RNS Number:4884U
Moydow Mines International Inc
05 April 2007
Moydow Mines International Inc.
Consolidated Financial Statements
December 31, 2006 and 2005
(expressed in US Dollars, unless otherwise stated)
March 30, 2007
Management's Responsibility for Financial Reporting
The annual report and consolidated financial statements have been prepared by
management who, when necessary, has made informed judgments and estimates of the
outcome of events and transactions, with due consideration given to materiality.
Management acknowledges its responsibility for the fairness, integrity and
objectivity of all information contained in the annual report, including the
consolidated financial statements.
As a means of fulfilling its responsibility, management relies on the company's
system of internal control. This system has been established to ensure, within
reasonable limits, that the assets are safeguarded, transactions are properly
recorded and are executed in accordance with management's authorization and that
the accounting records provide a solid foundation from which to prepare the
consolidated financial statements.
The Board of Directors carries out its responsibility for the consolidated
financial statements principally through its Audit Committee, consisting solely
of non-management directors. This committee meets periodically, reviews the
scope of the external audit, the adequacy of the system of internal control and
the appropriateness of the financial reporting and then makes its
recommendations to the Board of Directors. Based on those recommendations, the
Board of Directors approves the consolidated financial statements.
"Signed"
Brian Kiernan
Chief Executive Officer
March 30, 2007
Auditors' Report
To the Shareholders of
Moydow Mines International Inc.
We have audited the consolidated balance sheets of Moydow Mines International
Inc. as at December 31, 2006 and 2005 and the consolidated statements of loss
and deficit and cash flows for the years then ended. These financial statements
are the responsibility of the company's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing
standards. Those standards require that we plan and perform an audit to obtain
reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the company as at December 31, 2006
and 2005 and the results of its operations and its cash flows for the years then
ended in accordance with Canadian generally accepted accounting principles.
"Signed"
Chartered Accountants
Toronto, Ontario
2006 2005
$ $
Assets
Current assets
Cash and cash equivalents 143,046 18,344
Newmont common shares (2005 quoted market value - $2,403,000) - 2,214,000
Accounts receivable and prepaid expenses 99,245 67,715
Current income tax recoverable 101,641 19,821
343,932 2,319,880
Mineral properties (note 4) 7,993,987 3,992,612
Other assets (note 5) 20,108 22,104
8,358,027 6,334,596
Liabilities
Current liabilities
Loan (note 10) 1,433,601 -
Accounts payable and accrued liabilities 1,148,007 593,140
2,581,608 593,140
Future income taxes (note 8) - 160,166
2,581,608 753,306
Shareholders' Equity
Capital stock (note 6) 18,014,363 16,759,055
Contributed surplus 414,726 414,726
Deficit (12,652,670) (11,592,491)
5,776,419 5,581,290
8,358,027 6,334,596
Nature of operations and going concern (note 1)
The accompanying notes to the consolidated financial statements are an integral
part of these financial statements.
2006 2005
$ $
Expenses
Due diligence (note 3) 401,902 -
General and administrative 917,338 1,150,189
Writedown of mineral properties (note 4) 404,222 1,247,971
Stock-based compensation (note 6) - 12,320
Amortization of property, plant and equipment 1,996 6,800
Foreign exchange gain (30,021) (55,490)
1,695,437 2,361,790
Other income and expenses
Gain/(loss) on Newmont common shares, net 306,882 (20,868)
Interest income 10,774 8,419
Dividend income 850 26,500
318,506 14,051
Loss before income taxes (1,376,931) (2,347,739)
Income tax recovery (note 8) (316,752) (735,380)
Loss for the year (1,060,179) (1,612,359)
Basic and diluted loss per common share
(0.03) (0.05)
Weighted average number of common shares outstanding (basic and diluted) 33,074,415 29,393,998
2006 2005
$ $
Deficit - Beginning of year (11,592,491) (9,980,132)
Loss for the year (1,060,179) (1,612,359)
Deficit - End of year (12,652,670) (11,592,491)
The accompanying notes to the consolidated financial statements are an integral
part of these financial statements.
