TIDMKEFI
RNS Number : 3171A
KEFI Minerals plc
28 September 2015
28 September 2015
KEFI Minerals plc
("KEFI" or the "Company")
TULU KAPI FUNDING UPDATE
AND
INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2015
KEFI Minerals (AIM: KEFI), the gold exploration and development
company with projects in the Kingdom of Saudi Arabia and Democratic
Republic of Ethiopia, is pleased to provide an update on
development funding and announces its unaudited interim results for
the half-year ended 30 June 2015. The statement below encompasses
the activities of the Company's subsidiary, KEFI Minerals
(Ethiopia) Limited ("KME"), in Ethiopia and its joint venture, Gold
& Minerals Limited ("G&M"), in the Kingdom of Saudi
Arabia.
Update on Development Funding and Planned Government
Participation
The Company is pleased to report that, based on the negotiations
with the short-listed project contactors and financiers and with
the Government of Ethiopia, the entire development funding for the
Tulu Kapi gold project in Ethiopia of c. $120 million is now
expected to be covered at the project level. A key component is the
intended participation by the Government of Ethiopia, by funding up
to $20 million of infrastructure in exchange for an increased share
of project equity. The full funding package is planned through a
combination of debt, gold streaming and equity funding, with
working capital requirements subject to further refinement which
can only be finalised upon formalisation of the multi-party
agreements and the approval thereof by the Government of
Ethiopia.
Management is now focused on formally appointing and assembling,
with finalised and complementary terms, the project syndicate
comprising the contractors, debt financiers, gold streamer and the
Government of Ethiopia. This includes the contractor for building
the plant on a fixed-price basis and the contractor for the mining
operation on a price-per-cubic-metre-delivered basis over the life
of the open pit mine. KEFI will announce the members of the
syndicate as appointments occur, commencing in the first half of
October. With the Government of Ethiopia, KEFI is finalising the
terms for its intended funding of infrastructure (the public road
and electricity connection) and the associated increase in its
share of project equity.
Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals,
commented: "We are pleased to have achieved this major milestone
and, in particular, we welcome the Government of Ethiopia's
intention to increase its equity in the project. Along with the
intended use of some gold stream finance, this materially reduces
the level of debt to be introduced and makes the financial
structure more conservative, which is appropriate for such volatile
times in capital markets. We look forward to finalising terms with
the emerging syndicate of parties and rapidly moving on to the next
phase of development."
H1 2015 Summary
Tulu Kapi gold project, Ethiopia
(Wholly-owned by KEFI; Government entitled to 5% free carried
interest)
-- Appointed Mr Wayne Nicoletto, in February, as Head of
Operations of the Company and Managing Director of KME
-- In April, Mining Agreement ("MA") signed by the Company and
Ethiopian Government, granting the 20-year Mining Licence and
permitting development and operation
-- Reaffirmed that Tulu Kapi project is economically sound and
warrants development upon independent confirmation of Ore Reserves
(JORC 2012) 15.4Mt at 2.12g/t Au, containing 1.05Moz, having
wireframed each individual ore lode as part of due diligence for
project finance
-- Highlights of the Definitive Feasibility Study ("2015 DFS")
completed in June 2015 included:
o Gold production remaining at 960,000oz over 13 years with an
average of 75,000oz per year. Post period, the Company announced an
increase in planned production to an average of c. 100,000oz per
annum over a 10-year period. This was achieved by increasing the
planned rate of ore processing, without change to the Mine Plan
o All-in Sustaining Costs remained at c. US$780/oz, which ranks
the project in the lowest cost quartile globally for gold
producers. This includes all operating costs, royalties, sustaining
capital and closure, but excludes initial capital investment. Post
period, this was adjusted to US$760/oz based on the terms of
contractor bidding to that point
-- In June 2015, the gold mineralisation from the first trench
