Apollo Gold Corporation (“Apollo” or the “Company”) (TSX:APG)
(NYSE Amex:AGT) reported operating income of $6.7 million and net
operating cash flow of $3.4 million for the year ended December 31,
2009. All dollars reported in this news release are in US currency,
unless otherwise noted. Full year 2009, fourth quarter of 2009
(“4Q09”) and 2010 year-to-date highlights include:
- Proposed court-approved plan of
arrangement business combination (“Merger”) with Linear Gold Corp.
(“Linear”) whereby Apollo has agreed to acquire all of the
outstanding common shares of Linear in exchange for Apollo common
shares at an agreed exchange ratio of 5.4742 Apollo shares per
Linear share, as announced in a joint news release on March 9,
2010;
- Commencement of production from
the Black Fox Mine in late May 2009 and achievement of steady state
operations in 4Q09 at 2,040 tonnes per day (“tpd”);
- Tonnes mined increased 22% in
4Q09 over the third quarter of 2009 (“3Q09”) with the addition of a
haul truck and drill rig;
- Completion of start-up capital
construction with the commissioning of new conveyor and crusher
scalping circuit and water management holding facility at the Black
Fox Mill in the first quarter of 2010;
- Strategic acquisition of the
Pike River property from Newmont Canada Corporation in 3Q09, which
is contiguous with and between Apollo’s Black Fox and Grey Fox
properties; and
- Completion of a 53-hole,
9,936-meter drill program at Grey Fox and Pike River.
Financial Overview
For the year ended December 31, 2009, the Company reported a net
loss of $61.7 million due mainly to (i) an unrealized loss from the
mark-to-market change in fair value of the gold hedge book of $44.2
million, slightly offset by an unrealized gain from the Canadian
dollar hedge contracts of $6.8 million for a net unrealized,
non-cash loss of $37.4 million; (ii) a realized loss on gold
delivered against the gold forward contracts of $7.2 million,
slightly offset by a realized gain on the Canadian dollar forward
contracts of $0.8 million for a net realized loss of $6.4 million;
(iii) a change in the fair value of Canadian currency denominated
warrants issued by Apollo resulting in a non-cash loss of $10.7
million and (iv) interest expense of $8.0 million, which included
$3.8 million related to the project finance facility and mining
equipment leases. The above losses and expenses were partially
offset by income from operations of $6.7 million.
The Company has adopted United States generally accepted
accounting principles (“US GAAP”) in its Annual Report on Form 10-K
reporting of the year ended December 31, 2009 as filed yesterday,
and has provided a comparison of US GAAP against previously
reported Canadian GAAP in a Summary of Financial Condition for the
past five years in its Form 10-K. One effect of the adoption of US
GAAP is that a slightly greater proportion of development costs for
the mining operations are expensed as current period costs and
reflected in total cash costs than would be under Canadian
GAAP.
Capital expenditures for 2009 and 2008 were $55.6 million and
$45.1 million, respectively. Expenditures for 2009 included (i)
$32.0 million towards the cost of upgrading the Black Fox Mill to
increase its capacity and throughput rate to 2,000 tpd from 1,500
tpd level in the 2008 bankable feasibility study, (ii) $5.0 million
for the enhancement of the tailings facility at the mill site,
(iii) $4.0 million for the construction of water management holding
ponds at the mine, (iv) $13.6 million for additional capitalized
pre-production expenditures including contract pre-stripping of the
open pit, and (v) $1.0 million relating to the purchase of the Pike
River exploration property and purchase of an underlying
royalty.
In 2009, exploration expenses totaled $2 million, of which $1.2
million was invested primarily for drilling at Grey Fox and Pike
River properties, compared with $0.5 million in 2008, and the
remainder was used at the Huizopa Joint Venture Project in Mexico.
Exploration costs were $3.2 million in 2008.
At December 31, 2009, the Company reported having restricted
cash balances of $6.7 million, of which the sum of $4.6 million is
the remainder of Canadian flow-through share financing completed in
2009.
