Strikepoint restates June 30 financial statements

2010-09-23 12:00 ET - News Release

Ms. Courtney Shearer reports

STRIKEPOINT GOLD INC. - RESTATEMENT OF JUNE 30, 2010 INTERIM CONSOLIDATED FINANCIAL STATEMENTS

StrikePoint Gold Inc. has filed the restated June 30, 2010, consolidated financial statements and MD&A (management discussion and analysis) to accurately reflect the stock-based compensation for 6.5 million stock options granted in June, 2010, vesting one-third on the grant date and one-third on the first and second anniversaries of the grant date as specified in the option agreements. Such stock-based compensation was previously recognized on the basis of immediate vesting. The restatement reduces the company's net loss and comprehensive loss for the three and six months ended June 30, 2010, by $1,382,530.

The attached table presents the impact of the restatement on the company's previously reported financial statements for the three and six months ended June 30, 2010.

                           
                                         As previously
                                              reported       Adjustment         Restated

Consolidated balance sheet as at
June 30, 2010
Contributed surplus                         $2,976,579     ($1,382,530)       $1,594,049
(Deficit)                                 (16,042,327)        1,382,530     (14,659,797)

Consolidated statements of loss,
comprehensive loss and deficit

Three months ended June 30, 2010

Stock-based compensation expense             2,190,800      (1,382,530)          808,270
Net (loss) and comprehensive (loss)        (3,439,253)        1,382,530      (2,056,723)


Six months ended June 30, 2010

Stock-based compensation expense             2,182,562      (1,382,530)          800,032
Net (loss) and comprehensive (loss)        (3,352,826)        1,382,530      (1,970,296)