sampling results from three prospects in adjacent exploration
licences to the Tulu Kapi site demonstrated that these prospects
could potentially provide satellite feed to the central processing
plant at Tulu Kapi or be developed as standalone heap leach
projects. This supplementary source of ore would complement that
from the underground resources already reported and which are
expected to be increased in due course
Gold & Minerals Ltd Joint Venture ("G&M"), Saudi
Arabia
(40%-owned by the Company with KEFI as operator)
Jibal Qutman
-- The Company completed a positive Preliminary Economic Assessment, including:
o An increase in the reported Mineral Resource (JORC 2012) to
28.4Mt at 0.80g/t Au for 733,045oz Au, at a cut-off grade of 0.2g/t
Au
o Improved metallurgical test results indicating heap leach
recovery of c. 70%
o Mining scoping study indicating potential open cut mineable
resource of 6.6Mt at 0.95g/t Au, containing 201,600oz on oxide ore
for heap leach processing
o Preliminary internal assessment by KEFI suggesting an
estimated cash operating cost of US$600/oz on a 1.5Mt per annum
open-pit operation with gold recovery via a heap leach process
Hawiah
-- Completed an initial 53-trench surface sampling programme
over a 6km-long gossanous horizon and a geophysical survey over the
southern half of the gossanous horizon
-- Exploration highlighted a large drilling target of 2,000m
lateral and 300m vertical extent thought to overlie volcanically
hosted massive sulphide (copper-gold-zinc) style of
mineralisation
-- KEFI intends to conduct initial drilling of this target during H2 2015
Corporate
-- Completed GBP800,000 placing of 80,000,000 ordinary shares at
a price of 1p per share in March
-- Completed GBP660,000 placing of 66,610,600 ordinary shares at
a price of 1p per share in May
-- Existing issued ordinary shares of 1p each in the capital of
the Company were subdivided into one new Ordinary Share of 0.1p
each ("New Ordinary Shares") and one deferred share of 0.9p each
("Deferred Shares")
-- In June 2015, completed GBP2,900,000 placing at 0.8p per
share of 362,500,000 New Ordinary Shares of 0.1p per share
-- As referenced in Note 6 in the accounts below, based on
Directors' formal review, the net present value of the Tulu Kapi
asset significantly exceeded the book value at 30 June 2015
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 99457843
SP Angel Corporate Finance
LLP (Nominated Adviser)
Ewan Leggat, Jeff Keating +44 20 3470 0470
Brandon Hill Capital Ltd (Joint
Broker)
Oliver Stansfield, Alex Walker,
Jonathan Evans +44 20 7936 5200
Beaufort Securities Ltd (Joint
Broker)
Elliot Hance +44 20 7382 8300
Luther Pendragon Ltd (Financial
PR)
Harry Chathli, Claire Norbury,
Oliver Hibberd +44 20 7618 9100
Further information can be viewed on KEFI's website at
www.kefi-minerals.com
Condensed interim consolidated statements of comprehensive
income
(unaudited) (All amounts in GBP thousands unless otherwise
stated)
Six Six
months months
ended ended
30 30
Notes June June
2015 2014
---------- ----------
Revenue - -
Exploration expenses (55) (76)
---------- ----------
Gross loss (55) (76)
Administration expenses (876) (729)
Share-based payments (200) (152)
Share of loss from jointly
controlled entity (444) (593)
Change in value of financial
assets at fair value through
profit and loss - (4)
Operating loss (1,575) (1,554)
Foreign exchange gain/(loss) 96 (101)
Interest income - 1
Interest expense (149) (275)
---------- ----------
Loss before tax (1,628) (1,929)
Tax - -
---------- ----------
Loss for the period (1,628) (1,929)
(MORE TO FOLLOW) Dow Jones Newswires
September 28, 2015 02:01 ET (06:01 GMT)
========== ==========
Loss attributable to:
-Owners of the parent (1,628) (1,866)
-Non-controlling interest - (63)
(1,628) (1,929)
---------- ==========
Loss for the period (1,628) (1,929)
Other comprehensive loss:
Exchange differences on translating
foreign operations 66 158
---------- ----------
Total comprehensive loss for
the period (1,562) (1,771)
========== ==========
Attributable to:
-Owners of the parent (1,562) (1,708)
-Non-controlling interest - (63)
---------- --------------
(1,562) (1,771)
========== ==============
Basic and fully diluted loss
per share (pence) 4 (0.12) (0.22)
======= =======
The notes are an integral part of these condensed interim
consolidated financial statements.
