TIDMCDL
RNS Number : 0564H
Cloudbreak Discovery PLC
04 April 2022
4 April 2022
Cloudbreak Discovery Plc
("Cloudbreak", or the "Company")
Interim Results for the Period Ended 31 December 2021
Cloudbreak Discovery Plc (LSE: CDL), a leading natural r esource
project generator, announces its interim results for the period
ended 31 December 2021 ("H2 2021" or the "Period").
Period Highlights
-- In June 2021, Cloudbreak and Alianza Minerals Ltd formed a
strategic alliance to explore for copper deposits in the United
States (the "Alliance")
o During H2 2021 the Alliance made its first acquisition, the
Klondike Property ("Klondike"), in Colorado
o A subsequent sampling programme expanded the known copper
mineralisation and delineated a new copper target with results
including 1.56% copper from a 4.6 metre chip sample
o The Alliance optioned Klondike to Allied Copper Corp. ("Allied
Copper" or "Allied") under an agreement which includes Allied
Copper committing to exploration expenditure and the Alliance
retaining a net smelter royalty
o During the Period, the Alliance also made its second
acquisition with the Stateline Property ("Stateline") in Utah which
has 22 unpatented mining claims. Mineralisation and host rocks at
Stateline bear strong resemblance to those at the Lisbon Valley
Mining Complex
-- Cloudbreak staked and initiated an exploration programme on
the Northwest Portfolio which targets polymetallic projects in
Northwestern British Columbia ("BC")
-- Optioned the Yak Project, which targets gold mineralisation
and is part of the Northwest Portfolio, to Moonbound Mining Ltd
-- Identified an exploration partner, 1315956 BC Ltd, for its South Timmins gold project
-- Optioned Atlin West, which is part of the Northwest Portfolio, to 1315843 BC Ltd
Post Period Highlights
-- Successful fundraise of GBP1.5 million by way of a placing of ordinary shares
-- Optioned the Stateline project to Allied Copper under an
agreement which will see Allied committing to exploration
expenditure and the Alliance retaining a net smelter royalty
-- Engagement with OIG Overseas Investment Group Ltd for corporate development services
-- The Rizz and Icefall projects, which are part of the
Northwest Portfolio, were optioned to 1311516 BC Ltd
Kyler Hardy, CEO and President of Cloudbreak Discovery,
commented, "I am pleased to report an active six months for
Cloudbreak, having optioned a number of projects within our diverse
portfolio to partners. Other key achievements include the
initiation of an exploration programme on the Northwest Portfolio
in British Columbia, a region where the Cloudbreak team has
extensive experience.
"Alongside our core projects, we continue to evaluate a variety
of base and precious metal prospects in West Africa, as well as
lithium deposits in North America. All of these have the potential
to create significant value for Cloudbreak and its
shareholders.
"The demand for battery and base metals remains strong, and
coupled with our pipeline of high impact acquisitions, the outlook
for Cloudbreak in 2022 is positive."
Financials
-- The loss of the Group for the period ended 31 December 2021
amounts to GBP2,804,575 (H2 2020: GBP4,562,601 profit)
o The result for the period consisted mainly of a loss on the
market value of its stock holdings and administrative expenses
-- GBP735,810 in cash and cash equivalents held at the period end (H2 2020: GBP39,299)
-- GBP2,631,507 carrying value of investments held at the period
ended 31 December 2021 (H2 2020: GBP5,061,849)
-- Consolidated loss per share or the period ended 31 December 2021 was GBP0.72
For additional information please contact:
Cloudbreak Discovery Tel: +1 604 428 9480
PLC
Kyler Hardy, CEO khardy@cloudbreakdiscovery.com
Novum Securities Tel: +44 7399 9400
(Financial Adviser)
David Coffman / Lucy
Bowden
Shard Capital Partners Tel: +44 207 186 9900
(Broker)
Damon Heath / Isabella
Pierre
BlytheRay Tel: +44 207 138 3204 Cloudbreak@blytheray.com
(Financial PR/IR-London)
Tim Blythe
Megan Ray
Stellium Services Tel: +44(0)207 129 Cloudbreak@StelliumServices.com
(Investor Relations) 1205
www.StelliumServices.com Andrew Wilson
Claire Bowden
HALF-YEAR REPORT
The Directors are pleased to present an update on the Company's
activities over the six-month period ended 31 December 2021.
Cloudbreak Discovery Plc (formerly Imperial X Plc) (LSE:CDL) is
a Standard Listed company incorporated in England and Wales under
the Companies Act (registered number 6275976). The Group is
domiciled in the United Kingdom and its registered address is 6(th)
Floor 60 Gracechurch Street, London, EC3V 0HR. The principal
activity of Cloudbreak Discovery Plc and its subsidiaries (together
"the Group") during the period was mineral resource project
generation.
In June 2021, the entire share capital of Cloudbreak Discovery
Corp, Howson Ventures Inc. and Cabox Gold Corp. (together
"Cloudbreak Canada") were acquired in a reverse takeover
transaction ("RTO") between Imperial X Plc and Cloudbreak Canada.
In conjunction with the RTO, the Company changed its name to
Cloudbreak Discovery Plc and was admitted to the London Stock
Exchange's Main Market for listed securities with an issued share
capital of 389,565,060 ordinary shares with a market capitalisation
of approximately GBP7,459,938. As of 31 December 2021 there are
390,065,060 ordinary shares outstanding.
During the six-month period ended 31 December 2021 the Group
reviewed several mineral property exploration opportunities and
staked multiple properties in northern British Columbia, Canada and
Colorado, USA. Four of its properties were optioned off during the
period to various parties.
Financial Results & Review
The loss for the 6 months period ending 31 December 2021 was
GBP2,804,575 (2020: GBP4,562,601 profit). The result for the period
consisted mainly of a GBP1,825,446 loss (2020: GBP3,835,212 gain)
on the market value of its stock holdings and GBP1,202,181 (2020:
GBP453,908) in administrative expenses. This was partially offset
by the GBP217,410 (2020: GBP1,188,890) profit realized on optioning
some of its exploration properties. At the end of the period, there
was GBP735,810 in cash on hand with the cash reserves to be used in
the short term to cover compliance costs, initial mineral property
due diligence and acquisition costs and other costs incidental to
the identification and development of mineral acquisition
opportunities.
During the period, the Group continued to review and acquire
mineral properties and generate revenue through optioning out
mineral properties to exploration partners. The buying, selling or
optioning of its mineral properties continued the establishment of
the Company as a new, growth-focused diversified project generator
and natural resource royalty business. During the period, the
company staked the Atlin West, Yak, Rizz, Ice Fall and Northern
Treasure properties in northern British Columbia, Canada. The
Company also staked the Klondike and Stateline properties in
Colorado, USA with it's 50% partner Alianza Minerals. The Atlin
West, South Timmins, Yak and Klondike properties were optioned to
various parties shortly after their acquisition. Subsequent to the
period end December 31, 2021, the Company also optioned its'
Stateline, Rizz and Ice Fall properties to various parties.
During the period, the Group issued 500,000 ordinary shares at a
deemed price of 3.0p for marketing services and issued 11,250,000
options to directors, management and consultants. On January 31,
2022, subsequent to the period end, the Company issued 58,000,000
ordinary shares at a deemed price of 3.0p per share for corporate
development services. On March 2, 2022 the Company completed a
private placement with the issuance of 19,596,931 ordinary shares
at a price of 7.5p per share for gross proceeds of GBP1,469,770. On
March 28, 2022, the Company completed a Crescita equity drawdown
and issued 12,000,000 ordinary shares at a price of 6.25p per share
for gross proceeds of GBP750,000.
The Board monitors the activities and performance of the Group
on a regular basis. The Board uses financial indicators based on
budget versus actual to assess the performance of the Group. The
indicators set out below will continue to be used by the Board to
assess performance over the period to 31 December 2021. The main
KPIs for the Group are as follows. These allow the Group to monitor
costs and plan future exploration and development activities:
Key Performance Indicators 6 months 6 months Year ended
to 31 Dec to 31 Dec 30 June
2021 (unaudited) 2020 (unaudited) 2021 (audited)
------------------------------------ --------------------- --------------------- -------------------
Cash and cash equivalents GBP735,810 GBP39,299 GBP1,277,617
------------------------------------ --------------------- --------------------- -------------------
Administrative expenses as a
percentage of total assets 32.44% 7.70% 14.1%
------------------------------------ --------------------- --------------------- -------------------
Exploration and evaluation cash GBP197,449 GBP0 GBP29,675
expenditures
------------------------------------ --------------------- --------------------- -------------------
Carrying value of investment GBP2,631,507 GBP5,061,849 GBP4,353,318
------------------------------------ --------------------- --------------------- -------------------
Financial Position
The Group's Statement of Financial Position as at 31 December
2021 and comparatives at 31 December 2020 and 30 June 2021 are
summarised below:
31 December 2021 31 December 30 June 2021
2020
GBP GBP GBP
-------------------------- -------------------- --------------- ----------------
Current assets 980,189 502,824 1,799,847
-------------------------- -------------------- --------------- ----------------
Non-current assets 2,725,479 5,391,939 4,383,998
-------------------------- -------------------- --------------- ----------------
Total assets 3,705,669 5,894,763 6,183,845
-------------------------- -------------------- --------------- ----------------
Current liabilities 1,043,575 364,782 895,264
-------------------------- -------------------- --------------- ----------------
Total liabilities 1,043,575 364,782 895,264
-------------------------- -------------------- --------------- ----------------
Net (liabilities)/assets 2,662,094 5,529,981 5,288,581
========================== ==================== =============== ================
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the Group's
strategy are subject to a number of risks. The key business risks
affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Group.