2006 2005
$ $
Cash provided by (used in)
Operating activities
Loss for the year (1,060,179) (1,612,359)
Adjustments for non-cash items
Writedown of mineral properties 404,222 1,247,971
Amortization of property, plant and equipment 1,996 6,800
Gain/ (loss) on Newmont common shares, net (306,882) 20,868
Future income taxes (160,166) (580,380)
Stock-based compensation - 12,320
(1,121,009) (904,780)
Changes in non-cash working capital
Accounts receivable and prepaid expenses (31,530) 110,071
Accounts payable and accrued liabilities and income taxes 473,047 (1,080,320)
441,517 (970,249)
(679,492) (1,875,029)
Investing activities
Proceeds from sale of Newmont common shares 2,520,882 3,982,532
Exploration of mineral properties (4,405,597) (3,176,290)
(1,884,715) 806,242
Financing activities
Proceeds from issue of capital stock 1,255,308 278,810
Loan 1,433,601 -
2,688,909 278,810
Increase in cash and cash equivalents during the year 124,702 (789,977)
Cash and cash equivalents - Beginning of year 18,344 808,321
Cash and cash equivalents - End of year 143,046 18,344
Supplemental information
Cash income taxes paid - 905,116
Cash interest paid - -
The accompanying notes to the consolidated financial statements are an integral
part of these financial statements.
1 Going concern
Moydow Mines International Inc. (Moydow or the company) is an international
exploration company with primary interests in precious and industrial minerals
and diamonds. Moydow's common shares are listed on both the Toronto Stock
Exchange and the Alternative Investment Market of the London Stock Exchange.
The company is exploring its mineral properties and, as at December 31, 2006,
had not determined the existence of economically recoverable reserves (note 4).
The recoverability of the amounts shown for mineral properties is dependent upon
the existence of economically recoverable mineral reserves, the preservation of
the company's interest in the underlying mineral claims, the ability to obtain
necessary financing, to obtain government approval and to attain profitable
production or, alternatively, upon the company's ability to profitably dispose
of its interests.
These financial statements have been prepared using Canadian generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and settlement of liabilities in the normal course of
business as they come due. As at December 31, 2006, the company had an excess
of current liabilities over current assets of $2,237,676 and has recorded losses
and net cash outflows from operations for the past two years. The company is
also required to make expenditures (as outlined in note 4 to the financial
statements) in the near term to keep its mineral property rights in Angola. The
company will have to secure additional financing to meet its required
commitments. These circumstances lend substantial doubt as to the ability of
the company to meet its obligations as they come due and, accordingly, the
appropriateness of the use of accounting principles applicable to a going
concern.
In recognition of these circumstances, the company is exploring various
initiatives to secure capital so that Moydow can continue as a going concern.
It is not possible to determine, with any certainty, the success, adequacy or
sufficiency of these initiatives.
The company's ability to continue as a going concern is dependent upon its
ability to fund its working capital and exploration requirements and eventually
to generate positive cash flows, either from operations or sale of a property.
These financial statements do not reflect the adjustments to the carrying values
of assets and liabilities and the reported expenses and balance sheet
classifications that would be necessary were the going concern assumption
inappropriate These adjustments could be material.
2 Summary of significant accounting policies
Basis of presentation and consolidation
These consolidated financial statements have been prepared in accordance with
Canadian generally accepted accounting principles. The consolidated financial
statements include the accounts of the company, its subsidiaries and a
proportionate share of the company's interests in joint ventures. All
significant intercompany accounts and transactions have been eliminated.
Use of estimates
The preparation of financial statements in accordance with Canadian generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Significant areas requiring the use of management's estimates
are recoverability of mineral property deferred costs, future income taxes,
estimation of the fair value of stock options and the carrying value of
investments. Financial results as determined by actual events could differ
materially from those estimates.
Cash and cash equivalents
Cash and cash equivalents consist of highly liquid investments that are readily
convertible to known amounts of cash and have maturities of three months or less
at acquisition.
Investments
Investments in companies where the company has the ability to exercise
significant influence over the operating, financing and investing activities of
the companies are accounted for using the equity method, whereby the cost of the
investment is adjusted for the company's share of post-acquisition earnings or
losses of these companies.
Current asset investments are carried at the lower of cost and market value.
Long-term investments in shares of other companies are carried at cost less any
provision for other than temporary impairment in value.
