TIDMKOD
RNS Number : 4555K
Kodal Minerals PLC
14 December 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
14 December 2018
Kodal Minerals plc ("Kodal Minerals", the "Company" or the
"Group")
Interim Results
Kodal Minerals, the mineral development and exploration company
focused on the Bougouni Lithium Project, announces to shareholders
today its unaudited interim results for the six months ended 30
September 2018.
Overview:
-- Significant progress made towards delivering maiden lithium
production at flagship Bougouni Lithium Project in southern Mali
("Bougouni");
-- Publication of Maiden Mineral Resource, placing Bougouni in
the top 15 lithium projects globally with substantial exploration
upside remaining;
-- Potential for low cost production demonstrated by initial
processing review - estimated production cost of US$400 per tonne
of spodumene concentrate which compares to a current market selling
price of between US$800 and US$900 per tonne;
-- Appointment of experienced Project Manager to drive
development at Bougouni with initial production targeted in
2020;
-- Additional upside potential through exposure to gold projects
being advanced through a joint venture with Resolute Mining
Limited;
-- Cash balance of GBP2,375,000 as at 30 September 2018
(GBP4,093,000 at 30 September 2017) and current cash balance of
GBP1,706,000; and
-- Loss for the 6-month period to 30 September 2018 of
GBP343,000 (GBP529,000 for the 6 months to 30 September 2017)
Bernard Aylward, CEO of Kodal Minerals, said: "2018 has been a
year of intense activity and delivery as we move closer to becoming
West Africa's newest lithium producer. Since acquiring our Bougouni
Lithium Project in late 2016, the Board and operational team have
implemented an ambitious development strategy aimed at delivering a
high quality, low capex and low opex lithium mine in as short a
timeframe as practicable. To this end, 2018 has culminated in the
achievement of several key milestones which have added tangible
value to our asset, including declaring our maiden JORC-compliant
Resource of 17.3 Mt at 1.2% Li2O, and propelling it closer to a
decision to mine in 2019.
"Our work on site has resulted in the identification of three
initial priority targets, Sogola-Baoule, Ngoualana and Boumou, and
a further five earlier stage exploration prospects. However, we
believe that this is just the beginning for Bougouni, with all
indications pointing to considerable additional upside through
further exploration across our extensive 450km(2) project area. We
are following a clear strategy that focuses on establishing a
profitable mining operation as soon as practicable and to achieve
this we have adopted a parallel exploration and development
approach aimed at achieving lithium concentrate production in the
near term.
"Our work to date has highlighted that the Bougouni project has
sufficient size and scale to produce attractive returns for
investors with our Maiden Resource and associated initial
engineering studies, both published in September 2018, pointing to
a minimum 10-year mine life. Of equal importance, with this quantum
in mind and with a relatively simple mining and processing route
identified, it is expected that capital required to construct a
mining and processing operation will be modest compared to some of
our lithium peers and that our proposed plant is well understood
and amenable to rapid construction.
"I look forward to providing updates throughout 2019 as we move
through our feasibility phase and into the planning and
construction stages."
Chairman's Statement
We have made excellent progress throughout recent months towards
the delivery of our first mining operation at the Bougouni Lithium
Project.
A key point of difference for Kodal Minerals compared to other
lithium juniors, remains our strategic investor and offtake
partner, Suay Chin International Pte ("Suay Chin"), a
Singapore-based lithium and chemical trader. Since initially
participating in a private placing in March 2017, Suay Chin has
consistently supported our development initiatives - both
financially and also operationally through its provision and
facilitation of metallurgical test work by the Shandong Ruifu
Lithium Co Ltd in China. We are extremely grateful to Suay Chin for
their backing and look forward to continuing a long and mutually
beneficial relationship as we work to de-risk further both the
operational and corporate aspects of Bougouni and gear up to maiden
production.
Finally, I would like to comment on our strong technical and
corporate team that has been instrumental in the advancement of our
project and most recently, we were delighted to welcome Steve
Zaninovich as the Project Manager of Bougouni. Steve is a highly
accomplished senior executive in the resources sector with more
than 25 years' experience in project management encompassing all
stages of mine development. In particular, his recent experience of
guiding a lithium mine into production is extremely relevant for
Kodal Minerals and his appointment demonstrates our commitment to
delivering a lithium mine in as short a timeframe as possible.
Steve joins our operational team that includes our Mali
Exploration Manager George Michaelides and our Mali Country Manager
Mohamed Niare. We have now assembled a dynamic and highly
experienced team which is capable of getting Bougouni through the
feasibility and permitting phases during 2019 and preparing for
development to commence.
