GMR Global Mineral Resources Corp. - GMR Global Mineral Resources Corp.Audited Financial Results 2014.PR NewswireLondon, February 6, 2015GMR Global Mineral Resources Corp. (GMR) released audited financial resultsfor financial year 2014.GMR Global Mineral Resources Corp. (GMR) released today its audited financialreport for the 2014 financial year ending January 31, 2015.The report includes financial statements of GMR Global Mineral ResourcesCorp., which are comprised of the statement of financial position as atJanuary 31, 2015 and the related statements of profit or loss and othercomprehensive income, changes in shareholders' equity, and cash flowsstatement.The complete audited financial report was posted on the GXG site for furtherreview.The audited financial report presents the following results GMR Global Mineral Resources Corp. (An Exploration Stage Enterprise) Financial Statements As of and for the Years Ended January 31, 2015 and 2014 And Report of Independent Public Accounting Firm GMR Global Mineral Resources Corp. (An Exploration Stage Enterprise) Index to Financial Statements January 31, 2015 and 2014Report of Independent Public Accounting Firm ..................................1Financial Statements:Balance Sheets ................................. 2Statements of Comprehensive Loss ................................. 3Statements of Changes in Shareholders' Equity ................................. 4Statements of Cash Flows ................................. 5Notes to Financial Statements ................................. 6GREGORY SCOTT875 N Michigan Ave Suite 3100Chicago, IL 60611 USA (312) 752-5426www.gregoryscottinternational.com REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRMTo the Board of Directors and Stockholders ofGMR Global Mineral Resources Corp.:Report on the Financial StatementsWe have audited the financial statements of GMR Global MineralResources Corp., (an exploration stage enterprise) are comprised of thebalance sheet as at January 31, 2015 and 2014, and the related statements ofcomprehensive loss, changes in shareholders' equity, and cash flows for eachof the years then ended, and a summary of significant accounting policies andother explanatory notes.Management's Responsibility for the Financial StatementsManagement is responsible for the preparation of financialstatements that give a true and fair view in accordance with InternationalFinancial Reporting Standards ("IFRS") and for such internal control asmanagement determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud orerror.Auditor's ResponsibilityOur responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance withInternational Standards on Auditing. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from materialmisstatement.An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The proceduresselected depend on the auditor's judgment, including the assessment of therisks of material misstatement of the financial statements, whether due tofraud or error. In making those risk assessments, the auditor considersinternal control relevant to the entity's preparation of financial statementsthat give a true and fair view in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and thereasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the accompanying financial statements give a trueand fair view of the financial position of GMR Global Mineral Resources Corp.as at January 31, 2015 and 2014, and of their financial performance and cashflows for each of the years then ended in accordance with IFRS.The accompanying financial statements have been prepared assumingthat the Company will continue as a going concern. As discussed in Note 2 ofthe accompanying financial statements, the Company is dependent on generatingrevenue and obtaining outside sources of financing for the continuation of itsoperations. These factors raise substantial doubt about the Company's abilityto continue as a going concern. The financial statements do not include anyadjustments that might result from the outcome of this uncertainty.Chicago, Illinois USAFebruary 1, 2015 Page | 1 Balance Sheets As of January 31, 2015 and 2014 Assets Note 2015 2014Non-current assetsIntangible assets - mineral rights 6 $ 4,400,000 $ 4,400,000Investments 3 32,000 32,000Furniture and fixtures 3 2,294 2,868Total non-current assets $ 4,434,294 $ 4,434,868Current assetsCash and cash equivalents 3 11,138 60,015Total current assets $ 11,138 $ 60,015 Total assets $ 4,445,432 $ 4,494,883 Shareholders' Equity and LiabilitiesShareholders' equityShare capital 7 $ 4,610,900 $ 4,610,900Accumulated deficit 7 (431,728) (379,809)Total shareholders' equity $ 4,179,172 $ 4,231,091Long-term liabilitiesDue to affiliates 8 $ 250,685 $ 255,716Due to others 8 7,500 -Accounts payable 8 8,075 8,076Total long term liabilities $ 266,260 $ 263,792 Total liabilities $ 266,260 $ 263,792 Total shareholders' equity and liabilities $ 4,445,432 $ 4,494,883 Statements of Comprehensive Loss For the Years Ended January 31, 2015 and 2014 Note 2015 2014Revenue Sales Total revenue 3 $ - $ - $ - $ -Operating expenses Consulting (2,780) (3,567) Dues