Canada Fluorspar Announces Re-filing of Financial Information
February 23 2011 - 4:50PM
PR Newswire (Canada)
TORONTO, Feb. 23 /CNW/ -- TSX Venture Exchange Trading Symbol: CFI
TORONTO, Feb. 23 /CNW/ - Canada Fluorspar Inc. (TSX-V: CFI) (the
"Company") announces that it will file restated financial
statements, restated management discussion and analysis as well as
certifications of the Chief Executive Officer and the Chief
Financial Officer for the three month period ended March 31, 2010
and the six month period ended June 30, 2010. The Company will also
file restated management discussion and analysis as well as
certifications of the Chief Executive Officer and the Chief
Financial Officer for the year ended December 31, 2009 and the nine
month period ended September 30, 2010. The refilings are at the
request of the Ontario Securities Commission as a result of their
review of the Company's filed financial information in connection
with the recent clearance of the Company's long form prospectus
(the "Prospectus") on February 14, 2011 to expand on the disclosure
previously filed. The financial statements for the periods ended
March 31, 2010 and June 30, 2010 each contain comparative figures
to the same periods ended in 2009. The figures for the comparative
2009 periods will be restated to reflect certain timing changes in
the recognition of flow-through expenditures and certain expenses
related to the Company's qualifying transaction that closed on
April 15, 2009. The items that are impacted by the restatement were
originally accounted for during the quarter ended December 31, 2009
however they should have been accounted for during the quarters
ended March 31, 2009 and June 30, 2009 as discussed below. On
January 14, 2011 the Company re-filed its September 30, 2010
financial statements to account for the same timing issue. The
Company's financial statements for the periods ended March 31, 2010
and June 30, 2010 are unaffected as a result of this restatement.
The substance of the changes are as follows: March 31, 2010 Flow
Through Share Renouncement During the period from January 1, 2009
to March 31, 2009, the Company renounced Canadian exploration
expense ("CEE") expenditures of $2,000,541 relating to its flow
through financing. The Company has restated the March 31, 2009
balance sheet and statement of earnings for the period ended March
31, 2009 to record the future income tax benefits renounced on flow
through shares resulting in a decrease in capital stock of
$580,157, an increase in future income tax recovery of $580,157.
June 30, 2010 Flow Through Share Renouncement During the period
from January 1, 2009 to June 30, 2009, the Company renounced CEE
expenditures of $3,251,724 relating to its flow through financing.
The Company has restated the June 30, 2009 balance sheet and
statement of earnings for the period ended June 30, 2009 to record
the future income tax benefits renounced on flow through shares
resulting in a decrease in capital stock of $943,000 and an
increase future income tax recovery of $943,000. Reverse takeover
transaction As a result of the share exchange on the amalgamation
of the predecessor companies Burin Fluorspar Ltd. and Rivera
Capital Corp., control of the combined companies passed to the
former shareholders of Burin, which is identified as the acquirer
for accounting purposes. The Company has restated its statement of
deficit for the period ended June 30, 2009 to account for the
acquisition of Rivera as a recapitalization of Burin. As a result,
the net assets of Rivera are charged against the deficit resulting
in an increase of $477,858 in the opening deficit for the period, a
decrease in other assets of $330,731 and corresponding adjustment
to the deficit to show effect of the allocation of the purchase
price for $147,127. Other adjustments The Company has also restated
its expenses with an increase in accounting, audit and legal
expense of $18,731 and an increase in accrued accounts payable of
$18,731. The Management Discussion and Analysis for year ended
December 31, 2009 and the periods ended March 31, 2010; June 30,
2010 and September 30, 2010 have been revised and re-filed to
include a discussion of the restatements described above and to
expand on the discussion and analysis previously filed in order to
reflect the disclosure included in the Prospectus. ABOUT CANADA
FLUORSPAR INC. The Company is a specialty mineral resource company
engaged in the development and production of fluorspar deposits at
its property located in St. Lawrence, Newfoundland, Canada, and is
moving forward to reactivate existing underground fluorspar mines,
expand an existing mill, construct a new, environmentally-sound
Tailings Management Facility and build a new deep-water marine
terminal in the outer St. Lawrence Harbor for the export of
fluorspar concentrate product. For more information please see:
www.canadafluorspar.com Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This news release does
not constitute an offer to sell or a solicitation of an offer to
buy any of the securities in the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the
United States or to U.S. Persons (as defined in the U.S. Securities
Act) unless registered under the U.S. Securities Act and applicable
state securities laws, or an exemption from such registration is
available. Advisory Regarding Forward Looking Statements This press
release contains forward-looking statements which include, but are
not limited to: current development and operating objectives and
outlook, expectations, opinions, forecasts, projections, guidance
or other statements that are not statements of fact. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any
assurance that such expectations will prove to be correct. Results
of the Company may be affected by a variety of variables and risks
associated with mining development, such as loss of market,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other
producers, ability to access sufficient debt and equity capital
from internal and external sources, ability to generate sufficient
cash flow to meet its current and future obligations, regulatory
approvals affecting construction and mining operations; as a
consequence, actual results could differ materially from those
anticipated or implied in the forward-looking statements. The
Company's forward-looking statements are expressly qualified in
their entirety by this cautionary statement and are made as of the
date of this news release. Unless otherwise required by applicable
securities laws, the Company does not intend nor does it undertake
any obligation to update or review any forward-looking statements
to reflect subsequent information, event, results or circumstances
or otherwise. To view this news release in HTML formatting, please
use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/23/c5446.html
p/p pOn behalf of Canada Fluorspar Inc.:/p pLindsay Gorrillbr/
President and CEObr/ Canada Fluorspar Inc.br/ Tel:
1-800-823-8095br/ a
href="mailto:lgorrill@canadafluorspar.com"lgorrill@canadafluorspar.com/a/p
p- or -/p pAli Mahdavibr/ Partnerbr/ Spinnaker Capital Markets
Inc.br/ a href="mailto:am@spinnakercmi.com"am@spinnakercmi.com/a/p
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