Exploration risks
The exploration and mining business are controlled by a number
of global factors, principally supply and demand which in turn is a
key driver of global mineral prices; these factors are beyond the
control of the Group. Exploration is a high-risk business and there
can be no guarantee that any mineralisation discovered will result
in proven and probable reserves or go on to be an operating mine.
At every stage of the exploration process the projects are
rigorously reviewed to determine if the results justify the next
stage of exploration expenditure ensuring that funds are only
applied to high priority targets.
Some of the principal assets of the Group comprising the mineral
exploration licences and options are subject to certain financial
and legal commitments. If these commitments are not fulfilled the
licences could be revoked. They are also subject to option
agreements and legislation defined by the local government; if this
legislation is changed or option payments are not made on time, it
could adversely affect the value of the Group's assets.
Dependence on key personnel
The Group is dependent upon its executive management team and
various technical consultants. Whilst it has entered into
contractual agreements with the aim of securing the services of
these personnel, the retention of their services cannot be
guaranteed. The development and success of the Group depends on its
ability to recruit and retain high quality and experienced staff.
The loss of the service of key personnel or the inability to
attract additional qualified personnel as the Group grows could
have an adverse effect on future business and financial
conditions.
Uninsured risk
The Group, as a participant in exploration and development
programmes, may become subject to liability for hazards that cannot
be insured against or third-party claims that exceed the insurance
cover. The Group may also be disrupted by a variety of risks and
hazards that are beyond control, including geological, geotechnical
and seismic factors, environmental hazards, industrial accidents,
occupational and health hazards and weather conditions or other
acts of God.
Funding risk
The only sources of funding currently available to the Group are
through the issue of additional equity capital in the parent
company or through bringing in partners to fund exploration and
development costs. The Group's ability to raise further funds will
depend on the success of the Group's exploration activities and its
investment strategy. The Group may not be successful in procuring
funds on terms which are attractive and, if such funding is
unavailable, the Group may be required to reduce the scope of its
exploration activities or relinquish some of the exploration
licences held for which it may incur fines or penalties.
Financial risks
The Group's operations expose it to a variety of financial risks
that can include market risk (including foreign currency, price and
interest rate risk), credit risk, and liquidity risk. The Group has
a risk management programme in place that seeks to limit the
adverse effects on the financial performance of the Group by
monitoring levels of debt finance and the related finance costs.
The Group does not use derivative financial instruments to manage
interest rate costs and, as such, no hedge accounting is
applied.
Investment risks
The Group holds investments in publicly listed and non-listed
securities. These future valuations are determined by many factors
but include the operational and financial performance of the
underlying investee companies, as well as market perceptions of the
future of the economy and its impact upon the economic environment
in which these companies operate. This risk represents the
potential loss that the Group might suffer through holding its
financial investment portfolio in the face of market movements.
This report was approved by the Board on 1 April 2022 and signed
on its behalf.
On Behalf of the Board:
Kyler Hardy
Chairman and Chief Executive Officer
Cloudbreak Discovery Plc
RESPONSIBILITY STATEMENT
FOR THE PERIODED 31 DECEMBER 2021
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Half Year Report has been prepared in accordance with
International Accounting Standard 34 'Interim Financial Reporting';
and
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Group; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules, being an indication of important events that
have occurred during the first six months of the financial year and
their impact on the set of interim financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being the information required on related party
transactions.
The Half Year Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Kyler Hardy
Chairman and Chief Executive Officer
Cloudbreak Discovery Plc
Enquiries:
Cloudbreak Discovery plc www.cloudbreakdiscovery.com
Kyler Hardy, Chairman and Chief Executive Officer
khardy@cloudbreakdiscovery.com
Independent Auditor Financial Adviser
PKF Littlejohn LLP Novum Securities Limited
Statutory auditor Lansdowne House
15 Westferry Circus 57 Berkeley Square
London London
E14 4HD W1J 6ER
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
FOR THE PERIODED 31 DECEMBER 2021 AND 2020
6 months 6 months
to 31 Dec to 31 Dec
2021 (unaudited) 2020 (unaudited)
Note GBP GBP
-------------------------------------------------- ------ ------------------- -------------------
Continuing operations
Income
Unrealised gain (loss) on financial investments 10 (1,825,446) 3,835,212
Profit on disposal of exploration & evaluation
asset sales 9 217,410 1,188,890
(1,608,036) 5,024,102
Administrative expenses 5 (1,202,181) (453,908)
(1,202,181) (453,908)
Impairment of financial investments 8 (73,359) -
Unrealised foreign exchange (loss) gain 5,643 (26,442)
Finance income 8 73,359 18,848
Profit/(Loss) before tax (2,804,575) 4,562,601
Taxation
-------------------------------------------------- ------ ------------------- -------------------
Profit/(Loss) for the period attributable
to equity shareholders of the Company (2,804,575) 4,562,601
-------------------------------------------------- ------ ------------------- -------------------
Other comprehensive income / (expenditure) - -
for the period net of tax
Total comprehensive income/(expenditure)
for the period (2,804,575) 4,562,601
-------------------------------------------------- ------ ------------------- -------------------
Earnings per ordinary share
Basic and diluted income (loss) per share
attributable to the equity shareholders
of the parent (pence) 6 (0.72) 0.07
-------------------------------------------------- ------ ------------------- -------------------
GROUP STATEMENT OF FINANCIAL POSITION
FOR THE PERIODED 31 DECEMBER 2021 AND 2020
Note 6 months
to 31 Year ended
Dec 2021 30 June 2021
(unaudited) (audited)
GBP GBP
------------------------------------ ------ ---------------------- -----------------
ASSETS
Non-current assets
Investments 10 2,631,507 4,353,318
Royalty asset 11 1 1
Exploration and evaluation assets 9 93,971 30,679
-------------------------------------- ------ ---------------------- -----------------
Total non-current assets 2,725,479 4,383,998
Current assets
Trade and other receivables 12 239,885 518,849
Tax receivable 4,495 3,381
Convertible loan note receivable 8 - -
Cash and cash equivalents 735,810 1,277,617
------------------------------------- ------ ---------------------- -----------------
Total current assets 980,190 1,799,847
TOTAL ASSETS 3,705,669 6,183,845
===================================== ====== ====================== =================
LIABILITIES
Current Liabilities
Trade and other payables 13 1,043,575 895,264
------------------------------------- ------ ---------------------- -----------------
Total current liabilities 1,043,575 895,264
TOTAL LIABILITIES 1,043,575 895,264
-------------------------------------- ------ ---------------------- -----------------
NET ASSETS 2,662,094 5,288,581
------------------------------------- ------ ---------------------- -----------------
EQUITY ATTRIBUTABLE TO OWNERS OF
THE COMPANY
Share capital 14 561,020 560,520
Share premium 14 10,920,007 10,905,507
Reverse asset acquisition reserve 4 (4,134,019) (4,134,019)
Other reserve 14 674,588 511,501
Retained losses (5,359,502) (2,554,928)
--------------------------------------- ------ ---------------------- -----------------
TOTAL EQUITY 2,662,094 5,288,581
===================================== ====== ====================== =================
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 DECEMBER 2021 AND 2020
Reverse asset
acquisition
Share capital Share premium reserve Other reserves Retained losses Total Equity
---------------- -------------------------- ------------------------- ------------------------------------- --------------------------- ------------------------------- ---------------------------
At July 01
2020 50,120 2,163,168 - 36,645 (1,652,868) 597,065
Issue of
shares 30,475 52,662 - - - 83,137
Exchange
differences
on
translation - - - 36,909 - 36,909
Total
comprehensive
income
for the
period - - - - 4,562,601 4,562,601
Balance at
December 31
2020 80,595 2,215,830 - 73,554 2,909,733 5,279,711
================ ========================== ========================= ===================================== =========================== =============================== ===========================
At July 01
2021 560,520 10,905,507 (4,134,019) 511,501 (2,554,928) 5,288,581
Issue of
shares -
consulting
agreement 500 14,500 - - - 15,000
Options
granted - - - 159,292 - 159,292
Warrants
issued - - - 32,560 - 32,560
Exchange
differences
on
translation - - - (28,765) - (28,765)
Total
comprehensive
income
for the
period - - - - (2,804,575) (2,804,575)
Balance at
December 31
2021 561,020 10,920,007 (4,134,019) 674,588 (5,359,502) 2,662,094
---------------- -------------------------- ------------------------- ------------------------------------- --------------------------- ------------------------------- ---------------------------
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIODED 31 DECEMBER 2021 AND 2020
6 months 6 months
to 31 Dec to 31 Dec
2021 (unaudited) 2020 (unaudited)
Notes GBP GBP
----------------------------------------- ------- ------------------------------- ---------------------------
Cash flows from operating activities
Income from operations (2,804,574) 4,562,601
Add items not affecting cash
Exploration and evaluation asset
sales 9 17,039 (1,111,885)
Change in fair value of investments 10 1,825,446 (3,835,212)
Impairment loss 8 73,359 -
Interest income from convertible
loan 8 (73,359) (18,848)
Administrative expense 14 15,000 -
Unrealised foreign exchange (14,969) 30,640
Consulting fees 14 32,560
Stock based compensation 14 159,292 -
Changes in non-cash working capital
(Increase)/Decrease in trade and other
receivables 277,850 (14,691)
Increase/(Decrease) in trade
and other payables 148,311 337,079
Net cash used in operating activities (344,044) (50,316)
------------------------------------------ ------- ------------------------------- ---------------------------
Cash flows from investing activities
Funds spent on investments 10 (312) -
Exploration and evaluation expenses 9 (197,450) -
Cash flows generated from investing
activities (197,762) -
------------------------------------------ ------- ------------------------------- ---------------------------
Cash flows from financing activities
Issue of shares 14 - 83,137
Cash flows generated from financing
activities - 83,137
------------------------------------------ ------- ------------------------------- ---------------------------
Increase (decrease) in cash and cash
equivalents (541,807) 32,821
Cash and cash equivalents at beginning
of the period 1,277,617 6,478
------------------------------------------ ------- ------------------------------- ---------------------------
Cash and cash equivalents at end of
the period 735,810 39,299
========================================== ======= =============================== ===========================
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIODED 31 DECEMBER 2021
NOTE 1: ACCOUNTING POLICIES
General Information
The Company is a public limited company incorporated and
domiciled in England (registered number: 06275976), which is listed
on the London Stock Exchange. The registered office of the Company
is 6(th) Floor, 60 Gracechurch Street, London, EC3V 0HR.