and fees (14,405) (34,789) Rent (6,597) (7,992) Travel (26) (128) General and administrative (28,111) (17,736) Total operating expenses 3 $ (51,919) $ (64,212)Loss from operations $ (51,919) $ (64,212)Income tax expense 3 - -Net loss $ (51,919) $ (64,212)Other comprehensive income 2 $ - $ -Total comprehensive loss $ (51,919) $ (64,212)Loss per share - Basic and diluted $ (0.0017) $ (0.002)Weighted average number of common shares - Basic and diluted 29,865,625 29,865,625 Statements of Changes in Shareholders' Equity For the Years Ended January 31, 2015 and 2014 Additional Common Stock Paid-in Accumulated Note Shares Amount Capital Deficit TotalBalance at February 1, 2013 20,200,902 $ 2,210,900 $ - $ (315,597) $ 1,895,303Net loss for the yearended January 31, 2014 7 - - - (64,212) (64,212)Common stock issued formineral rights 7 13,000,000 1,300,000 - - 1,300,000Common stock issued fornotes payable 7 11,000,000 1,100,000 - - 1,100,000Balance at January 31, 2014 44,200,902 $ 4,610,900 $ - $ (379,809) $ 4,231,091Net loss for the year endedJanuary 31, 2015 7 - - - (51,919) (51,919)1:1.48 reverse stock split 7 (14,335,277) - - - -Balance at January 31, 2015 29,865,625 $ 4,610,900 $ - $ (431,728) $ 4,179,172 GMR Global Mineral Resources Corp. (An Exploration Stage Enterprise) Statements of Cash Flows For the Years Ended January 31, 2015 and 2014Cash flow from operating activities 2015 2014 Net loss $ (51,919) $ (64,212) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation $ 572 $ - Change in due from affiliates (5,031) 112,169 Change in due to affiliates - (68,734) Change in accounts payable 1 8,076 Cash used in operating activities $ (56,377) $ (12,701)Cash flow from investing activities Increase in other asets $ - $ (2,868) Cash used in investing activities $ - $ (2,868)Cash flow from financing activities Proceeds from due to others $ 7,500 $ - Cash provided by financing activities $ 7,500 $ -Net change in cash and cash equivalents $ (48,877) $ (15,569)Cash and cash equivalents at beginning $ 60,015 $ 75,584of the periodCash and cash equivalents at end of the $ 11,138 $ 60,015periodInterest paid $ - $ -Taxes paid $ - $ -Non-cash investing and financing activities: Acquisition of mineral rights: Intangible asset - mineral rights $ - $ 2,400,000 Common stock payable - related party $ - $(1,300,000) Notes payable - related party $ - $(1,100,000)1. Nature of OperationsGMR Global Mineral Resources Corp. ("GMR" or "the Company"), aCanadian company, was incorporated on April 4, 2010, in the province ofBritish Columbia. GMR is a resource, exploration and development company thatprimarily redevelops past-producing gold and silver mining properties, with afocus on locations that were not fully exploited due to old technology or weakprecious metal prices. By implementing modern exploration and extractionmethods, GMR's strategy is to profitably revitalize these mines. GMR is asignificant holder of mineral tenures in British Columbia, Canada, most ofwhich are past-producing gold or silver properties. These mineral claims aresituated in the Slocan Valley Mining District in southeastern B.C., theZeballos Region of Vancouver Island, and in other regions of British Columbia,Canada. The Company is the legal and registered owner of a total of 800hectares containing gold, and 104 hectares containing silver.Based on the Company's business plan, it is an exploration stageenterprise since planned principle mining operations have not yet commenced.Accordingly, the Company has prepared its financial statements in accordancewith International Financial Reporting Standards ("IFRS") that apply todeveloping enterprises. The exploration stage began on April 4, 2010, when theCompany was organized. Upon identification of commercially mineable reserves,the Company expects to actively prepare the site for its extraction and enterthe development stage.2. Going ConcernThe preparation of financial statements in accordance with IFRScontemplates that operations will be sustained for a reasonable period. TheCompany is in the exploration stage and is dependent on generating revenue andoutside sources of financing for continuation of its operations. Theseconditions raise substantial doubt about the ability of the Company tocontinue as a going concern for a reasonable period.The company plans to improve its financial condition throughraising capital and ultimately generating revenue. However, there is noassurance that the company will be successful in accomplishing this objective.Management believes that this plan provides an opportunity for the Company tocontinue as a going concern. We cannot give any assurances regarding thesuccess of management's plans. Our financial statements do not includeadjustments relating to the recoverability of recorded assets or liabilitiesthat might be necessary should we be unable to continue as a going concern.3. Summary of Significant Accounting PoliciesThe principal accounting policies applied in the preparation ofthese financial statements are set out below.Basis of Preparation - The financial statements are presented inCanadian dollars in accordance