From Verus Annual Report 2009:
Operating results
The consolidated loss after tax for the year was $1,318,155 (2008: $6,278,952). This loss was impacted by
the write off of expenditure amounting to $716,908 associated with the Companys decision to cease further
investment in its Brazilian projects and relinquish its rights to the tenements.
Financial Position
The net assets of the consolidated group decreased from $1,860,617 as at 30 June 2008 to $550,837 as at 30
June 2009. 72% LOSS!
Confirmation that the divesture of its investment in Verus do Brasil Mineracao Ltd had been completed.
Completion of a non-renounceable pro rata entitlement issue of one share for every one ordinary
share held, at a price of 0.3 cents, raising approximately $682,000 after costs.
On 15 September 2009, the Company announced that it made an Investment in the Fausse Point Oil and
Gas Project, via an agreement entered into with Pass Petroleum LLC (Pass). In consideration for the
assignment of a 50% working interest, the Company:
(i) Has reimbursed Pass acquisition costs and expenses to date to develop the prospect and hold the
leases of US $400,000; and
(ii) Will pay 66% of the costs to drill and complete the first well for a 50% working interest in the
project. This is expected to commence in November 2009 and the Company expects its share of
costs will total approximately US $720,000.
Completion of a private placement of 71.5 million shares (within the Companys 15% placement
capacity) raising approximately $528,000 after costs.
$1.3 million debt from 2009,
fause point delivering $3500/day which would be about $1.2M but VIL only gets 50% of this cut.
$400 000 expenditure for infrastructure.
total income from fause point : $600K - $400K = $200K
this income cant even pay for the employees at this point
employee benefits 2009: $280K
employee salary total 2009: $124K
Executives salary = $120K
total staff employment salary = $524K
if no good ann comes in i only think that in the next few weeks sp might be around .03
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