Vancouver, British Columbia, July 24, 2015 Cascadero Copper Corporation (TSXV: CCD) (the "Company"). As a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing this press release to clarify our disclosure. The Company has identified material errors and deficiencies in its November 30, 2014 year-end financial statements and MD&A. Today the Company has refiled its restated and amended Audited Financial Statements and Year-end MD&A.
The original financial statements have been restated to disclose the following:
1) The Company's share of SESA's losses over the last several years amounting to CDN$1,894,683 has been written down from the carrying value of the advances made to equity affiliates. This amount has been recognized as a loss on the income statement.
2) The remaining carrying value of the advances to equity affiliates of CDN$2,082,296 has been written off. Included in this amount is foreign exchange of CDN$409,453 on the advances recognized in the current and prior years due to being capital contributions as opposed to monetary items.
3) The remaining carrying value of CDN$4,550,776 of the resource property (Toodoggone Project) has been written down to nil as the property has been deemed to be fully impaired as no reliable valuation metric is available and reliable for the property.
4) The effect of the adjustments is as follows:
As originally reported
Statement of Financial Position as at Nov 30, 2014
Advances to Equity Affiliates $ 3,967,969 $ (3,967,969) $ -
Mineral Properties 4,550,776 (4,550,776) -
Deficit (15,619,809) (8,518,745) (24,138,554)
Statement of Loss and Comprehensive Loss as at Nov 30, 2014
Equity loss on investments - (714,952) (714,952)
Write-down of advances - (1,663,831) (1,663,831)
Foreign exchange gain 243,586 (241,817) 1,769
Mineral property write-down (5,158,817) (4,550,776) (9,709,593)
Basic and diluted loss per common share (0.04) (0.04) (0.08)
Statement of Financial Position as at Nov 30, 2013
Advances to Equity Affiliates $ 3,616,426 $ (1,347,372) $ 2,269,054
Deficit (10,151,717) (1,347,369) (11,499,086)
Statement of Loss and Comprehensive Loss as at Nov 30, 2013
Equity loss on investments - (75,179) (75,179)
Foreign exchange gain 186,126 (186,417) (291)
Basic and diluted loss per common share (0.01) - (0.01)
Statement of Financial Position as at Dec 1, 2012
Advances to Equity Affiliates $ 2,803,941 $ (1,085,773) $ 1,718,168
Deficit (8,855,240) (1,085,773) (9,941,013)
The Company will be refiling its February 28th first quarter (Q1) financial statements and MD&A within the next week to ensure continuity in its financial disclosures. Until the re-filing of the amended documents has occurred investors should not rely upon the accuracy of the February 28th first quarter (Q1) interim financial statements and MD&A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.