with IFRS, using the historical cost conventionexcept where otherwise noted. The preparation of financial statements inconformity with IFRS requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities at the date of thefinancial statements and reported amounts of revenues and expenses during thereporting period. Actual results could differ from those estimates. Managementbelieves that the estimates are reasonable. See Note 4 - Critical AccountingEstimates and Judgements.Intangible Assets: Mineral Rights - Purchased intangible assets arerecorded at cost, where cost is the amount of cash or cash equivalents paid orthe fair value of other consideration given to acquire an asset at the time ofits acquisition. The cost of such an intangible asset is measured at fairvalue unless the exchange transaction lacks commercial substance or the fairvalue of neither the asset received nor the asset given up is reliablymeasurable. If the fair value of either the asset received or the asset givenup can be measured reliably, then the fair value of the asset given up is usedto measure cost unless the fair value of the asset received is more clearlyevident.The Company capitalizes acquisition and annual renewal costsassociated with mineral rights as intangible assets. The amount capitalizedrepresents fair value at the time the mineral rights are acquired. Uponcommencement of commercial production, the mineral rights will beamortized using the unit-of-production method over their expected useful life.Due from Affiliates - Due from affiliates represents amounts due tothe Company as reimbursement for payments made on behalf of related entitiesfor goods or services that have been acquired in the ordinary course ofbusiness from suppliers.Cash and Cash Equivalents - For purposes of the statement of cashflows, the Company considers all highly liquid investments with originalmaturities of three months of less to be cash equivalents. Cash and cashequivalents are stated at cost which approximates fair value.Notes Payable - Borrowings are recognized initially at fair value,net of transaction costs incurred. Borrowings are subsequently carried atamortized cost; any difference between the proceeds (net of transaction costs)and the redemption value is recognized in the income statement over the periodof the borrowings using the effective interest method.Revenue and Associated Costs - The Company recognizes revenue whenpersuasive evidence of an arrangement exists, services are rendered, the salesprice or fee is fixed or determinable, and collectability is reasonablyassured. Costs associated with the production of revenues are expensed asincurred.Impairment of Non-Financial Assets - Assets that are subject toamortization are reviewed for impairment whenever events or changes incircumstances indicate that the carrying amount may not be recoverable. Animpairment loss is recognized for the amount by which the asset's carryingamount exceeds its recoverable amount. For the purposes of assessingimpairment, assets are grouped at the lowest levels for which there areseparately identifiable cash flows, such as the mining property level.Income Taxes - The Company follows the asset and liability methodof accounting for future income taxes. Under this method, future income taxassets and liabilities are recorded based on temporary differences between thecarrying amount of assets and liabilities and their corresponding tax basis.In addition, the future benefits of income tax assets including unused taxlosses, are recognized, subject to a valuation allowance to the extent that itis more likely than not that such future benefits will ultimately be realized.The Company has provided a 100% valuation allowance to its deferred tax assetsassociated with net operating losses, resulting in no net tax impact for anyof the years presented.Future income tax assets and liabilities are measured using enactedtax rates and laws expected to apply when they are to be either settled orrealized. The Company does not have any significant deferred tax asset orliabilities at January 31, 2012. The Company's effective tax rate approximatesthe Federal statutory rates.Other Comprehensive Income - Other comprehensive income representsthe change in equity of an enterprise during a period from transactions fromnon-owner sources. The Company has no accounts or transactions that give riseto other comprehensive income.Loss Per Common Share - Basic loss per common share is calculatedby dividing the net loss by the weighted average number of common sharesoutstanding during that period. Diluted loss per share is calculated by basedon the treasury stock method, by dividing loss available to commonshareholders, adjusted for the effects of dilutive convertible securities, bythe weighted average number of common shares outstanding during the period andall additional common shares that would have been outstanding had allpotential dilutive common share been issued. This method computes the numberof additional shares by assuming all dilutive options are exercised. That thetotal number of shares is then reduced by the number of common