Galantas Reports Results for the Three Months Ended March 31, 2012
GALANTAS GOLD CORPORATION TSXV & AIM : Symbol GAL
GALANTAS REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2012
May 29th, 2012 : Galantas Gold Corporation (the ‘Company’) financial results for the Three Months Ended March 31, 2012 have been published. The Net Loss for the three months ended March 31,2012 amounted to CDN$ 643,389 compared to a Net Loss of CDN$ 319,985 for the Three Months Ended March 31, 2011.
Financial Highlights
| All in CDN$ | Three Months Ended March 31 2012 2011 |
| Revenue | $ 1,025,146 $ 1,202,141 |
| Cost of Sales | $ 1,020,507 $ 1,028,862 |
| Income before the undernoted | $ 4,639 $ 173,279 |
| Amortization | $ 184,565 $ 140,133 |
| General administrative expenses | $ 455,462 $ 348,133 |
| Foreign exchange (gain) loss | $ 8,001 $ 4,998 |
| Net Loss for the quarter | $ ( 643,389) $ (319,985) |
Sales revenues for the three months ended March 31, 2012 amounted to $ 1,025,146 (Q1 2011: $ 1,202,141) despite the increased gold prices in the current quarter and with production only marginally below first quarter 2011 production levels. The first quarter 2012 revenues were adversely impacted by a downward revision on December 2011 revenues arising from an over estimation of concentrate grades on December shipments.
Cost of sales for the three months ended March 31, 2012 amounted to $ 1,020,507 (Q1 2011: $ 1,028,862) were in line with cost of sales for the three months ended March 31, 2011.
General administrative costs increased to $455,462 (Q1 2011: $348,133) due to a number of factors including increases in insurance costs at the mine, travel costs, heath and safety costs and higher general administration costs following the relocation to new offices.
For the three months ended March 31, 2012 Galantas incurred a net loss of $643,389 (Q1 2011: $ 319,985) for the year three months ended March 31, 2011.
The Company had cash balances at March 31, 2012 of $2,924,890 compared to $ 4,240,081 at December 31, 2011. The working capital deficit at March 31, 2012 amounted to $ 2,072,975 which compared with a deficit of $ 536,142 at December 31, 2011.
Production Highlights
| Three Months Ended March 31 2012 2011 | |
| Tonnes Milled | 9,420 6,962 |
| Average Grade g/t gold | 3.54 4.00 |
| Dry Tonnes Concentrate | 268.0 282.5 |
| Concentrate Gold Grade (g/t) | 108.4 100.3 |
| Gold Produced - kg (troy ozs) | 29 kg (932.5oz) 28.3 kg (910oz) |
| Concentrate Silver Grade (g/t) | 260.7 269.4 |
| Silver Produced kg (troy ozs) | 69.9 kg (2,247oz) 76.1 kg (2,446oz) |
| Lead Produced (tonnes) | 24.9 50.1 |
| Gold Equivalent ( troy.ozs) | 1,006 1,063 |
Production at the Omagh mine during the three months ended March 31, 2012 as summarized above was below production levels of the first quarter 2011 and also below production levels of subsequent quarters of 2011. Tonnes milled during the three months ended March 31, 2012 totalled 9,420 tonnes (Q1 2011: 6,962 tonnes). Concentrate production for the first quarter 2012 declined by 5% to 268 dry tonnes (Q1 2011:282.5 dry tones). Gold equivalent output for the three months ended March 31, 2012 declined by 5% to 1,006 ozs (Q1 2011:1,063 ozs).
During the first quarter the mill was fed with a combination of lower grade ore which was blended with ore from other sources. Production was restricted over a three week period when a large amount of clay from the low grade material passed through the standard cone crusher and by unplanned downtime in the plant. However recoveries improved during the quarter.
The main mine production focus during the quarter has been on the open pit mining of the Kerr vein and the processing of ore from the low grade stockpile. Mining from the Kearney pit was restricted during the quarter which resulted in additional ore being mined from lower grade areas. Production from Kearney was restricted due to limitations in the disposal of surplus rock which had been stockpiled over a period of time from earlier mining at the Kearney pit. Whilst the mine is required under its planning permission to dispose of the surplus rock from the site the consent to transport the surplus rock offsite was not confirmed by the relevant local authority until February 2012.
Exploration
The drilling program, with six drills operational, continued during the first quarter of 2012 with twelve additional holes being drilled covering 2,626 metres of exploration drilling on the Kearney and Joshua veins. This exploration program is seeking to expand the resources on veins close to the existing operating gold mine. Assay results released to date from both the drilling and channel sampling programmes have been encouraging with significant gold intersections being identified.