Accounting policies
The accounting policies, presentation and methods of computation
applied by the Group in these condensed interim financial
statements are the same as those applied by the Group in its
consolidated financial information in its 2021 Annual Report and
Accounts. The new standards, described below, will be adopted by
the Group when effective, and have had no impact on these half
yearly results.
Basis of Preparation of Financial Statements
The condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting'. The accounting policies adopted in this report are
consistent with those of the annual financial statements for the
year to 30 June 2021 as described in those financial statements. A
number of new or amended standards became applicable for the
current reporting period, but they did not have any impact on the
group's accounting policies and did not require retrospective
adjustments.
Basis of consolidation
The consolidated financial statements comprise the financial
statements of Cloudbreak Discovery plc and its subsidiaries as at
31 December 2021. The financial statements of the subsidiaries are
prepared for the same reporting period as the parent company, using
consistent accounting policies.
All intra-group balances, transactions, income and expenses and
profits and losses resulting from intra-group transactions that are
recognised in assets, are eliminated in full.
Subsidiaries are fully consolidated from the date of
acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control
ceases. Cloudbreak Discovery plc owns the majority of the
shareholdings and has operational control over all its
subsidiaries. Please refer to Note 4 for information on the
consolidation of Cloudbreak Discovery plc.
Going Concern
The Group Financial Statements have been prepared on a going
concern basis. Although the Group's assets are not generating
revenues and an operating loss has been reported, the Directors are
of the view that, the Group has funds to meet its planned expenses
over the next 12 months from the date of these Financial
Statements.
In assessing whether the going concern assumption is
appropriate, the Directors have taken into account all relevant
available information about the current and future position of the
Group, including current level of resources and the required level
of spending on exploration and corporate activities. As part of the
assessment, the Directors have also taken into account the
potential for continuing warrant exercises and the ability to raise
new funding and utilizing the Crescita facility whilst maintaining
an acceptable level of cash for the Group to meet all
commitments.
The Directors are confident that the measures they have
available will result in sufficient working capital and cash flows
to continue in operational existence. Taking these matters in
consideration, the Directors continue to adopt the going concern
basis of accounting in the preparation of the financial
statements.
The spread of COVID-19 will continue to have a material impact
on many economies globally both through the effects of the virus
itself and the measures taken by government to restrict its spread.
The situation and guidance being given in respect of COVID-19 is an
evolving one, which the Board will continue to actively monitor.
The Directors acknowledge that the market volatility may impact the
ability of the Group to raise funds in the near future.
Standards issued but not yet effective:
At the date of authorisation of these financial statements, the
following standards and interpretations relevant to the Group and
which have not been applied in these financial statements, were in
issue but were not yet effective.
Standard Effective date, annual period beginning on or after
Amendments to IAS 1: Presentation of Financial Statements - Not yet confirmed*
Classification of Liabilities
as Current or Noncurrent
-----------------------------------------------------
Amendments to IFRS 3 Business Combinations 1 January 2022*
-----------------------------------------------------
Amendments to IAS 16: Property, Plant and Equipment 1 January 2022*
-----------------------------------------------------
Amendments to IAS 37: Provisions, Contingent Liabilities and 1 January 2022*
Contingent Assets
-----------------------------------------------------
Annual Improvements to IFRS Standards 2018-2020 Cycle 1 January 2022*
-----------------------------------------------------
Amendments to IAS 8: Accounting Policies, Changes to Not yet confirmed*
Accounting Estimates and Errors
-----------------------------------------------------
Amendments to IAS 12: Income Taxes - Deferred Tax arising Not yet confirmed*
from a Single Transaction
-----------------------------------------------------
*Subject to UK endorsement
The adoption of these standards is not expected to have any
material impact on the financial statements of the Group
NOTE 2: INTERIM FINANCIAL INFORMATION
The condensed consolidated interim financial statements are for
the six-month period ended 31 December 2021. The condensed
consolidated interim financial statements do not include all the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 30 June 2021, which were
prepared under International Financial Reporting Standards
(IFRS).
The condensed consolidated interim financial statements have not
been audited nor have they been reviewed by the Group's auditors
under ISRE 2410 of the Auditing Practices Board. These condensed
consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434of the Companies Act
2006. The Group's statutory financial statements for the year ended
30 June 2021 prepared under IFRS have been filed with the Registrar
of Companies. The auditor's report on those financial statements
was unqualified and did not contain a statement under Section
498(2) of the Companies Act 2006.
NOTE 3: CRITICAL ACCOUNTING ESTIMATE AND JUDGEMENTS
The preparation of the financial statements in conformity with
International Financial Reporting Standards requires the use of
certain critical accounting estimates. It also requires management
to exercise its judgement in the process of applying the Company's
accounting policies. Actual results may differ from these
estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those applied to the consolidated financial
statements for the year ended 30 June 2021.
NOTE 4: REVERSE ACQUISITION AND LSE LISTING
On June 2, 2021, the Company acquired the entire issued share
capital of Cloudbreak Discovery Corp, Howson Ventures Inc, Cabox
Gold Corp. and 1278953 B.C. Ltd. (together "Cloudbreak Canada"),
which are private companies incorporated in British Columbia, by
way of share exchange. These entities amalgamated on June 29, 2021,
and were renamed Cloudbreak Discovery (Canada) Ltd. These financial
statements are presented as if Cloudbreak Discovery Corp, Howson
Ventures Inc, Cabox Gold Corp. and 1278953 B.C. Ltd. were
amalgamated as of July 1, 2019.
Although the transaction resulted in Cloudbreak Canada becoming
a wholly owned subsidiary of the parent company, the transaction
constitutes a reverse acquisition in as much as the shareholders of
Cloudbreak Canada own a majority of the outstanding ordinary shares
of the Group. In substance, the shareholders of Cloudbreak Canada
acquired a controlling interest in the Group and the transaction
has therefore been accounted for as a reverse acquisition.
As the parent company was engaged in acquiring Cloudbreak Canada
and raising equity financing to provide the required funding for
the operations of the acquisition and listing on the main market of
the LSE, it did not meet the definition of a business according to
the definition in IFRS 3. Accordingly, this reverse acquisition
does not constitute a business combination and was accounted for in
accordance with IFRS 2 Share-based payment and IFRIC guidance, with
the difference between the equity value given up by the Cloudbreak
Canada shareholders and the share of the fair value of net assets
gained by the Cloudbreak Canada shareholders charged to the
statement of comprehensive income as the cost of acquiring an LSE
quoted listing.
In accordance with reverse acquisition accounting principles,
these consolidated financial statements represent a continuation of
the consolidated financial statements of Cloudbreak Canada and
include:
a. The assets and liabilities of Cloudbreak Canada at their
pre-acquisition carrying amounts and the results for both periods;
and
b. The assets and liabilities of the parent company as at 30
June 2021 and its results from 2 June to 30 June 2021.
On 2 June 2021, the parent company issued 216,182,566 shares for
the issued and outstanding capital of Cloudbreak Canada.
On June 2, 2021, the quoted share price of Cloudbreak Discovery
Plc was GBP0.03 and therefore this valued the investment in
Cloudbreak Canada at GBP6,485,477.
Because the legal subsidiary, Cloudbreak Canada, was treated as
the accounting acquirer and the legal parent company, Cloudbreak
Discovery Plc, was treated as the accounting subsidiary, the fair
value of the shares and warrants and options deemed to have been
issued by Cloudbreak Canada was calculated at GBP2,764,950 based on
an assessment of the purchase consideration for a 100% holding in
Cloudbreak Discovery Plc.
