TIDMCUSN
RNS Number : 0702B
Cornish Metals Inc.
29 September 2022
CORNISH METALS RELEASES UNAUDITED FINANCIAL STATEMENTS AND
MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHSING 31 JULY
2022
Vancouver, September 28, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on its projects in Cornwall, United Kingdom, is pleased to announce
that it has released its unaudited financial statements and
management, discussion and analysis ("MD&A") for the six months
ended July 31, 2022. The reports are available under the Company's
profile on SEDAR ( www.sedar.com ) and on the Company's website (
www.cornishmetals.com ).
Highlights for the six months ended July 31, 2022 and for the
period ending September 28, 2022
(All figures expressed in Canadian dollars unless otherwise
stated)
-- Completion of 10,159 meters of drilling at the United Downs
exploration project with assay results from the program confirming
management's belief in the potential to develop a Mineral Resource
in the United Downs project area;
-- Four main targets were drill-tested: UD Lode, United Mines,
Mount Wellington and Trenares Lode, with all four targets returning
results warranting further follow-up drilling (news release dated
August 23, 2022 );
-- Completion of financing for gross proceeds of GBP40.5 million
($65.1 million based on closest available exchange rate ),
including a strategic investment by Vision Blue Resources of
GBP25.0 million ($40.1 million), to advance the South Crofty tin
project to a potential construction decision (news releases dated
March 27, 2022 and May 23, 2022 ) ;
-- Issuance of a second tranche of common shares pursuant to the
restructuring of the deferred consideration relating to the
acquisition of the South Crofty tin project and associated mineral
rights in Cornwall (news release dated May 29, 2022 ) ;
-- Commencement of a drill program in July 2022 to collect
samples for metallurgical testwork as part of the Feasibility
Study, with the program likely to be between 8,000 and 12,000
meters of drilling (news release dated July 10, 2022 );
-- Key positions were filled to the South Crofty project
management team, including Project Manager for the construction and
commissioning of the water treatment plant, Feasibility Study
Manager and Project Engineer;
-- All substantial component parts of the water treatment plant
ordered with construction expected to commence before the end of
October 2022; and
-- Mr. Tony Trahar nominated by Vision Blue Resources as its
representative on the Board (news release dated June 5, 2022 ).
Richard Williams, CEO of Cornish Metals, stated, "Since the
completion of the GBP40.5m financing at the end of May, orders have
been placed for almost all component parts of the water treatment
plant. Notwithstanding supply constraints, we remain confident that
commissioning of the water treatment plant remains on track for the
first half of 2023, with dewatering activities commencing
thereafter.
"After completion of the first phase of the successful
exploration program at United Downs, we have now commenced a drill
program for the metallurgical testwork which is an integral part of
the South Crofty Feasibility Study. We have also had a successful
period recruiting key members of the project team (Project Manager,
Project Engineer and Feasibility Study Manager).
"Work has continued at pace in recent months and I look forward
to reporting on progress at South Crofty in due course . "
Review of activities
Results from exploration program at United Downs
The Company commenced its exploration program at United Downs in
April 2021. The drilling activities were contracted to Priority
Drilling Limited, under the supervision of the Company's geological
team.
Four targets were drill-tested: UD Lode, United Mines, Mount
Wellington and Trenares Lode. The key points to date arising from
this drill program are:
-- Multiple zones of copper - tin - silver - zinc mineralization have been intersected;
-- High-grade copper - tin mineralization was intersected down
dip beneath the historic United Mines; and
-- A transition from high-grade copper to high-grade tin at
depth as well as increasing tin grades with depth has been
encountered, similar to the mineralization transition seen at South
Crofty.
Details of the intercepts from the drill program can be found in
the press releases dated July 5, 2021, August 30, 2021, November 3,
2021, December 6, 2021, June 29, 2022 and August 23, 2022. In
total, 26 holes were drilled at United Downs amounting to 10,159
meters, of which all assay results have been reported in these
press releases. Drilling ceased at the end of May 2022, with the
metallurgical study drill program at South Crofty commencing soon
thereafter, as described below .
In summary, results from the United Downs exploration program
confirm management's belief in the potential to develop a Mineral
Resource in the United Downs project area, especially the down dip
section of the United Mine where high-grade copper, tin and silver
grades were encountered. The Company is considering the next steps
for advancing the United Downs project.