shares assumedto be repurchased from the total of issuance proceeds, using the averagemarket price of the Company's common shares for the period. There were nodilutive securities during the period presented in the accompanying financialstatements.Segment Reporting - Operating segments are reported in a mannerconsistent with the internal reporting provided to the chief operatingdecision-maker. The chief operating decision-maker, who is responsible forallocating resources and assessing performance of the operatingsegments, has been identified as the steering committee that makes strategicdecisions. The Company operates in one segment described in Note 1, consistingof its mining operations.Future Accounting Policy ChangesIn November 2009, the IASB issued IFRS 9 Financial Instruments asthe first step in its project to replace IAS39 Financial Instruments: Recognition and Measurement. IFRS 9retains but simplifies the mixed measurement model and establishes two primarymeasurement categories for financial assets: amortized cost and fair value.The basis of classification depends on an entity's business model and thecontractual cash flow of the financialasset. Classification is made at the time the financial asset isinitially recognized, namely when the entitybecomes a party to the contractual provisions of the instrument.IFRS 9 amends some of the requirements of IFRS 7 Financial Instruments:Disclosures including added disclosures about investments in equityinstruments measured at fair value in OCI, and guidance on financialliabilities and de-recognition of financial instruments. In December 2011, theIASB issued an amendment that adjusted the mandatory effective date of IFRS 9fromJanuary 1, 2013 to January 1, 2015. We are currently assessing theimpact of adopting IFRS 9 on our financial statements.In May 2011, the IASB issued IFRS 10 Consolidated FinancialStatements to replace IAS 27 Consolidated and Separate Financial Statementsand SIC 12 Consolidation - Special Purpose Entities. The new consolidationstandard changes the definition of control so that the same criteria apply toall entities, both operating and special purpose entities, to determinecontrol. The revised definition focuses on the need to have both power andvariable returns before control is present. IFRS 10 must be applied startingJanuary 1, 2013 with early adoption permitted. We are currently assessing theimpact of adopting IFRS 10 on our financial statements.In May 2011, the IASB issued IFRS 11 Joint Arrangements to replaceIAS 31, Interests in Joint Ventures. The new standard defines two types ofarrangements: Joint Operations and Joint Ventures. Focus is on the rights andobligations of the parties involved to reflect the joint arrangement, therebyrequiring parties to recognize the individual assets and liabilities to whichthey have rights or for which they are responsible, even if the jointarrangement operates in a separate legal entity. IFRS 11 must be appliedstarting January 1, 2013 with early adoption permitted. We are currentlyassessing the impact of adopting IFRS 11 on our financial statements.In May 2011, the IASB issued IFRS 12 Disclosure of Interests inOther Entities to create a comprehensive disclosure standard to address therequirements for subsidiaries, joint arrangements and associates includingthe reporting entity's involvement with other entities. It alsoincludes the requirements for unconsolidatedstructured entities (i.e. special purpose entities). IFRS 12 mustbe applied starting January 1, 2013 with earlyadoption permitted. We are currently assessing the impact ofadopting IFRS 12 on our financial statements.In May 2011, the IASB issued IFRS 13 Fair Value Measurement as asingle source of guidance for all fair value measurements required by IFRS toreduce the complexity and improve consistency across its application. Thestandard provides a definition of fair value and guidance on how to measurefair value as well as a requirement for enhanced disclosures. Enhanceddisclosures about fair value are required to enable financial statement usersto understand how the fair values were derived. IFRS 13 must be appliedstarting January 1,2015 with early adoption permitted. We are currently assessing theimpact of adopting IFRS 13 on our financial statements.In October 2011, the IASB issued IFRIC 20 Stripping Costs in theProduction Phase of a Surface Mine. IFRIC20 provides guidance on the accounting for the costs of strippingactivity in the production phase of surfacemining when two benefits accrue to the entity from the strippingactivity: useable ore that can be used toproduce inventory and improved access to further quantities ofmaterial that will be mined in future periods.IFRIC 20 must be applied starting January 1, 2013 with earlyadoption permitted. We are currently assessingthe impact of adopting IFRIC 20 on our financial statements.4. Critical Accounting Estimates and JudgementsEstimates and judgements are continually evaluated and are based onhistorical experience and other factors,including expectations of future events that are believed to bereasonable under the circumstances. The