The fair value of net assets of Cloudbreak Discovery plc at the
date of acquisition was as follows:
Cash and cash equivalents GBP860,389
Receivables GBP215,267
Liabilities GBP (1,122,063)
Net assets GBP(46,407)
The fair value of shares issued for Cloudbreak's net assets, and
the warrants and options assumed upon acquisition was as
follows:
Warrants GBP21,092
Options GBP99,572
Common shares issued GBP2,198,563
Total deemed cost GBP2,319,227
The difference between the deemed cost and the fair value of the
net assets acquired of GBP2,365,634 has been expensed in accordance
with IFRS 2, Share based payments, reflecting the economic cost to
the Cloudbreak Canada shareholders of acquiring a quoted
entity.
A reverse asset acquisition reserve has also been recorded of
GBP4,134,019 which represents the retained losses of the Company
before acquisition and the Company equity at reverse
acquisition.
NOTE 5: EXPENSES BY NATURE
Group
---------------------------------- ------------------------------------------
For the period For the period
ended 31 December ended 31 December
2021 2020
----------------------------------
GBP GBP
---------------------------------- -------------------- --------------------
Professional fees 87,858 196,369
Consulting fees 781,812 77,764
Share-based payments 159,292 78,562
Transfer agent and filing fees 21,826 5,518
Other expenses 151,393 95,695
Total administrative expenses
1,202,181 453,908
-------------------- --------------------
NOTE 6: EARNINGS PER SHARE
The calculation of the basic loss per share of GBP0.72 is based
on the loss attributable to ordinary shareholders of GBP2,804,575
and on the weighted average number of ordinary and deferred shares
of 390,461,235 in issue during the period.
In accordance with IAS 33, no diluted earnings per share is
presented as the effect on the exercise of share options or
warrants would be to decrease the loss per share.
Details of share options and warrants that could potentially
dilute earnings per share in future periods are set out in Note
14.
NOTE 7: DIRECTORS AND EMPLOYEES
The total number of Directors who served in the period was 4
(June 2021: 4). There are no employees of the Group.
The following amounts were paid during the year to Directors or
companies controlled by Directors:
Group
----------------- ---------------------------------------------------------------------------------------------
December December
2021 2021
-----------------
GBP GBP
----------------- --------------------------------------------------------------------- ----------------------
Consulting Fees 512,485 23,760
--------------------------------------------------------------------- ----------------------
512,485 23,760
===================================================================== ======================
Amounts included in Directors fees and salaries include GBPNil
(2020: GBPNil) in relation to share option charges. 11,250,000
options were issued to directors on 25 August 2021 for their
services. The options have an exercise price of GBP0.03 and expire
on 25 August 2025. Details of the Share Option charges can be found
in Note 14.
NOTE 8: CONVERTIBLE LOAN
Group
Principal Total December Total June
2021 2021
----------------------
(GBP) (GBP)
---------------------- --------------------------- ----------------- -----------------
Convertible loan $500,000 USD (GBP361,847) GBP488,338 GBP450,591
note
Convertible loan $420,000 USD (GBP303,744) GBP376,718 GBP350,718
note
Convertible loan $49,790 USD (GBP35,949) GBP54,213 GBP44,000
note
Convertible loan $250,000 USD (GBP180,500) GBP237,005 GBP220,281
note
Impairment provision GBP (1,156,274) GBP (1,065,590)
--------------------------- ----------------- -----------------
GBP - GBP-
=========================== ================= =================
On March 20, 2019, the Group issued a $500,000 USD (GBP361,847)
unsecured convertible loan note to Anglo-African Minerals plc
("AAM"). The convertible loan note bears interest at 10% per annum
and compounds monthly, is unsecured, and had an original maturity
date of September 20, 2019. The convertible loan note is
convertible into common shares of AAM at $0.01 USD per share. The
maturity date of the convertible loan note was subsequently
extended to March 20, 2020, and the Group was issued 21,029,978 AAM
warrants per the terms of the extension. These warrants have a
strike price of $0.025 USD per share, with an expiry date of
September 19, 2021. As at June 30, 2021, the Group impaired the
balance down to $Nil as collectability was considered doubtful.
On June 2, 2021, the Group acquired an unsecured convertible
loan note that was issued to AAM from Cronin Services Ltd., a
company controlled by the Chairman and CEO of the Group, that had a
principal value of $420,000 USD (GBP303,744) and accrued interest
of $61,261 (GBP44,304) for total value of $481,261 USD
(GBP348,048). The Group issued 14,166,790 ordinary shares and
7,083,395 share purchase warrants to acquire this note. Each share
purchase warrant may be converted into one ordinary share of the
Group at GBP0.05 per ordinary share and expires June 2, 2025. The
convertible loan note bears interest at 10% per annum and compounds
monthly, is unsecured, and had a maturity date of May 31, 2021. The
convertible loan note is convertible into common shares of AAM at
$0.01 USD per share. As at June 30, 2021, the Group impaired the
balance down to $Nil as collectability was considered doubtful.
On June 2, 2021, the Group acquired an unsecured convertible
loan note that was issued to AAM from Cronin Capital Corp., a
company controlled by the Chairman and CEO of the Group, that had a
principal value of $49,790 USD (GBP35,949) and accrued interest of
$9,826 USD (GBP7,094) for total value of $59,617 USD (GBP43,043).
The Group issued 1,630,832 ordinary shares and 1,630,832 share
purchase warrants to acquire this note. Each share purchase warrant
may be converted into one ordinary share of the Group at GBP0.05
per ordinary share and expires 2025 June 2. The convertible loan
note bears interest at 15% per annum and compounds monthly, is
unsecured, and had a maturity date of 2020 September 30. The
convertible loan note is convertible into common shares of AAM at
$0.005 USD per share. As at June 30, 2021, the Group impaired the
balance down to $Nil as collectability was considered doubtful.
On June 2, 2021, the Group acquired an unsecured convertible
loan note that was issued to AAM by Reykers Nominees Limited that
had a principal value of $250,000 USD (GBP180,500) and accrued
interest of $52,776 (GBP38,104) for total value of $302,776 USD
(GBP218,604). The Group also acquired 12,500,000 AAM share purchase
warrants that had a conversion price of $0.03 USD and expiry date
of July 1, 2021 and acquired 11,000,000 AAM ordinary shares. The
Group issued 8,912,756 ordinary shares to acquire this convertible
note, 1,200,000 ordinary shares to acquire the 12,500,000 AAM share
purchase warrants and 3,520,000 ordinary shares to acquire the
11,000,000 AAM ordinary shares. The convertible loan note bears
interest at 10% per annum and compounds monthly, is unsecured, and
had a maturity date of 30 June 2020. The convertible loan note is
convertible into common shares of AAM at $0.01 USD per share. As at
June 30, 2021, the Group impaired the balance down to $Nil as
collectability of the convertible loan was considered doubtful and
the shares and warrants impaired.
The Group continues to accrue interest on the convertible loan
notes and impair the interest receivable down to $Nil as
collectability continues to be considered doubtful. During the
period ended December 31, 2021, GBP73,359 of interest receivable
was impaired and recorded as a loss.
NOTE 9: EXPLORATION AND EVALUATION ASSETS
As at December 31, 2021 and June 30, 2021, the Group's
exploration and evaluation assets are as follows:
Group
Dec 31 June 30
E & E Assets 2021 (GBP) 2021 (GBP)
------------------------------------------------- ------------- -------------
Caribou Property, British Columbia 1 1
La Blache Property, Quebec - -
Silver Vista Property, British Columbia 1 1
Silver Switchback Property, British Columbia 1 1
New Moon Property, British Columbia 1 -
Rupert Property, British Columbia 14,595 14,595
Atlin West Property, British Columbia 1 -
South Timmins, Ontario 1 16,080
Yak Property, British Columbia 1 -
Klondike Property, Colorado 22,701 -
Stateline Property, Colorado 13,416 -
Icefall Property, British Columbia 8,226 -
Rizz Property, British Columbia 5,250 -
Northern Treasure Property, British Columbia 29,503 1
Gold Vista Property, British Columbia 1 1
Spectrum Property, British Columbia - -
Balance, June 30, 2021 93,971 30,679
------------------------------------------------- ------------- -------------
As at December 31, 2021 and June 30, 2021, the Group's
reconciliation of exploration and evaluation assets are as
follows:
Group
Dec 31
E & E Assets June 30
2021 (GBP) 2021 (GBP)
--------------------------- ------------- -------------
Cost
As at July 1 30,679 228,863
Additions 197,449 97,058
Net proceeds from sale (351,567) (2,855,312)
Gain on sale 217,410 2,560,070
Balance, June 30 93,971 30,679
--------------------------- ------------- -------------
Caribou Property, Canada
On November 20, 2017, the Group acquired the Caribou mineral
property for GBP1 from a company controlled by the CEO of the
Group. As at December 31, 2021, included in Exploration and
Evaluation Assets is GBP1 (June 30, 2021 - GBP1) attributed to the
Caribou property.
On June 2, 2020, the Group entered into an option agreement with
Norseman Silver Inc. ("Norseman"), a company with a common
director, under which Norseman may acquire up to a 100% interest in
the Group's Caribou Property subject to a 2% net smelter return
("NSR") to the Group. In order for Norseman to fully exercise the
option on the Caribou Property, they must pay the Group an
aggregate of $80,000 CAD, issue 2,750,000 common shares of Norseman
and incur exploration expenses of $225,000 CAD over three years.
Norseman will have the right to repurchase one-half (1%) of the 2%
NSR for $1,000,000 CAD .
La Blache Property, Canada
On May 20, 2019, the Group purchased 100% of the La Blache
mineral claims in Cote-Nord, Quebec for $50,000 CAD ( GBP29,195)
.
