UPDATE: Orvana Minerals Up 2%, Edges Away From Yr Lows as Reports Annual Results
Orvana Minerals Corp. (ORV.TO) has edged away from a year low $1.01 hit yesterday as it announced operating results for the year ended September 30, 2011. The net loss for the year was US$20,653 ($0.17 loss per share). It said the 2011 fiscal year's loss was primarily due the net loss on settlement and revaluation of derivative contracts at September 30, 2011 of US$9,528 (net of tax), stock-based consideration expense of US$5,214 reflecting the fair value of shares issued to the company's majority shareholder and lower revenues as new mines were started. The net income for the fourth quarter ended September 30, 2011 was US$11,071 ($0.09 earnings per share). The gain on the revaluation of derivative contracts in the fourth quarter of fiscal 2011 contributed US$11,997 (net of tax) to net income.
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