Consolidated Statements of Cash Flows
for the years ended
(expressed in thousands of Canadian dollars)
| Cash Resources Provided By (Used In) | April 30, 2008 | April 30, 2007 | |||
|---|---|---|---|---|---|
| Operating Activities | |||||
| Loss for the year | $ | (27,529) | $ | (19,137) | |
| Items not affecting cash | |||||
| Write-off of resource property costs | 26,334 | 16,500 | |||
| Write-down of investments | 513 | – | |||
| Loss on sale of property interest | 5,465 | – | |||
| Loss on sale of investments | – | 16 | |||
| Gain on settlement of debt | – | (321) | |||
| Loss on sale of property, plant and equipment | – | 5 | |||
| Stock-based compensation | 1,143 | 1,290 | |||
| Amortization | 114 | 39 | |||
| Future income tax recovery | (8,342) | (2,145) | |||
| Changes in non-cash working capital | |||||
| Increase/(decrease) in accounts receivable | (97) | 1,929 | |||
| Increase/(decrease) in prepaid expenses | (191) | (186) | |||
| Increase/(decrease) in accounts payable and accrued liabilities | (35) | (389) | |||
| (2,625) | (2,399) | ||||
| Investing Activities | |||||
| Cash acquired on acquisition of Ashton (Note 6) | – | 19,264 | |||
| Cash acquired on acquisition of Contact (Note 6) | – | 2,205 | |||
| Cash paid to acquire Ashton shares (Note 6) | – | (59,546) | |||
| Cash paid to acquire Contact shares (Note 6) | – | (1,886) | |||
| Financing costs included in resource properties | – | (4,418) | |||
| Decrease/(increase) in short-term deposits | (201) | 9,905 | |||
| Prepaid fuel | (225) | 462 | |||
| Proceeds from the sale of investments | – | 1,763 | |||
| Proceeds from the sale of a property interest | 15,000 | – | |||
| Resource property costs | (23,458) | (27,515) | |||
| Acquisition of property, plant and equipment | (373) | (954) | |||
| (9,257) | (60,720) | ||||
| Financing Activities | |||||
| Proceeds from the issuance of convertible debentures | – | 20,000 | |||
| Issuance costs – convertible debentures | – | (78) | |||
| Share capital issued for cash, net | (67) | 51,594 | |||
| (67) | 71,516 | ||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (11,949) | 8,397 | |||
| Cash and Cash Equivalents – Beginning of year | 21,473 | 13,076 | |||
| Cash and Cash Equivalents – End of Year | $ | 9,524 | $ | 38,267 |
Cash and Cash Equivalents consist of:
| Cash | $ | 84 | $ | 15,975 | |
| Cash Equivalents | 9,440 | 5,498 | |||
| Total | $ | 9,524 | $ | 21,473 |
Supplemental Schedule of Non-Cash Investing and Financing Transactions (Note 14)
– See Accompanying Notes –