In addition Omagh Minerals was granted four new prospecting licenses in the Republic of Ireland during the quarter in an area that forms a westerly extension to the existing OM4 license.
Discussions with the regulatory authorities in Northern Ireland continued during the first quarter of 2012 when Omagh Minerals obtained confirmation of planning permits to transport surplus rock offsite to be integrated into the local aggregate industry. Permission is awaited regarding four planning applications which were submitted to the planning service authorities during the fourth quarter of 2011. Two of these were in connection with proposals to drill boreholes to determine mineralization at depth on the Kearney and Joshua veins. The remaining two were in connection with the construction and renovation of passing bays for the removal of surplus rock and the construction of a lower portal structure and truncated adit for underground mining on the Kearney vein. Additionally a further permitting application will require to be submitted by the mine in order to make additional ore available for mining and in particular for the proposed potential underground mine on the Kearney/Joshua deposits. Further progress was made on both the underground development plans and the surface infrastructure development plans during the quarter. The underground mine plan is being finalized and the Environmental Impact Assessment is now at draft stage and is being reviewed in detail prior to final sign off.
Outlook
Further results are awaited from the deep hole testing program on the Kearney vein.
A further six shorter holes are being drilled on lands owned by Omagh Minerals Ltd to the west of the current Joshua vein where the known strike and depth of mineralization continues to increase as drilling intercepts the vein progressively northwards. Some new results have been received on Joshua vein. These are under-going verification procedures and will be announced shortly.
A planning application has been drafted for sixteen further drill hole locations which target Joshua in the north, south and central regions.
The Company reported during the quarter that it had appointed ACA Howe International Ltd to prepare an Interim Resource for the Omagh Gold Project to Canadian National Instrument (NI) 43-101 standard. The report will estimate mineral resources and will comment on the Company’s Underground Mining Scoping Study. The report was expected to be published by the end of May but the Company now expects it by mid June 2012.
The detailed results and Management Discussion and Analysis (MD&A) are available on www.sedar.com and www.galantas.com and the highlights in this release should be read in conjunction with the detailed results and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors. Some of the production and metal figures are provisional and subject to averaging or umpiring provisions under the concentrate off-take contract with Xstrata Corporation detailed in a press release dated 3rd October 2007.
Qualified Person
The financial components of this disclosure has been reviewed by Leo O’ Shaughnessy (Chief Financial Officer) and the production components by Richard Crew (Chief Operating Officer), qualified persons under the meaning of NI. 43-101. The information is based upon local production and financial data prepared under their supervision.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including revenues and cost estimates, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’s forwardlooking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.
Galantas Gold Corporation Issued and Outstanding Shares total 235,650,055.
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.
Enquiries
Galantas Gold Corporation Jack Gunter P.Eng – Chairman Investor Relations Consultant Roland Phelps C.Eng – President & CEO Courtenay Heading (Maclir Consulting Ltd) Email: [email protected] Email : [email protected] Website: www.galantas.com Telephone : (UK) +44 (0) 7624 424 455 Telephone: +44 (0) 2882 241100
Charles Stanley Securities Mark Taylor Telephone +44 (0)20 7149 6000
GALANTAS GOLD CORPORATION
Condensed Consolidated Interim Financial Statements (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended March 31, 2012
The accompanying condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of management. The condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
Galantas Gold Corporation Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian Dollars)
(Unaudited)
As at As at March 31, December 31, 2012 2011
ASSETS
Current assets
Cash (note 4) $ 2,924,890 $ 4,240,081 Accounts receivable and advances (note 5) 1,056,573
