StockMarketWire.com - Bacanora Minerals has replaced its final results announcement released on 25 Oct.

The company had reclassified $2,000,000 from foreign currency translation adjustment to foreign exchange loss to correct these amounts in the consolidated statement of comprehensive loss for the year ended June 30, 2016 which represents foreign exchange amounts erroneously classified in prior year.

It said: 'This reclassification had no effect on opening balances for the 2016 fiscal year and as such no opening consolidated statement of financial position has been presented.

'The consolidated statement of cash flows has also been updated for this change and to correct amounts recorded as additions to exploration and evaluation assets and exchange rate effects.

'The impact of this restatement was not correctly reflected in the original announcement of 25 Oct.

'In addition, the net loss per share should have read $(0.15) in respect of the year to 30 June 2017 instead of $(0.14) and $(0.13) in respect of the year to 30 June 2016 instead of $(0.11).'

The replacement announcement also incorporates remuneration details of two directors who joined the board shortly before the end of the financial year.

The company posts a loss of C$18.8m compared with C$12.4m in 2016.






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