Plant and equipment
Plant and equipment are stated at cost less accumulated amortization.
Amortization is provided using the straight-line method at rates sufficient to
amortize costs over the estimated useful lives of the assets, which range
between four and six years. Amortization of equipment used in exploration
activities has been included in exploration expenditures.
Mineral properties
Acquisition costs of mineral properties, together with direct exploration and
development expenses incurred thereon, are deferred and capitalized on a
property-by-property basis. Upon reaching commercial production, these
capitalized costs are transferred from exploration properties to producing
properties on the consolidated balance sheets and are amortized into operations
using the unit-of-production method over the estimated useful lives of the
estimated related ore reserves.
In the event that the long-term expectation is that the net carrying amount of
these capitalized exploration costs will not be recovered, the carrying amount
is written down accordingly and the writedown amount charged to operations.
Such would be indicated when:
* exploration activities have ceased;
* exploration results are not promising such that exploration will not be
planned for the foreseeable future;
* lease ownership rights expire; or
* insufficient funding is expected to be available to complete the
exploration program.
The amount shown for mineral properties represents costs incurred to date, net
of recoveries from option or joint venture participants and writedowns, and does
not necessarily reflect present or future values.
Translation of foreign currency
The consolidated financial statements are presented in U.S. dollars, unless
otherwise stated. Transactions denominated in foreign currencies are translated
into U.S. dollars at the rate prevailing at the date of the transactions.
At the balance sheet dates, monetary assets and liabilities denominated in
foreign currencies are translated at the year-end rate of exchange. Exchange
gains and losses arising on translation or settlement of foreign currency
denominated monetary items are included in the determination of loss for the
year.
Earnings (loss) per common share
Basic earnings (loss) per common share are computed by dividing the earnings
(loss) for the year by the weighted average number of common shares outstanding
during the year, including contingently issuable common shares, which are
included when the conditions necessary for issuance have been met, but excluding
contingently returnable common shares until all conditions necessary for their
release from escrow have been satisfied. Diluted earnings (loss) per common
share are calculated in a manner similar to basic earnings (loss) per common
share, except the number of weighted average common shares outstanding is
increased to include potential common shares from the assumed exercise of stock
options and warrants, if dilutive. The number of additional common shares
included in the calculation is based on the treasury stock method for stock
options and warrants and on the as-if-converted method for convertible
securities.
Financial instruments
As at December 31, 2006 and 2005, the carrying values of the company's cash and
cash equivalents, accounts receivable and accounts payable and accrued
liabilities approximate their fair values.
Stock-based compensation
Stock options granted to employees or external parties are recognized at fair
value as an expense in equal instalments over the vesting period and an offset
to contributed surplus. The expense is determined using an option pricing model
that takes into account the exercise price, the term of the option, the impact
of dilution, the current price and expected volatility of the underlying share,
the expected dividend yield and the risk-free interest rate for the term of the
option.
Cash received from the exercise of options for common shares is credited to
capital stock.
Income taxes
The provision for future income taxes is based on the asset and liability
method. Future income taxes arise from the recognition of the income tax
consequences of temporary differences by applying statutory income tax rates
applicable to future years to differences between the consolidated financial
statements' carrying amounts and the income tax amounts of assets and
liabilities. The company records a valuation allowance against any portion of
those future income tax assets that it believes will, more likely than not, fail
to be realized. Future income tax balances relating to expenditures funded by
the issue of flow-through shares are recognized as liabilities and share issue
costs when the income tax benefits are renounced.
3 Due Diligence
On March 1, 2006, the company announced that it had reached an agreement with
Diamond Fields International Ltd. ("Diamond Fields") effective February 28,
2006; pursuant to which, Moydow common shareholders would have exchanged their
Moydow securities for securities of Diamond Fields ("the acquisition"). The
acquisition was subject to, among other things, receipt of all necessary
regulatory, court and stock exchange approvals, Moydow's shareholder approval, a
valuation and/or fairness opinion by each company and lock-up agreements
executed by the chairman and chief executive officer of the company under which
they have agreed to vote in favour of the merger and entry of the parties into a
definite agreement. As all the necessary stipulations required under the terms
of agreement were not reached by May 31, 2006, the agreement was automatically
terminated. The company incurred transaction and due diligence expense of
$401,902 in connection with this transaction.
