SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT: OCTOBER 15, 1996
CASMYN CORP.
(Exact name of registrant as specified in Charter)
_______________________________COLORADO________________________________
(State or other jurisdiction of incorporation)
________________________________0-14136 _______________________________
(Commission File Number)
_______________________________84-0987840______________________________
(IRS Employer Identification No.)
1335 GREG STREET, UNIT #104
SPARKS, NEVADA 89431
(702)331-5524
(Address and Telephone Number of Principal Executive Offices)
__________________________________________________________________________
(Former name or former address, if changes since last report)
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 30, 1996, Casmyn Corp. (the "Company"), reacquired 606,061
shares of its restricted common stock and returned 5,680,514 shares of
WestAmerica Corporation ("WestAmerica") restricted common stock to
WestAmerica, thereby undoing the transaction entered into on May 24, 1996.
These actions result in the Company divesting its approximate 65% ownership of
the outstanding common stock of WestAmerica. This action is the result of the
mutual agreement between boards of directors of the Company and WestAmerica
to rescind the transaction in accordance with the provisions of the purchase
agreement.
ITEM 7. FINANCIAL STATMENTS AND EXHIBITS
(a) Pro Forma Consolidated Financial Information
Introduction
Pro Forma Consolidated Balance Sheet
Pro Forma Consolidated Statement of Operations for the Year Ended
September 30, 1995
Pro Forma Consolidated Statement of Operations for the Nine
June 30, 1996
Notes to Pro Forma Consolidated Financial Statements
<PAGE>
EXHIBITS
- ---------
Exhibit No. Description Page No.
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated this 15th day of October, 1996.
Casmyn Corp.
a Colorado corporation
/s/ Dennis E. Welling
By____________________________
Dennis E. Welling
Controller
<PAGE>
PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
These pro forma consolidated financial statements have been adjusted to show
the effect of the acquisition on May 24, 1996 and divestiture on September 30,
1996 of a 65% interest in WestAmerica Corporation in exchange for 606,061
common shares of the Company. This investment has been accounted for using
the equity method.
<PAGE>
CASMYN CORP.
PRO FORMA CONSOLIDATED BALANCE SHEET
JUNE 30, 1996
(IN THOUSANDS)
<TABLE>
<CAPTION>
ASSETS DIVESTITURE PRO FORMA
ACTUAL ENTRIES AS ADJUSTED
------------- ------------ -----------
CURRENT ASSETS:
<S> <C> <C> <C> <C>
CASH AND CASH EQUIVALENTS $ 5,473 $ - $ 5,473
ACCOUNTS RECEIVABLE, NET 225 - 225
INVENTORIES 1,750 - 1,750
PREPAID EXPENSES AND OTHER ASSETS 135 - 135
--------- ----------- ----------
TOTAL CURRENT ASSETS 7,583 - 7,583
INVESTMENT IN RELATED PARTY 204 - 204
EQUIPMENT AND IMPROVEMENTS, NET 2,945 - 2,945
MINERAL PROPERTIES 6,712 - 6,712
INVESTMENT IN AFFILIATES 8,368 ( 6,970)(a) 1,398
DUE FROM RELATED PARTIES, NET 67 67
OTHER ASSETS 1,625 1,625
--------- ------------ ------------
TOTAL ASSETS $ 27,504 $ ( 6,970) $ 20,534
========= ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITES:
ACCOUNTS PAYABLE AND
ACCRUED LIABILITIES $ 2,932 $ - $ 2,932
--------- ----------- ----------
TOTAL CURRENT LIABILITES 2,932 - 2,932
--------- ----------- ----------
CONVERTIBLE DEBT 5,000 - 5,000
--------- ----------- ----------
STOCKHOLDERS' EQUITY:
PREFERRED STOCK, $.10 PAR VALUE 271 - 271
COMMON STOCK, $.04 PAR VALUE 291 ( 24)(a) 267
ADDITIONAL PAID-IN CAPITAL 27,855 ( 6,946)(a) 20,909
ACCUMULATED DEFICIT ( 8,501) - ( 8,501)
LESS: TREASURY STOCK ( 25) - ( 25)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT ( 319) - ( 319)
--------- ----------- ---------
TOTAL STOCKHOLDERS' EQUITY 19,572 ( 6,970) 12,602
--------- ----------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 27,504 $ ( 6,970) $ 20,534
========= =========== ==========
</TABLE>
SEE NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CASMYN CORP.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1995
