Welcome To The Gold Wheaton Corp. HUB On AGORACOM
Gold Wheaton purchases the gold by-product streams from the production of existing mines or mines currently being constructed.
Message: Reports Financial Results for First Quarter 2009
| May 13, 2009 |
| Gold Wheaton Reports Financial Results for First Quarter 2009 |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2009) - Gold Wheaton Gold Corp. ("Gold Wheaton") (TSX VENTURE:GLW) is pleased to announce the financial results of operations for the three months ended March 31, 2009 (unless otherwise indicated, all dollar amounts are expressed in United States dollars). 2009 First Quarter Highlights - EBITDA(1) for Q1-2009 was $6.3 million compared to negative $0.1 million in Q5-2008. - Revenue from the sale of precious metals for the three months ended March 31, 2009 ("Q1-2009") was $8.8 million, $2.3 million higher than the three months ended December 31, 2008 ("Q5-2008"). - Gold Wheaton purchased 5,218 gold equivalent ounces net of prior year estimate adjustments compared to 7,951 gold equivalent ounces in Q5-2008 from FNX Mining Company Ltd. ("FNX") and 2,876 ounces compared to 224 ounces in Q5-2008 from First Uranium Corporation ("First Uranium"). - Net loss for the Q1-2009 was $0.8 million (loss of $0.00 per share) compared to net loss of $2.1 million (loss of $0.00 per share) in Q5-2008. Net loss for Q1-2009 includes a one-time charge of $4.5 million to future income tax expenses related to the Company electing to change its functional reporting currency for Canadian income taxes purposes from Canadian dollar to US dollar. - At March 31, 2009, the Company had cash and short term investments of $20.4 million and working capital of $29.2 million compared to $7.4 million and $14.5 million respective on December 31, 2008. - On March 5, 2009, the Company successfully completed a public offering for 460,000,000 units ("2009 Unit") at a price of CDN$0.25 per 2009 Unit to raise gross proceeds of $89.3 million (CDN$115 million) pursuant to a short form prospectus. Each 2009 Unit will consist of one common share and one half share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of CDN$0.50 per share for a period of 2 years following the closing of the offering. - On March 12 2009, the Company completed its purchase of 25% of the gold produced over the life of First Uranium's Mine Waste Solutions tailings retreatment operations by payment of $75 million to First Uranium pursuant to the terms of a gold purchase agreement dated December 12, 2008. - On March 31, 2009, the Company reached an agreement in principal with Sprott Asset Management Inc. ("Sprott") regarding a debt financing in the principal amount of CDN$100,000,000 by way of a 5 year senior secured notes ("Notes") bearing interest at the rate of 10%. Gold Wheaton has agreed to issue to Sprott 125 million warrants with a five year term, and exercisable at a price of CDN$0.50 per share as part of this financing. Gold Wheaton will have the option to increase the offering of Notes to a total principal amount of CDN$115,000,000 with additional proportional warrants on the same terms described herein. The net proceeds of the debt financing will be used for general corporate purposes, including gold stream acquisitions. "We continued to grow Gold Wheaton in the quarter with the successful capital raising and closing of the second tranche of the gold purchase transaction with First Uranium. This positions us well for significant organic growth over the next 24 months," said David Cohen, Chairman and CEO. "The recovery in precious metal prices over the quarter has been an additional positive benefit." Financial Information For complete details of financial results, please refer to the audited consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2009. These financial statements and MD&A, and the comparative financial statements for the three months ended March 31, 2009 are all available on SEDAR at www.sedar.com and on the Company's website www.goldwheaton.com. Options Granted Gold Wheaton has granted stock options to directors, officers, consultants and employees of the Company to purchase up to 7,920,000 common shares of the Company at a minimum exercise price of CDN$0.25 per common share, exercisable for a period of five years. Teleconference call details Gold Wheaton will host a telephone conference call on Thursday, May 14, 2009, at 10:00am PST (1:00pm EST) to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally. The conference call will be archived for later playback until Thursday, May 21, 2009 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using the pass code 3504 followed by the number sign, #. About the Company Gold Wheaton is a gold company with 100% of its operating revenue from the sale of gold and precious metals produced by others. The Company is actively pursuing further growth opportunities. The Company's shares are listed on the TSX Venture Exchange under the symbol "GLW" with 1,430,469,668 shares issued and outstanding. |
Loading...
Loading...
New Message
Please
login
to post a reply