GENESIS RESOURCES LIMITED — Annual Report 2009

Oct 22, 2009

GENESIS RESOURCES LIMITED BALANCE SHEETS

The Pro Forma Balance Sheet as at 30 June 2009 represents the unaudited Balance Sheet as at that date adjusted for the issue of 20,000,000 shares at \$0.20 each to raise \$4 million and the expenses of the offer. The Balance Sheets are to be read in conjunction with the notes set out in this section.

	Notes	Historical Financial Information 30 June 2009	Pro Forma Financial Information 30 June 2009
		$\mathcal{L}$	$\mathcal{S}$
ASSETS
Cash and cash equivalents	1	212,250	3,876,601
Receivables		69,654	69,654
Investments classified as available-for-sale		60,859	60,859
TOTAL CURRENT ASSETS		342,763	4,007,114
Investments classified as available-for-sale		466,808	466,808
Exploration and evaluation expenditure		157,832	157,832
TOTAL NON-CURRENT ASSETS		624,640	624,640
TOTAL ASSETS		967,403	4,631,754
LIABILITIES
Accruals		207,977	207,977
Loans and borrowings		5,649
TOTAL CURRENT LIABILITIES		213,626	207,977
TOTAL LIABILITIES		213,626	207,977
NET ASSETS		753,777	4,423,777
EQUITY
Share capital	$\overline{2}$	1,024,289	4,694,289
Accumulated Josses		(270, 512)	(270, 512)
TOTAL EQUITY		753,777	4,423,777

NOTES TO THE FINANCIAL STATEMENTS

1. CASH AND CASH EQUIVALENTS

	Historical Financial Information	Pro Forma Financial Information
	30 June 2009	30 June 2009
	\$	\$
Cash at bank	212,250	3,876,601
Adjustments arising in the preparation of the pro forma cash balance are summarised as follows:
Balance as at 30 June 2009		212,250
Proceeds from issue of 20,000,000 Shares pursuant to the prospectus (maximum subscription)		4,000,000
Payment of costs of the offer (including cash portion of fees payable to corporate adviser)		(330,000)
Repayment of loan		(5,649)
Pro forma balance as at 30 June 2009		3,876,601

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2. SHARE CAPITAL

Share Capital	Historical Financial Information	Pro Forma Financial Information
	30 June 2009	30 June 2009
	\$	\$
Fully paid ordinary Shares and Options (i)	1,024,289	4,694,289

Adjustments arising in the preparation of the pro forma share capital are summarised as follows:	Number	S
Balance as at 30 June 2009	30,580,752	1,024,289
Issue of Shares pursuant to the prospectus	20,000,000	4,000,000
Issue of Shares to corporate adviser	2,500,000	500,000
Payment of estimated costs of the offer		(830,000)
Pro forma balance as at 30 June 2009	53,080,752	4,694,289