TIDMAMC
RNS Number : 5016A
Amur Minerals Corporation
30 September 2020
30 September 2020
AMUR MINERALS CORPORATION
(AIM: AMC)
Interim Results 2020
Chairman's Statement
The main focus of the Company has been and continues to be the
Kun-Manie nickel copper sulphide project ("Kun-Manie" or "the
Project") in the far east of Russia. Despite the disruptive
outbreak of Covid-19, work on the Permanent Conditions TEO ("TEO")
has continued throughout the year to date. The TEO is an
independently compiled Russian feasibility study which enables the
Company to proceed to the next stage of development at Kun-Manie.
Work on the TEO commenced in 2019, and as a summary of the areas
completed so far:
-- Completion of an independent Hydrological assessment which
established that a more than sufficient water supply is available
to support the project
-- Completion of the Rock Mechanics study which confirmed that
open pit and/or underground operations can be successfully
implemented
-- Completion of the Base Line Environmental Assessment which
defines the base line preproduction environmental setting and
conditions
-- Completion of metallurgical test work confirming that
individual copper and nickel sulphide concentrates can be generated
using standard industry sulphide floatation methods
During this time there has also been considerable amount of work
undertaken on metallurgical recoveries, process flow sheets and
operating costs, as well as reserves and cut-off grade estimation.
These areas are all interconnected, and in June 2020 the Company
was able to announce that it had received non-binding indicative
offtake terms for both the nickel and copper concentrates, thereby
providing indicative revenue terms. This information has been fed
back into the metallurgical and reserve work programmes which are
the last major input elements of the TEO and are very close to
completion.
NRR Investment
On 25 August 2020, the Company completed an equity placing of
GBP6.1 million and an investment of US$4.67 million in a
Convertible Loan Note ("CLN") on Nathan River Resources Pte Limited
("NRR") which owns the Roper Bar Iron Ore Project ("Roper Bar").
Roper Bar is a large established iron ore deposit in the Northern
Territories of Australia with 446 million tonnes at 39.9% Fe JORC
resource defined and 4.76 million tonnes at 60.1% Fe JORC reserve.
Pit to port infrastructure is in place, an offtake agreement with
Glencore and 194,000 tonnes of stockpile available to ship.
In keeping with the Company's strategy of investing in income
producing assets, the Company will have 14% coupon on the CLN and
are convertible into 19% of the current issued share capital of
NRR. The Company also believe that there is substantial upside
potential in Roper Bar that will provide long term value and serve
as a potential revenue stream.
Financial Overview
As at 30 June 2020 the Company had cash reserves of US$831,000,
up from US$398,000 at the start of 2020 and remains debt free.
The Company has undertaken a number of funding initatives during
the period providing total funds from equity placings of
US$1,460,000 net of issue costs. On 12 March 2020, the Company
entered into a GBP1.5 million fixed term loan with Plena Global
securities LLC ("Plena") with an immediate initial advance of
GBP0.5 million. As part of this loan facility, the Company also
granted Plena 52,447,552 warrants with an exercise price of 1.43
pence per ordinary share.
On 16 April 2020, the Company completed an equity placing of
75,000,000 new ordinary shares at a price of 1p per share to raise
gross proceeds of GBP750,000. Funds raised from this placing were
used to repay in full the initial advance of the Plena loan
facility on 4 May 2020.
On 27 May 2020, the Company completed an equity placing of
47,619,048 new ordinary shares at a price of 1.05 pence per share
to raise gross proceeds of GBP0.5 million.
Since 30 June 2020, Plena has exercised 47,723,776 warrants
providing GBP682,450 of additional funding for the Company. As at
time of writing this report, Plena have 4,723,776 warrants
outstanding.
On 19 June 2020, the Company held an Extraordinary General
Meeting in which a resolution was passed to increase the number of
shares which the Company is authorised to issue to
2,000,000,000.