On June 18, 2020, the Group and Cronin Services Ltd., a company
controlled by the CEO and President of the Group (collectively
known as "Vendors"), entered into a definitive agreement with Temas
Resources Corp. ("Temas") for the sale of 100% interest in the
property for 10,000,000 Temas shares, $30,000 CAD in cash payments
and a 2% NSR to the Group. Temas has the right to repurchase
one-half (1%) of the NSR for $2,500,000 CAD. On September 23, 2020,
the transaction closed with the Group receiving 10,000,000 Temas
shares valued at $2,000,000 CAD (GBP1,167,815) and $30,000 CAD
(GBP17,517). The 10,000,000 shares the Group received are subject
to pooling restrictions as follows: 25% of the Temas shares were
released from the pool March 23, 2021, and the balance were
released September 23, 2021. Upon its sale, total value of $50,000
CAD (GBP29,195) in exploration and evaluation assets attributed to
La Blache property was expensed.
Silver Switchback Property, Canada
On May 8, 2020, the Group entered into an option agreement to
purchase 100% of the rights to the Silver Switchback Property
located in British Columbia, Canada. To earn a 100% interest, the
Group must make aggregate cash payments of $75,000 CAD ($15,000 CAD
paid - GBP8,850), issue 1,850,000 shares (250,000 shares issued at
a value of $40,000 CAD - GBP23,356) in the Group and incur work
commitments on the property of $475,000 CAD over three years. The
property is subject to a 2% NSR which the Group may re-purchase
1.5% for $1,250,000 CAD.
On August 27, 2020, the Group entered into an option agreement
with Norseman, under which Norseman may acquire up to a 100%
interest in the Group's Silver Switchback Property subject to a 1%
NSR to the Group. In order for Norseman to fully exercise the
option on the Silver Switchback Property, they must pay the Group
$30,000 CAD (received), issue 750,000 common shares (750,000
received valued at $212,450 CAD - GBP124,008) and assume certain
obligations due to the original vendor over three years. Norseman
will have the right to repurchase one-half (0.5%) of the NSR from
the Group for $500,000 CAD.
Silver Vista Property, Canada
On May 8, 2020, the Group entered into an option agreement to
purchase 100% of the rights to the Silver Vista Property located in
British Columbia, Canada. To earn a 100% interest, the Group will
need to make aggregate cash payments of $65,000 CAD ($20,000 CAD
paid - GBP11,678), issue 1,375,000 shares (375,000 shares issued at
a value of $75,000 CAD - GBP43,793) in the Group and incur work
commitments on the property of $275,000 CAD, over three years. The
property is subject to a 2% NSR which the Group may acquire
one-half (1%) for $1,000,000 CAD.
On September 21, 2020, the Group entered into an option
agreement with Norseman, under which Norseman may acquire up to a
100% interest in the Group's Silver Vista Property subject to a 1%
NSR payable to the Group. In order for Norseman to fully exercise
the option on the Silver Switchback Property, they must pay the
Group $50,000 CAD (received - GBP29,500), and issue 2,000,000
common shares (received and valued at $40,000 CAD - GBP23,600).
Norseman will have the right to repurchase one-half (0.5%) of the
NSR for $500,000 CAD.
New Moon Property, Canada
On August 20, 2020, the Group acquired the New Moon property in
British Columbia, Canada for acquisition costs of $6,188 CAD
(GBP3,651). On December 9, 2020, the Group sold the New Moon
property to Norseman, in exchange for $10,000 CAD
(GBP5,800)(received) and 2,500,000 Norseman shares (received and
valued at $50,000 CAD - GBP29,500). The Group retained a 2% net
smelter return on the property. Norseman will have the right to
repurchase one-half (1.0%) of the NSR for $1,000,000 CAD any time
prior to commercial production.
Rupert Property, Canada
On September 11, 2018, the Group entered into an asset purchase
agreement with a company controlled by a director of the Group and
two unrelated persons to purchase the Rupert Property, located in
British Columbia, Canada. As consideration for the property, the
Group issued 2,000,000 common shares valued at $100,000 CAD
(GBP59,000) and granted a 2% NSR. At any time, 1% of the NSR can be
purchased by the Group for $1,500,000 CAD. Of the common shares
issued to acquire the property, 1,000,000 were issued to a company
that was controlled by a director of the Group. The Group also
agreed to incur aggregate expenditures on the property of $800,000
($100,000 CAD - GBP59,000 incurred).
On December 11, 2020, the Group sold the Rupert Property to
Buscando Resources Corp. ("Buscando"), a company with a director in
common. Payments to be received by the Group are as follows:
-- $150,000 CAD in total cash payments with $25,000 CAD
(GBP14,750) on closing (received), $50,000 CAD on or before March
15, 2023, $75,000 CAD on or before March 15, 2024;
-- 3,750,000 shares in total issued to the Group with 1,000,000
shares issued on closing (received and valued at $50,000 CAD -
GBP29,500, 1,250,000 on or before March 15, 2023, 1,500,000 on or
before March 15, 2024; and
-- $200,000 expenditures incurred on the property with $100,000
CAD on or before March 15, 2023, $100,000 CAD on or before March
15, 2024.
As a result of the sale to Buscando, the original vendors waived
the exploration commitments required by the Group under the
September 11, 2018 agreement.
Atlin West Project, Canada
On July 4, 2021, the Group staked the Atlin West Project in
British Columbia, Canada for GBP40,425.
On August 9, 2021, optioned the Atlin West Project to 1315843 BC
Ltd. 1315843 BC Ltd will need to spend $700,000 CAD in exploration
expenditures on the property, issue a total of 8,000,000 ordinary
shares (3,000,000 issued at a value of GBP174) to the Group and
make aggregate payments of $325,000 CAD ($100,000 CAD paid -
GBP57,980) over three years to the Group. Upon completion of the
option agreement obligations, the Group will transfer 75% interest
in the property to 1315843 BC Ltd. and will retain a 2% NSR, of
which one-half (1.0%) can be re-purchased from the Group for
$1,500,000 CAD.
South Timmins Property, Canada
On October 20, 2020, the Group paid $27,540 CAD (GBP16,080) in
asset staking costs to acquire twelve mineral titles in Ontario,
Canada known as the South Timmins property.
On September 20, 2021, the Group optioned the South Timmins
property in Ontario, Canada to 1315956 BC Ltd. who will need to
spend $1,515,000 CAD in exploration expenditures on the property,
issue a total of 2,250,000 (1,000,000 issued at a value of GBP570)
shares and make aggregate payments of $495,000 CAD ($270,000 CAD
paid - GBP156,545) over three years to the Group. Upon completion
of the option agreement obligations, the Group will transfer 100%
interest in the property to 1315956 BC Ltd. and will retain a 1%
NSR, of which one-half (0.5%) can be re-purchased from the Group
for $750,000 CAD.
Yak Project, Canada
On August 16, 2021, the Group staked the Yak Project in British
Columbia, Canada for GBP10,066.
On October 13, 2021, the Group optioned the Yak Project to
Moonbound Mining Ltd. who will need to spend $700,000 CAD in
exploration expenditures on the property, issue a total of
2,700,000 ordinary shares (700,000 issued with a deemed value of
$35,000 CAD - GBP20,430) to the Group and make aggregate payments
of $145,000 CAD ($10,000 CAD paid - GBP5,798) over three years to
the Group. Upon completion of the option agreement obligations, the
Group will transfer 100% interest in the property to Moonbound
Mining Ltd. and will retain a 2% NSR, of which one-half (1.0%) can
be re-purchased from the Group for $1,500,000 CAD.
Stateline Property, Canada
On August 1, 2021, the Group, along with its partner Alianza
Minerals Ltd. ("Alianza"), staked the Stateline Property in
Colorado, USA (50% each) for a cost GBP13,416.
Subsequent to period end, on February 3, 2022, the Group
optioned the Stateline Property to Allied Copper Corp ("Allied").
Allied will be required to incur $3,750,000 CAD in exploration
expenditures on the property, issue a total of 4,250,000 ordinary
shares, and make aggregate payments of $315,000 CAD over four years
to the Group and Alianza. Upon completion of the option agreement
obligations, the Group and Alianza will transfer 100% interest in
the property to Allied and will retain a 2% NSR. This transaction
is subject to regulatory approval.
Klondike Project, Canada
On July 14, 2021, the Group, along with its partner Alianza
Minerals Ltd. ("Alianza"), staked the Klondike Project in Colorado,
USA (50% each) for a cost GBP37,299.
On December 3, 2021, the Group optioned the Klondike Project to
Allied Copper Corp ("Allied"). Allied will be required to incur
$4,750,000 CAD in exploration expenditures on the property, issue a
total of 3,500,000 ordinary shares (1,000,000 received February 3,
2022), issue 1,500,000 share purchase warrants and make aggregate
payments of $200,000 CAD ($25,000 CAD paid - GBP14,593) over four
years to the Group. Upon Allied filing an NI 43-101 technical
report indicating an inferred resource of at least 50,000,000
tonnes of copper or copper equivalent, Allied will issue an
additional 1,500,000 warrants, in aggregate, to the Group. Upon
completion of the option agreement obligations, the Group will
transfer 100% interest in the property to Allied and will retain a
1% NSR, of which one-half (0.5%) can be re-purchased from the Group
and Alianza for $750,000 CAD.
