Nevada
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333-127635
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92-0185596
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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Exhibit | Description |
99.1 | Press Release dated June 28, 2012 |
GRYPHON GOLD CORPORATION.
(Registrant)
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Dated: June 28, 2012
|
By: /s/ James O’Neil
James O’Neil
Chief Executive Officer
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Exhibit | Description |
99.1 | Press Release dated June 28, 2012 |
![]() |
NEWS RELEASE |
Gryphon Gold Corporation, 611 N Nevada Street, Carson City, NV 89703 |
·
|
Cash balance at June 22 was approximately $4.5 million
|
·
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Sales in 2012 fourth quarter and fiscal year were $1.8 million and $2.7 million, respectively
|
ASSETS
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As at
March 31, 2012
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As at
March 31, 2012
|
||||||
Current Assets
|
||||||||
Cash
|
$ | 602,343 | $ | 837,457 | ||||
Accounts receivable
|
358,005 | 29,892 | ||||||
Note receivable
|
- | 2,975 | ||||||
Prepaid expenses
|
171,515 | 122,716 | ||||||
Inventories
|
6,363,016 | - | ||||||
Deferred share issue costs
|
- | 281,278 | ||||||
Deferred debt issue costs
|
312,549 | - | ||||||
Total Current Assets
|
7,807,428 | 1,274,318 | ||||||
Property, plant & equipment, net
|
19,565,395 | 2,760,330 | ||||||
Reclamation bonds
|
2,839,559 | 225,893 | ||||||
Total Assets
|
$ | 30,212,382 | $ | 4,260,541 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 5,004,298 | $ | 397,106 | ||||
Current portion of the long term debt
|
583,458 | - | ||||||
Note payable
|
1,376,479 | - | ||||||
Total Current Liabilities
|
6,964,235 | 397,106 | ||||||
Asset retirement obligation
|
1,675,877 | 51,300 | ||||||
Warrant derivative liability
|
137,291 | - | ||||||
Long-term debt
|
10,198,611 | - | ||||||
Total liabilities
|
18,976,014 | 448,406 | ||||||
Commitments & contingencies [Note 10 and 13]
|
||||||||
Stockholders' Equity
|
||||||||
Common stock
|
194,103 | 96,984 | ||||||
Additional paid-in capital
|
54,114,438 | 41,665,952 | ||||||
Accumulated deficit
|
(43,072,173 | ) | (37,950,801 | ) | ||||
Total Stockholders' Equity
|
11,236,368 | 3,812,135 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 30,212,382 | $ | 4,260,541 |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
March 31,
2012
|
March 31,
2011
|
March 31,
2012
|
March 31,
2011
|
|||||||||||||
Sales of product
|
1,806,048 | - | 2,737,842 | - | ||||||||||||
Cost of sales and other direct production costs
|
(3,063,099 | ) | - | 2,132,880 | - | |||||||||||
Gross profit
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(1,257,051 | ) | - | 604,962 | - | |||||||||||
Other operating expenses:
|
||||||||||||||||
Exploration
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44,623 | 254,664 | 113,483 | 949,022 | ||||||||||||
Salaries & consulting fees
|
574,914 | 350,416 | 1,411,379 | 1,195,968 | ||||||||||||
General and administrative
|
254,035 | 216,346 | 781,199 | 699,613 | ||||||||||||
Legal and audit
|
78,952 | 27,784 | 282,154 | 260,470 | ||||||||||||
Travel and accommodation
|
71,966 | 36,856 | 231,555 | 142,515 | ||||||||||||
Depreciation
|
(18,467 | ) | 11,152 | 16,709 | 51,919 | |||||||||||
Asset retirement obligation accretion
|
112,393 | 3,046 | 139,673 | 3,046 | ||||||||||||
Total other operating expenses
|
1,119,375 | 3,302,441 | 2,977,111 | 3,302,441 | ||||||||||||
(Loss) from operations
|
(474,310 | ) | (900,152 | ) | (2,372,149 | ) | (3,302,441 | ) | ||||||||
Other income (expense):
|
||||||||||||||||
Loss on modification of debt
|
1,590,321 | - | 1,590,321 | - | ||||||||||||
Loss (gain) on disposal of equipment
|
959 | (13 | ) | 959 | (112 | ) | ||||||||||