Our strategy is designed to deliver maximum value for
shareholders within a practical time horizon. The Kodal Minerals
team is focused on delivering on this objective by rapidly
progressing the execution phase of our Bougouni project in order to
become a significant new West African focused lithium producer.
Financial Overview
The Group has recorded a loss for the 6-month period to 30
September 2018 of GBP343,000 compared to GBP529,000 for the 6
months to 30 September 2017 and GBP857,000 for the year to 31 March
2018.
Cash balances as at 30 September 2018 were GBP2,375,000 compared
to GBP4,093,000 at 30 September 2017 and GBP3,123,549 at 31 March
2018. Current cash as 13 December 2018 is GBP1,706,000.
Contact details:
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc
Bernard Aylward, CEO Tel: +61 418 943
345
Allenby Capital Limited, Nominated Adviser
Jeremy Porter / Nick Harriss Tel: 020 3328
5656
-------------------
SP Angel Corporate Finance LLP, Financial Adviser
& Broker Tel: 020 3470
John Mackay / Laura Harrison 0470
-------------------
St Brides Partners Ltd, Financial PR Tel: 020 7236
Susie Geliher / Cosima Akerman 1177
-------------------
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2018
2018 2017
GBP GBP GBP
Continuing operations
Revenue - - -
Impairment charge - (8,442) -
Administrative expenses (319,848) (220,692) (517,184)
Share based payments (38,210) (300,207) (341,372)
-------------- -------------- ------------
OPERATING LOSS (358,058) (529,341) (858,556)
Finance income 3,079 - 1,499
-------------- -------------- ------------
LOSS BEFORE TAX (354,979) (529,341) (857,057)
Taxation - - -
LOSS FOR THE PERIOD/YEAR (354,979) (529,341) (857,057)
OTHER COMPREHENSIVE INCOME
Items that may be subsequently
reclassified to profit and loss
Currency translation (loss)/gain 11,785 14,635 (18,002)
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD/YEAR (343,194) (514,706) (875,059)
============== ============== ============
Loss per share
Basic and diluted - loss per
share on total earnings - pence
per share 4 (0.0044) (0.0086) (0.0136)
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2018 2017 2018
Note GBP GBP GBP
NON-CURRENT ASSETS
Intangible assets 3 5,355,000 2,419,996 3,508,499
Property, plant and
equipment 17,170 3,548 3,085
5,372,000 2,423,544 3,511,584
-------------- -------------- ------------
CURRENT ASSETS
Other receivables 23,061 11,107 8,765
Cash and cash equivalents 2,375,229 4,093,007 3,123,549
-------------- -------------- ------------
2,398,290 4,104,114 3,132,314
-------------- -------------- ------------
TOTAL ASSETS 7,770,460 6,527,658 6,643,898
-------------- -------------- ------------
CURRENT LIABILITIES
Trade and other payables (282,967) (226,931) (331,391)
TOTAL LIABILITIES (282,967) (226,931) (331,391)
-------------- -------------- ------------
NET ASSETS 7,487,493 6,300,727 6,312,507
EQUITY
Attributable to owners
of the parent:
Share capital 5 2,399,480 2,011,684 2,038,903
Share premium account 5 11,586,729 10,234,238 10,467,337
Share based payment
reserve 619,566 469,541 581,356
Translation reserve (9,813) 11,038 (21,599)
Retained deficit (7,108,469) (6,425,774) (6,753,490)
-------------- -------------- ------------
TOTAL EQUITY 7,487,493 6,300,727 6,312,507
============== ============== ============
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Share
Share based Translation
Note Share premium payments reserve Retained Total
capital account reserve deficit equity
GBP GBP GBP GBP GBP
At 31 March
2017 (audited) 1,683,206 6,784,682 169,334 (3,597) (5,896,433) 2,737,192
Comprehensive
income
Loss for the
period - - - - (529,341) (529,341)
Currency
translation
gain - - - 14,635 - 14,635
---------- --------------- ---------- ------------- ------------ ----------
Total
comprehensive
income for the
period - - - 14,635 (529,341) (514,706)
Transactions
with owners
Proceeds from
share issue 5 328,478 3,449,556 - - - 3,778,034
Share based
payment - - 300,207 - - 300,207
---------- --------------- ---------- ------------- ------------ ----------
At 30 September
2017
(unaudited) 2,011,684 10,234,238 469,541 11,038 (6,425,774) 6,300,727
Comprehensive
income
Loss for the
period - - - - (327,716) (327,716)
Currency
translation
loss - - - (32,637) - (32,637)
------------
Total
comprehensive
income for the
period - - - (32,637) (327,716) (360,353)
Transactions
with owners
Proceeds from
shares issued 27,219 520,011 - - - 547,230
Share issue
expenses (286,912) - - - (286,912)
Share based
