of $39,000 or $0.00 per share for the same period in 2017. For the nine months ended September 30, 2018, the loss was $954,000 or $0.05 per share compared to a loss of $286,000 or $0.02 per share for the same period in 2017. As of September 30, 2018, the Company had total assets of $43.4 million, liabilities of $28.3 million, shareholders’ equity of $15.0 million and a net asset value per share of $0.85 (including a value of $0.45 per share attributable to the Company’s interest in Cline Mining Corp.) The financial statements along with management’s discussion and analysis can be found on SEDAR (www.sedar.com) or on Mount Logan’s website (www.mountlogancapital.ca).
About Mount Logan Capital Inc.
Mount Logan Capital Inc. (“Mount Logan”), formerly Marret Resource Corp., will continue to conduct the business of an investment firm primarily focused on investing in public and private debt securities, but will expand its focus from natural resource lending to a broader lending-oriented credit platform. The Company holds and will actively manage and monitor a seed portfolio of loans and other investments with credit-oriented characteristics. The Company intends to actively source, originate, evaluate, underwrite, monitor, and primarily invest in additional loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
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This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts, but reflect the current expectations of the Company regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the Company’s business strategy, model, approach and future activities, future credit opportunities of the Company and the expansion of the Company’s loan portfolio. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed: (i) under “Risks Factors” in the most recently filed annual information form and MD&A for the Company, and (ii) under the risk factors sections in the management information circular of the Company prepared in connection with the meeting at which the Arrangement was approved by shareholders. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.
This press release is not, and should not be construed as, an offer to sell or acquire any securities in any jurisdiction.