On the 13 February 2020, the Company appointed Mr. Adam Habib as
Advisor to the Board. As part of his appointment, Mr. Habib was
granted 12,809,630 options with an exercise price of 1.95 pence per
share, with a further 12,809,630 options subject to the successful
completion by the Company of an off-take agreement, or the
completion of a producing asset investment.. On the 3 April 2020,
the Company made a grant of 30,000,000 options with an exercise
price of 1.75 pence per ordinary share to Directors, executives and
employees. As at 30 June 2020, the Company has 62,531,260 options
outstanding of which 6,912,000 expire in July 2020.
Administration expenses for the first half of 2020 totalled
US$1.3 million (H1 2019: US$1.2 million). There was a translation
loss of US$3.0 million (H1 2019: translation gain of US$2.2
million) was due to the weakening of the Russian rouble to the US
dollar. Expenditure on exploration was US$210,000 (H1 2019:
US$161,000) as the Company remained focused on the completion of
the TEO. The exploration asset saw an exchange loss of US$2.9
million (H1 2019: exchange gain US$2.0 million) also due to the
weakening of the Russian rouble to the US dollar.
Covid-19
Since the start of January 2020, Covid-19 has created
significant disruption to the global markets and economies,
including Russia. In order to keep safe its personnel, the Company
has put in place special measures to protect its workforce while at
the same time ensuring business continuity. Prior to the outbreak,
the Company had the facilities in place to allow remote working for
most members of staff. This capability has been enhanced to ensure
that the Company can now operate effectively over an extended
period of time without requiring regular access to physical
offices. The Company maintains close contact with its contractors
working on the Permanent Conditions TEO as they also put in place
procedures to work effectively over the coming months in order to
ensure that these projects are delivered within their original
schedules. As an additional assurance to shareholders, the Russian
Federation subsoil law does allow for extensions to filing
dates.
As of the date of this report, Covid-19 has created a lot of
uncertainty and disruption in the financial markets. The Company
has not seen any negative impact of Covid-19 on its ability raise
funds, having completed equity placements in April 2020 of
GBP750,000, May 2020 of GBP500,000 and GBP6.1 million in August
2020. However, the Directors are cognizant that conditions in the
financing market are changeable and will continue to monitor
developments.
Outlook
The Company is fully focused on the completion of the TEO with
the remaining technical studies very nearly completed. As
previously stated, the technical studies generated for the TEO will
feed into the next stage of the Kun-Manie project development,
which is the Bankable Feasibility Study ("BFS"). The BFS provides
the necessary technical, environmental and economic detail for
institutional investors to advance funding for construction and
into production. The BFS is itself a considerable undertaking and
the Amur team has been working on the detailed planning and costing
of the BFS programme. This has required considerable interaction
with both Russian and international organisations qualified in
conducting BFS level work.
In conjunction with the development of the BFS work programme,
the Company has also been keeping discussions open with potential
offtake partners. It is the Company's belief that the successful
completion of a binding offtake agreement will provide access to
the types of institutional investors who provide financing for BFS
programmes. We envisage that this funding will be principally
through debt and would be sufficient to fund the BFS programme and
sustain the Company's activity through to the completion of the
BFS.
Lastly, we look forward to keeping shareholders updated on the
activities of NRR, whose management team we have got to know well
over the last few months and have impressed us with their
knowledge, experience and attention to detail. As stated in the 25
August 2020 RNS, NRR look on track to make their first shipment in
October. .
On behalf of the Board of Directors, I would like to thank all
the staff for their dedication and hard work throughout this period
in getting the TEO programme organised and underway.