payment - - 111,815 - - 111,815
---------- --------------- ---------- ------------- ------------ ----------
At 31 March
2018 (audited) 2,038,903 10,467,337 581,356 (21,599) (6,753,490) 6,312,507
Comprehensive
income
Loss for the
period - - - - (354,979) (354,979)
Currency
translation
loss - - - 11,786 - 11,786
---------- --------------- ---------- ------------- ------------ ----------
Total
comprehensive
income for the
period - - - 11,786 (354,979) (343,193)
Transactions
with owners
Proceeds from
shares issued 360,577 1,119,392 - - - 1,479,969
Share based
payment - - 38,210 - - 38,210
---------- --------------- ---------- ------------- ------------ ----------
At 30 September
2018(unaudited) 2,399,480 11,586,729 619,566 (9,813) (7,070,259) 7,487,493
---------- --------------- ---------- ------------- ------------ ----------
KODAL MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2018
2018 2017
Note GBP GBP GBP
Cash flows from operating
activities
Loss before tax (354,978) (529,341) (857,057)
Adjustments for non-cash
items:
Impairment charge - 8,442 -
Share based payments 38,210 300,207 341,372
Operating cash flow before
movements in working
capital (316,768) (220,692) (515,685)
Movement in working capital
(Increase)/decrease in
receivables (14,296) 5,122 7,464
Increase/(decrease) in
payables (36,639) (83,648) 6,178
-------------- -------------- ------------
Net movements in working
capital (50,935) (78,526) 13,642
Net cash outflow from
operating activities (367,703) (299,218) (502,043)
Cash flows from investing
activities
(Purchase)/disposal of
property, plant and equipment (20,014) (3,548) (3,702)
Purchase of intangible
assets (1,829,153) (1,083,010) (2,190,105)
Net cash outflow from
investing activities (1,849,167) (1,086,558) (2,193,807)
Cash flow from financing
activities
Net proceeds from share
issues 1,479,969 3,778,035 4,109,002
Net cash inflow from
financing activities 1,479,969 3,778,035 4,109,002
-------------- -------------- ------------
Increase/(Decrease) in
cash and cash equivalents (736,901) 2,392,259 1,413,152
Cash and cash equivalents
at beginning of the period 3,123,549 1,722,950 1,722,950
Exchange loss on cash (11,419) (22,202) (12,553)
Cash and cash equivalents
at end of the period 2,375,229 4,093,007 3,123,549
============== ============== ============
KODAL MINERALS PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
General information
Kodal Minerals plc is a public limited company incorporated and
domiciled in England & Wales. The Company's shares are publicly
traded on the AIM market of the London stock exchange. Kodal
Minerals plc and its subsidiaries are involved in the exploration
and evaluation of mineral resources in West Africa and Norway.
Basis of preparation
These unaudited condensed consolidated interim financial
statements for the six months ended 30 September 2018 were approved
by the board and authorised for issue on 13 December 2018.
The basis of preparation and accounting policies set out in the
Annual Report and Accounts for the year ended 31 March 2018 have
been applied in the preparation of these condensed consolidated
interim financial statements. These interim financial statements
have been prepared in accordance with the recognition and
measurement principles of the International Financial Reporting
Standards ('IFRS') as adopted by the EU that are expected to be
applicable to the consolidated financial statements for the year
ending 31 March 2019 and on the basis of the accounting policies
expected to be used in those financial statements.
The figures for the six months ended 30 September 2018 and 30
September 2017 are unaudited and do not constitute full accounts.
The comparative figures for the year ended 31 March 2018 are taken
from the 2017 audited accounts, which are available on the Group's
website, and have been delivered to the Registrar of Companies, and
do not constitute full accounts.
The Group has not earned revenue during the period to 30
September 2018 as it is still in the exploration and development
phases of its business. The Group has to date financed its
activities from funds raised from the issue of new shares and it
will need to continue to finance its operations in this way in the
near term.
Having made enquiries, the Directors have a reasonable
expectation that the Group will have access to adequate resources
to continue its operations for the foreseeable future. Accordingly,
the interim financial statements have been prepared on a going
concern basis.
