VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/25/13 -- Santa Rosa Resources Corp. (TSX VENTURE: STR.H) ("The Company") today announced its quarterly and annual results for the period ended December 31, 2012. The financial statements have been prepared in accordance with International Financial Reporting Standards.
David Roberts, President and CEO, said, "The Directors and Officers of Santa Rosa Resources Corp. are seeking a suitable new business to vend into the Company."
During and subsequent to the end of period, the Company:
-- At the Annual General Meeting held on March 30, 2012 the Shareholders approved a special resolution and a separate ordinary resolution of disinterested shareholders approving a related party transaction involving a sale of all of the shares held in the capital of Monexa Services Inc., a wholly-owned subsidiary of the company, pursuant to a share purchase agreement dated February 17, 2012. The name of the Company was changed to Santa Rosa Resources Corp.-- On November 15, 2012 the Company consolidated its 44,713,238 common shares, exchanging 10 (old) common shares for 1 (new) common share resulting in 4,471,323 new common shares.-- On April 1, 2013 the Company appointed Christopher Morris as Chief Financial Officer.
As at the year ended December 31, 2012 the Company incurred a comprehensive gain of $3.3 million as a result of the sale of Monexa Services Inc., compared to a net loss of $1.6 million for the year ended December 31, 2011. Operating expenses for the year ended December 31, 2012 were $0.1 million, compared to $0.2 million in the prior period.
Liquidity and Outstanding Share Capital
As at December 31, 2012 the Company had positive working capital of $6,922. As at April 25, 2013, the Company had a working capital deficit of $13,333.
As at April 22, 2013 the Company had 4,471,323 common shares issued and outstanding.
This news release should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2012 and the notes thereto, together with the MD&A for the corresponding period, which are available on SEDAR at www.sedar.com.
Neither 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.
Santa Rosa Resources Corp.
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