BSW December 31, 1997 Earnings and Balance Sheet:
BLACK SWAN GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF NET LOSS AND DEFICIT
For the nine months ended December 31
Memorandum
Black Swan
1997 1996 (note 1)
000's 000's
INCOME
Interest $ 734 $ 27
Gain on sale of investments - 500
Foreign exchange gain (loss) 377 (4)
1,111 523
EXPENSES
General and administrative 690 581
Property investigation and exploration costs 321 -
Investor relations 291 463
Financing and corporate development 219 34
Depreciation 6 4
Capital taxes 66 -
1,593 1,082
Loss Before the Undernoted Item (482) (559)
Write-down of Goldbelt Investment (427) -
Gain on Goldbelt Award - 2,082
Net Earnings ( Loss ) for the Period ( note 2 ) (909) 1,523
Deficit - Beginning of Period (46) (12,425)
Deficit - End of Period $ (955) $ (10,902)
Note 1: As a consequence of the Game Creek/SAM-Sul Am‚rica Minera‡ao Ltda. ("Samsul") acquisition on February 27, 1997, reverse take-over accounting practices have been applied. The comparative figures as of and for the periods ended December 31, 1996 represent the combined Samsul companies and, as the figures are not significant, are not shown. The corresponding comparative figures for Black Swan Gold Mines Ltd. are shown in the "Memorandum" column.
Note 2: Earnings (losses) per share are not presented as they are not meaningful given the nature and stage of the Company's activities.
BLACK SWAN GOLD MINES LTD.
CONSOLIDATED CASH FLOW STATEMENTS
For the nine months ended December 31
Memorandum
Black Swan
1997 1996 (note 1)
000's 000's
OPERATING ACTIVITIES
Net earnings ( loss ) for the period $ (909) $ (559)
Adjust non-cash items
Depreciation 6 4
Write-down of investment 427 -
Gain on sale of investments - (500)
Goldbelt litigation costs - (137)
Change in non-cash working capital (1,218) (134)
(1,694) (1,326)
FINANCING ACTIVITIES
Issuance of common shares 22,799 5,919
Conversion of special warrants (22,799) -
Deferred financing costs - (189)
- 5,730
INVESTING ACTIVITIES
Investment in Lysander Gold Corp. (619) -
Proceeds on sales of investments - 1,200
Mineral properties and capital assets (4,219) (4,794)
(4,838) (3,594)
INCREASE ( DECREASE ) IN CASH (6,532) 810
Cash, beginning of period 21,305 238
Cash, end of period $ 14,773 $ 1,048
BLACK SWAN GOLD MINES LTD.
CONSOLIDATED BALANCE SHEETS
as at December 31
( unaudited )
ASSETS 1997 1996
000's 000's
CURRENT ASSETS
Cash and short-term deposits $ 14,773 $ 1,048
Accounts receivable 239 72
Prepaid expenses 243 98
15,255 1,218
INVESTMENTS 872 1,523
MINERAL PROPERTIES AND CAPITAL ASSETS 47,013 7,114
DEFERRED FINANCING AND ACQUISITION COSTS - 293
$ 63,140 $ 10,148
LIABILITIES
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 602 $ 446
SHAREHOLDERS' EQUITY
SHARE CAPITAL (note 3 ) 63,493 20,604
DEFICIT (955) (10,902)
62,538 9,702
$ 63,140 $ 10,148
Note 3: As at December 31, 1997, the authorized share capital was 100,000,000 common shares without par value of which 49,332,232 shares were issued. On January 28, 1997, share capital was consolidated on a 5 for 1 basis. As at December 31, 1996, Black Swan Gold Mines Ltd. had authorized share capital of 150,000,000 pre-consolidation common shares of which 80,910,582 were issued.
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As you can see, Art Fisher and his friends have not spent all our money. In addition to our many properties, we still have $ 0.30 CA$H per share in the bank which approximates the current market price. Book value works out to $ 1.27 per share.
Good Luck and have a very nice day.
Pierre |
