Business
El Nino Ventures Inc. files amended & restated financial statements
TSX.V: ELN Frankfurt: E7Q VANCOUVER, June 3 /CNW/ - El Nino Ventures Inc. ("El Nino" and "the Com...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nTSX.V: ELN\n\n\nFrankfurt: E7Q\n\n\nVANCOUVER, June 3 /CNW/ - El Nino Ventures Inc. ("El Nino" and "the\nCompany") (TSX.V: ELN; Frankfurt: E7Q) As a result of a review by the British\nColumbia Securities Commission ("BCSC"), we are issuing the following press\nrelease to clarify our disclosure.\n\n\nIn response to comments received from the BCSC (by letter dated April 7,\n2008), the Company has amended and restated its interim consolidated financial\nstatements for the periods ended April 30, July 31 and October 31, 2007\n("Interim Financial Statements") and corresponding management discussion and\nanalysis ("MD&A") for each such financial period and for the year ended\nJanuary 31, 2007.\n\n\nThe amendment and restatement of the Interim Financial Statements was\nprimarily due to adjustments required for the future income tax recovery on\nflow-through shares ($1.7 million) and adjustments related to stock-based\ncompensation. The Company also took the opportunity to amend a number of\ndisclosure deficiencies identified by the BCSC and adjust for other\nnon-material accounting adjustments. A summary of the significant changes to\nthe figures is presented below:\n\n\nA full description of the adjustments made are noted in the amended and\nrestated Interim Financial Statements, which, along with the MD&A, are\navailable at www.sedar.com.\n\n\nA summary of the significant changes to the figures is presented below:\n\n\n-------------------------------------------------------------------------\nCanadian $s Three months ended/ Six months ended/\n(Unaudited) As at April 30, 2007 as at July 31, 2007\n(n/c (equal sign) ---------------------------------------------\n no change) Original Restated Original Restated\n-------------------------------------------------------------------------\nInterim consolidated\n statements of (income)\n loss items:\n Net exploration\n expenditures 596,441 633,941 1,786,608 1,732,844\n Other expenses 151,830 234,181 440,580 644,213\n Recovery of future\n income taxes - 1,702,766 - 1,702,766\n Net loss (income) 748,271 (834,644) 2,231,188 674,291\n-------------------------------------------------------------------------\nInterim consolidated\n balance sheet items:\n Assets 4,095,480 4,093,667 5,874,835 5,806,117\n Liabilities 167,157 167,157 66,5...