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Pacific Booker Minerals Inc. Clarifies "Emphasis Of Matter" In Auditors Report
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2013) - In the Company's audited financ...
About this update from Pacific Booker Minerals Inc.
[{"type":"text","content":"Pacific Booker Minerals Inc. Clarifies \"Emphasis Of Matter\" In Auditors ReportVancouver, British Columbia--(Newsfile Corp. - May 30, 2013) - In the Company's audited financial \nstatements for the year ended January 31, 2013, filed on sedar on May 27, 2013, \nthe auditor's report contained a paragraph titled Emphasis of Matter in \naccordance with Canadian generally accepted auditing standards and PCAOB (United \nStates) auditing standards. \nThe report from the Auditors stated: \"Without qualifying our \nopinion, we draw attention to Note 2b to these financial statements, which \nstates the Company incurred significant losses from operations, negative cash \nflows from operating activities and has an accumulated deficit. This, along with \nother matters as described in Note 2b, raise substantial doubt about the ability \nof the Company to continue as a going concern. Management's plans in regard to \nthese matters are also described in Note 2b. The financial statements do not \ninclude any adjustments that might result from the outcome of this uncertainty\".\nNote 2b states in part that \"the Company is a resource company, \nand must incur expenses during the process of exploring and evaluating a mineral \nproperty to prove the commercial viability of the ore body, a necessary step in \nthe process of developing a property to the production stage. Without a \nproducing property, the Company does not have a current source of revenue from \noperations. The Company has incurred losses and negative cash flows from \noperations since inception and has an accumulated deficit. The ability of the \nCompany to continue as a going-concern depends upon its ability to continue to \nraise adequate financing and to develop profitable operations in the future. The \nCompany is taking measures to reduce corporate overhead and, subsequent to \nfiscal year end, has announced a private placement. However, neither of these \nare necessary for the Company to meet its current obligations. There are \nuncertainties related to events that give rise to substantial doubt as to \nwhether or not the Company can continue as a going concern. The Company's \ninitial application for a British Columbia Environment Assessment Certificate, a \nnecessary, but not the only, step in the process of the development of the \nMorrison property was denied. The Company...