Mr. Robert W. Schafer
Non Executive Chairman
29 September 2020
Independent Review Report
To Amur Minerals Corporation
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2020 which comprises the Consolidated
Statement of Financial Position, the Consolidated Statement of
Comprehensive Income, The Consolidated Statement of Cashflows, the
Consolidated Statement of Changes in Equity and the related
notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2020 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on AIM.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants and Registered Auditors
London,
United Kingdom
29 September 2020
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127)
AMUR MINERALS CORPORATION
consolidated STATEMENT OF FINANCIAL POSITION
AS AT 30 June 2020
(Amounts in thousands of US Dollars)
Unaudited Unaudited Audited
30 June 2020 30 June 31 December
Note 2019 2019
Non-current assets
Exploration and evaluation
assets 5 24,413 25,561 26,713
Property, plant and equipment 734 1,457 1,154
25,147 27,018 27,867
-------------- ------------ -------------
Current assets
Inventories 238 303 276
Other receivables 146 121 211
Cash and cash equivalents 831 688 398
------------ -------------
1,215 1,112 885
-------------- ------------ -------------
Total assets 26,362 28,130 28,752
-------------- ------------ -------------
Current liabilities
Trade and other payables 1,191 969 965
Convertible loan - 1,403 -
Derivative financial liability - 259 -
1,191 2,631 965
-------------- ------------ -------------
Net current assets 24 (1,519) (80)
-------------- ------------ -------------
Non-Current Liabilities
Rehabilitation provision 144 161 164
Total non-current liabilities 144 161 164
-------------- ------------ -------------
Net assets 25,027 25,338 27,623
============== ============ =============
Equity
Share capital 7 71,012 66,506 69,510
Share premium 4,748 4,867 4,790
Foreign currency translation
reserve (15,902) (13,244) (12,865)
Share options reserve 1,534 2,034 1,136
Warrant Reserve 93 - -
Accumulated deficit (36,458) (34,825) (34,948)
Total equity 25,027 25,338 27,623
============== ============ =============
Approved on behalf of the Board on 29 September 2020
Robin Young Brian C Savage
The accompanying notes on pages 10 to 14 form an integral part
of the financial information
AMUR MINERALS CORPORATION
CONSOLIDATED STATEMENT of COMPREHENSIVE INCOME
FOR THE six monthsED 30 June 2020
(Amounts in thousands of US Dollars)
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
30 June 30 June 31 December
Note 2020 2019 2019
Administrative expenses (1,297) (1,169) (1,984)
Operating loss (1,297) (1,169) (1,984)
Finance income - - 1
Finance expense (104) (445) (803)
Fair value movements on derivative
financial instruments and loans (109) 191 342
Gain on loan - 115 115
(Loss) before tax (1,510) (1,308) (2,329)
Tax expense - - -
(Loss) for the period / year attributable
to owners of the parent (1,510) (1,308) (2,329)
=========== ========== ============
Other Comprehensive (loss) / income:
Items that could be reclassified
to profit or loss
Exchange differences on translation
of foreign operations (3,037) 2,232 2,611
Total comprehensive (loss) / income
for the period / year attributable
to owners of the parent (4,547) 924 282
=========== ========== ============
(Loss) per share: basic & diluted 4 US$ (0.17) US$ (0.19) US$ (0.32)
(expressed in cents)
The accompanying notes on pages 10 to 14 form an integral part
of the financial information.
AMUR MINERALS CORPORATION
CONSOLIDATED STATEMENT OF cash flowS
FOR THE SIX MONTHSED 30 JUNE 2020
(Amounts in thousands of US Dollars)
Unaudited Unaudited
6 Months 6 Months Audited
ended ended Year ended
Note 30 June 30 June 31 December
2020 2019 2019
Cash flows used in operating
activities:
Payments to suppliers and employees (655) (908) (1,884)
Interest paid - - (18)
Net cash outflow from operating
activities (655) (908) (1,902)
---------- ---------- -------------
Cash flow used in investing activities:
Payments for exploration expenditure (210) (161) (501)
Payment for property, plant and - - -
equipment
Interest received - - 1
Net cash used in investing activities (210) (161) (500)
---------- ---------- -------------
Cash flow from financing activities:
Cash received on issue of shares,
net of issue costs 1,460 - 1,845
Issue of convertible loan (net
of issue costs) - 492 492
Loans received 595 - -
Loans repaid (720) - -
Repayment of convertible loan - - (835)
Net cash generated from financing
activities 1,335 492 1,502
---------- ---------- -------------
Net (decrease)/increase in cash
and cash equivalents 470 (577) (900)
Cash and cash equivalents at
beginning of period / year 398 1,257 1,257
Effect of foreign exchange rates (37) 8 41
Cash and cash equivalents at
end of period / year 831 688 398
========== ========== =============
The accompanying notes on pages 10 to 14 form an integral part
of the financial information.