4 Mineral properties
The company, either directly or through certain joint ventures, has obligations
to expend various amounts on its mineral properties and projects in order to
keep its mineral property rights in good standing. All agreements are in the
normal course of business.
Mineral exploration properties in Africa and North America are described below
and are recorded with their carrying values as follows:
Angola $ Sierra Leone $ Ghana $ North America $ Total $
Balance - December 31, 2004 371,840 267,403 606,622 818,428 2,064,293
Capitalized costs 1,399,727 1,373,725 302,530 100,308 3,176,290
Writedown - - (329,235) (918,736) (1,247,971)
Balance - December 31, 2005 1,771,567 1,641,128 579,917 - 3,992,612
Capitalized costs 3,147,686 945,367 312,544 - 4,405,597
Writedown - - (404,222) - (404,222)
Balance - December 31, 2006 4,919,253 2,586,495 488,239 - 7,993,987
a) Angola, Africa
Dala project, Angola
The company is party to two separate exploration projects with the same partners
on the Dala property in Angola, relating to the exploration for alluvial and
kimberlite diamonds.
Alluvial diamonds
On October 1, 2004, the company signed an agreement with Empressa Nacional De
Diamantes De Angola (Endiama), the Angolan state diamond mining company and
Cimader-Comercio Geral Limitada (Cimader), a local Angola company, to explore
for alluvial diamonds on the Dala concession, located near the town of Saurimo,
in north-east Angola. The concession comprises 3,000 square kilometres. To
obtain a 33% interest, the company will have to incur expenditures of not less
than $5,000,000 on or before October 1, 2007. Cimader and Endiama have a free
carried interest in the exploration phase of the project.
The company entered into a separate agreement with Concord Minerals LLC
(Concord), a private Nevada company, whereby Concord was granted the right to
earn up to 50% of Moydow's interest in the concession by funding exploration
expenditures under Moydow's agreement with Endiama and Cimader. However,
Concord has not exercised this right in full and it presently holds a 15%
interest in the Moydow-Concord agreement.
The company's cumulative expenditures on the alluvial licence to December 31,
2006 amounted to $3,255,610 of which $1,484,043 was incurred during 2006
($1,466,775 was incurred during 2005). In addition, Concord cumulative
expenditures to December 31, 2006 amounted to $688,797 ($688,797 -December 31,
2005).
Kimberlite
On December 16, 2005, the company signed another agreement with Endiama and
Cimader to explore for kimberlite (primary) diamonds on the Dala concession.
Under the terms of the agreement, the company can earn 40% interest in the
concession with the remaining percentages held by Endiama and Cimader. To
obtain its interest, the company will have to incur expenditures of not less
than $10,000,000 on or before January 14, 2009. Cimader and Endiama have a free
carried interest in the exploration phase of the project. The granting of the
licence was ratified by the Angolan Council of Ministers on October 18th, 2006
and was subject to the company making a deposit of $1m with the Angolan
government. The deposit was made in 2006 and may be refunded provided that
Moydow meet certain conditions. The deposit has been included as a component of
the cost to acquire an interest in the Dala project.
The company also has an agreement with Concord, whereby Concord was granted the
right to earn up to 50% of Moydow's interest in the kimberlite concession, by
funding exploration expenditures under Moydow's agreement with Endiama and
Cimader. As in the case of the alluvials, Concord has not exercised its right
in full and its interest presently stands at 15% in the Moydow-Concord
agreement.
The company's cumulative expenditures on the kimberlite licence to December 31,
2006 amounted to $1,663,643 of which $1,663,643 was incurred during 2006.
Concord's cumulative expenditures to December 31, 2006 amounted to $nil.
b) Sierra Leone, West Africa
Port Loko property, Sierra Leone
The company has a 50% interest in the Port Loko bauxite exploration project in
Sierra Leone, West Africa. The other 50% interest in the project is held by
Gondwana Investments Limited (Gondwana), a company incorporated in Luxembourg.
The company has applied to the Sierra Leone government for a renewal of
its licence in respect of its activity at Port Loko and expects to receive the
licence in mid 2007. In the event that the licence is not renewed, the company
will be required to write-off its investment in this project.