KODAL MINERALS PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
1. SEGMENTAL REPORTING
The operations and assets of the Group are focused in the United
Kingdom, West Africa and Norway and comprise one class of business:
the exploration and evaluation of mineral resources. The parent
Company acts as a holding company. At 30 September 2018, the Group
had not commenced commercial production from its exploration sites
and therefore had no revenue for the period.
Six months to 30 September West African West African Norway Corporate
2018 (Unaudited) Gold Lithium Total
GBP GBP GBP GBP GBP
Finance income - - - 3,079 3,079
Administration expenses (275) (36,301) (30) (283,242) (319,848)
Share based payments - - - (38,210) (38,210)
------------- ------------- ------- ---------- ----------
Loss for the period (275) (36,301) (30) (318,373) (354,979)
------------- ------------- ------- ---------- ----------
At 30 September 2018
Trade and other receivables 10,255 - - 12,806 23,061
Cash and cash equivalents 17,262 29,846 97 2,328,024 2,375,229
Trade and other payables - (241,861) - (41,106) (282,967)
Intangible assets -
exploration and evaluation
expenditure 1,015,245 4,339,755 - - 5,355,000
Property plant and equipment - 17,170 - - 17,170
------------- ------------- ------- ---------- ----------
Net assets 1,042,762 4,144,910 97 2,299,724 7,487,493
------------- ------------- ------- ---------- ----------
Six months to 30 September West African West African Norway Corporate
2017 (Unaudited) Gold Lithium Total
GBP GBP GBP GBP GBP
Impairment - - (8,442) - (8,442)
Administration expenses (953) (115) (43) (219,581) (220,692)
Share based payments - - - (300,207) (300,207)
------------- ------------- -------- ---------- ----------
Loss for the period (953) (115) (8,485) (519,788) (529,341)
------------- ------------- -------- ---------- ----------
At 30 September 2017
Trade and other receivables - - - 11,107 11,107
Cash and cash equivalents 11,962 64,705 29 4,016,311 4,093,007
Trade and other payables - (193,426) - (33,505) (226,931)
Intangible assets -
exploration and evaluation
expenditure 833,524 1,586,472 - - 2,419,996
Property plant and equipment - 3,548 - - 3,548
------------- ------------- -------- ---------- ----------
Net assets 845,486 1,461,299 29 3,993,913 6,300,727
------------- ------------- -------- ---------- ----------
Year to 31 March 2018 West African West African
(Audited) Gold Lithium Norway Corporate Total
GBP GBP GBP GBP GBP
Finance income - - - 1,499 1,499
Administration expenses (7,283) (3,143) (13,939) (492,819) (517,184)
Share based payments - - - (341,372) (341,372)
Loss for the year (7,283) (3,143) (13,939) (832,692) (857,057)
------------- ------------- --------- ---------- ----------
At 31 March 2018 (Audited)
Other receivables - - - 8,765 8,765
Cash and cash equivalents 25,437 23,761 26 3,074,325 3,123,549
Trade and other payables - (295,042) (32) (36,317) (331,391)
Tangible assets - 3,085 - - 3,085
Intangible assets -
exploration and evaluation
expenditure 977,192 2,531,307 - - 3,508,499
Net assets 1,002,629 2,263,111 (6) 3,046,773 6,312,507
------------- ------------- --------- ---------- ----------
2. OPERATING LOSS
The operating loss before tax is stated after charging:
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2018
2018 2017
GBP GBP GBP
Impairment charge (see note - 8,442 -
3)
Audit services - - 29,500
Share based payment 38,210 300,207 341,372
Directors' salaries and
fees 83,078 52,852 101,903
3. LOSS PER SHARE
Basic loss per share is calculated by dividing the loss for the
period attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the
period.
The following reflects the loss and share data used in the basic
EPS computations:
Loss Weighted Basic loss
average per share
number of (pence)
shares
GBP
Six months to 30 September
2018 (354,979) 7,133,104,973 (0.0050)
Six months to 30 September
2017 (529,341) 6,121,284,447 (0.0087)
Year ended 31 March
2018 (857,057) 6,324,339,191 (0.0136)
Diluted loss per Share is calculated by dividing the loss
attributable to ordinary equity holders of the parent by the
weighted average number of ordinary Shares outstanding during the
period plus the weighted average number of ordinary Shares that
would be issued on conversion of all the dilutive potential
ordinary shares into ordinary Shares. Options in issue are not
considered diluting to the earnings per Share as the Group is
currently loss making. Diluted loss per Share is therefore the same as the basic loss per Share.
