Annual Report 2011 - Syrah Resources Ltd

Syrah Resources Limited
Notes to the financial statements
30 June 2011
Note 24. Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
Name of entity
Syrah Resources (KSA) Pty
Ltd
Syrah Resources Saudi
Arabia LLC *
Country of
incorporation
Australia
Saudi Arabia
Equity holding
2011 2010
% %
100.00 100.00
100.00 -
*
Syrah Resources Saudi Arabia LLC was registered in Saudi Arabia on 10/07/2010.
Note 25. Events occurring after the reporting date
On 4 July 2011, the Company issued 1,000,000 ordinary fully paid shares upon the exercise of 1,000,000 $0.04
options raising $40,000.
On 8 September 2011, the Company advised that the deal announced on 23 June 2011 in relation to the acquisition
of Aramis Resources Ltd and its associated joint venture in Ethiopia will not proceed.
No other matter or circumstance has arisen since 30 June 2011 that has significantly affected, or may significantly
affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs
in future financial years.
Note 26. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
2011 2010
$ $
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Exploration costs written off
Change in operating assets and liabilities:
Increase in trade and other receivables
Increase in trade and other payables
Increase in employee benefits
Net cash used in operating activities
- - (985,744) (1,352,909)
5,537 5,063
29,648 15,200
109,249 561,512
(4,284) (15,370)
80,556 -
8,482 8,325
- - (756,556) (778,179)
Note 27. Non-cash investing and financing activities
The consolidated entity did not enter into any non-cash financing activities during the current or prior year.
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