LionOre Mining Second Quarter Report (Part 2 of 2 - Financial Tables).TORONTO--(BUSINESS WIRE)--Aug. 25, 1997-- LionOre Mining Inter To cross over boundaries; for example, internetwork means from one network to another. Contrast with intra. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). LIM) -0-
LionOre Mining International Ltd.
Consolidated Balance Sheets
(expressed in United States dollars)
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June 30 December 31
1 9 9 7 1 9 9 6
------------ ------------
(Unaudited) (Audited)
Assets
Current assets
Cash and equivalents $ 14,620,457 $ 6,904,177
Accounts receivable 2,796,042 -
Inventories 8,718,802 -
Other 4,188,920 478,216
------------ ------------
30,324,221 7,382,393
Investment in Tati Nickel
Mining Company (Pty) Limited 7,498,447 5,673,481
Investment in Forrestania Gold NL - 28,031,155
Other long term investments 12,254,040 2,000,000
Producing property,
plant and equipment 62,631,827 -
Mining exploration properties 70,471,093 -
Other assets 2,272,405 25,757
------------ ------------
$185,452,033 $ 43,112,786
------------ ------------
------------ ------------
Liabilities
Current liabilities
Accounts payable $ 6,457,334 $ 351,640
Current portion of
long-term debt 1,748,584 -
Unpaid and unclaimed dividends 1,170,230 1,178,529
------------ ------------
9,376,148 1,530,169
------------ ------------
Long-term debt 24,031,725 -
Long-term provisions 2,460,831 -
------------ ------------
26,492,556 -
------------ ------------
Shareholders' Equity
Share capital
Authorized
Unlimited number of common
shares without nominal
or par value
Unlimited number of preferred
shares issuable in series
Issued
109,580,760 common shares 117,522,249 36,275,169
10,000,000 special warrants 27,993,388 -
Retained earnings 7,967,710 6,404,745
Cumulative translation adjustment (3,900,018) (1,097,297)
------------ ------------
149,583,329 41,582,617
------------ ------------
$185,452,033 $43,112,786
------------ ------------
------------ ------------
LionOre Mining International Ltd.
Consolidated Statements of Earnings and Retained Earnings
(expressed in United States dollars)
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For the Three For the Six
Months Ended Months Ended
June 30 June 30 June 30 June 30
1 9 9 7 1 9 9 6 1 9 9 7 1 9 9 6
---------- ---------- ---------- ---------
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenue
Mineral sales $16,433,530 $ - $16,433,530 $ -
Share of earnings 412,335 318,206 1,816,774 1,309,476
of Tati Nickel
Mining Company
(Pty) Limited
Other 668,253 752,555 887,428 819,394
---------- ---------- ---------- ----------
17,514,118 1,070,761 19,137,732 2,128,870
Expenses
Operating costs 13,006,866 - 13,006,866 -
Depreciation and
amortization 2,341,605 - 2,341,605 -
General and
administrative 1,176,174 116,775 1,788,402 137,045
Interest 485,460 - 161,081 -
---------- ---------- ---------- ----------
17,010,105 116,775 17,297,954 137,045
Earnings before taxes 504,013 953,986 1,839,778 1,991,825
Deferred income taxes (276,813) - (276,813) -
--------- --------- ---------- ----------
Net earnings for
the period 227,200 953,986 1,562,965 1,991,825
Retained earnings,
beginning of period 7,749,510 4,760,297 6,404,745 3,722,458
--------- --------- ---------- ----------
Retained earnings,
end of period $7,976,710 $5,714,283 $7,967,710 $5,714,283
--------- --------- ---------- ----------
--------- --------- ---------- ----------
Basic earnings
per share $ - $ 0.04 $ 0.02 $ 0.08
LionOre Mining International Ltd.