AMUR MINERALS CORPORATION
CONSOLIDATED Statement of changes in equity
FOR THE SIX MONTHSED 30 JUNE 2020
(Amounts in thousands of US Dollars)
Foreign
currency Share
Share translation options Warrant Accumulated
Share capital premium reserve reserve Reserve deficit Total
------------- -------- --------------- --------------- --------------- --------------- -------
At 1 January
2020 69,510 4,790 (12,865) 1,136 - (34,948) 27,623
Loss of the
period - - - - - (1,510) (1,510)
Other
comprehensive
income for the
period - - (3,037) - - - (3,037)
------------- -------- --------------- --------------- --------------- --------------- -------
Total
comprehensive
income for the
period - - (3,037) - - (1,510) (4,547)
Issue of share
capital 1,502 - - - - - 1,502
Costs of issue - (42) - - - - (42)
Options granted - - - 398 - - 398
Warrants granted - - - - 93 - 93
At 30 June 2020
(unaudited) 71,012 4,748 (15,902) 1,534 93 (36,458) 25,027
============= ======== =============== =============== =============== =============== =======
At 1 January
2019 65,674 4,904 (15,476) 2,034 - (33,517) 23,619
Loss of the
period - - - - - (1,308) (1,308)
Other
comprehensive
loss for the
period - - 2,232 - - - 2,232
------------- -------- --------------- --------------- --------------- --------------- -------
Total
comprehensive
loss for the
period - - 2,232 - - (1,308) 924
Conversion of
loan notes 832 - - - - - 832
Costs of issue - (37) - - - - (37)
-
At 30 June 2019
(unaudited) 66,506 4,867 (13,244) 2,034 - (34,825) 25.338
============= ======== =============== =============== =============== =============== =======
At 1 January
2019 65,674 4,904 (15,476) 2,034 - (33,517) 23,619
Loss for the
year - - - - - (2,329) (2,329)
Other
comprehensive
loss for the
year - - 2,611 - - - 2,611
------------- -------- --------------- --------------- --------------- --------------- -------
Total
comprehensive
loss for the
period - - 2,611 - - (2,329) 282
Issue of share
capital 1,988 (114) - - - - 1,874
Conversion of
loan notes 1,848 - - - - - 1,848
Options expired - - - (898) - 898 -
At 31 December
2019 (audited) 69,510 4,790 (12,865) 1,136 - (34,948) 27,623
============= ======== =============== =============== =============== =============== =======
The accompanying notes on pages 10 to 14 form an integral part
of the financial information.
1. Reporting Entity
Amur Minerals Corporation (the "Company") is a company domiciled
in the British Virgin Islands. The consolidated interim financial
information as at and for the six months ended 30 June 2020
comprise the results of the Company and its subsidiaries (together
referred to as the "Group").
The consolidated financial statements of the Group as at and for
the year ended 31 December 2019 are available upon request from the
Company's registered office at Kingston Chambers, P.O. Box 173,
Road Town, Tortola, British Virgin Islands or at
www.amurminerals.com.