Foreign exchange loss
|
1,102 | (12,185 | ) | 190,551 | 6,447 | |||||||||||
Realized loss on securities
|
- | - | - | 75,772 | ||||||||||||
Interest income
|
(6 | ) | (127 | ) | (11,159 | ) | (2,101 | ) | ||||||||
Interest expense, net of capitalized interest
|
512,696 | 43 | 979,510 | 1,040 | ||||||||||||
Total other (income) expense
|
2,105,072 | (12,282 | ) | 2,749,223 | 81,158 | |||||||||||
Loss for the period from continuing operations
|
(2,578,423 | ) | (806,824 | ) | (5,121,372 | ) | (3,383,599 | ) | ||||||||
Discontinued operations:
|
||||||||||||||||
Loss from discontinued operations
|
- | (11,003 | ) | - | (29,244 | ) | ||||||||||
Gain on sale of discontinued operations
|
- | 11,003 | - | 664,952 | ||||||||||||
Income from discontinued operations
|
- | (635,708 | ) | - | 635,708 | |||||||||||
Net loss for the period
|
(2,578,423 | ) | (887,982 | ) | (5,121,372 | ) | (2,747,891 | ) | ||||||||
Basic and diluted income (loss) per share:
|
||||||||||||||||
Loss from continuing operations
|
$ | (0.016 | ) | $ | (0.012 | ) | $ | (0.030 | ) | $ | (0.040 | ) | ||||
Income from discontinued operations
|
- | $ | 0.003 | - | $ | 0.010 | ||||||||||
Total loss per share
|
$ | (0.016 | ) | $ | (0.009 | ) | $ | (0.030 | ) | $ | (0.030 | ) | ||||
Basic and diluted weighted average number of common shares outstanding
|
181,395,836 | 90,075,261 | 181,395,836 | 90,075,261 |
Year ended
March 31,
2012
|
Year ended
March 31,
2011
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net loss for the period
|
$ | (5,121,372 | ) | $ | (2,747,891 | ) | ||
Items not involving cash:
|
||||||||
Depreciation
|
178,405 | 51,919 | ||||||
Asset retirement obligation accretion
|
139,673 | 3,046 | ||||||
Loss on disposal of equipment:
|
(959 | ) | 112 | |||||
Write down of accrued liability:
|
- | (124,008 | ) | |||||
Share based compensation
|
277,283 | 184,410 | ||||||
Amortization of debt offering costs
|
385,389 | - | ||||||
Amortization of notes payable discount
|
372,415 | - | ||||||
Unrealized gain on foreign exchange
|
9,861 | - | ||||||
Non-cash interest expense
|
- | 10,364 | ||||||
Realized loss on securities
|
- | 75,771 | ||||||
Loss on modification of debt
|
1,590,321 | |||||||
Gain on sale of discontinued operations
|
- | (664,952 | ) | |||||
Changes in non-cash working
|
||||||||
Capital items:
Accounts receivable
|
(328,113 | ) | 6,521 | |||||
Accounts payable and accrued liabilities
|
2,991,584 | (251,863 | ) | |||||
Inventories
|
(5,886,776 | ) | - | |||||
Prepaid expenses
|
(48,799 | ) | 34,765 | |||||
Cash used in operating activities
|
(5,441,086 | ) | (3,421,806 | ) | ||||
INVESTING ACTIVITIES
|
||||||||
Reclamation bonds purchased
|
(2,613,666 | ) | (65,116 | ) | ||||
Option payment received
|
- | 100,000 | ||||||
Purchase of property, plant & equipment
|
(9,618,934 | ) | (59,007 | ) | ||||
Cash received from sale of discontinued operations
|
- | 2,250,000 | ||||||
Option payment to amend and reduce royalty
|
(150,000 | ) | (200,000 | ) | ||||
Proceeds from sales of held for trading securities
|
- | 116,195 | ||||||
Proceeds from note receivable
|
2,975 | 10,597 | ||||||
Proceeds from insurance claim on equipment
|
31,050 | 52 | ||||||
Cash used in investing activities
|
(12,348,575 | ) | 2,152,721 | |||||
FINANCING ACTIVITIES
|
||||||||
Payments on notes payable
|
(223,521 | ) | - | |||||
Proceeds from notes payable
|
8,533,743 | - | ||||||
Shares and warrants issued for cash
|
11,134,317 | 1,555,493 | ||||||
Debt and share issue costs
|
(1,880,131 | ) | (385,557 | ) | ||||
Cash provided by financing activities
|
17,564,408 | 1,169,486 | ||||||
Effect of foreign exchange on cash
|
(9,861 | ) | - | |||||
Increase (decrease) in cash during the year
|
(235,114 | ) | (99,599 | ) | ||||
Cash, beginning of year
|
$ | 837,457 | 937,056 | |||||
Cash, end of year
|
$ | 602,343 | $ | 837,457 |