Iberian Minerals Announces Over-Subscription of EnviroLeach Financing, CSE Conditional Approval and Restatement of Enviroleach
Financial Statements and MD&A
EDMONTON, ALBERTA--(Marketwired - March 10, 2017) - Iberian Minerals Ltd. (the "Company" or
"Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) is pleased to announce that the subscription receipt financing of
Enviroleach Technologies Inc. ("EnviroLeach") has been over-subscribed, raising aggregate gross proceeds of
$3,000,000, being $500,000 more than previously announced. It is expected that EnviroLeach will complete the subscription
receipt financing on Monday, March 13, 2017, with each subscription receipt entitling the holder thereof to receive one
(1) EnviroLeach common share (each an "EnviroLeach Share") and one (1) warrant to purchase one (1) common
share in the share capital of the Corporation ("EnviroLeach Warrant Share) at a price of $0.50
at any time prior to 4:30 p.m. (Edmonton time) on the date that is twenty four (24) months from the date upon the completion of
the previously-announced proposed plan of arrangement involving Iberian, shareholders of Iberian, and EnviroLeach (the
"Arrangement").
Iberian has called a special meeting of shareholders (the "Meeting") to consider, and if thought fit, approve
the Arrangement. The Meeting is scheduled to take place on Tuesday, March 14, 2017. Upon receiving approval of the
Arrangement at the Meeting, it is expected that Iberian will apply for a final order to approve the Arrangement from the Alberta
Court of Queen's Bench at 2:00 p.m. (Calgary time) on Wednesday, March 15, 2017.
Iberian is also pleased to announce that the Canadian Stock Exchange (the "CSE") has provided conditional
approval for the listing of the EnviroLeach Shares (including EnviroLeach Shares to be issued upon the exchange of the
subscription receipts). Final listing approval is subject to EnviroLeach satisfying all of the requirements of the CSE. The
Company plans to issue a news release upon the acceptance of final listing approval and all particulars regarding commencement of
trading on the CSE.
EnviroLeach restated its financial statements from the period of incorporation to December 31, 2016 (the "Restated
Financial Statements"). As per EnviroLeach's accounting policies, financial liabilities are to be classified as other
financial liabilities as initially recognized at fair value less directly attributable transaction costs. After initial
recognition, these liabilities are subsequently measured at amortized cost using the effective interest rate method. Current
liabilities continue to be carried at fair value due to their short term nature. However, in the financial statements that
were included in Iberian's management information circular dated February 10, 2017, the advance royalty payable, a non-current
financial liability, was not subsequently measured at amortized cost as required. The Restated Financial Statements correct
this oversight. The Restated Financial Statements also re-allocated payments to a creditor of $6,700 (5,000 US) from advance
royalty payments to consulting expense. A table illustrating the impact of the reinstatement is included hereto as Schedule
"A". A copy of the Restated Financial Statements and related Management Discussion & Analysis are filed under EnviroLeach's
profile on SEDAR at www.sedar.com.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth through the partnership of advanced cash flow
mining opportunities utilizing the Mineworx environmentally friendly mineral processing technologies. In addition the Company is
undertaking strategic alliances with its Spanish mineral assets.
For further information, go to www.iberianminerals.ca.
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.
This press release contains certain statements which constitute forward-looking statements or information ("forward-looking
statements"), including statements regarding Iberian's business. Such forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond Iberian's control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks in exploration and
development, competition from other industry participants, the lack of availability of qualified personnel or management, stock
market volatility and the ability to access sufficient capital from internal and external sources. Although Iberian believes that
the expectations in the forward-looking statements are reasonable, they are based on factors and assumptions concerning future
events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such
statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events
and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking
information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can
be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document
are made as of the date of this document and, except as required by applicable law, Iberian does not undertake any obligation to
publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future
events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary
statement.
SCHEDULE "A"
|
|
As previously reported
$ |
|
|
As Restated
$ |
|
|
Difference
$ |
|
Statement of Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Technology |
|
1,740,000 |
|
|
1,529,909 |
|
|
(210,091 |
) |
Total Assets |
|
2,174,628 |
|
|
1,964,537 |
|
|
(210,091 |
) |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Advance royalty payable |
|
1,335,987 |
|
|
1,127,693 |
|
|
(208,294 |
) |
|
Less portion shown as current |
|
80,562 |
|
|
67,662 |
|
|
(12,900 |
) |
|
Long term portion |
|
1,255,425 |
|
|
1,060,031 |
|
|
(195,394 |
) |
Total Liabilities |
|
1,764,246 |
|
|
1,555,952 |
|
|
(208,294 |
) |
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
|
Deficit |
|
(139,618 |
) |
|
(141,415 |
) |
|
(1,797 |
) |
Total shareholders' equity |
|
410,382 |
|
|
408,585 |
|
|
(1,797 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' |
|
|
|
|
|
|
|
|
|
|
Equity |
|
2,174,628 |
|
|
1,964,537 |
|
|
(210,091 |
) |
|
|
|
|
|
|
|
|
|
|
Statement of Loss and Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting |
|
3,875 |
|
|
10,575 |
|
|
6,700 |
|
|
Foreign exchange loss |
|
38,170 |
|
|
33,267 |
|
|
(4,903 |
) |
|
Loss and comprehensive loss for the period |
|
139,618 |
|
|
141,415 |
|
|
1,797 |
|
|
|
|
|
|
|
|
|
|
|
Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (to) operating activities |
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
(139,618 |
) |
|
(141,415 |
) |
|
(1,797 |
) |
|
Foreign exchange |
|
38,042 |
|
|
33,139 |
|
|
(4,903 |
) |
Total |
|
(125,236 |
) |
|
(131,936 |
) |
|
(6,700 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
Payments on technology rights |
|
(39,948 |
) |
|
(33,248 |
) |
|
6,700 |
|