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Hunt Mining Corp. Provides Update on the Reverse Take-Over Transaction (the “RTO”) With Patagonia Gold PLC
LIBERTY LAKE, Wash, June 20, 2019 (GLOBE NEWSWIRE) -- Hunt Mining Corp. (the "Company") (TSX VENTURE: "HMX") announces that Patagonia Gold PLC (“Patagonia”) has
About this update from Patagonia Gold Corp
[{"type":"text","content":" LIBERTY LAKE, Wash, June 20, 2019 (GLOBE NEWSWIRE) -- Hunt Mining Corp. (the \"Company\") (TSX VENTURE: \"HMX\") announces that Patagonia Gold PLC (“Patagonia”) has advised the Company that Patagonia has revised its 2018 audited annual financial statement (the “Patagonia Statements”) in relation to the translation of Patagonia's foreign operations, reported within the Consolidated Statement of Comprehensive Income, which had resulted in the loss for the year being overstated by US$4.87 million. The loss was originally reported as US$22.46 million and the revised loss is US$17.59 million. The translation revision arose from an error when accounting for hyperinflation, due to the prevailing high inflation in Argentina, which resulted in Patagonia having to make adjustments for hyperinflation for the first time in its financial statements. Within the Consolidated Statement of Comprehensive Income, this overstatement in the loss for the year was offset by the overstatement of profits on translation of foreign operations, such that the total Comprehensive Loss of Patagonia for the year remains unchanged, at US$10.59 million. There is also no impact on reported net assets or underlying cash flows. The amendment has resulted in an adjustment to net loss per share (originally reported as 0.871p per share, revised to 0.687p per share), and some presentational adjustments to the Consolidated Cash Flow statement, the Statement of Changes in Equity and some notes to the Patagonia Statements. Patagonia's revised Annual Report and Consolidated Financial Statements for the year ended December 31, 2018, are now available on Patagonia's website. Patagonia has further advised the Company that the Scheme Document in relation to the RTO was published and posted to Patagonia Shareholders on June 20, 2019. The meetings of the Patagonia Shareholders in respect of the RTO are set to be held on July 12, 2019. As further detailed in the Scheme Document, in order to become Effective, the Scheme requires, amongst other things, the approval of a majority in number of the Scheme Shareholders present and voting in person or by proxy at the Court Meeting, representing not less than 75% in value of the Scheme Shares held by such Scheme Shareholders, together with the sanction of the Court and the passing of the special resolu...