Condensed interim consolidated statements of financial
position
(unaudited) (All amounts in GBP thousands unless otherwise
stated)
30 June 31 Dec
Notes 2015 2014
--------- ---------
ASSETS
Non-current assets
Property, plant and equipment 5 113 160
Intangible assets 6 10,582 9,139
10,695 9,299
--------- ---------
Current assets
Financial assets at fair
value through profit or loss 83 86
Trade and other receivables 7 422 335
Cash and cash equivalents 1,023 640
--------- ---------
1,528 1,061
--------- ---------
Total assets 12,223 10,360
========= =========
EQUITY AND LIABILITIES
Equity attributable to owners
of the Company
Share capital 8 1,745 12,352
Deferred Shares 8 12,436 -
Share premium 8 10,800 8,433
Share options reserve 9 1,036 848
Foreign exchange reserve (20) (86)
Accumulated losses (16,070) (14,389)
--------- ---------
9,927 7,158
Non-controlling interest - -
--------- ---------
Total equity 9,927 7,158
Current liabilities
Trade and other payables 10 2,296 3,202
--------- =========
2,296 3,202
--------- =========
Total liabilities 2,296 3,202
--------- ---------
Total equity and liabilities 12,223 10,360
========= =========
The notes are an integral part of these condensed interim
consolidated financial statements.
On 27 September 2015, the Board of Directors of KEFI Minerals
Plc authorised these financial statements for issue.
Harry Anagnostaras- Adams
Executive Chairman of Directors
Condensed interim consolidated statement of changes in
equity
(unaudited) (All amounts in GBP thousands unless otherwise
stated)
Attributable to the owners
of the Company
===============================================
Share Deferred Share Share Foreign Accumulated Non-controlling
capital shares premium options exchange losses interest Total
reserve reserve
=========== ========== ========= ========= ========== ============= ================= ==========
At 1 January
2014 8.535 - 7,660 794 (156) (10,062) 1,032 7,803
Loss for the
period - - - - - (1,866) (63) (1,929)
Other
comprehensive
loss - - - - 158 - - 158
Share-based
payments - - - 152 - - - 152
Forfeit of
options/warrants - - - (280) - 280 - -
Issue of share
capital 1,416 - 708 - - - - 2,124
Share issue
costs - - (198) - - - - (198)
=========== ========== ========= ========= ========== ============= ================= ==========
At 30 June
2014 9,951 - 8,170 666 2 (11,648) 969 8,110
Loss for the
period - - - - - (1,982) (52) (2,034)
Other
comprehensive
loss - - - - (88) - - (88)
Share-based
payments - - - 183 - - - 183
Exercise of - - - - - - - -
options
Forfeit of
options/warrants - - - (1) - 1 - -
Issue of share
capital 2,401 - 250 - - - - 2,651
Share issue
costs - - 13 - - (177) - (164)
=========== ========== ========= ========= ========== ============= ================= ==========
Transactions
with owners
of the Company 12.352 - 8,433 848 (86) (13,806) 917 8,658
Acquisition
of non-
controlling -
interest - - - - - (583) (917) (1,500)
=========== ========== ========= ========= ========== ============= ================= ==========
At 31 December
2014 12,352 - 8,433 848 (86) (14,389) - 7,158
Loss for the
period - - - - - (1,628) - (1,628)
Other
comprehensive
loss - - - 66 - - 66
Share-based
payments - - - 200 - - - 200
Forfeit of
options/warrants - - - (12) - 12 - -
Restructuring
of share capital (12,436) 12,436 - - - - - -
Issue of share
capital 1,829 - 2,537 - - - - 4,366
Share issue
costs - - (170) - - (65) - (235)
=========== ========== ========= ========= ========== ============= ================= ==========
At 30 June
2015 1,745 12,436 10,800 1,036 (20) (16,070) - 9,927
=========== ========== ========= ========= ========== ============= ================= ==========
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The following describes the nature and purpose of each reserve
within owner's equity:
Reserve Description and purpose
Share capital amount subscribed for share capital
at nominal value
Deferred shares On 16 June 2015, ordinary shares of
1p each in the capital of the Company
were sub-divided into one new ordinary
share of 0.1p and one deferred share
of 0.9p
Share premium amount subscribed for share capital
in excess of nominal value, net of
issue costs
Share options reserve for share options granted but
reserve not exercised or lapsed
Foreign exchange cumulative foreign exchange net gains
reserve and losses recognised on consolidation
Accumulated cumulative net gains and losses recognised
losses in the statement of comprehensive income,
excluding foreign exchange gains within
other comprehensive income
Non-controlling interest (NCI) the portion of equity ownership
in a subsidiary not attributable to the parent company
The notes are an integral part of these condensed interim
consolidated financial statements.
