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GrowMax Resources Corp. Announces Second Quarter 2016 Results

/ -- CALGARY, ALBERTA -- (Marketwired) -- 08/26/16 -- GrowMax Resources Corp. (the "Company" or "GrowMax Resources") (formerly Americas Petrogas Inc.) (TSX VENTURE: GRO) announces that it has filed its condensed interim consolidated financial statements and Interim MD&A - Quarterly Highlights relating to its second quarter 2016 results. These filings can be accessed on SEDAR's website at and on the Company's website at

The following Summary of Selected Financial and Operational Highlights have been derived from the condensed interim consolidated financial statements and Interim MD&A - Quarterly Highlights. Readers are strongly encouraged to review the entire condensed interim consolidated financial statements and Interim MD&A - Quarterly Results.

All amounts are in Canadian dollars unless otherwise stated.

Summary of Selected Financial and Operational Highlights

                                                June 30,        December 31,($ in thousands)                                    2016                2015--------------------------------------------------------------------------------------------------------------------------------------------------------Cash and cash equivalents            $            38,481  $           56,671Working capital(1)                   $            53,050  $           62,594Common shares outstanding                    215,925,645         233,739,106                    Three months ended June 30     Six months ended June 30($ in thousands, except share and per share                            2015                         2015 amounts)                 2016     Restated(1)           2016   Restated(1)--------------------------------------------------------------------------------------------------------------------------------------------------------Net income (loss) from continuing operations      $      (3,011) $       (1,223) $      (9,140) $     (1,239)Net income (loss) from discontinued operations, net of income tax expense         $      (1,529) $       (7,553) $      (1,460) $     (9,116)Net income (loss) for the period          $      (4,540) $       (8,776) $     (10,600) $    (10,355)Earnings (loss) per share from continuing operations attributable to Owners of the Company  Basic and   diluted       $       (0.01) $        (0.01) $       (0.04) $      (0.01)Earnings (loss) per share attributable to Owners of the Company  Basic and   diluted       $       (0.02) $        (0.04) $       (0.05) $      (0.04)Weighted average number of common shares outstanding(2)  Basic and   diluted         215,925,645     231,739,106    220,036,444   231,739,106Net cash generated from (used by) operating activities  Related to   continuing   operations    $      (5,978) $       (1,319) $      (4,747) $     (2,294)  Related to   discontinued   operations           (5,479)          2,060         (6,950)        3,767----------------------------------------------------------------------------                 $     (11,457) $          741  $     (11,697) $      1,473Capital expenditures, net             $      (4,814) $       (1,267) $      (6,541) $     (7,921)     See Notes below.

Key Items and Recent Activities


As at June 30, 2016, the Company had $38.5 million of consolidated cash and cash equivalents and had a positive consolidated working capital position of $53.1 million. The decrease in working capital from December 31, 2015 ($62.6 million) to June 30, 2016 ($53.1 million) can be attributed primarily to approximately:

i.  $6.5 million of capital expenditures, which includes $3.3 million    (US$2.5 million) of expenditures related to the acquisition of an    additional 30% interest in the Bayovar Property;ii. $5.3 million of losses on the Company's U.S. dollar denominated    financial instruments as a result of the weakening of the U.S. dollar    relative to the Canadian dollar;iii.$2.9 million of cash general and administrative expenses;iv. $1.5 million of expenses and losses relating to Argentina;v.  $0.6 million of other items;    partially offset byvi. the reclassification of approximately $5.5 million of available-for-sale    financial assets from non-current assets to current assets; andvii.approximately $1.8 million of oil and gas net capital assets being    classified as current as a result of Energicon being held for sale.

During the second quarter of 2016, GrowMax Agri Corp., a subsidiary of GrowMax Resources, issued 26,121,589 of its common shares to GrowMax Resources to settle $7.3 million of intercompany debt owed by GrowMax Agri Corp. to GrowMax Resources. This resulted in GrowMax Resources' ownership interest in GrowMax Agri Corp. increasing from 89% to 92%.