897,304
Inventory (note 6) 392,769 347,016 Total current assets 4,214,963 5,643,670
Non-current assets
| Property, plant and equipment (note 7) | 3,926,290 | 3,547,393 |
| Long-term deposit (note 4) | 391,265 | 371,277 |
| Deferred development and exploration costs (note 8) | 5,131,158 | 4,507,753 |
Total assets $ 13,663,676 $ 14,070,093
EQUITY AND LIABILITIES
Current liabilities
| Accounts payable and other liabilities (note 9) | $ 1,680,017$ | 1,683,142 |
| Due to related parties (note 14) | 2,546,045 | 2,517,067 |
| Convertible debenture (note 10) | 2,061,876 | 1,979,603 |
| Total current liabilities | 6,287,938 | 6,179,812 |
Non-current liabilities
Asset retirement obligation 399,250 394,975 Total liabilities 6,687,188 6,574,787
Capital and reserves
Share capital (note 11) 27,808,316 27,808,316 Reserves 5,382,601 5,258,030 Deficit (26,214,429 ) (25,571,040) Total equity 6,976,488 7,495,306 14,070,093 Total equity and liabilities $ 13,663,676 $
Going concern (note 1)
Contingent liability (note 16)
Approved on behalf of the Board:
"Roland Phelps", Director "Lionel J. Gunter", Director
Galantas Gold Corporation Condensed Consolidated Interim Statements of Loss (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended March 31, 2012 2011
Revenues
Gold sales $ 1,025,146 $ 1,202,141
Cost and expenses of operations
Cost of sales (note 13) 1,020,507 1,028,862 Amortization and depreciation 184,565 140,133 1,205,072 1,168,995
(Loss) income before the undernoted (179,926) 33,146
Other expense
Loss on disposal of property, plant and equipment 1,264
1,506
General administrative expenses
Management and administration wages (note 14) 152,231 123,470 Other operating expenses 70,234 35,078 Accounting and corporate 17,481
13,167
| Legal and audit | 24,631 | 72,880 |
| Stock-based compensation (note 11(d)) | 47,566 | 21,540 |
| Shareholder communication and investor relations | 58,789 | 30,313 |
| Transfer agent | 2,687 | 2,779 |
Director fees (note 14) 9,750
7,350
| General office | 2,447 | 2,080 |
| Accretion expenses (note 10) | 45,529 | 10,151 |
| Bank interest and fees | 29,325 | 21,347 |
453,956 346,869
Foreign exchange loss 8,001 4,998 461,957 351,867
Net loss for the period $ (643,389) $ (319,985) Basic net income per share (note 12) $ (0.00) $ (0.00)
Weighted average number of common shares outstanding - basic 235,650,055 235,650,055 Diluted net loss per share (note 12) $ (0.00) $ (0.00) Weighted average number of common shares outstanding - diluted 235,650,055 235,650,055
Galantas Gold Corporation Condensed Consolidated Interim Statements of Comprehensive Loss (Expressed in Canadian Dollars)
Three Months Ended March 31, 2012 2011
Net loss for the period $ (643,389) $ (319,985)
Other comprehensive income
Foreign currency translation differences 77,005 11,496 Total comprehensive loss $ (566,384) $ (308,489)
The notes to the condensed consolidated interim financial statements are an integral part of these statements.
Galantas Gold Corporation Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars)
(Unaudited)
Three Months Ended March 31, 2012 2011
Operating activities
Net loss for the period $ (643,389) $ (319,985) Adjustment for:
Amortization and depreciation 184,565 140,133 Stock-based compensation (note 11(d)) 47,566 21,540 Foreign exchange (2,913)
60,905
Loss on disposal of property, plant and equipment 1,506 1,264 Accretion expenses 45,529 10,151 Non-cash working capital items:
Accounts receivable and advances 159,269 (607,330) Inventory 24,735
(45,753)
Accounts payable and other liabilities (3,125) 731,827 Net cash used in operating activities (192,927) (578)
Investing activities
| Purchase of property, plant and equipment | (505,428) | (716,848) |
| Proceeds from sale of property, plant and equipment | 32,100 | 18,714 |
| Deferred development and exploration costs | (631,353) | (113,196) |
Long-term deposit (15,970) - Net cash used in investing activities (1,120,651) (811,330)
Financing activities
| Net repayments of financing facility | - | (18,681) |
| Repayments to related parties | (94,392) | (20,080) |
| Advances from related parties | 123,370 | - |
Proceeds from convertible debenture 1,953,750
-
Financing charges related to convertible debenture - (14,594) Net cash provided by financing activities 28,978 1,900,395
1,088,487
Net change in cash (1,284,600)
| Effect of exchange rate changes on cash held in foreign currencies | (30,591) | (17,638) |
| Cash, beginning of period | 4,240,081 | 2,661,798 |
| Cash, end of period | $ 2,924,890 $ | 3,732,647 |
The notes to the condensed consolidated interim financial statements are an integral part of these statements.
