Radiant Resources Inc. Files Interim, Unaudited Statement With SEDAR

Radiant Resources Inc. [NEX: RRS.H] has filed interim, unaudited financial statements for the first quarter of FY '08, ended August 31st, along with the accompanying Management Discussion and Analysis. According to the financials [PDF file], cash as of the end of 1Q FY '08 was $352,141, down slightly from $356,749 as of the end of FY '07 on May 31st. Current assets also decreased slightly, from $357,312 as of the end of FY '07 to $353,406. Current liabilities increased from $13,033 to $20,885 due to a $7,411 increase in accounts payable & accrued liabilities and a $441 increase in the amounts due to related parties. As a result, working capital decreased from $344,279 to $332,521. Book value decreased from $344,279, or 8.50 cents/share, to $332,521, or 8.02 cents/share.

Expenses in 1Q '08 rose to $14,524 from $4,242 in 1Q '07. Had there not been a $10,070 in audit and accounting expenses, expenses would have been about the same in the two periods. Investment income decreased slightly, from $3,018 in 1Q '07 to $2,766 in 1Q '08. Consequently, the net loss increased from $1,224, or 0.0302 cents/share, to $11,758, or 0.283 cents/share. The decrease in cash was due to $5,049 used in operating activities, which was partially mitigated by the receipt of $441 in funds due to a related party.

The accompanying M D & A [PDF file] discloses that a reverse takeover of/by Alliance Pacific Resources Ltd. is in the works. Alliance Pacific is a private Ontario company that, through a joint venture, owns the right to explore and obtain exploration licenses "located in the western Altay Shan Mountain range of Xinjiang Province, adjacent to the Kazakhstan border innorthwestern China and south of Mongolia." The joint venture, of which Alliance Pacific owns 51%, already holds twelve exploration permits in that area. All that's left to complete the reverse takeover is the seeking of Radiant shareholder approval and finalization of a filing statement for the TSX Venture. The M D & A also notes that "[t]he company has sufficient liquidity to meet its current obligations" but may need additional financing for exploration activities if the reverse takeover goes through. Radiant is currently halted: it last closed on December 5, 2005, at 49.5 cents/share.