Creston Moly Corp. (TSXV:CMS) reported a widening of its full-year loss on Tuesday, citing higher expenses due largely to a multimillion-dollar arbitration award against it.
For the year end July 31, the molybdenum miner posted a loss of $5.5 million or four cents a share versus a loss of $3.2 million or three cents a share last year.
The exploration-stage company did not generated any revenue.
Last year, an arbitrator ruled the Vancouver company owed $4.14 million in finder’s fees related to the company’s acquisition of Creston Mining Corp. in May 2007.
The balance of $2.6 million and interest charges of $87,193 were booked during the current fiscal year, contributing to the higher loss. Creston is appealing the decision to a higher court.
Excluding the fee, Creston’s full-year loss would have been $3 million.
Shares of the company were unchanged at 22 cents on the TSX Venture market.