2. BASIS OF PREPARATION
The financial information set out in this report is based on the
consolidated financial information of Amur Minerals Corporation and
its subsidiary companies. The financial information of the Group
for the 6 months ended 30 June 2020 was approved and authorised for
issue by the Board on 29 September 2020. The interim results have
not been audited, but were the subject to an independent review
carried out by the Company's auditors, BDO LLP. This financial
information has been prepared in accordance with the accounting
policies that are expected to be applied in the Report and Accounts
of Amur Minerals Corporation for the year ended 31 December 2019
and are consistent with the recognition and measurement
requirements of IFRS as adopted by the European Union. The
auditor's report on the Group accounts to 31 December 2019 whilst
unqualified raised a material uncertainty relating to going concern
due to the lack of certainty over future funding. The comparative
information for the full year ended 31 December 2019 is not the
Group's full annual accounts for that period but has been derived
from the annual financial statements for that period.
The consolidated financial information incorporates the results
of Amur Minerals Corporation and its subsidiaries undertakings as
at 30 June 2020. The corresponding amounts are for the year ended
31 December 2019 and for the 6 month period ended 30 June 2019.
The Group financial information is presented in US Dollars
('US$') and values are rounded to the nearest thousand Dollars.
The same accounting policies, presentation and methods of
computation are followed in the interim consolidated financial
information as were applied in the Group's latest annual audited
financial statements except for those that relate to new standards
and interpretations effective for the first time for periods
beginning on (or after) 1 January 2020, and will be adopted in the
2020 annual financial statements.
A number of new standards, amendments and became effective on 1
January 2020 and have been adopted by the Group. None of these
standards have materially affected the Group, in particular IFRS 16
Leases, which requires lessees to use a single on-balance sheet
model and recognise all lease assets and associated liabilities on
the balance sheet. The adoption of IFRS 16 has not had a
significant impact on the Group's financial information as the
operating leases held by the Group are of low value and the
majority of the existing contracts either relate to service
agreements or contain performance obligations based on variable
terms and thus do not result in right of use assets or lease
liabilities.
Accounting policy for convertible loan
On issue of a convertible loan, the fair value of the liability
component is determined by discounting the contractual future cash
flows using a market rate for a non-convertible instrument with
similar terms. This value is carried as a liability on the
amortised cost basis unless is designated as a Fair Value Through
Profit and Loss ("FVTPL") at inception.
Financial instruments designated as FVTPL are classified in this
category irrevocably at inception and are derecognised when
extinguished. They are initially measured at fair value and
transaction costs directly attributable to their acquisition are
recognised immediately in profit or loss. Subsequent changes in
fair values are recognised in the income statement with profit or
loss.
Equity instruments are instruments that evidence a residual
interest in the assets of an entity after deducting all of its
liabilities. Therefore, when the initial carrying amount of a
compound financial instrument is allocated to its equity and
liability components, the equity component is assigned the residual
amount after deducting from the fair value of the instrument as a
whole the amount separately determined for the liability component.
The value of any derivative features (such as a call option)
embedded in the compound financial instrument other than the equity
component (such as an equity conversion option) is included in the
liability component.
Management have designated the convertible loan note with Plena
Global Opportunities as a FVTPL financial instrument. In arriving
to its fair value, management used the best available market data
and have applied judgement in arriving to the present value of
future cash flows. After determining the fair value at inception,
management have allocated the residual value to the equity
component. Upon early settlement, the financial liability has
caused a fair value loss which was recognised as a "Fair value
movements on derivative financial instruments and loans" in the
statement of comprehensive income.
3. GOING CONCERN
The Group operates as a natural resources exploration and
development group. To date, the Group has not earned significant
revenues and is considered to be in the exploration stage.
The Directors have reviewed the Group's cash flow forecast for
the period to 31 December 2021 and plan to continue advancing the
project in 2020 - 2021. Post 30 June 2020, the Company completed an
equity raising of GBP6.1 million on which US$4.7 million has been
investment convertible loan notes of Nathen River Resources Pte
Ltd. The Company will receive a 14% coupon, paid quarterly, from
the investment.