Operations Overview
During the year, the Company produced 52,152 ounces and sold
46,016 ounces of gold at total cash costs of $567 per ounce of gold
sold from its wholly owned Black Fox Mine in Ontario. All of the
gold sold in 2009 was delivered into the forward sales contracts at
a realized price of approximately $875 per ounce. At December 31,
2009, the gold hedge book has been reduced to 200,331 ounces at a
weighted average gold price of $876 per ounce, with 57,646 ounces
to be delivered in 2010.
For the year, the Black Fox Mill processed 422,000 tonnes of ore
(1,730 tpd), at an average gold grade of 3.7 grams per tonne
(“gpt”), achieving a recovery rate of 93%, producing 46,621 ounces
of gold. An additional 109,000 tonnes of lower grade ore at a grade
of 1.7 gpt were toll processed at a nearby facility at a recovery
rate of 93% for additional gold production of 5,531 gold
ounces.
In 4Q09, total gold sales were 21,125 ounces at total cash costs
of $600 per ounce, while Black Fox produced 17,042 ounces of gold,
of which the Black Fox Mill produced 15,011 ounces and 2,031 ounces
were from toll processing. The fourth quarter gold production data
above are revised from the previously reported January 28, 2009
Company news release due to subsequent adjustments at the refinery
for year-end 2009.
The above gold production was lower than predicted in the 2008
feasibility study as a result of mined grades being lower than
expected. This lower than planned production led to Apollo’s and
the project facility banks’ review of the issue of grade
variability that resulted in this over-projection of grade.
There was no updated estimation of mineral reserves for the year
ended December 31, 2009. This was due mainly to the Company
undertaking in late 2009 a comprehensive mine plan re-modeling
exercise with tighter constraints and the review of the 2010 mine
plan as well as the life of mine plan to address the grade
variability issue, which had resulted in an over-projection of
grade in a portion of the open pit ore. This lower grade negatively
impacted 2009 gold production, which was lower than expected.
Independent professional mining consultants and the Company’s
staff determined that the new mine plan will require reconciliation
of actual production data in comparison to the mine plan’s
forecasts for the rest of 2010. This will be in conjunction with a
continuous improvement effort, benefitted by the mine operating in
its first full year of production at a steady state of 2,000 tonnes
of ore per day. Such assessment will provide more accurate
information regarding mining costs, cut-off grade, and other
parameters in the estimation of mineral reserves at the end of
2010. The comprehensive review included remodeling of the
underground portion of reserves and found less variance (i.e. more
consistency) in comparison to the 2008 feasibility study. The
anticipated start-up of the underground portion of mining at the
Black Fox Mine during 2010 will also provide actual production data
for reconciliation purposes in the estimation of mineral reserves
for the year ended December 31, 2010.
Merger Overview
At the exchange ratio, which represented a 20% premium to Linear
shareholders on the 20-day volume weighted average share price
(“VWAP”) of both companies on the TSX as of March 8, 2010, the new
Company will be owned 52.2% by Apollo shareholders and 47.8% by
Linear shareholders based on current issued and outstanding shares.
The Merger valued Linear at approximately Cdn$102 million (based on
the price per share of Apollo common stock as of March 8,
2010).
Concurrent with the entry into the binding letter of intent in
respect of the Merger (“Binding Agreement”), Linear and Apollo
entered into a subscription agreement (the “Subscription
Agreement”) providing for a Private Placement whereby Linear is
expected to purchase 62,500,000 common shares of Apollo at a price
of Cdn$0.40 per common share for gross proceeds of Cdn$25.0
million. Pursuant to the Binding Agreement and the Subscription
Agreement, the closing of the Private Placement will be subject to
customary conditions precedent, including stock exchange approvals,
plus conditions relating to: (i) the two banks (the “Banks”)
associated with the $70.0 million project financing agreement
entering into a support agreement pursuant to which each of the
Banks agree, among other things, to support and vote in favor of
the Arrangement; and (ii) each of the Banks entering into a lock-up
agreement, pursuant to which each of the Banks agrees, among other
things, not to, directly or indirectly, offer, sell, contract to
sell, lend, swap, or enter into any other agreement to transfer the
economic consequences of any of the Apollo common shares or common
share purchase warrants of Apollo held by them before December 31,
2010.
The closing of the Private Placement is expected to occur on or
before March 19, 2010. As part of the Arrangement, the Apollo
common shares expected to be issued to Linear in this Private
Placement will be cancelled without any payment upon completion of
the Merger.
