Vista Gold Corp. Announces Year-End Financial Results
16 März 2007 - 1:08AM
PR Newswire (US)
DENVER, March 15 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto announced today its financial results for the
year ended December 31, 2006, as filed on March 15, 2007, with the
U.S. Securities and Exchange Commission in Vista's Annual Report on
Form 10-K. For the year ended December 31, 2006, Vista reported a
consolidated net loss of US$4.2 million or US$0.16 per share
compared to the 2005 consolidated net loss of US$4.6 million or
US$0.24 per share. The decrease of US$0.4 million in the net loss
for 2006 is primarily due to increased interest income of US$1.0
million resulting from an increase in interest earned on Vista's
liquid bank account and the Hycroft restricted cash account,
partially offset by increased corporate administration and investor
relations costs of US$0.6 million. Vista received net cash from
financing activities of US$54.3 million in 2006 compared to US$7.9
million in 2005. The US$54.3 million in 2006 consisted primarily of
net proceeds of US$3.2 million from a February, 2006 equity private
placement; net proceeds from exercises of warrants aggregating
US$22.7 million; and net proceeds of US$29.4 million from a public
offering of common shares in November 2006. Net cash used in
investing activities in 2006 was US$4.2 million compared to US$8.4
million in 2005. The decrease of US$4.2 million can be attributed
to a decrease of US$5.6 million for the acquisitions of
subsidiaries net of cash, reflecting the cash expended as partial
consideration for the acquisition of the Mt. Todd gold mine for
US$1.3 million in 2006, compared to expenditures during 2005 of
US$1.6 million for the acquisition of the Awak Mas project and
US$5.3 million cash expended as partial consideration for the
acquisition of F.W. Lewis, Inc. properties. This decrease is offset
by an increase in property expenditures during 2006 of US$1.1
million. Net cash used for operations in both 2006 and 2005 was
US$3.4 million. The unused cash received from financing activities
in 2006 is on hand as working capital. Vista's financial position
included current assets at December 31, 2006, of US$50.6 million
compared to US$3.1 million at December 31, 2005 and total assets of
US$92.7 million at December 31, 2006, compared to US$38.0 million
at December 31, 2005. Total liabilities at December 31, 2006, were
US$5.6 million compared to US$4.6 million at December 31, 2005;
these liabilities included US$4.7 million in 2006 and US$4.1
million in 2005 for accrued reclamation and closure costs at the
Hycroft mine which are offset by US$5.3 million in 2006 and US$5.1
million in 2005 in a restricted cash account which is included in
total assets. Shareholders' equity was US$87.1 million at December
31, 2006, compared to US$33.4 million at December 31, 2005. Vista's
working capital as of December 31, 2006, was US$49.8 million which
increased by US$47.2 million from US$2.6 million as of December 31,
2005. Of Vista's current working capital, Vista anticipates
investing US$25 million in common stock of Allied Nevada Gold Corp.
("Allied Nevada") in connection with the previously announced
arrangement transaction involving Vista, Allied Nevada and Carl and
Janet Pescio (the "Pescios"). Allied Nevada will use US$15 million
of this investment as partial consideration for the purchase of the
Pescios' Nevada mineral assets. As part of the transaction, Vista
shareholders will exchange each of their Vista common shares and
will receive, subject to applicable withholding taxes, (i) one new
Vista common share and (ii) a pro rata portion of (A) the number of
Allied Nevada common shares received by Vista as part of the
arrangement less (B) the number of Allied Nevada shares retained by
Vista to facilitate payment of any taxes payable in respect of the
arrangement. Holders of Vista options will exchange their options
for options to acquire Allied Nevada shares and options to acquire
newly created Vista shares, and holders of Vista warrants will have
their warrants adjusted in accordance with the terms of the
warrants. In November 2006, Vista received the securityholder and
court approvals required as conditions for completion of the
transaction. Subject to receipt of the remaining required
approvals, as well as completion of the registration of Allied
Nevada's common shares under the United States Securities Exchange
Act of 1934, the transaction is currently expected to close in the
first quarter or early second quarter of 2007. Selected Financial
Data Years ended December 31 U.S. $ 000's, except loss per share
2006 2005 Results of operations Net loss $(4,171) $(4,584) Basic
and diluted loss per share $(0.16) $(0.24) Net cash used in
operations $(3,431) $(3,379) Net cash used in investing activities
(4,177) (8,448) Net cash provided by financing activities 54,279
7,938 Financial position Current assets $50,643 3,094 Total assets
92,731 37,999 Current liabilities 893 452 Total liabilities 5,604
4,596 Shareholders' equity 87,127 33,403 Working capital $49,750
$2,642 The annual general meeting of Vista's shareholders has been
scheduled for Monday, May 7, 2007, at 10:00 a.m., Vancouver time,
at the offices of Borden Ladner Gervais LLP, located at Suite 1200,
200 Burrard Street, Vancouver, British Columbia, Canada. Vista Gold
Corp., based in Littleton, Colorado, evaluates and acquires gold
projects with defined gold resources. Additional exploration and
technical studies are undertaken to maximize the value of the
projects for eventual development. Vista's holdings include the
Maverick Springs, Mountain View, Hasbrouck, Three Hills, Wildcat
projects, the F. W. Lewis, Inc. properties and the Hycroft mine,
all in Nevada, the Long Valley project in California, the Yellow
Pine project in Idaho, the Paredones Amarillos and Guadalupe de los
Reyes projects in Mexico, the Amayapampa project in Bolivia, the
Awak Mas project in Indonesia and the Mt. Todd project in
Australia. Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the U.S.
Securities Act of 1933 and U.S. Securities Exchange Act of 1934.
All statements, other than statements of historical facts, included
in this press release that address activities, events or
developments that Vista expects or anticipates will or may occur in
the future, including such things as future business strategy,
competitive strengths, goals, expansion and growth of Vista's or
Allied Nevada's businesses, operations, plans and other such
matters are forward-looking statements. When used in this press
release, the words "estimate", "plan", "anticipate", "expect",
"intend", "believe" and similar expressions are intended to
identify forward-looking statements. These statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Vista and Allied
Nevada, including anticipated consequences of the contemplated
transaction described herein, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among
others, risks that Vista's or Allied Nevada's acquisition,
exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of gold;
the inherently hazardous nature of mining-related activities;
uncertainties concerning reserve and resource estimates; potential
effects on Vista's or Allied Nevada's operations of environmental
regulations in the countries in which they operate; risks due to
legal proceedings; uncertainty of being able to raise capital on
favorable terms or at all; and risks that may affect Vista's
ability to complete the contemplated transaction described herein
including risks that Vista may be unable to obtain required third
party approvals; as well as those factors discussed in Vista's
latest Annual Report on Form 10-K and other documents filed with
the U.S. Securities and Exchange Commission. Although Vista has
attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Vista assumes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise. For further
information, please contact Gregory G. Marlier at (720) 981-1185,
or visit the Vista Gold Corp. website at http://www.vistagold.com/.
DATASOURCE: Vista Gold Corp. CONTACT: Gregory G. Marlier, of Vista
Gold Corp., +1-720-981-1185 Web site: http://www.vistagold.com/
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