GrowMax Resources Announces Third Quarter 2017 Results

Working Capital of $37.8 million as at September 30, 2017

Toronto, Ontario, CANADA


TORONTO, Nov. 23, 2017 (GLOBE NEWSWIRE) -- GrowMax Resources Corp. (the “Company” or “GrowMax Resources”) (TSX-V:GRO) announces that it has filed its condensed interim consolidated financial statements and Interim MD&A – Quarterly Highlights relating to its third quarter 2017 results.  These filings can be accessed on SEDAR’s website at www.sedar.com and on the Company’s website at www.growmaxcorp.com.

SUMMARY OF SELECTED FINANCIAL HIGHLIGHTS

The following Summary of Selected Financial Highlights has been derived from the condensed interim consolidated financial statements and Interim MD&A – Quarterly Highlights.  Readers are encouraged to review the entire condensed interim consolidated financial statements and Interim MD&A – Quarterly Highlights.  All amounts are in Canadian dollars unless otherwise stated.


($ in thousands)
September 30, 2017December 31, 2016
   
Cash and cash equivalents39,19942,896
Working capital (see note 1 below)37,79749,634


 Three months ended September 30
 Nine months ended September 30
($ in thousands)20172016 20172016
General and administrative expenses
(excluding stock-based compensation and depreciation)
9301,142 2,9404,071
     
Foreign exchange loss (gain)1,674(817)3,335152
     
Capital expenditures, net7092,193 4,1778,734
     
Net cash used by operating activities4,2021,206 7,04812,903
      

For more information, please contact:

Stephen Keith, P. Eng.
President and CEO
Tel.: +1 (647) 299 0046
Email: info@growmaxcorp.com
www.growmaxcorp.com

Joanna Rodrigues 
Investor Relations & Internal Communications Manager
Tel.: +1 (416) 323-5782
Email: rodrigues@growmaxcorp.com
www.growmaxcorp.com

Note:
(1) Working capital is calculated as current assets (September 30, 2017 - $41.2 million; December 31, 2016 - $52.4 million) less current liabilities (September 30, 2017 - $3.4 million; December 31, 2016 - $2.8 million).  Working capital is a non-GAAP measure and is calculated as current assets less current liabilities.  Working capital is used to assess liquidity and general financial strength. Working capital does not have a standardized meaning prescribed by IFRS.  It is unlikely for non-GAAP measures to be comparable to similar measures presented by other companies.  Working capital should not be considered an alternative to, or more meaningful than current assets or current liabilities as determined in accordance with IFRS.

About GrowMax Resources Corp.

GrowMax Resources Corp. is a publicly listed Canadian company (Ticker GRO on TSX-V) focused on exploration and development of phosphate and potassium-rich brine resources on its Bayovar Property, located in the Sechura Desert in northwestern Peru. The Company’s vision is to become a leading producer of phosphate and potash fertilizer products in Peru. 

GrowMax Resources owns approximately 95% of GrowMax Agri Corp., a private company that owns 100% of the Bayovar Property, which currently covers approximately 227,000 gross acres. The Indian Farmers Fertiliser Co-operative Limited (IFFCO) and its affiliates own approximately 5% of GrowMax Agri Corp.

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