--  As previously reported, early in 2016, the Company's Peruvian    subsidiary, Americas Potash Peru S.A. ("APPSA"), acquired the remaining    30% interest in the Bayovar Property. Consequently, APPSA now holds a    100% beneficial interest in the Bayovar Property.--  An "Updated NI 43-101 Mineral Resource Technical Report on the GrowMax    Bayovar Phosphate Project, Piura Region, Peru" was filed on April 28,    2016 and a further update was filed on SEDAR on August 11, 2016. This    latter Mineral Resource estimate update was based on substantially all    drill holes drilled by the Company up to June 30, 2016.--  On February 16, 2016, the Company announced the engagement of    WorleyParsons Services Pty Limited and Golder Associates Ltd. to    undertake a Preliminary Economic Assessment (PEA) for the Bayovar 7    concession block. The Company anticipates releasing the results of the    PEA in September 2016.--  Expansion of the pilot evaporation ponds for Carnallite/Kainite has been    completed and testing of various collected samples is underway.--  Subsequent to quarter end, on August 2, 2016, the Company engaged    WorleyParsons Canada Services Ltd. to assist the Company with the    provision of certain design and engineering consulting services for the    potash project at Bayovar.


During the past several months, the Company has taken steps to significantly reduce its personnel numbers and G&A costs in Argentina and will be continuing with its efforts to sell or voluntarily relinquish the Company's remaining oil and gas assets in Argentina.


Abby Badwi, Executive Chairman of Americas Petrogas stated, "For the remainder of 2016, the Company will continue to expand its exploration and economic assessment activities of its phosphate deposits on the Bayovar blocks in Peru while also working towards producing a small amount of Carnallite, Kainite and/or Potash in 2017 from the brine resources in the same area. In Argentina, the Company will continue to pursue its various options to maximize the value of its assets in the country and, where applicable, to relinquish certain blocks."

(1) Restated to reflect discontinued operations. See note 17 of the    condensed interim consolidated financial statements for further    information.(2) Working capital is calculated as current assets (June 30, 2016 - $61.1    million; December 31, 2015 - $83.2 million) less current liabilities    (June 30, 2016 - $8.1 million; December 31, 2015 - $20.6 million). The    Company's current assets at June 30, 2016 include $2.5 million (December    31, 2015 -- $nil) of assets held for sale and the Company's current    liabilities at June 30, 2016 include $0.7 million (December 31, 2015 --    $nil) of liabilities held for sale. 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.

Forward Looking Information

Certain statements contained in this Press Release constitute "forward-looking information" as such term is used in applicable Canadian and US securities laws. Any information or statements contained herein that express or involve discussions with respect to predictions, expectations, plans, projections, objectives, assumptions or future events should be viewed as forward-looking information. Such information relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different than those results, performance or achievements expressed or implied by such forward-looking information.

In particular, statements (express or implied) contained herein or in the Company's MD&A regarding the following should be considered as forward-looking information: the Company's goals, plans, strategy and objectives; lab analysis and geological evaluations, the completion of a PEA and the timing of releasing the results; testing related to the expansion of the pilot evaporation ponds for Carnallite/Kainite; additional technical studies; plans for future commercial production; work related to the Company's potash project at Bayovar; the selling or voluntary relinquishment of the Company's remaining oil and gas assets in Argentina; the expansion of exploration and economic assessment activities of the Company's phosphate deposits; Carnallite/Kainite production and timing thereof; and maximizing value of the Company's assets in Argentina.

In addition, information regarding the reserve and resource estimates attributable to the Company's oil and gas properties or mineral resource properties should be considered forward-looking statements. In particular, the presence of phosphates in samples is not necessarily indicative that phosphates are capable of being successfully produced in commercial quantities or at all. There is no assurance reserves will be assigned to such phosphate-bearing formations. There is no assurance that future wells will be drilled on the Bayovar Property or that if drilled, will be successful. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Additional forward-looking information is contained in the Company's MD&A, and reference should be made to the additional disclosures of the assumptions, risks and uncertainties relating to such forward-looking information in that document.

There is no assurance that such forward-looking information will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements contained in this Press Release. This cautionary statement expressly qualifies the forward-looking statements contained herein and in the MD&A.

Forward-looking information is based on management's beliefs, expectations, estimates and opinions on the date statements are made and the Company undertakes no obligation to update forward-looking information and whether the beliefs, expectations, estimates and opinions upon which such forward-looking information is based has changed, except as required by applicable law.


GrowMax Resources Corp.
Abby Badwi, P. Geo.
Executive Chairman
+1 587 390 7015

Distribution channels: Agriculture, Farming & Forestry, Energy