TORONTO, Jan. 23, 2014 /CNW/ - Dacha Strategic Metals Inc. (TSX-V: DSM) ("Dacha") today announced that its wholly-owned subsidiary, Dacha Strategic Metals Ltd. ("Dacha Barbados"), has completed the sale of its remaining 6,500 Kgs of terbium oxide for gross proceeds of approximately U.S. $2.6 million. Market conditions at the time of this sale were such that these metals were sold for less than their original cost and less than their estimated fair market value as at September 30, 2013 as reflected in Dacha's financial statements for the three and six months ended September 30, 2013.
Following completion of this sale, Dacha Barbados holds 10,000 Kgs of Dysprosium Fe, 9,950 Kgs of Gadolinium Oxide and 14,000 Kgs of Yttrium Oxide. Dacha continues to evaluate Dacha Barbados' inventory positions, and Dacha Barbados may make future purchases or sales of rare earth metals depending upon market conditions and other relevant facts.
Dacha is an investment company whose objective is to enhance shareholder value over the long term. Dacha seeks to accomplish this objective by making and holding those investments that Dacha's board believes from time to time are most likely to enhance shareholder value over the long term.
Dacha is an investment company whose objective is to enhance shareholder value over the long term. Its shares are listed on the TSX Venture Exchange under the symbol "DSM".
Except for statements of historical fact relating to Dacha, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Dacha's investment policy and intentions, Dacha's ability to source and make attractive investments, Dacha's ability to trade in rare earth elements, the realization value of Dacha's physical inventory portfolio, and general investment and market trends. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Dacha to be materially different from those expressed or implied by such forward-looking information. Although management of Dacha has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Dacha does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain information on parties other than Dacha contained in this press release has been obtained or quoted from publicly available sources, independent publications, media articles or third party websites (collectively, the "Publications"). In certain cases, these sources make no representations as to the reliability of the information they publish. Further, the analyses and opinions reflected in these Publications are subject to a series of assumptions about future events. There are a number of factors that can cause the results to differ materially from those described in these publications. None of Dacha or its representatives independently verified the accuracy or completeness of the information contained in the Publications or assume any responsibility for the completeness or accuracy of the information derived from these Publications.
NEITHER THE 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.
SOURCE Dacha Strategic Metals Inc.