The ability of the Company to secure additional funding is not
guaranteed and significant uncertainty has been created by the
ongoing COVID-19 pandemic which could impact market conditions for
longer than the Directors' currently expect. The Company is looking
closely at its funding requirements and the Directors are currently
in negotiations with a number of parties in respect of raising
further funds. Whilst progress is being made on a number of
potential transactions which would provide additional funding to
the Group, there are no binding agreements in place. However should
such funds not be raised the Directors consider that they would be
able to reduce expenditure through cutting exploration expenditure,
other discretionary costs and reducing key management salaries that
would allow the present cash resources to cover its financial
liabilities and commitments for the period up to 31 December 2021.
As such, the financial information has been prepared on a going
concern basis.
4. LOSS PER SHARE
Basic and diluted loss per share is calculated and set out
below. The effects of warrants and share options outstanding at the
period end are anti-dilutive as they will serve to reduce the loss
per share. A total of 148.1 million of potential ordinary shares
have therefore been excluded from the following calculations:
Unaudited Unaudited Audited
6 Months 6 Months Year ended
ended ended 31 December
30 June 2020 30 June 2019 2019
Net loss for the period
/ year (1,510) (1,308) (2,329)
Weighted average number
of shares for the period/year 878,022,210 704,016,060 735,839,463
Basic loss per share (expressed
in cents) US$ (0.17) US$ (0.19) US$ (0.32)
-------------- -------------- -------------
5. Exploration and evaluation assets
Unaudited Unaudited Audited
6 Months 6 Months Year ended
ended ended 31 December
30 June 2020 30 June 2019 2019
At start of the period
/ year 26,713 23,010 22,010
Additions 557 598 1,310
Foreign exchange differences (2,857) 1,953 2,393
At end of the period /
year 24,413 25,561 26,713
============== ============== =============
The Group did not recognise any impairment in respect of its
exploration and evaluation assets during the period (1H 2019: nil)
(2019: nil).
6. SHARE BASED PAYmENTS
Options:
During the period ended 30 June 2020, 30,000,000 new options
were granted to Directors, management and Russian employees (1H
2019: nil). In addition, 25,619,260 new options were granted to Mr.
Adam Habib as part of his consultancy agreement of which 12,809,630
vested immediately and the remaining 12,809,630 is performance
based.
At 30 June 2020 the following options were outstanding at the
beginning and end of the period:
Outstanding at 1 January
2020 6,912,000
Granted 55,619,260
Exercised -
Expired -
Outstanding at 30 June
2020 62,531,260
===========
The fair value of the options is estimated at the grant date
using a Black-Scholes model, taking into account the terms and
conditions on which the options were granted. This uses inputs for
share price, exercise price, expected volatility, option life,
expected dividends and risk-free rate.
The 30 million options granted to Directors, management and
Russian employees vest 12 months from the grant date. Of the
25,619,260 options granted to Mr. Adam Habib, 12,809,630 vested
immediately on grant and the remaining 12,809,630 is performance
based and will vest upon the successful completion by the Company
of an off-take agreement or completion of a producing asset
investment.
The share price is the price at which the shares can be sold in
an arm's length transaction between knowledgeable, willing parties
and is based on the mid-market price on the grant date. The
expected volatility is based on the historic performance of Amur
Minerals shares on the Alternative Investment Market of the London
Stock Exchange. The option life represents the period over which
the options granted are expected to be outstanding and is equal to
the contractual life of the options. The risk-free interest rate
used is equal to the yield available on the principal portion of US
Treasury Bills with a life similar to the expected term of the
options at the date of measurement.
The total charge arising from outstanding options for the period
was US$398,000 (H1 2019: nil; December 2019: nil).