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
DIVESTITURE PRO FORMA
ACTUAL ENTRIES AS ADJUSTED
---------- ---------- ------------
<S> <C> <C> <C> <C>
SALES $ 382 $ - $ 382
COST OF GOODS SOLD 490 - 490
---------- ---------- ----------
GROSS PROFIT (LOSS) ( 108) - ( 108)
---------- ---------- -----------
COSTS AND EXPENSES:
General and administrative expense 4,998 - 4,998
Depreciation, depletion and amortization 99 - 99
Mineral exploration expense 1,010 - 1,010
Research and development 185 - 185
6,292 - 6,292
--------- ----------- -----------
INCOME (LOSS) FROM OPERATIONS ( 6,400) - ( 6,400)
--------- ----------- -----------
OTHER INCOME (EXPENSE):
Minority interest in net
loss of subsidiary 3,502 - 3,502
Equity in net loss of
unconsolidated affiliate - ( 321) (b) ( 321)
Other ( 177) - ( 177)
--------- ----------- -----------
Other income (expense), net 3,325 ( 321) 3,004
--------- ----------- -----------
INCOME (LOSS) FROM CONTINUING
OPERATIONS $( 3,075) $ (321) $ ( 3,396)
========= =========== ===========
INCOME (LOSS) FROM CONTINUING
OPERATIONS PER COMMON SHARE $( .40) $ (.01) $ ( .41)
========= ========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 7,651 606 8,257
========== ========== ============
</TABLE>
SEE NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CASMYN CORP.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED JUNE 30, 1996
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
DIVESTITURE PRO FORMA
ACTUAL ENTIRES AS ADJUSTED
---------- ----------- -----------
<S> <C> <C> <C> <C>
SALES $ 1,066 $ - $ 1,066
COST OF GOODS SOLD 757 - 757
--------- ---------- ------------
GROSS PROFIT 309 - 309
--------- ---------- ------------
COSTS AND EXPENSES:
General and administrative expense 4,695 - 4,695
Depreciation, depletion
and amortization 101 - 101
Mineral exploration expense 448 - 448
Research and development 204 - 204
--------- ---------- ------------
5,448 - 5,448
--------- ---------- ------------
INCOME (LOSS) FROM OPERATIONS ( 5,139) - ( 5,139)
--------- ---------- ------------
OTHER INCOME (EXPENSE):
Minority interest in net
loss of subsidiary 499 - 499
Equity in net income of
unconsolidated affiliate - 81 (b) 81
Other 207 - 207
--------- ---------- ------------
Other income, net 706 81 787
--------- ---------- ------------
NET INCOME (LOSS) $ (4,433) $ 81 $ ( 4,352)
========= ========== ============
INCOME (LOSS) PER COMMON SHARE $( .71) $ .01 (c) $ ( .70)
========= ========== ============
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 6,271 ( 61) 6,210
========== ========== ============
</TABLE>
SEE NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
CASMYN CORP.
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMTENTS
The pro forma adjustments and eliminations are as follows:
(a) To record reacquisition of 606,061 shares of Casmyn Corp. (the "Company")
restricted common stock and the return of 5,680,514 shares of WestAmerica
Corporation ("WestAmerica") restricted common stock to WestAmerica, thereby
undoing the transaction entered into on May 24, 1996. These transactions
result in the Company divesting its approximate 65% ownership of the
outstanding common stock of WestAmerica. This action is the result of the
mutual agreement of the boards of directors of the Company and WestAmerica to
rescind the transaction in accordance with the provisions of the purchase
agreement.
(b) To record the Company's equity in the income (loss) of WestAmerica for
the period October 1, 1994 through and including May 24, 1996 (date of
acquisition of interest). The financial statements have been adjusted to
reflect depletion expense that would have been recorded in the periods
presented had the transaction occurred on October 1, 1994. The depletion
expense pertaining to oil and gas production was determined by dividing the
excess of the purchase price of WestAmerica over the Company's portion of the
net assets of WestAmerica by the estimated reserves.
(c) To (increase) decrease the net loss per share to give effect to changes
in net loss as described above and the issuance of additional shares.
