Great Western Minerals Group Files Amended 2nd Quarter 2012
Financial Statements
TSX Venture Symbol: GWG
CUSIP: 39141Y 10 3
OTCQX: GWMGF
CALGARY, Nov. 26,
2012 /PRNewswire/ - Great Western Minerals Group Ltd.
("GWMG" or the "Company") has filed amended and restated
consolidated unaudited interim financial statements for the three
and six months ended June 30,
2012.
The financial statements have been restated in
connection with the reporting of the embedded conversion
option transactions associated with the Company's convertible
bond offering (see GWMG news release April 5, 2012). In preparing the Company's
financial statements in the second quarter of 2012, the financial
statements did not reflect the bonds with an embedded conversion
option that is required to be bifurcated into a debt component and
an embedded conversion component. The embedded conversion
option is fair valued and the amount related to the embedded
conversion option is removed from the carrying value of the
debt. The debt component is then carried at amortized cost
with the discount being amortized over the life of the bonds until
the carrying value matches the face value. The embedded
conversion option is carried at fair value and remeasured every
reporting period. The Company also made other less
consequential changes, all of which are identified in the notes to
the restated financial statements. The revised financial statements
and Management's Discussion and Analysis are available on the
Company's website at www.gwmg.com and www.sedar.com.
Great Western Minerals Group Ltd. intends to be
an integrated rare earth producer. The Company currently produces
specialty alloys which are used in the battery, magnet and
aerospace industries. Produced at the Company's wholly owned
subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western
Technologies Inc. in Troy,
Michigan, these alloys contain aluminum, nickel, cobalt and
rare earth elements. As part of the Company's vertical integration
strategy, GWMG also holds 100% equity ownership in Rare Earth
Extraction Co. Limited, which owns a 74% equity interest in the
Steenkampskraal Mine in South
Africa. In addition to an exploration program at
Steenkampskraal, GWMG also holds interests in four active rare
earth exploration and development properties in North America.
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.
Certain information set out in this News Release
constitutes forward-looking information. Forward-looking
statements (often, but not always, identified by the use of words
such as "expect", "may", "could", "anticipate" or "will" and
similar expressions) may describe expectations, opinions or
guidance that are not statements of fact and which may be based
upon information provided by third parties. Forward-looking
statements are based upon the opinions, expectations and estimates
of management of GWMG as at the date the statements are made and
are subject to a variety of known and unknown risks and
uncertainties and other factors that could cause actual events or
outcomes to differ materially from those anticipated or implied by
such forward-looking statements. Those factors include, but are not
limited to, the successful and timely completion of its preliminary
economic assessment at Hoidas Lake; the successful and timely
completion and the results of its preliminary economic assessment
of the Steenkampskraal project, the construction, commissioning and
operation of the proposed monazite processing facility and
separation facility, mine refurbishment activities, reliance on
third parties to meet projected timelines and commencement of
production at Steenkampskraal; risks related to the receipt of all
required approvals including those relating to the commencement of
production at the Steenkampskraal mine, delays in obtaining
permits, licenses and operating authorities in Canada, South
Africa and China,
environmental matters, water and land use risks; risks associated
with the industry in general, commodity prices and exchange rate
changes, operational risks associated with exploration, development
and production operations, delays or changes in plans; risks
associated with the uncertainty of resource estimates; health and
safety risks; uncertainty of estimates and projections of
production, costs and expenses; risks that future Hoidas Lake or
Steenkampskraal and region exploration results may not meet
exploration or corporate objectives; the adequacy of the Company's
financial resources and the availability of additional cash from
operations or from financing on reasonable terms or at all;
political risks inherent in South
Africa and China; risks
associated with the relationship between GWMG and/or its
subsidiaries and communities and governments in Canada and South
Africa, radioactivity and related issues, dependence on one
mineral project; loss of, and the inability to attract, key
personnel; the factors discussed in the Company's public disclosure
record; and other factors that could cause actions, events or
results not to be as anticipated. In light of the risks and
uncertainties associated with forward-looking statements, readers
are cautioned not to place undue reliance upon forward-looking
information. Although GWMG believes that the expectations reflected
in the forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
Except as required by law, GWMG does not assume any obligation to
update forward looking statements as set out in this news release.
The forward-looking statements of GWMG contained in this News
Release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement and the
risk factors contained in GWMG's Professional Securities Market
listing particulars available at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.