Barkerville Gold Mines {TSX.V: BGM} – Have announced restated accounts and financial statements for 2014.
The exchange is obviously still closely monitoring BGM!
Barkerville Gold Mines Files Amended Financial Statements and MD&A
Barkerville Gold Mines {TSX.V: BGM} announces that further to its press releases of July 27, 2015 and October 30, 2015, it has, with the assistance of its auditors, identified certain inaccuracies related to the previously filed financial statements (the “Financial Statements”) and management discussion and analysis (the “MD&A”) for the nine month
period ended November 30, 2014.
As a result, the Company has filed amended and restated Financial Statement and MD&A, copies of which are available under the Company’s profile on SEDAR at www.sedar.com
The effect of the restatement is detailed as follows:
Notes:
The restatement was due to Revenue and Amount receivable previously recognized on the date of shipment and valued on the date of settlement but should be recognized and valued on the date when the risks and rewards of ownership have been transferred to the customer in accordance with the agreement entered into between the Company and its customer (date of receipt);
The restatement was related to misallocation of costs between Mine Development and Inventory;
The restatement was related to Provision for site reclamation and closure and Accretion expense not accrued for wastes produced during the period;
The restatement was related to royalty payable not accrued;
The restatement was related to Gold Loan Facility accretion expenses being understated;
The restatement was due to change in deferred tax liability not recorded;
The restatement was due to legal fees related to private placement not being recorded to share issue cost and loss on shares for debt not recorded;
The restatement was related to total impact on the Consolidated Statements of Loss and Other Comprehensive Loss;
The restatement was related reclassification of costs between Mine Operating and Cost of Sales and Direct Costs;
The restatement was due to difference in gold future and option prices used during the period;
The restatement in cash outflows from operating activities consists of adjustment of a $1,297,836 in items included in net loss which do not involve cash and adjustment of $(1,267,111) in change in non-cash working capital. This adjustment also impacted financing activities;
The restatement was related to total impact on the Consolidated Statements of Loss and Other Comprehensive Loss;
The restatement was due to gold loan facility not being recorded correctly at inception;
The restatement was due to change in fair value of derivative not being revalued and recorded;
The restatement was due to transaction costs related to gold loan facility not being classified correctly.
For further information on Barkerville Gold Mines Ltd., please contact:
Tom Obradovich
President & Chief Executive Officer
+1 416 3612511
tobradovich@barkervillegold.com
Cautionary Statement on Forward -Looking Information
Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.