 | | | Published : July 30th, 2011 | and Lumina Royalty Announce Filing of Amended and Restated Carve-Out Financial Statements of Lumina |
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Re: News Release - Friday, July 29, 2011
Title: Lumina Copper and Lumina Royalty Announce Filing of Amended and Restated Carve-Out Financial Statements of Lumina Royalty
Vancouver, British Columbia - July 29, 2011 - Lumina Copper Corp. ("Lumina Copper") (TSX-V: LCC) and Lumina Royalty Corp. ("Lumina Royalty") announce that they have today filed amended and restated carve-out consolidated financial statements for the years ended September 30, 2010 and 2009, and the three month period ended December 31, 2010 (the "Amended Carve-Out Statements") in respect of the royalty and other non-core assets (the "Lumina Royalty Business") formerly owned by Lumina Copper which were transferred to Lumina Royalty prior to the plan of arrangement (the "Plan of Arrangement") involving Lumina Copper, the shareholders of Lumina Copper and Lumina Royalty pursuant to which Lumina Royalty became a reporting issuer. The original carve-out consolidated financial statements for the years ended September 30, 2010 and 2009, and the three month period ended December 31, 2010 for the Lumina Royalty Business were filed as Schedule "G" to Lumina Copper's information circular for the special meeting of the shareholders of Lumina Copper held on June 7, 2011 for the approval of the Plan of Arrangement.
During the preparation of Lumina Royalty's consolidated financial statements for the period ended June 30, 2011, it was determined that certain historical costs incurred in October 2008 by Lumina Copper relating to the acquisition of the net smelter royalty on Lumina Copper's Taca Taca property (the "Taca Taca Royalty") had not been separately identified under the continuity of interests basis of accounting. As a result, the Lumina Royalty Business should have recognized the Taca Taca Royalty asset at a carrying value of $849,744 (with an offsetting amount included in the contribution from Lumina Copper) instead of $Nil.
Accordingly, the Amended Carve-Out Statements have been revised as set out below:
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As previously reported |
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Adjustment |
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Restated |
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| Consolidated Balance Sheet as at December 31, 2010 (unaudited): |
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| Other investments |
$ |
3 |
$ |
849,744 |
$ |
849,747 |
| Contribution from Lumina Copper Corp. |
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8,713,213 |
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849,744 |
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9,562,957 |
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| Consolidated Balance Sheet as at September 30, 2010: |
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| Other investments |
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3 |
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849,744 |
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849,747 |
| Contribution from Lumina Copper Corp. |
$ |
8,655,201 |
$ |
849,744 |
$ |
9,504,945 |
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| Consolidated Balance Sheet as at September 30, 2009: |
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| Other investments |
$ |
34 |
$ |
849,744 |
$ |
849,778 |
| Contribution from Lumina Copper Corp. |
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8,480,732 |
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849,744 |
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9,330,476 |
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| Consolidated Statement of Cash Flows for the year ended September 30, 2009: |
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| Financing activities |
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1,038,292 |
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849,744 |
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1,888,036 |
| Investing activities |
$ |
582,900 |
$ |
(849,744) |
$ |
(266,844) |
The Amended Carve-Out Statements are available on Lumina Copper and Lumina Royalty's SEDAR profiles at www.sedar.com.
LUMINA COPPER CORP.
Signed: "David Strang"
David Strang, President & CEO
For further information contact:
dstrang@luminacopper.com
tel: + 604 646 1880
David Strang, President & CEO fax: + 604 687 7041
LUMINA ROYALTY CORP.
Signed: "David Strang"
David Strang, President & CEO
For further information contact:
dstrang@luminacopper.com
tel: + 604 646 1880
David Strang, President & CEO fax: + 604 687 7041
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright � 2011 LUMINA COPPER CORP. (LUM) All rights reserved. For more information visit our website at http://www.luminacopper.com/ or send email to info@luminacopper.com ..
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Lumina Copper Corp.
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EXPLORATION STAGE |
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CODE : LCC.V |
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ISIN : CA55025N1042 |
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Lumina Copper is a copper exploration company based in Canada. Its main exploration properties are TACA TACA and SAN JORGE in Argentina. Lumina Copper is listed in Canada. Its market capitalisation is CA$ 228.5 millions as of today (US$ 208.8 millions, € 157.2 millions). Its stock quote reached its lowest recent point on November 14, 2008 at CA$ 0.30, and its highest recent level on August 21, 2014 at CA$ 10.00. Lumina Copper has 22 850 000 shares outstanding. |
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