Consolidated Statements of Changes in Financial Position
(expressed in United States dollars)
For the Six Months Ended
June 30 June 30
1 9 9 7 1 9 9 6
------------ ------------
(Unaudited) (Unaudited)
Operating activities:
Net earnings for the period $ 1,562,964 $ 1,991,825
Less:
Share of earnings of affiliate (1,816,773) (1,309,476)
Profit on sale of assets (438,031) -
Change in working capital items (748,097) 9,042
Decrease in dividends payable (8,299) -
Other (68,247) -
Add:
Writedown of marketable security 72,184 -
Deferred income taxes 276,813 -
Depreciation and amortization 2,341,605 -
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Net cash provided by
operating activities 1,174,119 691,391
Investing activities:
Investment in Forrestania Gold NL,
less cash acquired
at acquisition (92,199,327) -
Purchase of investments (7,639,990) -
Investment in producing property,
plant and equipment (2,198,163) -
Exploration (3,168,194) -
Proceeds from sale of
fixed assets 431,515 -
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Net cash used in investing
activities (104,774,159) -
Financing activities:
Issue of common shares 81,246,932 -
Issue of special warrants 27,993,388 -
Proceeds from bridge loan 22,000,000 -
Repayment of bridge loan (22,000,000) -
Proceeds from borrowing 2,076,000 -
Dividends - (1,006,816)
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Net cash provided (used)
by financing activities 111,316,320 (1,006,816)
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Increase (decrease)
in cash and equivalents 7,716,280 (315,425)
Cash and equivalents,
beginning of period 6,904,177 559,160
------------ ------------
Cash and equivalents,
end of period $ 14,620,457 $ 243,735
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-0- LionOre Mining International Ltd. Notes to Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge (unaudited) (expressed in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dollars, except where indicated) 1. Comparative Statements On August 1, 1996, the Company acquired 100 percent of Francistown Francistown is the second largest city in Botswana, with a population of about 113,315 (urban area - census 2001), and often described as the "Capital of the North". It is located in eastern Botswana, about 400 kilometres north-northeast from the capital, Gaborone. Mining & Exploration (Jersey) Limited ("FME FME Formal Methods Europe FME Faculty of Mechanical Engineering (Brno University of Technology, Czech Republic) FME Feature Manipulation Engine FME Facultat de Matemàtiques I Estadística "), the main holding of which is a 41.65 percent interest in Tati Tati (tä`tē), region, c.2,070 sq mi (5,360 sq km), NE Botswana. Nickel, copper, asbestos, and manganese are mined in the region. Tati was a source of gold for centuries; mining ceased there in the early 1960s. Nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. Mining Company (Pty) Limited. The acquisition of FME was deemed to be a reverse takeover A reverse takeover occurs when a publicly-traded smaller company acquires ownership of a larger company. It typically requires reorganization of capitalization of the acquiring company. , whereby the former owners of FME became the majority shareholders of LionOre. As a result of the application of reverse takeover accounting principles, the comparative results on the Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Earnings and Retained Earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. and Changes in Financial Position are those of FME. 2. Acquisition of Forrestania Effective April 1, 1997 the Company acquired 98.8 percent of Forrestania Gold NL ("Forrestania"), with the additional 1.2 percent of Forrestania acquired through the process of compulsory Wikipedia does not currently have an encyclopedia article for . You may like to search Wiktionary for "" instead. To begin an article here, feel free to [ edit this page], but please do not create a mere dictionary definition. acquisition by the end of the quarter. The shareholders of Forrestania were offered an exchange of one LionOre share for one Forrestania share, or one half LionOre share plus A$1.675 for one Forrestania share. To effect the transaction, the Company issued a total of 30,963,254 shares to Forrestania shareholders (an additional 1,030,000 were issued in 1996), and 75,000 shares to a lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in in satisfaction of a certain portion of the commitment fee on a loan facility dedicated to the acquisition. Cash of $50,577,027 ($26,486,155 in 1996) was paid out to Forrestania shareholders and to satisfy the various other costs of the acquisition. The acquisition has been accounted for using the purchase method of accounting, and the financial position and results of operations of Forrestania have been consolidated from April 1, 1997. The total consideration paid was allocated based on the estimated fair value of the assets acquired and the liabilities assumed at the date of acquisition as follows: -0-
Assets acquired:
Cash $ 4,973,481
Other current assets 15,749,357
Property, plant and equipment 66,592,789
Exploration investments 70,421,816
Other 1,389,903
-----------
159,127,346
Liabilities acquired:
Current liabilities 14,814,373
Long-term obligations 16,955,406
Other 2,153,604
-----------
33,923,383
Net Assets 125,203,963
Less: 1996 Investment in Forrestania (28,031,155)
-----------
$ 97,172,808
-----------
-----------
Consideration
Cash $ 50,577,927
Common shares 46,594,881
-----------
$ 97,172,808
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3. Share Capital
Authorized:
Unlimited number of common shares without nominal or par value.
