Vancouver, BC / ACCESSWIRE / July 24, 2014 / Diamond Fields International Ltd. (DFI:TSX) ("DFI" or the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC") , we are issuing the following press release to clarify our disclosure.
The Financial Statements for the nine months ended March 31, 2014 ("Interim Financial Statements") required correction of some comparatives, accounting policies and disclosures and which in aggregate are regarded as material. Consequently, the Financial Statements for the nine months ended March 31,2014 has been amended and restated ("Amended and Restated Financial Statements) .
The material revisions made to the "Interim Financial Statements March 14" are as follows:
(a)Comparative comprehensive loss for the three and nine months ended March 31, 2013 as shown in the "Interim Financial Statements March 14" has been respectively amended from $214,264 to $ 227,264 and from $478,419 to $491,419. The comparative comprehensive accumulated deficit and shareholders' equity as at March 31, 2014 have been respectively corrected from $55,813,780 and $793,812 to $55,826,780 and $806,812.
The comparative figures for three and nine months period net loss, non-cash interest payment, borrowings and cash at beginning and end of period disclosed in the condensed consolidated interim statement of cash flows of the "Interim Financial Statements March 14" were also corrected to agree with corresponding amounts disclosed in the Interim financial Statements for the nine months ended March 31, 2013 filed on SEDAR.
(b)The Company updated Note 5(l), summary of significant accounting policies for accounting standards adopted during the period and Note 5(m) , accounting standards not yet effective. The Company has evaluated the arrangement of Atlantis II project under the criteria within IFRS 11 and has concluded that the arrangement is not jointly controlled. The evaluation is disclosed in note 5(l), note 5(m) and note 12 of the Amended and Restated Financial Statements.
(c) The Company provided a discussion of the changes in convertible debentures from July 1, 2013 to March 31, 2014 and disclosed the basis of valuation and classification of the debentures in note 10 of the Amended and Restated Financial Statements. The Company new debentures issued in March 2014 are classified as hybrid instruments as they contain both derivative and debt characteristics. The convertible debt instruments are segregated into derivative financial instruments and other financial liabilities at the date of issue. This change has caused a reduction of $27,201 to the convertible debt and a reduction of $13,983 to derivative financial instruments. The figure for convertible debentures changed from $250,697 to $223,496 and the figure for derivative financial instruments changed from $226,589 to $212,606 causing a positive impact on the loss for the period and accumulated deficit by $41,184. Accumulated deficit changed from $56,917,258 to $56,876,074.
The Company also disclosed in a maturity table in note 10 of the Amended and Restated Financial Statements how the current and non-current portions of convertible debentures were determined. Convertible debentures amounting to $99,340 classified under non-current liabilities were corrected and reclassified under current liabilities in the Amended and Restated Financial Statements.
Accordingly, the Company has SEDAR filed the Amended and Restated Financial Statements for the quarter ended March 31, 2014, today.
DIAMOND FIELDS INTERNATIONAL LTD.
SIGNED: "Earl Young"
Earl Young, CFO and Secretary
For further information, contact Earl Young at + 1 604 685 9911
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.
SOURCE: Diamond Fields International Ltd.