2011 Annual Illustrative IFRS Financial Statements - BDO Canada

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Precious & Other Metals ExplorationNOTES TO THE FINANCIAL STATEMENTSExpressed in Canadian DollarsFor the year-ended December 31, 2011Reference:IAS 1.79IAS 1.13412. SHARE CAPITAL AND RESERVESa) Common SharesThe Company is authorized to issue an unlimited number of common shares, issuable in series.The holders of common shares are entitled to receive dividends which are declared from time to time, andare entitled to one vote per share at meetings of the Company. All shares are ranked equally with regards tothe Company's residual assets.The following is a summary of changes in common share capital from January 1, 2010 to December 31, 2011:Number ofSharesIssue PriceAmount$’000'sBalance at January 1, 2010 xxx $ xxxShares issued via private placement xxx $ x.xx xxxFlow-through share issuance xxx $ x.xx xxxIssue of shares on exercise of warrants xxx $ x.xx xxxIAS 1.79(a) Issue of shares on exercise of options xxx $ x.xx xxxLess share issue costsBalance at December 31, 2010 xxx $ xxxIssue of shares on exercise of warrants xxx $ x.xx xxxIssue of shares on exercise of options xxx $ x.xx xxxLess share issue costsBalance at December 31, 2011 xxx $ xxxIAS 1.79(a) b) Preferred SharesThe Company is authorized to issue an unlimited number of preference shares, issuable in series.The preferred shares may be issued in one or more series and the directors are authorized to fix the numberof shares in each series and to determine the designation, rights, privileges, restrictions and conditionsattached to the shares of each series. No preferred shares have been issued since the Company’s inception.c) Contributed SurplusDecember 31, 2011$’000December 31, 2010$’000(xxx)(xxx)January 1, 2010$’000Warrants $ xxx $ xxx $ xxxStock Options (Note 13) xxx xxx xxxContributed Surplus $ xxx $ xxx $ xxxPAGE 20 OF 35BDO CANADA LLP
Precious & Other Metals ExplorationNOTES TO THE FINANCIAL STATEMENTSExpressed in Canadian DollarsFor the year-ended December 31, 2011Reference:IAS 1.79IAS 1.134d) Share Purchase WarrantsThe following is a summary of changes in warrants from January 1, 2010 to December 31, 2011:Number ofWarrantsAmount$’000'sBalance at January 1, 2010 xxx $ xxxIssue of warrants xxx xxxExercised warrants (xxx) (xxx)Balance December 31, 2010 xxx $ xxxIssue of warrants xxx xxxExercised warrants (xxx) (xxx)Balance as at December 31, 2011 xxx $ xxxAs at December 31, 2011, the Company had outstanding warrants as follows:Number of warrants Exercise price Expiryxxx $ x.xx MM/DD/ 20YYxxx $ x.xx MM/DD/ 20YYxxx $ x.xx MM/DD/ 20YYOn Month DD, 2010, the Company completed a brokered private placement, consisting of the issue and saleof xxx flow‐through units at a price of $x.xx per flow‐through unit and xxx common share units at a price of$x.xx per unit, for aggregate gross proceeds of $xxx. Each flow-through unit consisted of one flow‐throughcommon share and one‐half of one common share purchase warrant; each common share uni t consisted ofone common share and one-half of one common share purchase warrant. Each whole common share purchasewarrant entitles the holder to purchase one additional common share of the Company at a price of $x.xx pershare for a period of xx months after the closing of the offering. The Company paid commission of $xxx andissued xxx broker compensation warrants exercisable at $x.xx per share expiring Month DD, 20xx valued at$xxx. Share issuance costs related to the placement totaled $xxx.e) Nature and Purpose of Equity and ReservesThe reserves recorded in equity on the Company’s Statement of Financial Position include ‘ContributedSurplus’, ‘Accumulated Other Comprehensive Loss/Income’ and ‘Accumulated Deficit’.‘Contributed Surplus’ is used to recognize the value of stock option grants and share purchase warrants priorto exercise.‘Accumulated Other Comprehensive Loss/Income’ includes an available-for-sale reserve. This reserve is usedto recognize fair value changes on available-for-sale investments.‘Accumulated Deficit’ is used to record the Company’s change in deficit from earnings from year to year.PAGE 21 OF 35BDO CANADA LLP
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2011 Annual Illustrative IFRS Financial Statements - BDO Canada

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