Ice Fall Property, Canada
On July 4, 2021, the Group staked the Ice Fall Property in
British Columbia, Canada for a cost of GBP8,226.
Subsequent to period end, on March 4, 2022, the Group optioned a
75% interest in the Icefall Property to 1311516 BC Ltd ("1516 BC").
1516 BC will be required to incur $1,150,000 CAD in exploration
expenditures on the property, issue a total of 2,000,000 ordinary
shares (received), and make aggregate payments of $120,000 CAD over
three years to the Group ($25,000 CAD received). Upon completion of
the option agreement obligations, the Group will transfer 100%
interest in the property to 1516 BC. The Group will not retain an
NSR.
Rizz Property, Canada
On July 4, 2021, the Group staked the Rizz Property in British
Columbia, Canada for a cost of GBP5,521.
Subsequent to period end, on February 25, 2022, the Group
optioned a 75% interest in the Rizz Property to 1311516 BC Ltd
("1516 BC"). 1516 BC will be required to incur $750,000 CAD in
exploration expenditures on the property, issue a total of
3,000,000 ordinary shares (received), and make aggregate payments
of $120,000 CAD over three years to the Group ($25,000 CAD
received). Upon completion of the option agreement obligations, the
Group will transfer 100% interest in the property to 1516 BC. The
Group will not retain an NSR.
Northern Treasure Property, Canada
On July 4, 2021, the Group staked the Northern Treasure Property
in British Columbia, Canada for a cost of GBP29,503.
Gold Vista Property, Canada
On May 8, 2020, the Group entered into an option agreement to
purchase 100% of the rights to the Gold Vista Property located in
British Columbia, Canada. To earn a 100% interest, the Group must
make aggregate cash payments of $65,000 CAD ($30,000 CAD paid -
GBP17,700), issue 1,375,000 shares in the Group and incur work
commitments on the property of $225,000 CAD, over three years. The
property is subject to a 2% NSR which the Group may acquire
one-half (1%) for $1,000,000 CAD.
On October 6, 2020, the Group entered into an option agreement
with Deep Blue Trading ("Deep Blue") in which Deep Blue may acquire
up to a 100% interest in the Gold Vista Property subject to a 1%
NSR to the Group. Deep Blue will have the right to repurchase
one-half (0.5%) of the NSR for $500,000 at any time prior to
commercial production. In order for Deep Blue to fully exercise the
option on the Gold Vista Property, they must pay the Group a
$10,000 CAD (GBP5,839)(received) and assume certain obligations
payable to the original vendor.
Spectrum Property, Canada
On January 10, 2019, the Group entered into an option agreement
to acquire 100% interests in the Southern Spectrum Mineral Property
located in the Lillooet Mining Division of British Columbia. In
order to exercise the option, the Group must pay an aggregate of
$70,000 CAD in cash ($50,000 CAD, GBP29,500 paid), issue 1,200,000
common shares (675,000 issued), and incur work commitments of
$1,250,000 ($50,000 CAD, GBP29,500 incurred) over three years. The
property is subject to a 3% NSR which the Group may acquire 1% for
$1,000,000 CAD.
On November 17, 2020, the Group sold, transferred and assigned
all of the Group's right, title interest and obligations under its
original Spectrum property option agreement to 1162832 BC Ltd. (the
"Vendor") for $10,000 CAD (GBP5,839) cash. Upon the Vendor
receiving at least 500,000 shares from the transfer, option, or
other disposition of some or all of the Vendor's interest in the
Spectrum property ("Consideration Shares"), the Vendor will
transfer to the Group at least 500,000 of those Consideration
Shares. As a result of the sale, total value in exploration and
evaluation assets of $117,722 CAD (GBP49,456) attributed to the
property was expensed in the prior year.
NOTE 10: INVESTMENTS
Investments Held
Financial assets at fair value through profit or loss are as
follows:
Level 1 Level 2 Level 3 Total
GBP GBP GBP GBP
30 June 2020 - - 28,279 28,306
Additions 3,008,047 - 434,090 3,178,842
Disposal proceeds (195,510) - - (195,510)
Realized gain on sale of investments 12,996 - - 12,996
Fair value changes 1,412,787 - - 1,412,787
Foreign exchange changes 85,743 - - 85,743
Impairment - - ( 433,141) (433,141)
30 June 2021 4,324,063 - 29,255 4,353,318
---------------------------------------- ------------- --------- ------------ -------------
Additions 117,431 - 42,017 159,448
Fair value changes (1,825,446) - - (1,825,446)
Foreign exchange changes (55,813) - - (55,813)
31 December 2021 2,560,235 - 71,272 2,631,507
---------------------------------------- ------------- --------- ------------ -------------
As at December 31, 2021, investments were classified as held for
trading and recorded at their fair values based on quoted market
prices (if available). Investments that do not have quoted market
prices are measured at cost less impairment.
Imperial Helium Corp.
On April 20, 2020, the Group purchased 450,000 preferred shares
in Imperial Helium Corp. for $45 CAD (GBP26). On December 15, 2020,
45,000 of these preferred shares were converted into common shares
for no additional consideration. On December 11, 2020, the Group
purchased $110,000 CAD (GBP66,138) in Imperial Helium Corp.
convertible debenture notes that yielded 10%. On May 18, 2021, the
convertible debenture converted into 575,767 ordinary shares of
Imperial Helium Corp. At December 31, 2021, the fair value of the
Imperial Helium Corp. shares is GBP109,396.
Temas Resources Corp.
On September 23, 2020, the Group sold its La Blache property to
Temas Resources Corp. ("Temas") for a cash payment of $30,000 CAD
(GBP17,517) and 10,000,000 Temas shares which had a value at the
time of $2,000,000 CAD (GBP1,167,815). The Group retained a 2% net
smelter return ("NSR") on the La Blache property. The Temas
shares
were subject to pooling restrictions with 2,500,000 Temas shares
released March 23, 2021, and 7,500,000 Temas shares released
September 23, 2021.
Norseman Silver Inc.
On August 19, 2020, the Group received 1,000,000 shares from
Norseman Silver Inc. in relation to the option agreement with
Norseman for the Caribou property. The Norseman shares had a value
of $50,000 CAD (GBP29,195) when received.
On August 27, 2020, the Group received 370,000 shares in
Norseman Silver Inc. in relation to the option agreement with
Norseman for the Silver Switchback property. The Norseman shares
had a value of $83,250 CAD (GBP48,610) when received.
On December 9, 2020, the Group sold the New Moon property to
Norseman Silver Inc., in exchange for $10,000 CAD (GBP5,839) and
2,500,000 Norseman common shares. The Group retained a 2.0% net
smelter return royalty on the property.
On January 6, 2021, the Group sold and transferred 1,350,000
Norseman common shares for gross proceeds of $337,500 CAD
(GBP197,068).
On March 1, 2021, the Group participated in a private placement
whereby they purchased 1,200,000 shares in Norseman Silver Inc at
$0.25 per share for a cost of $300,000 CAD (GBP175,172).
On April 30, 2021, the Group received 2,000,000 shares from
Norseman Silver Inc. in relation to the option agreement with
Norseman for the Silver Vista property. The Norseman shares had a
value of $760,000 CAD (GBP443,770) when received.
On June 17, 2021, the Group received 750,000 shares from
Norseman Silver Inc. in relation to the option agreement with
Norseman for the Caribou property. The Norseman shares had a value
of $288,750 CAD (GBP168,544) when received.
On August 23, 2021, the Group received 380,000 shares from
Norseman Silver Inc. in relation to the option agreement with
Norseman for the Silver Switchback property. The Norseman shares
had a value of $129,200 CAD (GBP75,414) when received.
Buscando Resources Corp.
On December 31, 2020, the Group sold the Rupert property to
Buscando Resources Corp., in exchange for 1,000,000 shares in
Buscando Resources Corp at a value of $50,000 CAD (GBP29,195).
Linceo Resources Corp.
On August 17, 2019, the Group sold the Granny Smith and Fuji
mineral claims to Linceo Media Group ("Linceo"), a company with a
director in common, for 4,000 shares in Linceo at a value of
$47,600 CAD (GBP27,793) and retained a 2.5% NSR on each property.
During the year ended June 30, 2021, the Group impaired the shares
in Linceo to $1.
AAM shares
On June 2, 2021, the Group acquired 12,500,000 AAM share
purchase warrants that had a conversion price of $0.03 USD and
expiry date of July 1, 2021 and acquired 11,000,000 AAM ordinary
shares. The Group issued 1,200,000 ordinary shares to acquire the
12,500,000 AAM share purchase warrants (GBP36,000 value) and
3,520,000 ordinary shares (GBP105,600 value) to acquire the
11,000,000 AAM ordinary shares. The warrants expired on July 1,
2021, with the GBP36,000 impaired to $1. During the year ended June
30, 2021, the Group impaired the shares in AAM to $1.
Moonbound Mining Ltd.
On October 13, 2021, the Group received 700,000 shares from
Moonbound Mining Ltd. in relation to the option agreement with
Moonbound for the Yak property. The Moonbound shares had a value of
$35,000 CAD (GBP20,430) when received.
1315956 BC Ltd
On October 13, 2021, the Group received 500,000 shares from
1315956 BC Ltd. in relation to the option agreement with 1315956 BC
Ltd for the South Timmins property. The 1315956 BC Ltd shares had a
value of $36,448 CAD (GBP21,275) when received.
