Annual Report 2012 - Syrah Resources Ltd

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Syrah Resources Limited Notes to the financial statements 30 June 2012 Note 31. Deed of cross guarantee (continued) 2012 2011 Statement of financial position $ $ Current assets Cash and cash equivalents 3,713,728 - Trade and other receivables 88,375 - 3,802,103 - Non-current assets Property, plant and equipment 12,326 - Intangibles 35,004 - Exploration and evaluation 932,607 - Financial Assets 14,832,132 - 15,812,069 - Total assets 19,614,172 - Current liabilities Trade and other payables 251,095 - Borrowings 118,914 - 370,009 - Non-current liabilities Employee benefits 2,241 - 2,241 - Total liabilities 372,250 - Net assets 19,241,922 - Equity Issued capital 23,987,896 - Reserves 1,603,651 - Accumulated losses (6,349,625) - Total equity 19,241,922 - The Deed of Cross Guarantee was put in place during the 2012 financial year, there was no Deed of Cross Guarantee in the prior year. Note 32. Events after the reporting period On 6 July 2012, the Company issued 1,500,000 fully paid ordinary shares upon conversion of unlisted options exercisable at $0.25 (25 cents) on or before 31 July 2012. On 25 July 2012, the Company issued 500,000 employee incentive options exercisable at $2.21 on or before 16 July 2016. On 25 July 2012, the Company issued 18,500 fully paid ordinary shares in relation to part consideration for the acquisition of HQ-P25638 located in the Muheza district in the Tanga region. On 30 August 2012, the Company announced the first drill hole assay from the Balama Graphite and Vanadium Project of 287m @ 10.1% Total Graphitic Carbon and 0.12% Vanadium. A scoping study team for Balama has also been selected with Snowden Group appointed as the lead consultant. The study commenced in conjunction with the current compilation of mineral resource calculations. 70
Syrah Resources Limited Notes to the financial statements 30 June 2012 Note 32. Events after the reporting period (continued) No other matter or circumstance has arisen since 30 June 2012 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 33. Reconciliation of loss after income tax to net cash used in operating activities Consolidated 2012 2011 $ $ Loss after income tax expense for the year Adjustments for: Depreciation and amortisation Share-based payments Exploration costs written off Bad debts written off Change in operating assets and liabilities: Increase in trade and other receivables Increase in prepayments Increase in trade and other payables Increase/(decrease) in employee benefits Net cash used in operating activities - - (2,061,565) (985,744) 25,611 5,537 176,735 29,648 45,652 109,249 100,000 - (53,002) (4,284) (28,574) - 134,117 80,556 (30,767) 8,482 - - (1,691,793) (756,556) Note 34. Non-cash investing and financing activities On 15 December 2011, the Company acquired Jacana Resources Limited, now a 100% owned subsidiary. As consideration for this acquisition the Company issued 60,000,000 which were valued at $0.15 (15 cents) with a total value of $9,000,000. In addition it issued 15,000,000 consideration options, which have been valued at $2,443,500. These options have a 12 month vesting period and $1,325,516 has been recognised in the current financial year. At the time of acquisition Jacana Resources had negative assets of $190,356 and was yet to have been granted any exploration licenses, however it did have agreements in place to purchase a number of exploration licences in Africa. The value of the shares and options have been treated as exploration and evaluation expenditure in the statement of financial position as at 30 June 2012. The Jacana acquisition was not deemed to be a business combination as Jacana deemed to not satisfy the requirements of carrying on a business at the time of acquisition. 71
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Annual Report 2012
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Corporate Directory Directors Paul
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The demand for graphite is growing
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Figure 3 - Balama project from main
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At the date of this report, the fol
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Tanzanian Heavy Mineral Sands Proje
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Figure 12 - Clockwise from left: To
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Annual Report 2012 - Syrah Resources Ltd

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