LionOre Reports Audited 1996 Financials.TORONTO--(BUSINESS WIRE)--March 18, 1997--LionOre Mining International Ltd. ("LionOre") is pleased to report its 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 for the five months ending December 31, 1996. In June, 1996 the Company changed its name to LionOre and on August 1, 1996, LionOre acquired 100% of Francistown Mining and Exploration Ltd. ("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 "). FME has a 41.65% interest in Tati 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 Co., a Botswana company operating two nickel mines producing about 5,000 metric tons of nickel per year. After tax earnings for the five month period ending December 31, 1996 were US$873,415 including a US$385,237 translation loss on a US$1,380,273 dividend received from Tati Nickel during the fourth quarter. Share of earnings from Tati Nickel were US$1,282,404 for the five months compared with US$2,692,060 for the 12 month period ending July 31, 1996. Earnings for the current period were negatively effected by declining nickel prices and a hardship claim accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for the mining contractor at the Botswana mine site. Production and productivity levels were on plan. Nickel prices have significantly improved in 1997 and the hardship claim was recently settled below the 1996 cost accrual. At December 31, 1996, LionOre has acquired 19.8% of the outstanding shares of Forrestania Gold NL ("Forrestania"), an Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. gold producer and nickel and gold exploration company and a convertible note for 22.6% interest on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis for US$26.3 million cash and 1.03 million shares of LionOre. The cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments for LionOre at December 31, 1996 was US$6,904,177. The number of issued and outstanding shares on December 31, 1996 was 60,292,506. In order to finance the takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares offer to the Forrestania shareholders announced on November 25, 196 for the remaining shares of Forrestania not already owned by LionOre, the Company secured: 1) US$30 million one year bridge loan from TD Capital Group Limited. 2) A US$10 million one year bridge loan from Rothschild Australia Limited. 3) A US$34 million private placement of 17 million special warrants convertible into shares at US$2.00 per share. On February 17, 1997 the Company dispatched Dispatched was a Swedish melodic death metal band formed in 1992 by Daniel Lundberg. Their sound is very similar to the older Gothenburg style of early In Flames. Biography Dispatched was formed just before New Year's Eve of 1991 by Daniel Lundberg and Krister Andersson. its takeover offer to the Forrestania shareholders and the offer period ends on March 25, 1997 unless extended. The offer is subject to LionOre owning at least 50.1% of the Forrestania shares at the end of the offer. Forrestania shareholders who accept the offer have the choice of receiving either one LionOre share or A$1.675 plus one half of a LionOre share for each Forrestania share held. The share price of LionOre on March 17, 1997 was C$3.36 per share. On March 13, 1997, LionOre announced its offer is non-conditional and has received 51% acceptances on March 17, 1997. The Company expects a high level of acceptances. 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 to 100% ownership is available if LionOre has more than 90% acceptances is shares and 75% in number of shareholders by the closing of the offer. Mr. Gil Playford, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated: "The acquisition of Forrestania gives LionOre quality producing gold assets and gold and nickel reserves, an excellent exploration portfolio and a very promising nickel development project further enhanced with recent drilling results of high grade nickel intersections. A summary of the drill holes and ore grades Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly and reserves will be published in a separate news release." Forrestania Gold NL is an Australian gold producer, a nickel and gold exploration company and has an advanced nickel development project in a 50-50 joint venture with Gencor of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . The company expects to produce 160,000 ounces of gold in 1997, all hedged at a minimum price of US$420/ounce. Its current exploration program expects to increase its 1.2 million ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. gold resource. The nickel joint venture has over 200,000 tonnes of contained nickel in a massive sulphide sulphide: see sulfide. deposit near Lake Johnston in Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. . The recent drilling instructions at Emily Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. , 3 kilometers north of the main deposit, should significantly add to the total resource. LionOre is an international mining company headquartered in Toronto, Canada with interests in Africa and Australia and trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the stock symbol "LIM". The consolidated statement 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. for the five months ended December 31, 1996 and the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. of LionOre as at December 31, 1996 are attached. -0-
LionOre Mining International Ltd.
(Formerly Liberian Iron Ore Limited)
Unaudited Consolidated Statement of Earnings and Retained Earnings
(expressed in United States dollars)
------------------------------------------------------------------
Five months ended Year ended Year ended
December 31 July 31 July 31
1996 1996 1995
Revenue
Share of earnings from Tati
Nickel Mining Company (Proprietary)
Limited $ 1,282,404 $ 2,692,060 $ 2,052,216
Interest Income 638,749 52,922 62,773
Dividend Income - 652,033 -
Other 113,125 260,734 265,379
----------------------------------
2,034,278 3,657,749 2,380,368
General and administrative
expenses 775,626 301,837 67,351
Realized translation adjustment
on dividend from affiliate 386,237 - -
--------- ---------- ----------
- - -
--------- ---------- ----------
Net earnings for the period 873,415 3,355,912 2,313,017
Retained earnings, beginning
of period 5,591,962 2,739,458 929,849
Share Issue costs (60,632) - -
Dividends - (503,408) (503,408)
--------- ---------- ----------
Retained earnings, end of
period $ 6,404,745 $ 5,591,962 $ 2,739,458
========= ========== ==========
Earnings per share $ 0.02 $ 0.13 $ 0.09
========= ========== ==========
LionOre Mining International Ltd.
(Formerly Liberian Iron Ore Limited)
Unaudited Consolidated Balance Sheet
(expressed in United States dollars)
-------------------------------------------------------------------
December 31 July 31 July 31
1996 1996 1995
Assets
Current assets
Cash and equivalents $6,904,177 $274,831 $111,792
Marketable securities
(quoted market value -
$205,125; July 31, 1996 -
Nil; July 31, 1995 -
$461,035) 187,500 - 461,323
Other receivables 10,090 481 4,540
Due from affiliated company - 361,731 450,321
Other assets 123,031 - -
--------- --------- --------
$43,112,786 $8,792,257 $7,218,546
========== ========== ==========
Liabilities
Current liabilities
Accounts payable $ 351,640 $44,012 $13,932
Unpaid and unclaimed
dividends 1,178,529 - -
Dividend payable - - 503,408
--------- --------- ---------
1,530,169 44,012 517,340
--------- --------- --------
Shareholders' Equity
Share capital
Authorized
Unlimited number of common
shares without nominal or
par value
Issued
60,292,506 shares (1996 and
1995 - 5,034,075) 36,275,169 4,437,915 4,437,915
Retained earnings 6,404,745 5,591,962 2,739,458
Cumulative translation
adjustment (1,097,297) (1,281,632) (476,167)
---------- ---------- ----------
41,582,617 8,748,245 6,701,206
--------- ---------- ---------
$43,112,786 $8,792,257 $7,218,546
========== ========== ==========
CONTACT: 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 LionOre Mining International Ltd. 1-416-777-1670 or Mr. Gil Playford LionOre Mining International Ltd. 1-416-777-1985 |
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