Condensed interim consolidated statements of cash flows
(unaudited) (All amounts in GBP thousands unless otherwise
stated)
Six Six
months months
ended ended
to to
30 30
June June
2015 2014
-------- --------
Cash flows from operating activities
Loss before tax (1,628) (1,929)
Adjustments for:
Share-based benefits 200 152
Share of loss in joint venture 444 593
Net loss on financial assets
at fair value through profit
or loss - 4
Gain on disposal of plant and (70) -
equipment
Depreciation 52 71
Interest expense 149 275
Foreign exchange losses on
financing activities (96) (48)
Foreign exchange gains on operating
activities 88 101
-------- --------
Cash outflows from operating
activities before working capital
changes (861) (781)
Interest paid (149) (275)
Changes in working capital:
Trade and other receivables (87) (427)
Trade and other payables (758) (710)
-------- --------
Net cash used in operating
activities (1,855) (2,193)
-------- --------
Cash flows from investing activities
Purchases of plant and equipment (5) (19)
Proceeds on disposal of plant 70 -
and equipment
Deferred exploration costs (545) (1,135)
Project evaluation costs (898) -
Advances to joint venture (408) (485)
-------- --------
Net cash used in investing
activities (1,786) (1,639)
-------- --------
Cash flows from financing activities
Proceeds from issue of share
capital 4,259 2,124
Listing and issue costs (235) (198)
-------- --------
Net cash from financing activities 4,024 1,926
-------- --------
Net increase/(decrease) in
cash and cash equivalents 383 (1,906)
Cash and cash equivalents:
At beginning of period 640 3,279
--------
At end of period 1,023 1,373
======== =========
The notes are an integral part of these condensed interim
consolidated financial statements.
Notes to the condensed interim consolidated financial
statements
For the six months to 30 June 2014 and 2015 (unaudited) (All
amounts in GBP thousands unless otherwise stated)
1. Incorporation and principal activities
Country of incorporation
The Company was incorporated in United Kingdom as a public
limited company on 24 October 2006. Its registered office is at
27/28 Eastcastle Street, London W1W 8DH.
Principal activities
The principal activities of the Group for the period are:
-- To explore for mineral deposits of precious and base metals
and other minerals that appear capable of commercial exploitation,
including topographical, geological, geochemical and geophysical
studies and exploratory drilling.
-- To evaluate mineral deposits determining the technical
feasibility and commercial viability of development, including the
determination of the volume and grade of the deposit, examination
of extraction methods, infrastructure requirements and market and
finance studies.
-- To develop, operate mineral deposits and market the metals produced.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these condensed interim consolidated financial statements are set
out below. These policies have been applied consistently throughout
the period presented in these condensed interim consolidated
financial statements unless otherwise stated.
Basis of preparation and consolidation
The condensed interim consolidated financial statements have
been prepared in accordance with International Accounting Standards
(IFRS) including International Accounting Standard 34 "Interim
Financial Reporting" and using the historical cost convention.