Upon completion of the Merger, the combined company will have
the following compelling profile:
- 2010 estimated production at
Apollo’s Black Fox Mine in the Timmins Mining District, Ontario, of
approximately 100,000 ounces of gold at total cash costs of between
$500 and $550 per ounce, with 10%-20% higher production in
2011;
- Expected medium-term production
growth of approximately 70,000 ounces of gold per year beginning
2013 from Linear’s Goldfields Project in northern
Saskatchewan;
- Total reserves of approximately
2.3 million ounces of gold (within 31.2 million tonnes at an
average gold grade of 2.3 gpt) in Canada;
- Excellent exploration potential
within highly prospective land packages in multiple jurisdictions,
mostly in Canada and Mexico;
- Strengthened balance sheet with
lowered debt burden and improved financial flexibility with cash
and cash flows available for continued exploration and
development;
- Strong management team with
complementary experience in exploration, development, operations,
and financing; and
- Integration of a corporate
identity with a new Company name.
Bank Consent and Revised Repayment Schedule
On March 9, 2010, the Banks under the Company’s $70 million
project finance facility executed and delivered a consent letter
(the “Consent Letter”), which was agreed to and accepted by each of
Apollo and Linear, pursuant to which the Banks agreed, subject to
the terms and conditions contained in the Consent Letter, among
other things:
- To consent to the Merger;
- Prior to the earliest to occur
of (i) the date on which the agent for the Banks determines, acting
reasonably, that the Merger has been terminated or will not be
completed, (ii) March 31, 2010, if the definitive agreements in
respect of the Merger have not been executed by such date, or (iii)
September 30, 2010, not to make demand, accelerate payment or
enforce any security or any other remedies upon an “event of
default” or a “review event” under the $70 million project finance
facility unless and until the occurrence of certain “override
events,” which “override events” are primarily related to breaches
of certain covenants and provisions of the Consent Letter and the
project finance facility); and
- To amend certain provisions of
the Facility Agreement, including without limitation the following
revised repayment schedule: (i) $10,000,000 on the earlier of two
business days following completion of the Private Placement and
March 19, 2010, (ii) $10,000,000 on the earlier of July 2, 2010 and
the date that is two business days following the consummation of
the Merger, (iii) $10,000,000 on the earlier of September 30, 2010
and the date on which the Company has raised funds from equity
raisings following the consummation of the Merger equal to at least
$10,000,000, (iv) $5,000,000 on December 31, 2010 and (v)
$35,000,000 to be repaid between March 31, 2011 and March 31, 2013
as agreed between Apollo and the agent for the Banks by no later
than September 30, 2010 and, in the absence of agreement between
Apollo and the Agent by September 30, 2010, amounts outstanding
under the project finance facility shall be due and payable on
December 31, 2010.
First Quarter and 2010 Outlook
The Company expects that production and total cash costs for
first quarter of 2010 (“1Q10”) will be within 5% to 10% of 4Q09,
excluding any toll processing production. It is expected that 1Q10
will be the lowest production quarter for 2010. In the 2010 mine
plan, lower ore grade was expected to continue through February
2010 with gradual improvement in ore grade beginning in March and
continuing into the second quarter of 2010 (“2Q10”). The ore grade
control programs implemented in the second half of 2009 and the new
mine plan for 2010 call for improved production, costs and ore
grade in the second half of 2010 to achieve full-year mine
production of 100,000 ounces of gold.
During 2010, the Company expects to focus its efforts to:
- Produce 100,000 ounces of gold
at total cash costs of $500-$550 per ounce from Black Fox;
- Commence production from
underground mining in the third quarter of 2010, ramping up from
100 tpd to 750 tpd by year-end 2010 ($13 million-$15 million in
capital for underground development and equipment in 2010);
- Commence phase 2 overburden
stripping in the open pit in 3Q10 ($7 million-$8 million in capital
in 2010);
- Construct a new decline for the
underground operations in the second half of 2010 ($8 million-$9
million);
- Complete the Merger, proceed
with synergistic integration of the combined assets and launch a
new Company name;
- Issue a Canadian National
Instrument 43-101 compliant initial Measured and Indicated Resource
estimate based on approximately 500 meters of strike length of the
identified Contact Zone of gold mineralization;
- Follow up with a 20,000-meter
drill program (part of a planned $5 million exploration budget) at
Grey Fox and Pike River at the Contact Zone, extending north
towards the intersection of the dipping Destor-Porcupine Fault
Zone, which is the host rock of the Black Fox deposit;
- Progressively strengthen the
balance sheet and working capital position.