Unlimited number of preferred shares issuable in series.
Number of Shares Amount
---------------- ------
Issued at December 31, 1996 60,292,506 $ 36,275,169
Issued to effect takeover
of Forrestania Gold NL 31,038,254 46,594,881
Conversion of special warrants,
net of expenses of $1,847,801 17,000,000 32,152,199
Issued to a lending institution (b) 1,250,000 2,500,000
----------- ------------
109,580,760 $117,522,249
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-0- a) On February February: see month. 4, 1997, the Company issued 17,000,000 special warrants at a subscription price of $2 per share. A final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. was filed with the securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities on June June: see month. 3, 1997, and the outstanding special warrants were converted to 17,000,000 common shares of the Company on June 10, 1997. b) In order to finance the Forrestania takeover To assume control or management of a corporation without necessarily obtaining actual title to it. A takeover bid or tender offer is a proposal made by one company to purchase shares of stock of another company, in order to acquire control thereof. , the Company arranged a bridge loan facility with a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. lending institution. The Company borrowed $22,000,000 on this facility, and repaid it at the end of June with part of the proceeds of the June 24 special warrants issue. The lending institution had the option to have the Company repay up to $2,500,000 of the principal amount of the bridge loan through the issuance of common shares valued at $2.00 per share. The lending institution exercised its option, and 1,250,000 of common shares were issued in satisfaction of this arrangement. c) On June 24, the Company completed a private placement of 10,000,000 special warrants at a subscription price of C$4.10 per share, for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $27,993,388. A preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders to qualify the distribution of 10,000,000 common shares of the Company will be filed with the securities regulatory authorities at the beginning of September September: see month. , 1997. d) On April 9, 1997, the Company granted 900,000 stock options to certain directors, officers, and employees at an exercise price of C$3.80, and are exercisable from April 9, 1999 to April 9, 2007. e) On May 21, 1997 the Company granted 350,000 stock options to certain directors, officers and employees at an exercise price of C$4.50 exercisable from May 21, 1999 to May 21, 2007. f) On February 7, 1997 the Company issued 600,000 warrants to a Canadian lending institution to purchase common shares at $2.00 per share, exercisable to February 6, 1999. 4. Earnings per Share The weighted average number of shares outstanding used in the calculation of basic earnings per share was 94,260,247 for the three months ended June 30, 1997, and 77,276,642 for the six months ended June 30, 1997. Comparative earnings per share have been calculated using the number of shares (25,276,399) issued by the company to the FME shareholders in the reverse takeover as described above. CONTACT: LionOre Mining International Ltd. Mr. Ted This article is about the actor. For the animated series, see Mister T (TV series). For other uses, see Mr. T (disambiguation). Mr. T (legally changed his name from Laurence Tureaud), (born on May 21 1952), is an iconic actor known for his roles as Sgt. "B. A. Mayers, 416/777-1670 or LionOre Mining International Ltd. Mr. Gil Playford Playford may refer to:
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