Page 66 - Sundance Resources 2014 Annual Report

64 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014
NOTE 1. GENERAL INFORMATION (continued)
Critical accounting estimates
The preparation of financial statements requires management to use certain critical accounting estimates and to exercise
their judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of
judgement or complexity, or areas where assumptions and estimates are significant to these financial statements are:
• Iron ore reserve estimates;
• Mine development assets;
• Share based payments; and
• Compound instruments.
The accounting estimates and judgements applied to these areas are disclosed in note 24(k)
NOTE 2. SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD
The following significant changes in the state of affairs of the Group occurred during the financial year.
On 22 October 2013, Sundance entered into agreements to raise A$40 million through the issue of convertible notes and
options to Noble Resources International Pte Ltd (‘Noble’) and an investor consortium of Blackstone Alternative Solutions,
L.L.C., the D. E. Shaw Group and Senrigan Capital (‘Investor Consortium’). These funds were received in November 2013.
Other than the above, there was no significant change in the state of affairs of the Group during the financial year.
NOTE 3. OTHER INCOME
2014
$
2013
$
Other income from continuing operations
Interest revenue 726,951 1,556,082
Gain on revaluation of derivative - 206,226
Other income - 9,658
TOTAL OTHER INCOME 726,951 1,771,966