Palladon Ventures Ltd

Published : October 30th, 2014

Palladon Ventures Ltd.-Amended and Restated Financial Statements

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Keywords :   Iron | Utah |

Palladon Ventures Ltd.-Amended and Restated Financial Statements

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2014) - As a result of a review by the British Columbia Securities Commission, Palladon Ventures Ltd. ("Palladon") (TSX VENTURE:PLL) is issuing the following press release to clarify its financial disclosure. Palladon will amend and restate its audited financial statements and MD&A for the fiscal years ended February 28, 2014 and 2013, and the first quarter interim statements dated May 31, 2014. The auditor's report accompanying the restated annual financial statements will also be refiled.

The Company has reassessed the accounting for its available-for-sale investment in CML. Previously, unrealized non-cash foreign exchange gains were incorrectly recognized in the carrying value of the investment and in net income. The financial statements have been restated to remove the effects of unrealized foreign exchange gains from the carrying value of the available-for-sale investment in CML and from net income and comprehensive income, as follows.

As of May 31, 2014, the corrected amounts reduce the carrying value of CML, and therefore total assets, by a cumulative $6.3 million, reduce the available-for-sale reserve by $2.8 million and increase the accumulated deficit by $3.5 million. There was no impact on net income, comprehensive income or EPS for the three month interim period ended May 31, 2014.

The corrected amounts reduce "Net income and comprehensive income" for the years 2014 and 2013 by $3.0 million ($0.11 per share) and $1.6 million ($0.06 per share), respectively. The corrected amounts reduce the carrying value of CML, and therefore total assets, at February 28, 2014 and 2013 by the same $6.3 million and $3.3 million, respectively, and reduce the available-for-sale reserve by $2.8 million at February 28, 2014 and 2013, and increase the accumulated deficit by $3.5 million and $0.5 million at February 28, 2014 and 2013, respectively.

As of the March 1, 2012 beginning balance, the corrected amounts reduce the carrying value of CML, and therefore total assets, by $1.7 million, reduce the available-for-sale reserve by $2.8 million, and reduce the accumulated deficit by $1.1 million.

About Palladon Ventures Ltd.

Palladon owns a significant minority interest in CML Holdings, Inc., which is focused on advancing the Iron Mountain project, an iron ore mine and concentrate processing plant located west of Cedar City, Utah.

Neither 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 release.

Read the rest of the article at finance.yahoo.com

Palladon Ventures Ltd

EXPLORATION STAGE
CODE : PLL.V
ISIN : CA6964342084
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Palladon is a gold and copper exploration company based in United states of america.

Palladon holds various exploration projects in Argentina.

Its main exploration properties are IRON SPRINGS-COMSTOCK/MOUNTAIN, LA GUADALOSA and MILFORD in Argentina.

Palladon is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 274 000 as of today (US$ 206 843, € 184 669).

Its stock quote reached its highest recent level on May 11, 2012 at CA$ 2.14, and its lowest recent point on May 22, 2015 at CA$ 0.01.

Palladon has 27 400 000 shares outstanding.

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Financings of Palladon Ventures Ltd
4/22/2010To Raise Capital In Private Placement
Project news of Palladon Ventures Ltd
1/12/2009(Iron Springs-comstock/mountain)Iron Corporation Leases an additional 1,184 Acres of Mineral...
12/31/2008(Iron Springs-comstock/mountain)Iron Mountain Project Update
11/18/2008(Iron Springs-comstock/mountain)Iron Corporation Acquires additional 2,000 Acres of Mineral ...
9/12/2008(Iron Springs-comstock/mountain)Mining Begins Today At Iron Mountain
8/5/2008(Iron Springs-comstock/mountain)Annual General Meeting and Start-Up of Operations at Iron Mo...
7/10/2008(Iron Springs-comstock/mountain)Iron Mountain Project Update
5/5/2008(Iron Springs-comstock/mountain)Progress Update For Iron Mountain Project
Corporate news of Palladon Ventures Ltd
4/6/2015IIROC Trading Resumption - PLL
4/6/2015-Sale of CML Metals
4/6/2015Palladon Ventures-Sale of CML Metals
11/27/2014Palladon Ventures Ltd.-Amended and Restated Financial Statem...
10/30/2014Palladon Ventures Ltd.-Amended and Restated Financial Statem...
10/17/2014Palladon Ventures-CML Care & Maintenance Update
4/1/2014Palladon Ventures - CML Update
3/21/2014Palladon Ventures Ltd. - PFIC Annual Information Statement
3/21/2014Palladon Ventures Ltd.-PFIC Annual Information Statement
4/16/2013.-Important Tax Notice for U.S. Shareholders
11/9/2012-CML Update
5/26/2009Shareholder Update
2/4/2009Provides Corporate Update
12/30/2008Contracts with Geophysicist To Better Define Additional Iron...
9/23/2008Changes To Board Of Directors
7/10/2008Completes Buyout Of Joint Venture Partner In Iron Ore Projec...
7/10/2008Board Changes And New Hires
4/1/2008Signs Long-Term Iron Ore Sales Agreement
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TSX-V (PLL.V)FRANKFURT (PV1.F)
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