Mega Uranium Restates 2016 Comparative Financial Information
December 21 2017 - 9:12PM
Mega Uranium Ltd. (TSX: MGA) announces that it has restated certain
2016 comparative financial information (the “Comparative
Statements”) in the company’s audited consolidated financial
statements for the year ended September 30, 2017, which were filed
today on SEDAR under Mega’s profile (www.sedar.com). The
restatement relates to the accounting of Mega’s equity-accounted
investment in Toro Energy Limited, arising from differences in the
accounting policies of the two entities.
During its financial year ended September 30,
2016, Mega changed its accounting policy for mineral properties and
deferred exploration expenditures from capitalizing the costs to
recognizing them in the consolidated statement of income and
comprehensive income. During the period, Toro continued to
capitalize its own mineral properties and deferred exploration
costs but Mega did not make applicable adjustments to reconcile the
newly-differing accounting policies when it accounted for its
investment in Toro.
The Comparative Statements have been restated to
correct the error and the changes to the applicable statements are
set out below. All financial information is reported in
thousands of Canadian dollars, except for per share amounts.
The impact on the consolidated statement of
financial position as at October 1, 2015 is as follows:
|
|
|
|
|
|
|
| |
|
As previously |
|
|
|
| |
reported |
Adjustment |
As restated |
|
| |
|
|
STATEMENT OF FINANCIAL POSITION |
|
| |
Equity investment |
$ |
27,761 |
|
$ |
(9,274 |
) |
$ |
18,487 |
|
|
| |
Total non‑current
assets |
|
41,043 |
|
|
(9,274 |
) |
|
31,769 |
|
|
| |
Total assets |
|
43,403 |
|
|
(9,274 |
) |
|
34,129 |
|
|
| |
Deficit |
|
(296,407 |
) |
|
(9,274 |
) |
|
(305,681 |
) |
|
| |
Total equity |
|
41,671 |
|
|
(9,274 |
) |
|
32,397 |
|
|
|
|
Total
equity and liabilities |
|
43,403 |
|
|
(9,274 |
) |
|
34,129 |
|
|
|
|
The impact of this change on the consolidated financial
statement as at and for the year ended September 30, 2016 is as
follows:
|
|
|
|
|
|
| |
|
As previously |
|
|
| |
reported |
Adjustment |
As restated |
| |
|
|
STATEMENT OF FINANCIAL POSITION |
|
| |
Equity investment |
$ |
16,953 |
|
$ |
(264 |
) |
$ |
16,689 |
|
| |
Total non‑current
assets |
|
55,612 |
|
|
(264 |
) |
|
55,348 |
|
| |
Total assets |
|
57,214 |
|
|
(264 |
) |
|
56,950 |
|
| |
Deficit |
|
(304,684 |
) |
|
(264 |
) |
|
(304,948 |
) |
| |
Total equity |
|
57,017 |
|
|
(264 |
) |
|
56,753 |
|
| |
Total equity and
liabilities |
|
57,214 |
|
|
(264 |
) |
|
56,950 |
|
| |
|
|
|
|
|
STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
|
| |
Loss on equity
investment |
$ |
(10,202 |
) |
$ |
9,003 |
|
$ |
(1,199 |
) |
| |
Loss on deemed
disposition of equity investment |
|
(15 |
) |
|
7 |
|
|
(8 |
) |
| |
Net (loss) income for
the year |
|
(8,280 |
) |
|
9,010 |
|
|
730 |
|
| |
Total comprehensive
income for the year |
|
14,821 |
|
|
9,010 |
|
|
23,831 |
|
| |
Basic and diluted
(loss) income per share |
|
(0 |
) |
|
0 |
|
|
0 |
|
| |
|
|
|
|
|
STATEMENT OF CASH FLOWS |
|
|
|
| |
Net (loss) income for
the year |
$ |
(8,280 |
) |
$ |
9,010 |
|
$ |
730 |
|
| |
Loss on equity
investment |
|
10,202 |
|
|
(9,003 |
) |
|
1,199 |
|
|
|
Loss on
deemed disposition of equity investment |
|
15 |
|
|
(7 |
) |
|
8 |
|
| |
|
|
|
|
|
|
|
|
|
|
ABOUT MEGA URANIUMMega Uranium
Ltd. is a Toronto-based mineral resources company with a focus on
uranium properties in Australia and Canada and a portfolio of
equity investments in uranium-focused public and private companies.
Further information on Mega can be found on the company’s website
at www.megauranium.com.
For further information please contact:
Investor
Relations
Mega Uranium
Ltd.
Richard Patricio
Chief Executive
Officer
T: (416)
643-7630
info@megauranium.comwww.megauranium.com
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