Cumulative expenditures by the company to December 31, 2006 amounted to
$2,586,495 of which $945,367 was incurred in 2006.
c) Ghana, West Africa
Ntotoroso property, Ghana
On December 8, 2003, the company sold its wholly owned subsidiary, Moydow
Limited (Isle of Man), which, following an internal restructuring, owned the
company's 50% joint venture interest in the Ntotoroso property but no other
mineral properties, to Newmont Mining Corporation ("Newmont").
In connection with the sale, the company entered into a royalty agreement,
whereby the company acquired the right to a net smelter return royalty of 2% on
all recovered ounces of gold and silver produced from the Ntotoroso property
after the first 1.2 million gold equivalent ounces in consideration for
$250,000. No value has been ascribed to the royalty rights acquired by the
company.
Kanyankaw property, Ghana
On October 3, 2005, the company was granted a two-year extension to its
prospecting licence with respect to the Kanyankaw property by the Minister for
Lands, Forestry and Mines in Ghana. The carrying value of the Kanyankaw
property was written off in 2005 in the amount of $329,235, as exploration
results are not promising such that exploration will not be planned for the
foreseeable future.
Hwidem property, Ghana
On October 3, 2005, the company was granted a two-year extension to its
prospecting licence with respect to the Hwidem property by the Minister for
Lands, Forestry and Mines in Ghana. The licence area covers 24.7 square
kilometres and it adjoins the Kenyase-Ntotoroso area currently under lease to
Rank Mining Company Limited, a subsidiary of Newmont. The licence expires on
October 2, 2007. The company incurred exploration expenditures on this property
of $146,712 in 2006. The minimum exploration expenditures required to be spent
by the end of the extension in order to maintain the licence are $523,000, of
which $488,239 had been spent as at December 31, 2006. If gold mineralization
does not exist in sufficient quantities in the area to warrant completion of the
work program, the company is not liable for any shortfall of the minimum
exploration expenditures.
Okumpreko property, Ghana
On September 17, 2004, the company signed an agreement with PW Limited, an
international engineering and mining contractor. Under the terms of the
agreement, the company can earn a majority interest in the Nyaduom and Kushea
mining leases, which are collectively known as the Okumpreko gold project. On
January 23, 2007, the Minerals Commission cancelled the mining lease for
non-performance. The company wrote off its investments in the amount of
$404,222, of which $165,832 was incurred during 2006.
d) North America
Newfoundland and Labrador
During 2003, the company signed an agreement with Cornerstone Capital Resources
Inc. (Cornerstone) in relation to a group of claims located in south-central
Newfoundland and Labrador. As exploration results were not promising, the
company wrote off its investment in the amount of $874,608 in 2005.
Altius Baie d'Espoir property
On March 10, 2004, the company signed an agreement with Altius Resources Inc.
(Altius) for an option to earn up to 80% interest in the Altius Baie d'Espoir
property located in south-central Newfoundland and Labrador. As exploration
results were not promising, the company wrote off its investment in the amount
of $36,033 in 2005.
Other properties - North America
During 2005, the company incurred and wrote off costs of $8,095 relating to
general exploration.
5 Other assets
2006 2005
$ $
Plant and equipment - at cost 157,623 157,623
Less: Accumulated amortization 154,929 152,933
Net book value 2,694 4,690
Investments - (quoted market value:
2006-$95,133, 2005 - $83,709) 17,414 17,414
20,108 22,104
6 Capital stock
Authorized
Unlimited number of common shares
Issued
Number of shares $
Balance - December 31, 2004 28,964,382 16,480,245
Issue of shares - July 19, 2005 60,000 10,348
Issue of shares for cash - September 30, 2005 1,596,193 268,462
Balance - December 31, 2005 30,620,575 16,759,055
Issue of shares - September 6, 2006 7,655,143 1,255,308
38,275,718 18,014,363
In 2005, the company issued 60,000 shares in connection with the acquisition of
its interest in the Altius Baie d'Espoir property.
In 2006, the company issued 7,655,143 common shares at a price of Cdn$0.18 per
share pursuant to a private placement. Of this total, 3,062,057 have been
issued to parties at 'non-arm's length' to the company and 4,593,080 have issued
to parties at 'arm's length' to the company.
