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Omai Gold Mines files inaugural annual financial statements for year ended December 31, 2020 (including restated prior periods)
TORONTO, May 03, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSX VENTURE:OMG) (“Omai” or the “Company”) announces the filing of its audited consolidated fin
About this update from Omai Gold Mines Corp.
[{"type":"text","content":" TORONTO, May 03, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSX VENTURE:OMG) (“Omai” or the “Company”) announces the filing of its audited consolidated financial statements for the year ended December 31, 2020 (the “2020 Annual Financial Statements”). Both the financial statements and the related management’s discussion and analysis have been filed on SEDAR and can be viewed under the Company’s profile at www.sedar.com. Mario Stifano, Chief Executive Officer and a director of Omai, commented: “Omai has filed its first post-RTO audited consolidated financial statements since closing of the RTO on October 1, 2020. The Company has strengthened its management team and board of directors through the addition of a CEO, independent Chairperson and three additional independent directors with solid technical experience, capital markets experience and a commitment to governance best practices. We are also continuing to strengthen and build our team in Guyana and are now well positioned and looking forward to advancing the Omai gold project.” The Company also announces that the comparative figures in the 2020 Annual Financial Statements have been restated. The restated comparative figures in the 2020 Annual Financial Statements replace and supersede the corresponding information contained in the previously filed financial statements and management's discussion and analysis for Avalon Investment Holdings Inc., which, while available on the Company’s profile on SEDAR, should no longer be relied upon. For further information regarding the restatement of the comparative figures in the 2020 Annual Financial Statements, please refer to the details in Note 24 of the 2020 Annual Financial Statements which are summarized as follows: Change in Accounting Policy – During the year ended December 31, 2020, the Company changed its accounting policy for exploration and evaluation expenditures to expense them as incurred. Management considered that this change in accounting policy would result in clearer, more relevant and reliable financial information to reduce financial reporting complexity. Under the previous accounting policy, exploration and evaluation expenditures had been capitalized. Prior Period Adjustments –In the process of preparing the Company’s consolidated financial statements for the year ended December 31, 2020, management determin...