Galantas Gold Corporation Condensed Consolidated Interim Statements of Changes in Equity (Expressed in Canadian Dollars)
(Unaudited)
Reserves Equity settled Foreign Equity share-based currency portion of Share payments Warrant translation convertible capital reserve reserve reserve debenture Deficit Total Balance, December 31, 2010 $27,808,316 $4,069,045 $976,414 $ (264,020) - $ (27,182,030) 5,407,725 Convertible debenture - - - - 168,082 - 168,082
| Stock-based | |||||||
|---|---|---|---|---|---|---|---|
| compensation | - | 21,540 | - | - | - | - | 21,540 |
Net loss and comprehensive income for the period - - - 11,496 - (319,985) (308,489
| Balance, March | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31, 2011 | 27,808,316 | 4,090,585 | 976,414 | (252,524 | ) | 168,082 | (27,502,015 | ) | 5,288,858 |
| Balance, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, | |||||||||
| 2011 | 27,808,316 | 4,320,247 | 976,414 | (206,713 | ) | 168,082 | (25,571,040 | ) | 7,495,306 |
Stock-based compensation - 47,566 - - - - 47,566
| Net loss and | ||||||||
|---|---|---|---|---|---|---|---|---|
| comprehensive | ||||||||
| income for the | ||||||||
| period | - | - | - | 77,005 | - | (643,389 | ) | (566,384 |
Balance, March 31, 2012 $27,808,316 $ 4,367,813 $ 976,414 $ (129,708) $ 168,082 $(26,214,429) $6,976,488
The notes to the condensed consolidated interim financial statements are an integral part of these statements.
Galantas Gold Corporation Notes to Condensed Consolidated Interim Financial Statements March 31, 2012 (Expressed in Canadian Dollars)
1. Going Concern
These condensed consolidated interim financial statements have been prepared on a going concern basis which contemplates that Galantas Gold Corporation (the "Company") will be able to realize assets and discharge liabilities in the normal course of business. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. Management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. The Company's future viability depends on the consolidated results of the Company's wholly-owned subsidiary Cavanacaw Corporation ("Cavanacaw"), the ability of the Company to obtain future financing and to recover its investment in Omagh Minerals Limited ("Omagh"). Cavanacaw has a 100% shareholding in Omagh which is engaged in the acquisition, exploration and development of gold properties, mainly in Omagh, Northern Ireland.
As at December 31, 2001, studies performed on Omagh's mineral property confirmed the existence of economically recoverable reserves. As at July 1, 2007, the mineral property was in the production stage and the directors believe that the capitalized development expenditures will be fully recovered by the future operation of the mine. The recoverability of Omagh's capitalized development costs is thus dependent on the ability to secure financing, future profitable production or proceeds from the disposition of the mineral property. While the Company is expending its best efforts in this regard, the outcome of these matters can not be predicted at this time.
As at March 31, 2012, the Company had a deficit of $26,214,429 (December 31, 2011 - $25,571,040). Management is confident that it will be able to secure the required financing to enable the Company to continue as a going concern. However, this is subject to a number of factors including market conditions. These condensed consolidated interim financial statements do not reflect adjustments to the carrying values of assets and liabilities, the reported expenses and financial position classifications used that would be necessary if the going concern assumption was not appropriate. Such adjustments could be material.
2. Incorporation and Nature of Operations
The Company was formed on September 20, 1996 under the name Montemor Resources Inc. on the amalgamation of 1169479 Ontario Inc. and Consolidated Deer Creek Resources Limited. The name was changed to European Gold Resources Inc. by articles of amendment dated July 25, 1997. On May 5, 2004, the Company changed its name from European Gold Resources Inc. to Galantas Gold Corporation. The Company was incorporated to explore for and develop mineral resource properties, principally in Europe. In 1997, it purchased all of the shares of Omagh which owns a mineral property in Northern Ireland, including a delineated gold deposit. Omagh obtained full planning and environmental consents necessary to bring its property into production.
The Company entered into an agreement on April 17, 2000, approved by shareholders on June 26, 2000, whereby Cavanacaw, a private Ontario corporation, acquired Omagh. Cavanacaw has established an open pit mine to extract the Company's gold deposit near Omagh. Cavanacaw also has developed a premium jewellery business founded on the gold produced under the name Galántas Irish Gold Limited ("Galántas").
As at July 1, 2007, the Company's Omagh mine began production.
The Company's operations include the consolidated results of Cavanacaw and its wholly-owned subsidiaries Omagh and Galántas.
The Company’s common shares are listed on the TSX Venture Exchange (the "Exchange") and London Stock Exchange AIM under the symbol GAL. The primary office is located at 360 Bay Street, Suite 500, Toronto, Ontario, Canada, M5H 2V6.
3. Basis of Preparation
(a) Statement of compliance
The Company applies International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements required by IFRS as issued by IASB and interpretations issued by IFRIC.
The policies applied in these condensed interim consolidated financial statements are based on IFRSs issued and outstanding as of May 25, 2012, the date the Board of Directors approved the statements. The same accounting policies and methods of computation are followed in these condensed interim consolidated financial statements as compared with the most recent annual financial statements as at and for the year ended December 31, 2011. Any subsequent changes to IFRS that are given effect in the Company’s annual financial statements for the year ending December 31, 2012 could result in restatement of these condensed interim financial statements.
