2010-04-07 18:18 ET - News Release
Ms. Kelly Fielder reports
ICIENA ANNOUNCES AMENDED AND RESTATED MD&A
As a result of a review by the British Columbia Securities Commission, Iciena Ventures Inc. is clarifying its disclosure.
Thecompany would like to announce that it has filed on SEDAR amended andrestated management's discussion and analysis for the quarter endingSept. 30, 2009. The company has also filed amended and restatedfinancial statements in support of the amended and restated MD&A.
The filing of the amended and restated MD&A and theamended financial statements has been made by the company to correctdeficiencies brought to its attention by the commission on Dec. 15,2009, and Feb. 8, 2010. Such deficiencies include requests by thecommission for the company to add disclosure to existing MD&Arelating to: balanced discussion of the company's results of operationsand financial conditions to address, among other things, causes ofvariations over each period;discussion of expenditures for consulting fees paid to non-relatedparties, legal fees, and promotion and travel;general discussion of each of the company's mineral projects;breakdown of material components of general and administrative expensesincurred by the company for the applicable periods;comparison in tabular form to describe the company's proposed use ofproceeds from financings, with explanations of variances and the impactof such variances, if any, on the company's ability to achieve itsbusiness objectives and milestones;further discussion of related-party transactions, specifically suchdiscussion to include both qualitative and quantitative characteristicsthat are necessary for an understanding of the business purpose of thetransactions and economic substance;further analysis of the company's liquidity risk, including discussionof the company's working capital deficit, planned developmentactivities, working capital requirements and the ability of the companyto meet its obligations as they become due;cautionary language for forward-looking statements made by the company;andan explanation from the company's financial statements on the steps thecompany took to test the Batovi project for impairment at March 31,2009, andhow the company treated an advancement of funds to a related party.
In addition, the commission requested that the company sendadditional information to the commission regarding the granting ofstock options by the company, insider reporting requirements and thefiling of material documents.The company has addressed the commission's comments above in itsamended and restated MD&A, amended financial statements and relatedcorrespondence with the commission.