These condensed interim consolidated financial statements ('the
statements") are unaudited and include the financial statements of
the Company and its subsidiary undertakings. They have been
prepared using accounting bases and policies consistent with those
used in the preparation of the financial statements of the Company
and the Group for the year ended 31 December 2014. These statements
do not include all of the disclosures required for annual financial
statements, and accordingly, should be read in conjunction with the
financial statements and other information set out in the Company's
31 December 2014 Annual Report. The accounting policies are
unchanged from those disclosed in the annual consolidated financial
statements.
Going concern
The Directors have formed a judgment at the time of approving
the condensed interim consolidated financial statements that there
is a reasonable expectation that the Company has adequate resources
to continue in operational existence for the foreseeable future.
The financial statements have been prepared on a going concern
basis, the validity of which depends principally on the discovery
of economically viable mineral deposits, obtaining the necessary
mining licences and the availability of subsequent funding to
extract the resource or alternatively the availability of funding
to extend the Company's exploration activities. The financial
statements do not include any adjustment that would arise from a
failure to complete any of the above. Changes in future conditions
could require write downs of the carrying values of property, plant
and equipment, intangible assets and/or deferred tax.
Use and revision of accounting estimates
The preparation of the condensed interim consolidated financial
statements requires the making of estimations and assumptions that
affect the recognised amounts of assets, liabilities, revenues and
expenses and the disclosure of contingent liabilities. The
estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making the judgments about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in
the period of the revision and future periods if the revision
affects both current and future periods.
2. Summary of significant accounting policies (continued)
Adoption of new and revised International Financial Reporting
Standards (IFRSs)
The Group has adopted all the new and revised IFRSs and
International Accounting Standards (IAS) which are relevant to its
operations and are effective for accounting periods commencing on 1
January 2015. The adoption of these Standards did not have a
material effect on the condensed interim consolidated financial
statements.
At the date of authorisation of these condensed interim
consolidated financial statements some Standards were in issue but
not yet effective. The Board of Directors expects that the adoption
of these Standards in future periods will not have a material
effect on the consolidated financial statements of the Group.
Critical accounting estimates and judgements
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Estimates and judgments are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year are unchanged from those disclosed in the annual
consolidated financial statements.
3. Operating segments
The Group has only one distinct operating segment, being that of
mineral exploration. The Group's exploration activities are located
in Ethiopia, Saudi Arabia through the jointly controlled entity and
its administration and management is based in Cyprus.
Six months ended 30 Cyprus Ethiopia Turkey Bulgaria Total
June 2015
-------- --------- ------- --------- ---------
Operating loss (1,121) 13 (21) (2) (1,131)
Interest paid (50) (99) - - (149)
Foreign exchange (loss)/gain (191) 321 (34) - 96
======== ========= ======= ========= ---------
Loss before tax (1,362) 235 (55) (2) (1,194)
======== ========= ======= =========
Share of loss from jointly
controlled entities (444)
Tax -
---------
Loss for the period (1,628)
=========
Total assets 3,042 9,125 52 4 12,223
======== ========= ======= ========= =========
Total liabilities (803) (1,477) (14) (2) (2,296)
======== ========= ======= ========= =========
Depreciation of property,
plant and equipment - (52) - - (52)
======== ========= ======= ========= =========
Six months ended 30 Cyprus Ethiopia Turkey Bulgaria Total
June 2014
------- --------- ------- --------- ---------
Operating loss (854) (75) (28) (3) (960)
Interest paid - (275) - - (275)
Foreign exchange loss (74) - (20) (7) (101)
======= ========= ======= ========= ---------
Loss before tax (928) (350) (48) (10) (1,336)
======= ========= ======= =========
Share of loss from jointly
controlled entities (593)
Tax -
---------
Loss for the period (1,929)
=========
Total assets 2,552 8,150 56 5 10,763
======= ========= ======= ========= =========
Total liabilities (333) (2,303) (16) (1) (2,653)
======= ========= ======= ========= =========
Depreciation of property,
plant and equipment - (71) - - (71)
======= ========= ======= ========= =========
4. Loss per share
The calculation of the basic and fully diluted loss per share
attributable to the ordinary equity holders of the parent is based
on the following data:
Six Six
months months
ended ended
30 June 30 June
2015 2014
------------ ----------
Net loss attributable to equity
shareholders (1,628) (1,866)
============ ==========
Average number of ordinary shares
for the purposes of basic loss
per share (000's) 1,327,832 864,507
============ ==========
Basic and fully diluted loss per
share (pence) (0.12) (0.22)
============ ==========
The effect of share options and warrants on losses per share is
anti-dilutive.