New standards not yet adopted and interpretations issued but not yet effective
There are no relevant changes in accounting standards applicable to future periods other than as disclosed in the most recent annual consolidated statements as at and for the year ended December 31, 2011.
4. Cash Position
As at As at March 31, December 31, 2012 2011
| Cash | $ | 2,924,890$ | 4,240,081 |
| Long-term deposit | 391,265 | 371,277 | |
| Total cash position | $ | 3,316,155$ | 4,611,358 |
5. Accounts Receivable and Advances
As at As at March 31, December 31, 2012 2011
Sales tax receivable - Canada $ 30,700 $ 24,680 Sales tax receivable - Ireland 248,348
254,184
| Accounts receivable | 500,222 | 690,433 |
| Prepaid expenses | 112,198 | 93,112 |
| $ 897,304$ | 1,056,573 |
6. Inventory
As at As at March 31, December 31, 2012 2011
| Concentrate inventory | $ | 78,614$ | 32,159 |
| Finished goods | 314,155 | 314,857 | |
| $ | 392,769$ | 347,016 |
7. Property, Plant and Equipment
March 31, 2012
Accumulated
| Cost | amortization | Net | |||
|---|---|---|---|---|---|
| Freehold land and buildings | $ 2,671,974 $ | 1,212,519 $ 1,459,455 | |||
| Plant and machinery | 6,050,642 | 3,663,219 2,387,423 | |||
| Motor vehicles | 64,982 | 47,552 | 17,430 | ||
| Office equipment | 99,245 | 37,263 | 61,982 | ||
| Moulds | 58,088 | 58,088 | - |
$ 8,944,931 $ 5,018,641 $ 3,926,290
December 31, 2011
Accumulated
| Cost | amortization | Net | |||
|---|---|---|---|---|---|
| Freehold land and buildings | $ 2,246,768 $ | 1,195,684 $ 1,051,084 | |||
| Plant and machinery | 5,968,298 | 3,549,698 2,418,600 | |||
| Motor vehicles | 63,338 | 45,928 | 17,410 | ||
| Office equipment | 94,788 | 34,489 | 60,299 | ||
| Moulds | 57,466 | 57,466 | - |
$ 8,430,658 $ 4,883,265 $ 3,547,393
8. Deferred Development and Exploration Costs
March 31, 2012 Accumulated Cost amortization Net Deferred development and exploration costs $ 10,909,613 $ 5,778,455 $ 5,131,158
December 31, 2011 Accumulated Cost amortization Net Deferred development and exploration costs $ 10,168,806 $ 5,661,053 $ 4,507,753
9. Accounts Payable and Other Liabilities
As at As at March 31, December 31,
2012 2011
Falling due within the year Trade payables $ 1,680,017 $ 1,683,142
10. Convertible Debenture
Equity portion of Convertible convertible debenture debenture
| Balance, December 31, 2010 | $ - $ | - | |
| Proceeds from issuance | 1,953,750 | - | |
| Fair value of conversion option | (169,347) | 169,347 | |
| Financing charges | (13,329) | (1,265) | |
| Accretion charges - effective interest rate | 10,151 | - | |
| Accretion charges - financing charges | 613 | - | |
| Interest expenses | 2,938 | - | |
| Foreign exchange | (3,996) | - | |
| Balance, March 31, 2011 | $ 1,780,780 $ | 168,082 | |
| Balance, December 31, 2011 | $ 1,979,603 $ | 168,082 | |
| Accretion charges - effective interest rate | 45,529 | - | |
| Accretion charges - financing charges | 2,538 | - | |
| Interest expenses | 12,725 | - | |
| Foreign exchange | 21,481 | - | |
| Balance, March 31, 2012 | $ 2,061,876 $ | 168,082 |
11. Share Capital and Reserves
a) Authorized share capital
At March 31, 2012, the authorized share capital consisted of unlimited number of common and preference shares issuable in Series. The common shares do not have a par value. All issued shares are fully paid.
b) Common shares issued
At March 31, 2012, the issued share capital amounted to $27,808,316. The change in issued share capital for the periods presented:
Number of common shares Amount
| Balance, December 31, 2010, March 31, 2011, December 31, 2011 and March | |||
|---|---|---|---|
| 31, 2012 | 235,650,055 | $ | 27,808,316 |
c) Warrant reserve
The following table shows the continuity of warrants for the periods presented:
Weighted Number of average warrants price