Company makes estimates andassumptions concerning the future. The resulting accounting estimates will, bydefinition, seldom equal the related actual results. The estimates andassumptions that have a significant risk of causing a material adjustment tothe carrying amounts of assets and liabilities within the next financial yearinclude:Mineral Rights - Significant estimates and assumptions are requiredto determine the expected useful lives for amortizing the Company's intangibleassets with finite useful lives. Estimates are also necessary in assessingwhether there is an impairment of their value requiring a write-down of theircarrying amount. In order to ensure that its assets are carried at no morethan their recoverable amount, the Company evaluates at each reporting datecertain indicators that would result, if applicable, in the calculation of animpairment test. The recoverable amount of an asset or group of assets mayrequire the Company to use estimates and mainly to assess the future cashflows expected to arise from the asset or group of assets and a suitablediscount rate in order to calculate present value. Any negative change inrelation to the operating performance or the expected future cash flows ofindividual assets or group of assets will change the expected recoverableamount of these assets or group of assets, and therefore may require awrite-down of their carrying amount.5. Financial Risk Management Objectives and PoliciesThe Company has a system of controls in place to create anacceptable balance between the cost of risks occurring and the cost ofmanaging the risk. Management continually monitors the Company's riskmanagement process to ensure that an appropriate balance between risk andcontrol is achieved. Risk management policies and systems are reviewedregularly to reflect changes in market conditions and the Company'sactivities. The Company reviews and agrees policies and procedures for themanagement of these risks.The Company is exposed to financial risks arising from itsoperations and the use of financial instruments. The key financial risksinclude market risk, credit risk, and liquidity risk. The following sectionprovides details regarding the Company's exposure to these risks and theobjectives, policies and processes for the management of these risks.Market Risk - Market risk is the risk that changes in marketprices, such as foreign exchange rates, interest rates and equity prices, willaffect the Company's income or the value of its holdings of financialinstruments. Management believes the Company is not exposed to significantmarket risk.Credit Risk - Credit risk is the risk of loss that may arise onoutstanding financial instruments should a counterparty default on itsobligations. Credit risk arising from the inability of a customer to meet theterms of the Company's financial instrument contracts is generally limited tothe amounts, if any, by which the customer's obligations exceed theobligations of the Company. The Company's exposure to credit risk arisesprimarily from its cash & cash equivalents and amounts due from affiliates forwhich the Company minimizes credit risk by dealing with reputablecounterparties with high credit ratings and no history of default.Liquidity Risk - Liquidity risk is the risk that the Company willencounter difficulty in meeting financial obligations due to shortage offunds. The Company's exposure to liquidity risk arises primarily frommismatches of the maturities of financial assets and liabilities. TheCompany's liquidity risk management policy is to monitor its net operatingcash flows and maintain an adequate level of cash and cash equivalents throughregular review of its working capital requirements. The Company monitors andmaintains a level of cash considered adequate by management to finance theCompany's operations and mitigate the effects of the fluctuations in cashflows.Capital Management - The primary objective of the Company's capitalmanagement is to ensure that it maintains a strong credit rating and healthycapital ratios in order to support its business and maximise shareholdervalue. The Company manages its capital structure and makes adjustments to it,in light of changes in economic conditions. To maintain or adjust the capitalstructure, the Company may adjust the dividend payment to shareholders, returncapital to shareholders, or issue new shares. The Company has complied withall externally imposed capital requirements as at January 31, 2013, and nochanges were made to theCompany's capital management objectives, policies or processesduring the year then ended.6. Intangible Assets - Mineral RightsThe Company acquired mineral rights associated with the followingproperties from related parties in exchange for shares of its common stock andfuture cash payments. The Company utilized the fair value of its equity andcash consideration to determine the acquisition price because proven orprobable mineral reserves have not been determined for the acquired mineralrights.The following table provides details on the components of eachacquisition, including the number of shares of common stock