. Gold Forward Contract On January 28, 2011, Monument entered into an ?Agreement for Sale of Gold? (the ?Gold Forward Contract?) with Queenstake Resources USA, Ltd. a wholly owned subsidiary of Yukon Nevada Gold Corp. to pay $5,000,800 in advance to purchase 4,465 ounces of gold with a settlement date of June 30, 2011. Alternatively Monument may require a cash payment of $6,000,960 instead of delivery in gold. The Gold Forward Contract is considered as derivative assets and is valued at each reporting date indexing to gold forward contract price respectively. As at March 31, 2011, the receivable from the Gold Forward Contract was recorded at $6,513,988, a $1,513,188 gain was charged to operations as changes in fair value of the Gold Forward Contract. The Gold Forward Contract was further guaranteed by ?Escrow Agreement? under which Monument is entitled to receive 1,000,000 common shares of Yukon Nevada Gold Corp upon default of the Gold Forward Contract?.
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