Chesapeake Files Year End Audited Financial Statements, Together With Re-Statement for 2009
06 5월 2011 - 3:56AM
Marketwired
Chesapeake Gold Corp. (TSX VENTURE: CKG) ("Chesapeake" or the
"Company") announces that it has filed its annual financial
statements for the year ended December 31, 2010 together with the
corresponding Management Discussion and Analysis.
In conjunction with a completion of the 2010 audit, the Company
restated its 2009 audited financial statements due to a change in
its policy of recognizing stock based compensation expense from
straight line to the grading vesting method. As a result, the 2009
financial statements were restated to retroactively apply the
graded vesting assumption to stock options which were granted
during 2009 by increasing stock-based compensation expense by
$1,216,068, and increasing contributed surplus by the same amount,
resulting in increasing the closing 2009 contributed surplus and
deficit by $1,216,068.
In addition, the Company became aware that geological consulting
fees of $183,117 and office and administrative expenses of $56,192
that were incurred in 2009 had been offset against foreign exchange
translation gain instead of being expensed as geological and
administrative expenses. The 2009 consolidated financial statements
have been restated to reflect the effect of correcting the
presentation by increasing foreign exchange gain by $239,309 and
increasing geological consulting fees expense by $183,117 and
office and administrative expense by $56,192. This error amounted
to a misclassification only and has no impact on the 2009 net
income.
The re-stated detail is also included in the comparative
information in the Company's audited consolidated financial
statements for the year ended December 31, 2010.
For more information please view the Amended Financial
Statements on our website at www.chesapeakegold.com or under the
Company's profile on SEDAR at www.sedar.com.
CHESAPEAKE GOLD CORP.
P. Randy Reifel, President
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Chesapeake Gold Corp. Investor Relations 604-731-1094
www.chesapeakegold.com
Chesapeake Gold (TSXV:CKG)
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