About Apollo
Apollo is a growing gold producer that operates the wholly owned
Black Fox Mine in the Township of Black River-Matheson, Ontario,
Canada, which commenced gold production in May 2009. Apollo is also
exploring the adjoining Grey Fox and Pike River properties, all in
the Timmins gold district in Ontario, Canada, as well as the
Huizopa Joint Venture, (80 percent Apollo and 20 percent Minas De
Coronado, S. de R.L. de C.V.), an early stage, gold-silver
exploration project, approximately 16 kilometers (10 miles)
southwest of Minefinders Dolores gold-silver mine, in the Sierra
Madres in Chihuahua, Mexico. The Qualified Person who reviewed
Apollo’s technical information is Apollo’s Senior Vice President of
Exploration Richard F. Nanna.
About Linear
Linear Gold Corp. is a well financed gold exploration and
development company committed to maximizing shareholder value
through a strategy of mine development, focused exploration, and
effective risk management through selective partnerships and
acquisitions. Linear’s flagship development property located near
Uranium City, Saskatchewan, hosts an economic gold deposit and is
now in the development stage to become a 70,000 to 90,000
ounce-per-year gold producer. Linear also holds an extensive and
diverse portfolio of mineral projects in the Dominican Republic and
Mexico.
Additional Information and Where to Find It
In connection with Apollo’s and Linear’s solicitation of
proxies with respect to the meeting of shareholders of each of
Apollo and Linear to be called with respect to the proposed plan of
arrangement, Apollo will file a proxy statement with the Securities
and Exchange Commission (the “SEC”) and Linear will file an
information circular with regulatory authorities in Canada.
SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/INFORMATION
CIRCULAR WHEN IT IS FINALIZED AND DISTRIBUTED TO SHAREHOLDERS
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Shareholders
will be able to obtain a free-of-charge copy of the proxy statement
(when available) and other relevant documents filed with the SEC
from the SEC’s website at http://www.sec.gov and the
information circular (when available) and other relevant documents
filed with regulatory authorities in Canada on SEDAR at
http://www.sedar.com. Shareholders of Apollo will
also be able to obtain a free-of-charge copy of the proxy statement
and other relevant documents (when available) by directing a
request by mail or telephone to Apollo Gold Corporation, 5655 South
Yosemite St., Suite 200, Greenwood Village, Colorado 80111-3220 or
(720) 886-9656, or from Apollo’s website,
www.apollogold.com. Shareholders of Linear will
also be able to obtain a free-of-charge copy of the information
circular and other relevant documents (when available) by directing
a request by mail or telephone to Linear Gold Corp., Suite 502,
2000 Barrington Street, Halifax, Nova Scotia B3J 3K1 or (902)
422-1421, or from Linear’s website,
www.lineargoldcorp.com.
Interests of Participants in the Solicitation of
Proxies
Apollo and certain of its directors, executive officers and
other members of its management and employees may, under the rules
of the SEC, be deemed to be “participants” in the solicitation of
proxies from its shareholders in connection with the proposed
merger. Information concerning the interests of the persons
who may be considered “participants” in the solicitation is set
forth in Apollo’s proxy statements and Annual Reports on Form 10-K
(including any amendments thereto), previously filed with the SEC,
and in the proxy statement relating to the plan of arrangement when
it becomes available. Copies of these documents can be
obtained, without charge, at the SEC’s internet website at
www.sec.gov or by directing a request to Apollo at the
address above.