5. Property, plant and equipment
Furniture,
fixtures
Motor and
vehicles office Total
Cost Property equipment
----------- --------- ----------- ----------
At 1 January 2014 60 180 53 293
Additions - 14 5 19
=========== ========== =========== ========
At 30 June 2014 60 194 58 312
Acquisitions - 4 3 7
=========== ========== =========== ========
At 31 December 2014
/ 1 January 2015 60 198 61 319
Additions - - 5 5
----------- ---------- ----------- --------
At 30 June 2015 60 198 66 324
=========== ========== =========== ========
Accumulated Depreciation
At 1 January 2014 31 - 10 41
Charge for the period 8 42 21 71
----------- ---------- ----------- --------
At 30 June 2014 39 42 31 112
Charge for the period - 31 16 47
----------
At 31 December 2014
/ 1 January 2015 39 73 47 159
Charge for the period - 33 19 52
----------
At 30 June 2015 39 106 66 211
=========== ========== =========== ========
Net Book Value at 30
June 2015 21 92 - 113
=========== ========== =========== ========
Net Book Value at 31
December 2014 21 125 14 160
=========== ========== =========== ========
6. Intangible assets
Project Deferred Total
evaluation exploration
costs costs
Cost
At 1 January 2014 - 6,900 6900
Additions - 1,135 1,135
============= -------
At 30 June 2014 - 8,035 8.035
Additions 976 128 1,104
============= ============== -------
At 31 December 2014 976 8,163 9.139
Additions 898 545 1,443
============= ============== -------
At 30 June 2015 1,874 8,708 10,582
============= ============== =======
Project Deferred Total
evaluation exploration
Accumulated Impairment costs costs
At 1 January 2014 - - -
Impairment charge - - -
for the period
============= ============== -------
At 30 June 2014 - - -
Impairment charge - - -
for the period
============= ============== -------
At 31 December 2014 - - -
============= ============== =======
Impairment charge - - -
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for the period
At 30 June 2015 - - -
============= ============== =======
Net Book Value at
31 December 2014 976 8,163 9,139
============= ============== =======
Net Book Value at
30 June 2015 1,874 8,708 10,582
============= ============== =======
Management performed an impairment review for the above
intangible assets at 30 June 2015, which relate to development work
at the Tulu Kapi license area, and assessing its economic
feasibility. The net present value of the Tulu Kapi asset exceeded
the book value at 30 June 2015 significantly.
The impairment review compared the recoverable amount of assets
to the carrying value. The recoverable amount of an asset is
assessed by reference to the higher of value in use ("VIU"), being
the net present value ("NPV") of future cash flows expected to be
generated by the assets, and fair value less costs to dispose
("FVLCD"). The FVLCD is based on an estimate of the amount that the
company may obtain in a sale transaction on an arms-length
basis.
30 31 Dec
June 2014
7. Trade and other receivables 2015
-------- ----------
Other receivables 62 43
Placing funds 237 130
Loan to Director (Note 12.3) 34 20
Amount receivable from Saudi
Arabia Joint Venture (Note
12.5) - 32
VAT 89 96
Deposits and prepayments - 14
------ -------
422 335
====== =======
a) The Company raised GBP2.9 million on 16 June 2015 but an
amount of GBP237,000 was not received as at 30 June 2015.
b) The loan to director has been repaid since the reporting date.