Warrants:
During the period ended 30 June 2020, 13,000,000 new warrants
were granted to participants of the equity placing completed on 4
November 2019. In conjunction with the Loan Note Instrument entered
into by the Company on 13 March 2020, 52,447,552 new warrants were
granted and are treated as equity instruments. The loan was fully
repaid on 4 May 2020.
At 30 June 2020 the following warrants were outstanding at the
beginning and end of the period:
Outstanding at 1 January
2020 20,193,279
Granted 65,447,552
Exercised -
Expired -
Outstanding at 30 June
2020 85,640,831
===========
There was no charge arising from outstanding warrants for the
period (H1 2019: nil; December 2019: nil).
After the period ended 30 June 2020, 47.7m warrants have been
exercised providing the Company with GBP682,000.
7. share Capital
Audited
Unaudited Unaudited 31 December
30 June 2020 30 June 2019 2019
--------------- --------------- --------------
Number of Shares (no
par value):
Authorised 2,000,000,000 1,000,000,000 1,000,000,000
=============== =============== ==============
Total issued 968,060,149 713,158,035 845,441,101
=============== =============== ==============
On 19 June 2020 at an Extraordinary General Meeting, the number
of shares which the Company is authorised to issue was increased to
2,000,000,000 shares of no par value by the creation of
1,000,000,000 new shares of no par value.
On 24 April 2020, the Company raised US$870,000 (GBP750,000)
before expenses through the subscription of 75,000,000 new Ordinary
Shares subscription price of 1 pence per share. The funds raised
were used to repay in full the convertible loan.
On 27 May 2020, the Company raised US$633,000 (GBP500,000)
before expenses through the subscription of 47,619,048 new Ordinary
Shares subscription price of 1.05 pence per share.
8. RELATED PARTIES
For the purposes of these financial statements, entities are
considered to be related if one party has the ability to control
the other party or exercise significant influence over the other
party in making financial or operational decisions as defined by
IAS 24 "Related Party Disclosures". In addition, other parties are
considered to be related if they are under common control. In
considering each possible related party relationship, attention is
directed to the substance of the relationship, not merely the legal
form.
Details of transactions between the Group and related parties
are disclosed below.
Compensation of Key Management Personnel
Key management personnel are considered to be the Directors and
senior management of the Group
Unaudited Unaudited Audited
6 Months 6 Months Year ended
ended ended 31 December
30 June 2020 30 June 2019 2019
Salaries and fees 469 435 948
Share-based payments 398 - -
867 435 948
============== ============== =============
9. EVENTS AFTER THE REPORTING DATE
On 15 July 2020, Plena Global Opportunities LLC elected to
convert 26,223,776 warrants at the warrant exercise price of 1.43
pence per share providing the Company with GBP375,000.
On 4 August 2020, Plena Global Opportunities LLC elected to
convert 15,000,000 warrants at the warrant exercise price of 1.43
pence per share providing the Company with GBP214,500.
On 25 August 2020, the Company completed an equity placing of
GBP6.1 million before expenses through the placing of 348,571,421
new ordinary shares at a price of 1.75 pence per share. On this day
the Company acquired Carlo Holdings Limited ("CHL") for GBP1. CHL
is a shell company with fair value net assets of GBP1, with the
purpose of investing in income producing mining assets. Proceeds of
the placing were used in part to subscribe for US$4.7 million in
secured convertible loan notes through CHL in Nathan River
Resources Pts Limited which owns the Roper Bar Iron Ore
Project.
On 2 September 2020, Adam Habib was appointed as President and
Executive Board Member to the Company.
On 3 September 2020, Plena Global Opportunities LLC elected to
convert 6,500,000 warrants at the warrant exercise price of 1.43
pence per share providing the Company with GBP92,500.
10. INTERIM REPORT
Copies of this interim report for the six months ended 30 June
2020 will be available from the Company's website
www.amurminerals.com .
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Richard Morrison Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
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END
IR EAXNNADEEEFA
(END) Dow Jones Newswires
September 30, 2020 02:00 ET (06:00 GMT)
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