Power Group Project Ltd.
On October 1, 2021, the Group took part in a private placement
with 1315843 BC Ltd whereby there Company purchased 2,350,000
shares at a price of $0.0001 per share which had a value of $235
CAD (GBP137) when received.
On October 1, 2021, the Group received 3,000,000 shares from
1315843 BC Ltd. in relation to the option agreement with 1315843 BC
Ltd for the West Atlin property. The 1315843 BC Ltd shares had a
value of $300 CAD (GBP175) when received.
In December 2021, 1315843 BC Ltd. was acquired by Power Group
Projects Ltd. ("PGP") with the 5,350,000 held in 1315843 BC Ltd.
exchanged for 5,350,000 PGP shares.
NOTE 11: ROYALTY ASSET
Apple Bay Property, Canada
On April 5, 2017, the Group purchased a 1.50% production royalty
on the Apple Bay property located in British Columbia, Canada. The
production royalty was purchased for 3,000,000 shares of the Group
at a deemed value of $0.10 CAD (GBP0.058) per share from a company
controlled by the CEO of the Group. During the year ended June 30,
2021, the Group determined that the royalty was impaired and
reduced the balance to GBP1.
As at December 31, 2021, included in Royalty Assets is GBP1
(June 30, 2021 - GBP1) attributed to the Apple Bay property.
NOTE 12: TRADE AND OTHER RECEIVABLES AND PREPAYMENTS
Group
------------------------------------------
December 2021 June
2021
GBP GBP
------------------------------ ----------------------------- -----------
Current
Loan receivable 119,468 119,468
Provision for impairment to
loan (119,468) (119,468)
Sundry Debtors 218,993 227,019
Prepayments 20,892 291,830
----------------------------- -----------
239,885 518,849
============================= ===========
The fair value of all current receivables is as stated
above.
On 20 December 2014 the Group entered into a loan agreement with
Symerton Holdings S.A ("Symerton") in which the Group lent Symerton
US$150,000 (equivalent to GBP119,468). The loan is unsecured and
bears an interest rate of 12% per annum. The Directors have fully
impaired the loan.
The maximum exposure to credit risk at the year-end date is the
carrying value of each class of receivable mentioned above. The
Group does not hold any collateral as security. Except for the
above-mentioned loan, trade and other receivables are all
denominated in GBP sterling.
NOTE 13: TRADE AND OTHER PAYABLES
Group
------------------------------------------
December 2021 June 2021
GBP GBP
------------------------------ ----------------------------- -----------
Current
Trade payables 1,003,488 823,465
Accruals and other payables 40,085 71,799
----------------------------- -----------
1,043,573 895,264
============================= ===========
NOTE 14: SHARE CAPITAL
Share capital and share premium
Issued Number of Share Capital Share Premium
shares GBP GBP
---------------------------------------- --------------- ----------------- -----------------
At 30 June 2020 50,119,849 50,120 2,163,169
---------------------------------------- --------------- ----------------- -----------------
Issue of shares (iii, iv, vi, vii,
iv) 30,475,001 30,475 55,373
Transfer to reserve acquisition
reserve (80,594,850) (80,595) (2,218,542)
Recognition of Cloudbreak Discovery
Plc equity at reverse acquisition 289,468,015 460,423 7,969,714
Issued - private placement (net
of issuance costs) (viii) 66,666,667 66,667 1,886,312
Issue of shares - AAM acquisitions
(x) 29,430,378 29,430 853,481
Issue of shares - equity drawdown
facility fee (net of issuance costs)
(ix) 4,000,000 4,000 196,000
---------------------------------------- --------------- ----------------- -----------------
At 30 June 2021 389,565,060 560,520 10,905,507
---------------------------------------- --------------- ----------------- -----------------
Issue of shares - services agreement 500,000 500 14,500
---------------------------------------- --------------- ----------------- -----------------
At 31 December 2021 390,065,060 561,020 10,920,007
---------------------------------------- --------------- ----------------- -----------------
As Cloudbreak Discovery Corp, Howson Ventures Inc. and Cabox
Gold amalgamated on June 29, 2021, as Cloudbreak Discovery (Canada)
Ltd., the below events are grouped by entity prior to the
amalgamation:
Cloudbreak Discovery Corp.
(i) On May 11, 2020, Cloudbreak Discovery Corp issued 1,355,000
common shares at $0.10 CAD (GBP0.058) per share to a consultant of
the Group for professional services. These were recorded as
share-based payments of $135,500 CAD (GBP80,501).
(ii) On May 19, 2020, Cloudbreak Discovery Corp merged with
Ridge Royalty Corp. ("Ridge") pursuant to which Ridge amalgamated
with Cloudbreak Discovery Corp's wholly owned subsidiary 1237611
B.C. Ltd. and became a 100% owned subsidiary of Cloudbreak
Discovery Corp. Under the transaction, Cloudbreak Discovery Corp
issued an aggregate of 26,485,071 post consolidated common shares
pro rata to Ridge shareholders. After the merger, Cloudbreak
Discovery Corp had 31,683,849 common shares issued and outstanding.
Upon closing, former Ridge shareholders will hold approximately 84%
of the outstanding shares of Cloudbreak Discovery Corp. After
merger, three properties of Ridge: La Blache Property, Caribou
Property and Apple Bay Property were included in the Exploration
and Evaluation assets of Cloudbreak Discovery Corp. A listing
expense of $944,011 (GBP557,992) was recorded.
The merger was considered a reverse takeover in which Ridge
shareholders obtained control of Cloudbreak Discovery Corp. The
transaction is therefore accounted for in accordance with IFRS 2
Share-based Payment whereby Ridge is deemed to have issued shares
in exchange for the net assets of Cloudbreak Discovery Corp
together with its Reporting Issuer status at the fair value of
consideration received by Ridge. The accounting for this
transaction was as follows:
i. The consolidated financial statements of the merged entity
are issued under the legal parent, the former Cloudbreak, but are
considered a continuation of the financial statements of the legal
subsidiary and accounting acquirer, Ridge.
ii. Since Ridge is deemed to be the acquirer for accounting
purposes, its assets and liabilities will be included in the
consolidated financial statement at their historical carrying
values.
iii. The identifiable assets and liabilities of the former
Cloudbreak will be recognized at their fair value at the
acquisition date of May 19, 2020, with the excess of the fair value
of the equity interest consideration paid over the fair value of
the net assets acquired being charged to the consolidated
statements of loss and comprehensive loss as a listing expense;
and
iv. The fair value of the equity interest consideration paid is
determined based on the percentage ownership former Cloudbreak
Discovery Corp's shareholders have in the consolidated entity after
the transaction. This represents the fair value of the shares that
Ridge would have had to issue for the ratio of ownership interest
in the combined entity to be the same, if the transaction had taken
the legal form of Ridge acquiring 100% of the common shares of
Cloudbreak Discovery Corp. The consideration paid in the
reverse-acquisition is therefore equivalent to the fair value of
the 5,198,778 of Cloudbreak Discovery Corp shares deemed to have
been issued by Ridge and controlled by former Cloudbreak Discovery
Corp's shareholders, estimated to be $1,039,756 CAD (GBP617,726)
based on the fair market value of $0.20 CAD (GBP0.11) per post
consolidation share, being the price of a recent financing of
Cloudbreak Discovery Corp.
(iii) On October 23, 2020, the Group issued 575,000 common
shares in relation to the Silver Vista and Switchback option
agreements (Note 9).
Cabox Gold Corp
(i) On July 22, 2020, 5,000,001 shares in Cabox Gold Corp. were
cancelled.
(ii) On August 15, 2020, 5,000,000 shares in Cabox Gold Corp
were issued at $0.001 CAD (GBP0.0005) per share for a gross
proceeds of $5,000 CAD (GBP2,920).
(iii) On December 15, 2020, 30,000,000 shares in Cabox Gold Corp
were issued at $0.001 (GBP0.0005) per share for a gross proceeds of
$30,000 CAD (GBP17,517).
Howson Ventures Inc.
(i) On December 23, 2020, there was a share buyback whereby
100,000 shares were purchase by Howson Ventures Inc. at a price of
$0.05 per share for gross proceeds of $5,000 CAD (GBP2,920).
Cloudbreak Discovery Plc
(i) On June 2, 2021, the Group issued 66,666,667 shares at a
price of GBP0.03 per share for gross proceeds of GBP2,000,000.
(ii) On June 2, 2021, the Group issued 4,000,000 shares at a
price of GBP0.05 per share valued at GBP200,000 which was a 2%
commission fee related to the equity investment facility (Note
15).
(iii) On June 2, 2021, the Group issued 29,430,378 shares at a
price of GBP0.03 per share in relation to the acquisition of the
AAM convertible notes (Note 8).
(ix) On June 2, 2021, the Group entered into a reverse takeover
transaction (Note 4). 73,285,449 ordinary shares were issued, and
an additional 135,587,716 ordinary shares were issued through a
reverse split.
(x) On July 21, 20201 the Group issued 500,000 shares at a price
of GBP0.03 per share for a deemed value of GBP15,000 for marketing
services.
