Sep. 23, 2010 (Canada NewsWire Group) --
CALGARY, Sept. 23 /CNW/ - StrikePoint Gold Inc. (the "Company") has filed restated June 30, 2010 consolidated financial statements and MD&A to accurately reflect the stock-based compensation for 6,500,000 stock options granted in June 2010 vesting one-third on the grant date and one-third on the first and second anniversaries of the grant date as specified in the option agreements. Such stock-based compensation was previously recognized on the basis of immediate vesting. The restatement reduces the Company's net loss and comprehensive loss for the three and six months ended June 30, 2010 by $1,382,530.
The following table presents the impact of the restatement on the Company's previously reported financial statements for the three and six months ended June 30, 2010:
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As previously
reported Adjustment Restated
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$ $ $
Consolidated Balance Sheet as at
June 30, 2010
Contributed surplus 2,976,579 (1,382,530) 1,594,049
Deficit (16,042,327) 1,382,530 (14,659,797)
Consolidated Statements of Loss,
Comprehensive Loss and Deficit
Three months ended June 30, 2010
Stock-based compensation expense 2,190,800 (1,382,530) 808,270
Net loss and comprehensive loss (3,439,253) 1,382,530 (2,056,723)
Net loss per share (0.03) 0.01 (0.02)
Six months ended June 30, 2010
Stock-based compensation expense 2,182,562 (1,382,530) 800,032
Net loss and comprehensive loss (3,352,826) 1,382,530 (1,970,296)
Net loss per share (0.03) 0.01 (0.02)
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.
StrikePoint Gold Inc., Courtney Shearer, President and Corporate Secretary, Tel: (403) 532-8276, Fax: (888) 255-9404, cshearer@strikepointgold.com