4. SHARE BASED PAYMENTS
The share-based payment reserve is used to recognise the value
of equity-settled share-based payments provided to employees,
including key management personnel, as part of their
remuneration.
Unaudited Unaudited Audited
6 months to 6 months Year ended
30 September to 31 March
2018 30 September 2018
2017
Share options outstanding
Opening balance 195,000,000 40,000,000 40,000,000
Issued in the period - 145,000,000 155,000,000
--------------
Closing balance 195,000,000 185,000,000 195,000,000
============== ============== ==============
Unaudited Unaudited Audited
6 months to 6 months Year ended
30 September to 31 March
2018 30 September 2018
2017
Share warrants outstanding
Opening balance 25,000,000 - -
Issued in the period - 25,000,000 25,000,000
--------------
Closing balance 25,000,000 25,000,000 25,000,000
============== ============== =============
A share based payment charge of GBP38,210 for the period to 30
September 2018 (6 months to 30 September 2017: GBP300,207, year to
31 March 2018: GBP341,372) has been recognised in the profit and
loss in relation to these options and warrants.
The fair values of the options and warrants granted were
calculated using the Black-Scholes valuation model. The inputs into
the model were:
8 May 2017 22 May 2017 20 November 2017
Strike price 0.38p 0.38p 0.38p
Share price 0.31p 0.32p 0.205p
Volatility 143% 143% 129%
Expiry date 8 May 2022 22 May 2022 20 November 2022
Risk free rate 0.87% 0.80% 1.09%
Dividend yield 0.0% 0.0% 0.0%
5. TAXATION
There is no taxation charge for the period to 30 September 2018
(6 months to 30 September 2017: GBPnil, year to 31 March 2018:
GBPnil) as the group continues to incur losses.
No deferred tax asset has been recognised in respect of losses
as the timing of their utilisation is uncertain at this stage.
6. INTANGIBLE ASSETS
Exploration
and evaluation
GBP
COST
At 31 March 2017 5,460,552
Additions in the period 1,083,164
Effects of foreign exchange 22,048
----------------
At 30 September 2017 6,565,764
----------------
Additions in the period 1,106,941
Effects of foreign exchange (26,880)
At 31 March 2018 7,645,825
Additions in the period 1,823,224
Effects of foreign exchange 31,719
----------------
At 30 September 2018 9,500,768
----------------
AMORTISATION
At 31 March 2017 4,137,326
Amortisation charge for
the period 8,442
At 30 September 2017
and 31 March 2018 and
30 September 2018 4,145,768
----------------
NET BOOK VALUES
At 30 September 2018
(Unaudited) 5,355,000
================
At 30 September 2017
(Unaudited) 2,419,996
================
At 31 March 2018 (Audited) 3,508,499
================
7. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
GBP
COST
At 31 March 2017 -
Additions in the period 3,702
-----------
At 30 September 2017 and
31 March 2018 3,702
Additions in the period 20,014
-----------
At 30 September 2018 23,716
-----------
DEPRECIATION
At 31 March 2017 -
Charge for the period 154
At 30 September 2017 154
Charge for the period 463
-----------
At 31 March 2018 617
Charge in the period 5,929
At 30 September 2018 6,546
-----------
NET BOOK VALUES
At 30 September 2018 (Unaudited) 17,170
===========
At 30 September 2017 (Unaudited) 3,548
===========
At 31 March 2018 (Audited) 3,085
===========
8. SUBSIDIARY ENTITIES
The consolidated financial statements include the following
subsidiary companies:
Country of Equity Nature of
Company Subsidiary of incorporation holding Business
Kodal Norway (UK) Kodal Minerals United Kingdom 100% Operating company
Limited Plc
Kodal Mining AS Kodal Norway Norway 100% Mining exploration
(UK) Limited
Kodal Phosphate Kodal Norway Norway 100% Mining exploration
AS (UK) Limited
International Kodal Minerals Bermuda 100% Holding company
Goldfields (Bermuda) Plc
Limited
International International Mali 100% Mining exploration
Goldfields Mali Goldfields (Bermuda)
SARL Limited
International International C te d'Ivoire 100% Mining exploration
Goldfields C te Goldfields (Bermuda)
d'Ivoire SARL Limited
Jigsaw Resources International Bermuda 100% Mining exploration
CIV Limited Goldfields (Bermuda)
Limited
Corvette CIV SARL International C te d'Ivoire 100% Mining exploration
Goldfields (Bermuda)
Limited
Future Minerals International Bermuda 100% Mining exploration
Limited Goldfields (Bermuda)
Limited
9. ORDINARY SHARES
Allotted, issued and fully paid:
Nominal Number of Share Premium
Value Ordinary Share Capital GBP
Shares GBP
At 31 March 2017 5,386,254,850 1,683,206 6,784,682
May 2017 - note (a) GBP0.0003125 868,421,052 271,382 2,863,618
July 2017 - note
(b) GBP0.0003125 182,709,973 57,096 515,288
At 30 September 2017 6,437,385,875 2,011,684 10,163,588
November 2017 - note
(c) GBP0.0003125 87,096,953 27,218 303,749
-------------- ---------------- --------------
As at 31 March 2018 6,524,482,828 2,038,903 10,467,337
June 2018 - note
(d) GBP0.0003125 1,153,846,149 360,577 1,119,392
-------------- ---------------- --------------
As at 30 September
2018 7,678,328,977 2,399,480 11,586,729
-------------- ---------------- --------------
Share issue costs have been allocated against the Share Premium
account.