Forward-looking Statements
Certain statements in this presentation relating to the proposed
Merger and the companies' exploration activities, project
expenditures and business plans are "forward-looking statements"
within the meaning of securities legislation. These statements
include statements regarding completion of the Merger and the
Private Placement, integration of Apollo and Linear and the launch
of a new company name, future production by Apollo or the combined
company, the commencement of underground mining at the Black Fox
Mine and capital estimates in connection therewith, commencement of
phase 2 overburden stripping, future ore grades at the Black Fox
Mine, issuance of a Canadian National Instrument 43-101, future
exploration activities (including future drill programs at Grey Fox
and Pike River) and advancement towards feasibility, estimates of
future cash flows, cash costs, strip ratios, grades, mill
capacities, recovery rates, mine life, capital expenditures and
future development at Apollo’s and Linear’s properties. The
companies do not intend, and do not assume any obligation, to
update these forward-looking statements. These forward-looking
statements represent management's best judgment based on current
facts and assumptions that management considers reasonable,
including that the required approval will be obtained from the
shareholders of Apollo or Linear, that all third party regulatory
and governmental approvals to the Merger will be obtained and all
other conditions to completion of the Merger will be satisfied or
waived, that operating and capital plans will not be disrupted by
issues such as mechanical failure, unavailability of parts, labour
disturbances, interruption in transportation or utilities, or
adverse weather conditions, that there are no material
unanticipated variations in budgeted costs, that contractors will
complete projects according to schedule, and that actual
mineralization on properties will not be less than identified
mineral reserves. The companies make no representation that
reasonable business people in possession of the same information
would reach the same conclusions. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the companies to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. In particular, fluctuations in the
price of gold or in currency markets could prevent the companies
from achieving their targets. Other factors are disclosed under the
heading “Risk Factors,” “Risks and Uncertainties” and elsewhere in
Apollo and Linear documents filed from time to time with the
Toronto Stock Exchange, SEDAR and other regulatory authorities, and
Apollo documents filed with the NYSE Amex, the United States
Securities and Exchange Commission.
Non-GAAP Financial Measures
The term “total cash cost” is a non-GAAP financial measure and
is used on a per ounce of gold basis. Total cash cost is equivalent
to direct operating cost as found on the Consolidated Statements of
Operations and includes by-product credits for payable silver,
lead, and zinc production. We have included total cash cost
information to provide investors with information about the cost
structure of our mining operations. This information differs from
measures of performance determined in accordance with GAAP in
Canada and in the United States and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with GAAP. This measure is not necessarily indicative
of operating profit or cash flow from operations as determined
under GAAP and may not be comparable to similarly titled measures
of other companies.
APOLLO GOLD CORPORATION
CONSOLIDATED BALANCE
SHEETS
December 31,
2009
2008
ASSETS
(In thousands of CURRENT
U.S. Dollars) Restricted
cash $ 6,731 $ 13,827 Accounts receivable and other 1,690 1,249
Prepaids 394 435 Derivative instruments 1,961 552 Inventories
8,189 – Total current assets 18,965
16,063 Derivative instruments 4,844 – Long-term investments 1,036
1,081 Property, plant and equipment 116,171 59,043 Investment in
Montana Tunnels joint venture 3,440 6,890 Restricted certificates
of deposit 14,805 3,821 Other long-term assets –
103 TOTAL ASSETS $ 159,261 $ 87,001
LIABILITIES
CURRENT Bank indebtedness $ 328 $ 742 Accounts payable 6,789 12,607
Accrued liabilities 2,129 640 Derivative instruments 12,571 –
Current portion of long-term debt 34,860
22,909 Total current liabilities 56,677 36,898 Accrued
long-term liabilities 483 316 Derivative instruments 31,654 –
Long-term debt 48,909 5,539 Equity-linked financial instruments
