Consolidated statement of cash flows
| Three months ended June 30, 2007 $ |
Three months ended June 30, 2006 $ |
Six months ended June 30, 2007 $ |
Six months ended June 30, 2006 $ |
|
|---|---|---|---|---|
| Cash provided by (used in) | ||||
| Operating activities | ||||
| Net loss for the period | (6,059,771) | (974,273) | (7,436,907) | (1,371,582) |
| Items not affecting cash | ||||
| Stock–based compensation | 1,877,803 | 305,689 | 2,473,717 | 611,378 |
| Unrealized foreign exchange loss | 2,324,801 | 447,866 | 2,737,540 | 826,000 |
| Depletion, depreciation and accretion | 760,078 | 45,959 | 811,728 | 97,387 |
| Accretion of convertible debentures | 78,590 | 83,101 | 164,602 | 111,975 |
| Future income taxes | 448,569 | 1,408,619 | 448,569 | 1,408,619 |
| Interest on convertible debentures | 468,409 | – | 925,792 | – |
| Interest on inter–company advance | (748,372) | – | (748,372) | – |
| (849,893) | 1,316,961 | (623,331) | 1,683,777 | |
| Changes in non–cash working capital balances | (418,509) | (1,991,034) | (336,650) | (1,875,517) |
| (1,268,402) | (674,073) | (959,981) | (191,740) | |
| Financing activities | ||||
| Convertible debentures | – | (87,289) | – | 18,345,190 |
| Loan payable | – | (263,268) | – | (235,697) |
| Foreign exchange | – | (447,866) | – | (826,000) |
| Restricted cash | 18,526 | (2,194) | 15,693 | (2,743) |
| Issuance of common shares and warrants | – | 50,090,450 | – | 50,804,650 |
| Share issue expenses | – | (3,123,706) | – | (3,782,317) |
| 18,526 | 46,166,127 | 15,693 | 64,303,083 | |
| Investing activities | ||||
| Acquisition of property, plant and equipment | 4,496,504 | (8,155,440) | (5,502,127) | (21,331,979) |
| Changes in non–cash working capital balances | (5,558,027) | (2,513,220) | (4,950,252) | (3,830,447) |
| (1,061,523) | (10,668,660) | (10,452,379) | (25,162,426) | |
| Increase (decrease) in cash and cash equivalents | (2,311,399) | 34,823,394 | (11,396,667) | 38,948,917 |
| Cash and cash equivalents – Beginning of period | 7,937,017 | 14,219,609 | 17,022,285 | 10,094,086 |
| Cash and cash equivalents – End of period | 5,625,618 | 49,043,003 | 5,625,618 | 49,043,003 |
| Interest paid and received | ||||
| Interest received | 54,691 | 496,203 | 183,840 | 580,490 |
