Kiska Revises Financial Statements
Thursday, November 25, 2021 5:00 PM

Related Stories

VANCOUVER, Nov. 25 /CNW/ - As a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure.

At the time of the acquisition of Rimfire Minerals Corporation, the Company accounted for this transaction as the purchase of assets, allocating the fair value of the consideration (trading shares of the Company) to the assets acquired. This included an allocation of $7,974,288 to the mineral property interests. The new board of directors and management team conducted a detailed review of the Company's properties and operations, and concluded that, considering the market conditions for obtaining additional funding at the time of the detailed review and the short and long-term potential of its portfolio of mineral properties, it was prudent to devote the majority of the Company's existing resources to the development of the Whistler Project.

Based on this evaluation, the new management revised the fair value of the mineral properties acquired, based on expected minimal future expenditures on these properties, to $156,500. The new management, on the advice of its auditors, consequently reallocated the balance of the acquisition fair value of $7,817,788 previously allocated to the mineral properties, to "Goodwill", representing the estimated fair value of "a strong post-acquisition board of directors who have expertise in capital markets and project advancement and an enhanced management team which is skilled in leveraging the potential of exploration properties through strong project management and strategic partnerships".

Based on further analysis and review conducted after April 26, 2010, the Company has concluded that the characterization of $7,817,788 as goodwill was inappropriate under Canadian GAAP. The Company has determined that the appropriate method of accounting for the events which occurred after the completion of the acquisition transaction, including the change in the board and management, and the detailed review of the Company's properties and operations, is on a prospective basis.

The consolidated financial statements for the year ended December 31, 2021 have therefore been restated to present the $7,817,788, which was previously presented as "Goodwill", as a cost of the acquired mineral property interests of Rimfire. In addition, a subsequent impairment loss of $7,817,788 was recognized as at September 30, 2021 on re-evaluation of the fair value of the mineral property interests acquired and was charged to operations. This resulted in an increase in the net loss for the year and a consequent increase in accumulated deficit as at December 31, 2009.

All interim periods affected by these changes have been amended and restated. The revised financial statements were filed on SEDAR on November 24, 2010.

On behalf of Kiska Metals Corporation

"Jason Weber"

Jason Weber, P.Geo., President & CEO

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corporation with securities regulators. Those filings can be found on the Internet at and


(Source: CNW )
(Source: Quotemedia)


Symbol :


Market news:

  • AG: 2 murder charges for honeymoon death suspect Nov 25, 2021 05:37 PM

    • LOS ANGELES - An Alabama man who served prison time in Australia for his wife's drowning death during their honeymoon returned Thursday to the U.S., where he faces murder charges that could carry a much stiffer punishment.
    • Gabe Watson, 33, arrived in Los Angeles on Thursday morning after he was deported on a commercial flight from Melbourne, Australia.
    • Alabama hopes to arrange to bring Watson back to the state early next week, said Attorney General Troy King.
      • US presence in Afghanistan as long as Soviet slog Nov 25, 2021 04:43 PM

        • KABUL, Afghanistan - The Soviet Union couldn't win in Afghanistan, and now the United States is about to have something in common with that futile campaign: nine years, 50 days.
        • What started out as a quick war on Oct. 7, 2001, by the U.S. and its allies to wipe out al-Qaida leader Osama bin Laden and the Taliban has instead turned into a long and slogging campaign.
        • A Pentagon-led assessment released earlier this week described the progress made since the United States injected 30,000 more troops into Afghanistan earlier this year as fragile.
          • Brady's 4 TDs lift Patriots to 45-24 win vs. Lions Nov 25, 2021 03:58 PM

            • DETROIT - Tom Brady threw a season-high four touchdown passes, all in the second half, to help the New England Patriots rout the Detroit Lions 45-24 on Thursday.
            • Wes Welker's second TD reception sealed the victory with 6:42 left.
            • The Patriots (9-2) moved a half-game ahead of the AFC East rival New York Jets for the NFL's best record after trailing by 11 points late in the first half.
              • Kanye West, Kung Fu Panda star at NYC parade Nov 25, 2021 03:42 PM

                • NEW YORK - A high-kicking Kung Fu Panda and a diary-toting Wimpy Kid joined the giant balloon lineup as the Macy's Thanksgiving Day Parade unfolded Thursday, drawing tens of thousands of spectators to the annual extravaganza on a chilly, overcast morning.
                • "We don't have anything like this in England," she exclaimed.
                • As millions more watched the live broadcast on television, revelers gathered nationwide for other parades in cities such as Detroit, Chicago and Philadelphia.
                  • Thanksgiving sales bring shoppers, grumbles Nov 25, 2021 03:18 PM

                    • NEW YORK - Not all Americans tucked into turkey with their families on Thanksgiving.
                    • Some were out shopping, hitting sales ahead of the crowds expected Friday.
                    • After a year of cautious spending and worry over an uncertain economy and high unemployment, more stores this year extended hours into Thanksgiving Day, a day when stores are traditionally closed.

                      More news


    Recent Estimates

AnalystFirm NameSymbolEPS Estimate
mrbilltraderXXXXX POT$1.15
sam farahanXXXXX TECD$0.95
adfgafg ERTS($0.26)