27,318 – Accrued site closure costs 5,345 1,398 Future income tax
liability 1,304 496 TOTAL LIABILITIES
171,690 44,647
SHAREHOLDERS’ (DEFICIENCY) EQUITY Common stock - Nil par
value, unlimited shares authorized; 264,200,927 and 222,860,257
shares issued and outstanding, respectively 202,769 189,451 Note
warrants – 2,234 Additional paid-in capital 45,555 48,241
Accumulated deficit (260,753 ) (197,572 ) TOTAL
SHAREHOLDERS’ (DEFICIENCY) EQUITY (12,429 ) 42,354
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIENCY) EQUITY $
159,261 $ 87,001
APOLLO GOLD CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Year Ended December
31, 2009 2008 2007 (U.S. dollars and
shares in thousands,
except per share
amounts)
Revenue from sale of gold $ 47,008 $ – $ –
Operating expenses Direct operating costs 26,126 – – Depreciation
and amortization 6,978 100 104 General and administrative expenses
4,875 3,696 4,647 Accretion expense – accrued site closure costs
369 – – Exploration, business development and other 1,960
5,517 6,903 40,308
9,313 11,654 Operating income (loss)
6,700 (9,313 ) (11,654 ) Other income
(expenses) Interest income 195 238 482 Interest expense (8,045 )
(4,868 ) (9,439 ) Debt transaction costs (1,249 ) (190 ) (693 )
Loss on modification of debentures (1,969 ) – – Fair value change
on equity-linked financial instruments (10,720 ) – – Realized
(loss) gain on investments – derivative instruments (6,355 ) 5,507
395 Unrealized (loss) gain on investments – derivative instruments
(37,420 ) (1,549 ) 2,101 Foreign exchange gain (loss) and other
376 (1,329 ) (157 ) (65,187 )
(2,191 ) (7,311 ) Loss before income taxes and equity
(loss) earnings in Montana Tunnels joint venture (58,487 ) (11,504
) (18,965 ) Income taxes 73 2,380 – Equity (loss) earnings in
Montana Tunnels joint venture (3,236 ) 10,326
5,068 Net (loss) income and comprehensive (loss)
income $ (61,650 ) $ 1,202 $ (13,897 ) Basic and
diluted net (loss) income per share: $ (0.25 ) $ 0.01 $
(0.10 ) Basic weighted-average number of shares outstanding
245,404 185,059 145,645 Diluted
weighted-average number of shares outstanding 245,404
212,139 145,645
APOLLO GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH
FLOWS
Year Ended December
31, 2009 2008
2007 (In thousands of
U.S. dollars)
Operating Activities
Net (loss) income for the year $ (61,650 ) $ 1,202 $ (13,897 )
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 6,978 100 104
Amortization of deferred financing costs 87 160 105 Financing costs
– – 174 Stock-based compensation 764 835 962 Shares issued for
services and settlement of claims 4,020 – 592 Accretion expense –
accrued site closure costs 369 – – Accretion expense – amortization
of debt discount 2,719 – – Accretion expense – convertible
debentures 1,433 4,382 9,075 Interest paid on convertible
debentures (567 ) (1,016 ) (1,016 ) Net change in value of
derivative instruments 37,972 1,549 (2,101 ) Net change in value of
equity-linked financial instruments 10,720 – – Foreign exchange
loss and other (1,138 ) 1,283 572 Deferred income taxes (73 )
(2,380 ) – Net change in non-cash operating working capital items
(1,611 ) (1,634 ) 1,750 Equity investment in Montana Tunnels joint
venture 3,236 (10,326 ) (5,068 ) Earnings distribution from Montana
Tunnels joint venture 132 8,555
3,040 Net cash provided by (used in) operating activities
3,391 2,710 (5,708 )
Investing Activities Property, plant and equipment expenditures
(55,591 ) (29,826 ) (2,568 ) Purchase of long-term investments – –
(1,500 ) Restricted cash, restricted certificates of deposit, and
other long-term assets (2,395 ) (12,054 )
(3,459 ) Net cash used in investing activities (57,986 )
(41,880 ) (7,527 ) Financing Activities
Proceeds on issuance of shares and warrants 10,739 26,263 3,954
Proceeds from exercise of warrants and options 1,416 1,404 1,573
Proceeds on issuance of convertible debentures and note warrants –
– 8,062 Proceeds from issuance of long-term debt 66,534 21,105
8,000 Repayment of convertible debentures – – (8,731 ) Repayments
of long-term debt (23,643 ) (9,694 ) (1,864 )
Net cash provided by financing activities 55,046
39,078 10,994 Effect of exchange
rate changes on cash and cash equivalents (451 )
(1,242 ) (143 ) Net decrease in cash and cash
equivalents – (1,334 ) (2,384 ) Cash and cash equivalents,
beginning of year – 1,334 3,718
Cash and cash equivalents, end of year $ – $ –
$ 1,334
Supplemental cash flow
information
Interest paid $ 5,555 $ 1,504 $ 1,035 Income
taxes paid $ 35 $ 95 $ –
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