Outside of the United Downs project area, a third target, Carn
Brea has also been drill tested. Carn Brea is located approximately
two kilometers southeast of the South Crofty tin project. At Carn
Brea, eight holes have been drilled totaling 2,501 meters. Drilling
has now ceased and assays will follow when available.
Agreement of South Crofty mineral leases
On February 4, 2022, agreement was reached with Sir Ferrers
Vyvyan of Trelowarren in Cornwall to lease certain mineral rights
owned by the Vyvyan family. The mineral lease covers an area of 222
hectares and is valid for 25 years. The lease will enable the
Company to explore and mine within all the mineral right areas
owned by the Vyvyan family inside the South Crofty mine, and to
explore certain other mineral right areas adjacent to the South
Crofty mine.
The agreement with the Vyvyan family supplements the agreement
reached with Roskear Minerals LLP in March 2021 (the "Roskear
Agreement") to lease their mineral rights within the South Crofty
tin project. The Roskear Agreement enables the Company to explore
and develop the mineral resources that are contained in the Roskear
section of the South Crofty mine.
Strategic investment by Vision Blue Resources
On May 24, 2022, a financing of GBP40.5 million ($65.1 million
based on the closing exchange rate as at May 24, 2022) (the
"Offering") completed, which included a GBP25.0 million
(approximately $40.1 million based on the closing exchange rate as
at May 24, 2022) strategic investment by Vision Blue Resources
Limited ("VBR"). The balance of the Offering was completed through
a private placement with certain Canadian and UK investors and
eligible private investors.
A summary of the Offering is described below. Further details
can be found in the press releases dated March 27, 2022 and May 23,
2022.
The Offering was structured through a unit offering comprising
one common share at GBP0.18 ($0.30 for Canadian investors) and a
warrant to purchase one common share priced at GBP0.27 ($0.45 for
Canadian investors) for a period of 36 months from the closing date
of the Offering. A total of 225,000,000 units have been issued,
comprising around 44.0% of the issued share capital as at May 24,
2022, excluding the effect of the issuance of the Milestone Shares
as described below. VBR held approximately 27.2% of the enlarged
issued share capital upon closing of the Offering.
The planned use of the proceeds from the Offering is to complete
the dewatering program and Feasibility Study at South Crofty,
evaluate downstream beneficiation opportunities and commence
potential on-site early works in advance of a potential
construction decision. The proceeds raised under the Offering are
budgeted to fund a 30 month program from closing of the
Offering.
Pursuant to an Investment Agreement entered into between the
Company and VBR, upon closing of the Offering, VBR retains the
following rights, among others, subject to certain terms and
conditions:
-- For so long as its shareholding in the Company is in
aggregate not less than 10% of the Company's issued share
capital:
o Nomination of one person to the Company's board of directors
as a non-executive director as an additional director to the
current board of directors (the "Investor Director"), with Mr.
Trahar being appointed to this position on June 6, 2022, as
described below;
o Nomination of one person to the Company's technical committee
to be formed from closing of the Offering, which person may be a
person other than the Investor Director; and
o A participation right to maintain its percentage ownership
interest in the Company upon any offering of securities at the
subscription price and similar terms as are applicable to such
offering; and
-- For so long as its shareholding and its affiliates'
shareholdings in the Company are in aggregate not less than 5% of
the Company's issued share capital, the appointment of an observer
to the board of directors of the Company.
On closing of the Offering, VBR entered into a Relationship
Agreement with the Company and SP Angel Corporate Finance LLP (the
Company's nominated adviser on AIM) , relating to the carrying on
of the Company's business in an independent manner following the
closing of the Offering.
The Company has undertaken to VBR to use its reasonable
commercial efforts to complete a Feasibility Study in respect of
South Crofty on or before 31 December 2024.
The Offering was subject to the approval of the TSX-V and
shareholders, both of which were received by May 19. 2022.
Issuance of shares as deferred consideration payable for the
Cornwall mineral properties
On June 30, 2021, agreement was reached with Galena Special
Situations Limited (formerly Galena Special Situations Master Fund
Limited) and Tin Shield Production Inc. (together the "Sellers") to
restructure the outstanding deferred consideration payable to the
Sellers on the acquisition of the South Crofty tin project and
associated mineral rights (the "Side Letter"). The fixed and
variable payments that existed under the original share purchase
agreement were replaced with fixed payments linked to pre-agreed
project related milestones.