Options and warrants in issue
The outstanding share options and warrants as at 31 December
2021 are shown below:
Weighted average
Options Warrants exercise price
(GBP)
------------ -------------- ------------------
At 30 June 2020 950,000 4,803,000 0.05
----------------------------------- ------------ -------------- ------------------
Cancelled - Howson Ventures
Options (950,000) 0.03
Cancelled - Howson Ventures
Warrants (500,000) 0.06
Cancelled - Cloudbreak Discovery
Corp warrants (4,303,000)
Warrants Assumed with reverse
take-over 8,326,698 0.10
Warrants Assumed with reverse
take-over 636,625 0.01
Warrants Assumed with reverse
take-over 4,530,497 0.03
Warrants Assumed with reverse
take-over 19,978,776 0.0125
Issued - AAM Acquisition 8,714,227 0.05
Issued - Novum 1,428,874 0.03
Issued - Options 5,050,000 0.025
----------------------------------- ------------ -------------- ------------------
At 30 June 2021 5,050,000 43,615,967 0.015
----------------------------------- ------------ -------------- ------------------
Issued - Options 11,250,000 0.03
Cancelled - Options (500,000) 0.025
Issued - Warrants 2,750,002 0.03
Expiry - Warrants (19,686,803) 0.01
At 31 December 2021 15,800,000 26,679,166 0.05
----------------------------------- ------------ -------------- ------------------
31 December
2021
Range of exercise Weighted average Weighted average
prices Weighted average Number of remaining life remaining life
(GBP) exercise price options/warrants expected (years) contracted (years)
(GBP)
------------------- -------------------- ------------------------------- ------------------- ---------------------
0.0125 0.0125 928,598 0.05 0.05
0.025 0.025 4,550,000 2.41 2.41
0.05 0.05 8,714,227 3.42 3.42
0.10 0.10 4,530,497 2.13 2.13
0.05 0.05 8,326,968 0.92 0.92
0.03 0.03 2,750,002 1.62 1.62
0.03 0.03 1,428,874 2.42 2.42
0.03 0.03 11,250,000 3.65 3.65
=================== ==================== =============================== =================== =====================
30 June 2021
Range of exercise Weighted average Weighted average
prices Weighted average Number of remaining life remaining life
(GBP) exercise price options/warrants expected (years) contracted (years)
(GBP)
------------------- -------------------- ------------------------------- ------------------- ---------------------
0.01 0.01 636,625 0.55 0.55
0.0125 0.0125 17,643,353 0.55 0.54
0.0125 0.0125 928,598 0.63 0.63
0.0125 0.0125 1,406,825 0.02 0.02
0.025 0.025 5,050,000 3.08 3.08
0.05 0.05 8,714,227 4.00 4.00
0.10 0.10 4,530,497 2.71 2.71
0.05 0.05 8,326,698 1.50 1.49
=================== ==================== =============================== =================== =====================
The valuation of the options and warrants issued during the
period ending 31 December 2021 and the year ended 30 June 2021 were
carried out using the Black Scholes model. Key assumptions used in
the valuation are detailed in the table below.
Jun Jun 2, Jun 2, Aug 13,
2,
Warrants 2021 2021 2021 2021
Number of warrants 636,625 4,530,497 8,714,227 2,750,002
- weighted average
risk-free interest
rate 0.07% 0.55% 0.81% 0.58%
- dividend yield
of 0.00% 0.00% 0.00% 0.00%
- volatility rate 74% 100% 100% 100%
- expected life
(years) 0.55 2.71 4 2
- fair value GBP12,971 GBP46,092 GBP157,695 GBP32,560
These 636,625 and 4,530,497 warrants were assumed at the
reverse-take over and were charged to the deemed cost of the
transaction (Note 4). The 8,714,227 warrants were charged as part
of the AAM asset acquisition (Note 8).
On August 13, 2021 the Group issued 2,750,002 warrants to
consultants with an exercise price of GBP0.03 that expire on August
13, 2023.
Jun 2, Aug 25,
Options 2021 2021
Number of options 5,050,000 11,250,000
- weighted average
risk-free interest
rate 0.64% 0.62%
- dividend yield
of 0.00% 0.00%
- volatility rate 100% 100%
.- expected life
(years) 3.08 4
- fair value GBP99,572 GBP159,292
These 5,050,000 options were assumed at the reverse-take over
and were charged to the deemed cost of the transaction (Note
4).
On August 25, 2021, the Group issued 11,250,000 options to
certain directors, officers and consultants of the Group. The
options have an exercise price of GBP0.03 and expire on August 25,
2025.
NOTE 15: BOUGHT DEAL FACILITY
On February 15, 2021, the Group entered into a GBP10,000,000
bought deal facility with Crescita Capital. The Group can draw down
funds from the GBP10,000,000 equity investment facility from time
to time during the three--year term at the Group's discretion by
providing a drawdown notice to Crescita Capital, and in return for
each draw-down notice funded by Crescita Capital, the Group will
allot, and issue fully paid common shares to Crescita Capital.
The shares issued in connection with any drawdown notice will be
priced at the higher of (i) the floor price set by the Group and
(ii) 90% of the average closing bid price resulting from the
following ten days of trading after the drawdown notice ("Pricing
Period"). The drawdown notice amount requested by the Group cannot
exceed 700% of the average daily trading volume of the Pricing
Period.
In connection with the bought deal facility, the Group paid a
commitment fee. This fee consisted of a 2% commission to be paid in
common shares, at a price of GBP0.05 per share (4,000,000 shares
valued at GBP200,000) and warrants equal to 8% of the outstanding
common shares of the Group (4,530,497 warrants valued at
GBP46,092). The warrants have an exercise price of GBP0.10 per
common share and expire three years from the grant date. The
warrants were fair valued using the Black-Scholes Option Pricing
Model upon acquisition of the Group using the following
assumptions:
- average risk-free interest rate -- 0.55%;
- expected life -- 2.71 years;
- expected volatility -- 100.00%;
- forfeiture rate -- Nil and
- expected dividends -- Nil.
The value of the commitment fee was recorded as a finance
charge.
NOTE 16: SUBSEQUENT EVENTS
On January 14, 2022 the Group issued 500,000 shares at a price
of GBP0.03 per share for a deemed value of GBP15,000 for marketing
services.
On January 4, 2022, the Group issued 58,000,000 ordinary shares
to OIG Overseas Investment Group Ltd and certain associates for
corporate development services including financing and financial
consulting, market intelligence, marketing of assets and projects,
strategic partnerships and project generation, as well as investor
awareness.
On January 20, 2022 the Company purchased 5,000,000 shares in
Kudu Resources Ltd. at a price of $0.001. The shares had a value of
$5,000 CAD (GBP2,919) when received.
On January 28, 2022 the Company purchased 1,250,000 units in
Alchemist Mining Corporation. at a price of $0.075 per unit for a
cost of $93,750 CAD (GBP54,722). Each unit includes one common
share and one share purchase warrant exercisable at a price of
$0.20 and with a 4 year term.
On February 4, 2022 the Company purchased 5,000,000 shares in
1311516 BC Ltd. at a price of $0.00167 CAD per share for a value of
$8,350 CAD (GBP4,874).
On March 2, 2022, the Group completed a private placement with
the issuance of 19,596,931 ordinary shares at a price of 7.5p per
share for gross proceeds of GBP1,469,770.
On March 6, 2022 the Company purchased 1,500,000 shares in
Prosper Africa Resources Limited at a price of $0.0001 CAD per
share for a value of $150 CAD (GBP88).
On March 24, 2022 the Company purchased 250,000 units in
Castlebar Capital Corp at a price of $0.20 CAD per unit for a value
of $50,000 CAD (GBP29,185). Each unit includes one common share and
one half share purchase warrant exercisable at a price of $0.35 CAD
and expiring within 18 months of issuance.
During March 2022, the Group issued a total of 2,412,209
ordinary shares for the exercise of warrants and options at a price
per share of 3p for gross proceeds of GBP72,366.
On March 28, 2022 the Company drew down on its GBP10,000,000
bought deal facility with Crescita Capital and issued 12,000,000
ordinary shares to Crescita Capital at a price of 6.25p per share
for gross proceeds of GBP750,000.
On March 31, 2022 the Company purchased 750,000 units in
Norseman Silver Inc. at a price of $0.20 CAD per unit for a value
of $150,000 CAD (GBP85,500). Each unit includes one common share
and one half share purchase warrant exercisable at a price of $0.30
CAD and expiring within 1 year of issuance.
NOTE 17: RELATED PARTIES
Details of the directors' remuneration can be found in Note 7.
Key Management Personnel are considered to be the directors.
At December 31, 2021, the Group held investments of GBP2,480,503
in Imperial Helium, Temas Resources, Norseman Silver and Buscando
Resources where Kyler Hardy is also a director (2020:
GBP3,655,550)
During the period, the Group paid Cronin Services GBP488,484 for
the provision of CEO, COO, accounting and back-office management
services, corporate development and communications management
during the period (2020: GBP60,000). The amount outstanding owing
to Cronin Capital and Cronin Services at period-end, companies
controlled by the CEO Kyler Hardy, was GBP750,184 (2021:
GBP523,021). During the period, the Group paid a company controlled
by a director GBP24,000 for consulting services (2020: GBPNil).
NOTE 18: ULTIMATE CONTROLLING PARTY
The Directors believe there to be no ultimate controlling
party.
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END
IR UPUCWCUPPGCP
(END) Dow Jones Newswires
April 04, 2022 02:00 ET (06:00 GMT)
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