Welcome!

News Feed Item

First Bauxite Corporation Announces Filing of Third Quarter 2016 Financial Statements and MD&A and Amended and Restated First Quarter and Second Quarter 2016 Financial Statements and MD&A's

NEW ORLEANS, LOUISIANA -- (Marketwired) -- 11/29/16 -- First Bauxite Corporation (TSX VENTURE: FBX)(FRANKFURT: FBI)(BERLIN: FBI) ("First Bauxite" or the "Company") is pleased to announce that it has filed its unaudited quarterly financial statements and management's discussion and analysis for the period ended September 30, 2016. Additionally, the Company announces that it has filed amended and restated unaudited interim financial statements and management's discussion and analysis for the three month period ended March 31, 2016 ("Q1") and for the three and six month periods ended June 30, 2016 ("Q2"). All filings referenced above are available on SEDAR at www.sedar.com and on the Company's website at www.firstbauxite.com.

The Company recently became aware of an inadvertent error in the consolidation process used in compiling the Q1 financial statements. The error resulted in the Company including the operating results from one of the Company's subsidiaries, Guyana Industrial Minerals Incorporated, for the period October 1, 2015 through March 31, 2016 instead of from the period from January 1, 2016 through March 31, 2016. Additionally, the foreign exchange gain or loss for the period ending March 31, 2016 and its impact on other comprehensive income was calculated using an incorrect exchange rate. Both errors were carried forward into the Q2 six month operating results. The Company has taken the necessary actions to remediate the control deficiency. The financial statements and related MD&As have been amended to eliminate the previous errors.

These corrections resulted in adjustments to the Company's Condensed Consolidated Interim Statements of Loss and Comprehensive Loss as follows:



----------------------------------------------------------------------------
Three Months Ended March 31,
 2016
                                As reported      Adjustment     As restated
----------------------------------------------------------------------------
Other income                  $      17,628   $     (17,579)  $          49
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Exploration and evaluation
 expenditures                 $  (2,215,428)  $   1,316,015   $    (899,413)
----------------------------------------------------------------------------
Salaries and benefits
 expense                      $    (381,906)  $      70,369   $    (311,537)
----------------------------------------------------------------------------
Administrative expenses       $    (258,140)  $     144,105   $    (114,035)
----------------------------------------------------------------------------
Professional fees             $    (172,963)  $      51,778   $    (121,185)
----------------------------------------------------------------------------
Foreign exchange losses       $  (1,426,838)  $   1,792,408   $     365,570
----------------------------------------------------------------------------
Net Loss for the period       $  (5,980,239)  $   3,357,096   $  (2,623,143)
----------------------------------------------------------------------------
Foreign currency translation
 adjustments                  $   2,072,069   $  (3,357,096)  $  (1,285,027)
----------------------------------------------------------------------------
Basic and diluted net loss
 per share                    $       (0.05)  $        0.03   $       (0.02)
----------------------------------------------------------------------------
As at March 31, 2016
----------------------------------------------------------------------------
Foreign currency translation
 reserve                      $   8,770,256   $  (3,357,096)  $   5,413,160
----------------------------------------------------------------------------
Accumulated deficit           $ (68,194,560)  $   3,357,096   $ (64,837,464)
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Six Months Ended June 30
 2016
                                As reported      Adjustment     As restated
----------------------------------------------------------------------------
Other income                  $      24,560   $     (17,579)  $       6,981
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Exploration and evaluation
 expenditures                 $  (3,237,980)  $   1,316,015   $  (1,921,965)
----------------------------------------------------------------------------
Salaries and benefits
 expense                      $    (687,761)  $      70,369   $    (617,392)
----------------------------------------------------------------------------
Administrative expenses       $    (429,540)  $     144,105   $    (285,435)
----------------------------------------------------------------------------
Professional fees             $    (395,427)  $      51,778   $    (343,649)
----------------------------------------------------------------------------
Foreign exchange losses       $  (1,522,397)  $   1,664,894   $     142,497
----------------------------------------------------------------------------
Net Loss for the period       $ (11,144,701)  $   3,229,582   $  (7,915,119)
----------------------------------------------------------------------------
Foreign currency translation
 adjustments                  $   2,086,372   $  (3,229,582)  $  (1,143,210)
----------------------------------------------------------------------------
Basic and diluted net loss
 per share                    $       (0.09)  $        0.02   $       (0.07)
----------------------------------------------------------------------------
As at June 30, 2016
----------------------------------------------------------------------------
Foreign currency translation
 reserve                      $   8,784,559   $  (3,229,582)  $   5,554,977
----------------------------------------------------------------------------
Accumulated deficit           $ (73,359,022)  $   3,229,582   $ (70,129,440)
----------------------------------------------------------------------------

About First Bauxite

First Bauxite Corporation (TSX VENTURE: FBX) is a Canadian natural resource company engaged in the exploration and development of bauxite deposits in Guyana, South America. The Company has its head office in New Orleans, Louisiana and a project office in Georgetown, Guyana, and is managed by experienced professionals with worldwide experience in the global industrial minerals industry across a number of industrial minerals. For further information on First Bauxite Corporation, please visit the Company's corporate website at www.firstbauxite.com.

On behalf of the Board of Directors of First Bauxite Corporation

Alan Roughead

President and CEO

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "will", "anticipates", "believes", "intends", "expects" and similar expressions. These statements include, but are not limited to, statements regarding the Company's development plans. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to continuing support of the Government of Guyana for the Bonasika Project; execution of the Company's existing plans as budgeted, including development programs for the Bonasika Project, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such budget, plans or programs, including the results of future trials and testwork or any inability to reproduce test results on a commercial scale or in the field; and other risks affecting the Company or the mining industry more fully described in the Company's continuous disclosure documents, which are available under the Company's profile on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

Neither the 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...