U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 40-F
[Check one]
[ ] Registration statement pursuant to section 12 of the Securities Exchange Act of 1934
or
[X] Annual report pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2003 | Commission File Number 1-6138 |
Northgate Exploration Limited |
(Exact name of Registrant as specified in its charter) |
(Translation of Registrant's name into English (if applicable)) |
British Columbia, Canada |
(Province or other jurisdiction of incorporation or organization) |
1040 Gold and Silver ores |
(Primary Standard Industrial Classification Code Number (if applicable)) |
(I.R.S. Employer Identification Number (if applicable)) |
2050 - 1055 West Georgia Street |
Vancouver, British Columbia |
Canada V6E 3R5 |
(604) 688-4435 |
(Address and telephone number of Registrant's principal executive offices) |
(Name, address (including zip code) and telephone number (including area code) of |
agent for service in the United States) |
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Name of each exchange | |
Title of each class | on which registered |
Common Shares without | American Stock |
par value | Exchange |
Securities registered or to be registered pursuant to Section 12(g) of the
Act.
(Title of Class) |
(Title of Class) |
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
(Title of Class) |
For annual reports, indicate by check mark the information filed with this Form:
[X] Annual information form | [X] Audited annual financial statements |
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.
198,759,915 shares of common stock outstanding as of December 31, 2003
Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the "Exchange Act"). If "Yes" is marked, indicate the filing number assigned to the Registrant in connection with such Rule.
Yes __________ | 82- ____________ | No X |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes X | No ___________ |
Certifications The certifications required by Rule 13a-14(a) or Rule 15d-14(a) are attached
as Exhibit 4 to this report. The certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section
1350 of Chapter 63 of Title 18 of the United States Code are attached as Exhibit
5 to this report. Disclosure Controls and Procedures An evaluation was carried out under the supervision of and with the
participation of the Registrant's management, including the Chief Executive
Officer and Chief Financial Officer, of the effectiveness of the Registrant's
disclosure controls and procedures. Based upon this evaluation, the Chief
Executive and Chief Financial Officers each concluded that the Registrant's
disclosure controls and procedures were effective, as of the end of the period
covered by this report, in timely alerting them to material information required
to be included in the Registrant's periodic SEC reports. The design of any
system of controls is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions,
regardless of how remote. Audit Committee Northgate Exploration Limited has a separately-designated
standing audit committee established in accordance with Section 3(a)(58)(A) of
the Exchange Act. Northgate Exploration Limited's audit committee is comprised
of three members: Patrick D. Downey, G. Warren Armstrong and Keith C. Hendrick.
The Registrant's board of directors has determined that Patrick D. Downey is
an "audit committee financial expert" as that term is defined in SEC regulations
and that Mr. Downey is independent under SEC and Nasdaq National Market rules.
All of the members of the audit committee are financially literate and
independent. Code of Business Conduct and Ethics The Registrant has a code of business conduct and ethics that applies to its
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions. The Registrant's
code of business conduct and ethics can be found on the Registrant's website at www.northgateexploration.ca. Principal Accountant Fees and Services KPMG LLP served as the Registrant's independent public accountants for the
fiscal year ended December 31, 2003. The Registrant paid the following fees to
KPMG for professional and other services rendered by them during fiscal year
2003 and fiscal year 2002: Audit Fees: Fees in the amount of US$192,400 and US$267,289 in 2003 and 2002,
respectively, related to the audits of the Registrant's annual financial
statements, consultation with respect to the implementation of new accounting
and reporting guidance and other accounting and reporting issues, assistance
with the quarterly interim financial statements, and the review of documents
filed with securities regulatory bodies (such as the British Columbia Securities
Commission and the SEC) or issued in connection with securities offerings.
Audit-Related Fees: Fees in the amount of US$28,400 and
US$20,505 in 2003 and 2002, respectively, related to accounting consultations
and guidance with respect to documentation and testing of internal controls and
due diligence assistance. Tax Fees: Fees in the amount of US$21,700 and US$30,662 in 2003 and 2002,
respectively, related to Canadian tax compliance and tax planning and advisory
services. All Other Fees: The Registrant did not pay KPMG for any other services
related to fiscal year 2003 and fiscal year 2002. In May 2003, the Audit Committee of the Registrant established the policy of
requiring pre-approval of all services to be rendered by the independent public
accountants. Since that time, all fees paid or committed to the independent
public accountants were reviewed and pre-approved by the Audit Committee. Off-Balance Sheet Arrangements Information on the Registrant's off-balance sheet arrangements is included on
Page 20 and 21 of the Registrant's 2003 Annual report which is attached as
Exhibit 2 to, and incorporated by reference in, this report. Contractual Obligations Information on the Registrant's contractual obligations is included on Page
20 of the Registrant's 2003 Annual report which is attached as Exhibit 2 to, and
incorporated by reference in, this report.
EXHIBIT INDEX