Stock options
Stock option plan
The company has a stock option plan (the plan), which has been approved by the
shareholders, that allows the company to grant up to 4,000,000 stock options to
officers, directors, employees and consultants. Under the plan, options are
non-assignable and may be granted for a term not exceeding ten years. The
number of common shares that may be reserved for issuance to any one person
pursuant to options must not exceed 5% of the outstanding common shares. The
exercise price of an option may not be lower than the closing price of the
common shares on the Toronto Stock Exchange on the business day immediately
proceeding the date the options are granted.
Movements in stock options of the company are set out in the table below:
Number of stock Weighted average
options exercise price
Cdn$
Balance - December 31, 2004 3,235,000 0.89
Granted 100,000 0.23
Expired (1,235,000) 1.79
Balance - December 31, 2005 2,100,000 0.33
Expired (500,000) 0.31
Balance - December 31, 2006 1,600,000 0.33
The stock options are exercisable as follows:
Number of Exercise Expiry date
stock options price
exercisable and Cdn$
outstanding
1,600,000 0.33 August 13, 2009
Stock-based compensation
The estimated fair value of the 100,000 stock options issued on June 16, 2005
was Cdn$15,250 (Cdn$0.15 per option).
The fair value of each stock option granted in 2005 was estimated on the date of
grant using the Black-Scholes option pricing model with the following
assumptions:
Risk-free interest rate
3.75%
Expected life 5 years
Estimated volatility 80.00%
Dividend yield Nil%
Warrants
In 2004, the company agreed to issue 200,000 warrants for the purchase of
200,000 common shares at a strike price of Cdn$0.38, with a value of $37,200.
These warrants were issued in connection with the Port Loko bauxite deposit
(note 4(b)). In 2006, these warrants expired.
7 Related party transactions
Related party transactions relate primarily to the payment of fees under
contracts for services with companies in which a Moydow director is a
shareholder and director. The company was charged a total of $390,848 during
2006 (2005 - $251,597) with respect to drilling and administration services.
Included in accounts payable and accrued liabilities as at December 31, 2006 is
$614,712 (2005 - $35,696) payable to these related parties.
The company's primary legal counsel is a firm in which directors of the company
are partners. The company was charged $248,974 during 2006 (2005 - $68,101) for
legal services provided by this firm.
These transactions are made in the normal course of business.
8 Income taxes
The effective rate of income taxes recorded in the consolidated statements of
loss differs from the normal combined rate of federal and provincial income
taxes, as follows:
2006 2005
% %
Combined basic federal and Ontario income tax rate 36.12 36.12
Increase (decrease) in rate resulting from
Currency translation adjustments 0.97 (1.14)
Foreign tax rate differential (2.44) (1.85)
Tax-free portion of gains 3.95 (1.72)
Prior year's income tax losses recognized 6.91 6.49
Prior year's income tax asset recognized 2.86 (0.73)
Stock-based compensation and other non-deductible items (3.70) (0.42)
Increase in valuation allowance (21.75) (5.43)
13.22 (4.80)
Effective income tax rate 22.90 31.32
2006 2005
$ $
Current income tax (recovery) expense (156,636) (155,000)
Future income tax (asset)/liability (160,116) (580,380)
Future income taxes are applicable to the following temporary differences:
2006 2005
$ $
Plant and equipment, subject to amortization 3,007 3,844
Currency translation adjustments - (1,850)
Investments - (219,104)
Organizational costs and financing fees 118,110 -
Other 62,400 56,944
Future income tax asset (liabilities) 183,517 (160,166)
(183,517) -
Valuation allowance - -
9 Segmented disclosures
The company has one reportable operating segment, being the exploration of
mineral properties in the geographic areas disclosed in note 4.
10 Loan
During 2006, the company entered into an unsecured loan agreement with certain
parties. The company was advanced $1,433,601 (including $127,685 for related
parties) which is repayable on demand. The loan is non-interest bearing. On
March 29, 2007 the company reached agreement with its lenders to convert the
outstanding debt into common shares of the company at Cdn$0.20 per share subject
to among other things receipt of all necessary regulatory and stock exchange
approval.
11 Comparative figures
Certain comparative figures have been reclassified to be consistent with the
current year's consolidated financial statement presentation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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