8. Share capital
Number
of shares Share Deferred Share
000's capital shares premium Total
---------- --------- ----------- --------- -------
Issued and fully paid
At 1 January 2015 1,235,337 12,352 - 8,433 20,785
Issued 20 March 2015
at GBP 0.01 80,000 800 - 800
Issued 16 May 2015
at GBP 0.01 66,611 666 - 666
Shares Subdivided
to GBP0.009 - (12,436) 12,436 -
Issued 16 June 2015
at GBP 0.008 362,500 363 2,537 2,900
Share issue costs - - - (170) (170)
---------- --------- ----------- --------- -------
At 30 June 2015 1,744,448 1,745 12,436 10,800 24,981
========== ========= =========== ========= =======
Share issue costs of GBP65,000 relating to the 146,610,600
shares issued at par value during 2015 have been charged to
equity.
Issued capital
2015
On 20 March 2015, 80,000,000 shares of GBP0.01 were issued at a
price of GBP0.01per share.
On 16 May 2015, 66,610,600 shares of GBP0.01 were issued at a
price of GBP0.01 per share.
On 16 June 2015, 362,500,000 shares of GBP0.001 were issued at a
price of GBP0.008 per share. On issue of the shares, an amount of
GBP2,537,500 was credited to the Company's share premium
reserve.
Restructuring of share capital into deferred shares
On 16 June 2015 the Company issued ordinary shares of GBP0.01
each in the capital of the Company were sub-divided into one new
ordinary share of GBP0.001 and one deferred share of GBP0.009. The
Deferred Shares have no value or voting rights. After the share
capital reorganisation there were the same number of New Ordinary
Shares in issue as there are existing Ordinary Shares. The New
Ordinary Shares have the same rights as those currently accruing to
the existing Ordinary Shares in issue under the Company's articles
of association, including those relating to voting and entitlement
to dividends.
Warrants
2015
On 18 March 2015, the Company issued 4,000,000 warrants to
subscribe for new ordinary shares of GBP0.01 each at GBP0.01 per
share.
On 14 May 2015, the Company issued 1,680,530 warrants to
subscribe for new ordinary shares of GBP0.01 each at GBP0.01 per
share.
On 19 June 2015, the Company issued 14,500,000 warrants to
subscribe for new ordinary shares of GBP0.001 each at GBP0.008 per
share.
No warrants were cancelled/expired or exercised in the period
from 1 January 2015 to 30 June 2015.
8. Share capital (Continued)
Warrants (Continued)
Details of warrants outstanding as at 30 June 2015:
Grant date Expiry date Exercise price Number of warrants
000's
22 February 2011 21 February 2016 5p 780
20 February 2012 19 February 2017 3p 2,917
4 July 2013 3 July 2018 2.1p 1,310
16 October 2013 15 October 2018 2.25p 1,111
27 December 2013 26 December 2016 2p 13,500
16 June 2014 15 June 2016 1.5p 8,500
2 December 2014 1 December 2017 1p 4,000
16 December 2014 15 December 2017 1p 5,500
18 March 2015 17 March 2018 1p 4,000
14 May 2015 13 May 2018 1p 1,681
19 June 2015 18 June 2018 0.8p 14,500
-------------------
57,799
===================
These warrants to advisers to the Group.
Number
of warrants
000's
-------------
Outstanding warrants at 1 January
2015 37,618
- granted 20,181
Outstanding warrants at 30
June 2015 57,799
=============
9. Share options reserve
30 31
June Dec
2015 2014
------ --------
Opening amount 848 794
Warrants issued costs 86 66
Share options issued to
employees 37 69
Share options issued to
directors 77 200
Exercise of options - -
Forfeit of options or cancellations (12) (281)
Closing amount 1,036 848
====== ======
Weighted Number
average of shares
ex. price 000's
----------- ----------
Outstanding options at 1
January 2015 48,350
- granted 1.32p 33,500
- exercised - -
- cancelled/forfeited 4.63p (400)
----------
Outstanding options at 30
June 2015 81,450
==========
10. Trade and other payables
30 31
June Dec
2015 2014
------ ------
Accruals and other payables 830 825
Other loans 216 229
Payable to shareholders (Note
12.4) - 8
Payable to joint venture partner
(Note 12.6) 46 186
VAT Liability 1,204 1,954
------ ------
2,296 3,202
====== ======
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