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Valorem Resources Announces That It Has Filed an Amended and Restated MD&A for the Year-Ended April 30, 2021
VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1). The Company an
About this update from Avanti Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1). The Company announces that as a result of a continuous disclosure review conducted by staff of the British Columbia Securities Commission, the Company is issuing the following press release to clarify its disclosure. In particular, the Company has filed an amended annual management discussion and analysis (“MD&A“) for the year ended April 30, 2021 (the “Revised MD&A“). The previously filed MD&A for the year ended April 30, 2021 was originally filed by the Company on SEDAR on August 30, 2021. The Revised MD&A replaces and supersedes the previously filed version. The revisions relate only to the MD&A and no changes were made to the financial statements for the relevant period. The Revised MD&A provides, among other things, more prominent disclosure of the rationale for the acquisition of 1267818 B.C. Ltd. (\"1267818\"), the acquisition of which was previously announced on February 12, 2021; and the accounting treatment for the acquisition of 1267818. The Revised MD&A now provides, among other information, the following disclosures: In connection with the issuance of 30,000,000 common shares in the capital of the Company with a fair value of $5,100,000 for the acquisition of 1267818 (the \"Acquisition\"), in accordance with the Company’s significant accounting policy, the Company recorded the consideration paid in excess of the net assets acquired to the Statement of Loss and Comprehensive Loss. In accordance with the Company’s significant accounting policy for exploration and evaluation assets, all acquisition, exploration and development of exploration and evaluation assets are expensed unless such mineral properties are placed into commercial production, at which time they are capitalized. Pursuant to the Company’s accounting policy, the Company recorded an expense $5,100,000 to the statement of loss and comprehensive loss for the year ended April 30, 2021. This transaction was completed using equity of the Company and is a non-cash transaction. The Company’s net loss for the year ended April 30, 2021 was $7,143,486 (2020 - $527,557), representing an increase of $6,615,929, year over year. In total, non-cash transactions for share based compensation of $490...