Notes:
a) On 8 May 2017, a total of 868,421,052 shares were issued in a
subscription at an issue price of 0.38 pence per share.
b) On 31 July 2017, a total of 182,709,973 shares were issued in
a subscription at an issue price of 0.38 pence per share.
c) On 3 November 2017, a total of 87,096,953 shares were issued
to Suay Chin International Pte Ltd at an issue price of 0.38 pence
per share.
d) On 26 June 2018, a total of 1,153,846,149 shares were issued
to Suay Chin International Pte Ltd at an issue price of 0.13 pence
per share.
10. RELATED PARTY TRANSACTIONS
Transactions with related parties
Robert Wooldridge, a Director, is a member of SP Angel Corporate
Finance LLP ("SP Angel") which acts as Financial Adviser and Broker
to the Company. During the six months ended 30 September 2018, the
Company has paid fees to SP Angel of GBP27,500 (6 months to 30
September 2017: GBP15,809, year to 31 March 2018: GBP31,052) for
its services as broker.
Novoco Mine Engineering Limited ("Novoco"), a company wholly
owned by Luke Bryan, a Director, provided consultancy services to
the Group during the six months to 30 September 2018 and received
fees of GBP12,075 (6 months to 30 September 2017: GBP13,400, year
to 31 March 2018: GBP13,400).
Matlock Geological Services Pty Ltd ("Matlock"), a company
wholly owned by Bernard Aylward, a Director, provided consultancy
services to the Group during the six months to 30 September 2018
and received fees of GBP45,257 (6 months to 30 September 2017:
GBP47,376, year to 31 March 2018: GBP82,982).
11. CONTROL
No one party is identified as controlling the Group.
12. EVENTS AFTER THE REPORTING PERIOD
Subsequent to the period end, the Company entered into entered
into a consultancy contract with Zivvo Pty Ltd ("Zivvo"), a company
controlled by Mr Zaninovich, under which Mr Zaninovich will provide
services as Project Manager initially on a part-time basis but
within three months becoming substantially a full-time role. The
Company has entered into a warrant agreement with Zivvo under which
up to 180 million warrants may be issued to Zivvo in three tranches
as follows:
Exercise price Tranche 1 Tranche 2 Tranche 3 Total
per share
0.14p 13,333,333 16,666,667 30,000,000 60,000,000
----------- ----------- ----------- ------------
0.25p 13,333,333 16,666,667 30,000,000 60,000,000
----------- ----------- ----------- ------------
0.38p 13,333,333 16,666,667 30,000,000 60,000,000
----------- ----------- ----------- ------------
Total 39,999,999 50,000,001 90,000,000 180,000,000
----------- ----------- ----------- ------------
Tranche 1 vests and becomes exercisable from the date the
services are provided on a full time basis (within three months
from now), Tranche 2 from the date on which a mining licence for
the project is awarded to the Company and Tranche 3 from the date
on which commercial production commences at Bougouni.
Each warrant is exercisable into one ordinary share of the
Company and has a life of 5 five years from vesting. If the
warrants are all exercised it would result in the issue of 180
million new ordinary shares which represents approximately 2.34% of
the current issued share capital of the Company.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFSDFRLVLIT
(END) Dow Jones Newswires
December 14, 2018 02:00 ET (07:00 GMT)
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