issued, the numberof shares of common stock to be issued in the future, and the future cashpayments due to the seller. The future cash payments provided in the tablebelow represent the payment obligations described in the purchase agreements.However, the seller has amended the terms of the agreements to defer thepayment of future cash obligations by the Company until February 12, 2014 at aminimum, unless adequate funding is available to the Company for the paymentafter all 2013 exploration costs are taken into consideration from asuccessfully completed fundraise once listed on the GXG First Quote Market. Asa result, all future cash payments due by the Company are reflected in thebalance sheet as non- current liabilities. King Red Bushy - Enterprise Midas Ottawa Elephant Keecha Mineral TotalsAcquisition Year 2010 2010 2010 2010 2011Acquisition priceCommon stock -Number of shares issued 15,000,000 5,000,000 - - - 20,000,000Common stock -Number of shares payable - - 10,000,000 1,000,000 2,000,000 13,000,000Price per share $ 0.10 $ 0.10 $ 0.10 $ 0.10 $ 0.10Common stock issuedand outstanding $ 1,500,000 $ 500,000 $ 2,000,000Common stock payable $ - $ - $ 1,000,000 $ 100,000 $ 200,000 $ 1,300,000Notes payable - relatedparty $ - $ 100,000 $ 500,000 $ 250,000 $ 250,000 $ 1,100,000Mineral rights atJanuary 31, 2013 and2012 $ 1,500,000 $ 600,000 $ 1,500,000 $ 350,000 $ 450,000 $ 4,400,000Pursuant to these acquisitions, the Company 800 hectares containinggold and 104 hectares containing silver.7. Shareholders' EquityThe Company is authorized to issue an unlimited number of no-parvalue shares of common stock.On April 12, 2013, the Company's common stock was admitted totrading on the GXG Markets ("Market") First Quote segment under the symbol"GMR". On January 1, 2015 the Company's Board of Directors amended its bylawsto implement a reverse split of its common stock with a ratio of 1 post-splitshare for every1.48 shares issued and outstanding on that date, resulting in areduction of the Company's issued and outstanding common shares from44,900,902 to 29,865,625. This was executed to meet the €0.10 per-shareequivalent value required by new Market rules. All share and relatedinformation presented in these financial statements and accompanying footnoteshas been adjusted retroactively to reflect the decreased number ofshares resulting from the split. At January 31, 2015, the Companyhas 29,865,625 shares of common stock issued and outstanding.All shares of the Company's common stock have equal rights andprivileges with respect to voting, liquidation and dividend rights. Each shareof common stock entitles the holder thereof to one non-cumulative vote foreach share held of record on all matters submitted to a vote of thestockholders; to participate equally and to receive any and all such dividendsas may be declared by the Board of Directors out of funds legally availabletherefore; and to participate pro rata in any distribution of assets availablefor distribution upon liquidation.Stockholders have no pre-emptive rights to acquire additionalshares of common stock or any other securities. Common shares are not subjectto redemption and carry no subscription or conversion rights. All outstandingshares of common stock are fully paid and non-assessable.8. Notes Payable - Related PartyDuring the year ended January 31, 2012, the Company issued variousinterest free notes payable to shareholders with no stated repayment dates.The Company plans to settle the notes with proceeds received from future stockofferings.9. Commitments and ContingenciesThe Company has contingent liabilities in respect of legal claimsarising in the ordinary course of business. It is not anticipated that anymaterial liabilities will arise from the contingent liabilities Management isnot aware of any asserted or un-asserted legal claims against the Company atJanuary 31, 2013.10. Subsequent EventsNo events occurred subsequent to January 31, 2015 that wouldrequire adjustment to the accompanying financial statements or footnotes.11. Approval of Financial StatementsThe accompanying financial statements were approved by the board ofdirectors and authorized for issue onFebruary 1, 2015.The accompanying financial statements have been prepared assumingthe Company will continue as a going concern, which contemplates, among otherthings, the realization of assets and satisfaction of liabilities in thenormal course of business. The Company had a deficit accumulated during thedevelopment stage of approximately $431,700 at January 31, 2015, had a netloss of approximately $431,700 for the period from Inception through January31, 2015, and net cash used in operating activities of approximately $431,700for the period from Inception through January 31, 2015.The Directors take responsibility for this announcement.For further information:GMR Global Mineral Resources Corp.Dr. Klaus Wagner-BartakPresident and CEOChairman of the Board of Directors260 Queen's Quay West #3104Toronto, Ontario M5J 2N3 CanadaToll Free: (+1) 866 209-0451Tel: (+1) 416 367-0006Fax: (+1) 416 367-8334email: [email protected]: www.globalmineralresources.com