Pursuant to the Side Letter, 20,298,333 common shares were
issued to the Sellers on May 31, 2022 ("Milestone Shares"). This
payment was triggered by the Company raising funding for the
dewatering of the South Crofty mine within the planned use of
proceeds from the Offering, as described above.
The Milestone Shares represent consideration equivalent to an
amount of US$4,750,000 ($6,089,500 at a US dollar / Canadian dollar
exchange rate of 1.2820) at a deemed price of $0.30 per common
share. The deemed price was the same price under which Canadian
investors subscribed to the Offering pursuant to the terms of the
Side Letter. The value of the Milestone Shares in accordance with
IFRS is $9,844,692, being the market price of the Milestone Shares
at their date of issuance.
As a result of this payment, the remaining deferred
consideration payable to the Sellers is US$5,000,000 in common
shares, payable upon a decision to proceed with the development
and/or construction of a mine either at the South Crofty tin
project or at the United Downs property.
Disposal of Sleitat royalty to Electric Royalties
On May 27, 2022, the disposal of a 1% Net Smelter Royalty on the
Sleitat tin-silver project located in Alaska, USA to Electric
Royalties Limited was completed. The consideration was $100,000 and
1,000,000 common shares in Electric Royalties, which in aggregate
amounted to $355,000 at the date of completion.
Construction progress of water treatment plant at South
Crofty
Construction progress of the WTP at South Crofty has included
various enabling works and the placing of orders for a number of
long lead items, all of which have been delivered to site. The
preparation work for the laying of the concrete foundation slab for
the WTP has also been completed.
Detailed design work for the WTP is continuing with Galliford
Try Construction Limited ("GT"). The procurement process is also
underway, with GT specifying the major mechanical equipment and
identifying suitable sub-contractors for construction
activities.
Sand Separation Systems, an industry leader in the treatment of
mine water, have supported the running of a pilot plant to optimise
the water treatment process flowsheet.
Commencement of metallurgical study drill program at South
Crofty
A drill program as part of the South Crofty Feasibility Study
was started in July 2022. The drill program is anticipated to
require approximately 8,000 and 12,000 meters of drilling.
Three drill rigs have been contracted from Priority Drilling
Limited , under the supervision of the Company's geological team .
Two rigs are drilling from surface and one rig is drilling from
underground, collecting samples from the North Pool Zone (eastern
section of Mineral Resource), the #4 and #8 Lodes (central part of
the Mineral Resource), and Roskear / Dolcoath South (western part
of the Mineral Resource).
The program is designed to collect samples for various
metallurgical studies, including XRT ore sorting, flowsheet
optimisation and paste backfill studies, as well as collecting
assay data to complement the current Mineral Resource Estimate .
This testwork should allow the acceleration of the Feasibility
Study in advance of dewatering the mine and will provide key
information for the mineral processing flowsheet, especially the
amenability of the mineralized zones to ore sorting which, if
successful, will present an opportunity to deliver higher grade
feed and reduce the size of the processing plant.
Appointment of new director
On June 6, 2022, Mr. Tony Trahar was nominated by VBR to serve
as its representative on the Board. Mr. Trahar is currently a
special adviser to VBR.
Mr. Trahar has had a 40 year career in the mining, natural
resources and industrial sectors. From 2000 to 2007 he was Chief
Executive of Anglo American Plc, one of the world's largest mining
groups, and was also a director of Anglo Gold, Anglo Platinum and
De Beers.
From 1985 to 2000, Mr. Trahar was Chief Executive, and then
Chairman of Mondi Ltd (now listed in London as Mondi Plc), a
multinational forestry, pulp, paper and packaging group. Since
leaving Anglo American, Mr. Trahar has also held a number of senior
advisory roles for Barclays Natural Resource Investments (2007 to
2013) and Macquarie Bank (2014 to 2016).
Financial highlights for the six months ended July 31, 2022
Six months ended (unaudited)
(Expressed in Canadian dollars) July 31, July 31,
2022 2021
--------------- --------------
Total operating expenses 1,888,943 1,625,462
--------------- --------------
Loss for the period 3,250,557 1,097,062
--------------- --------------
Net cash (used in) operating
activities (1,836,464) (1,710,060)
--------------- --------------
Net cash (used in) investing
activities (2,552,626) (1,383,840)
--------------- --------------
Net cash provided by financing
activities 61,256,694 13,065,594
--------------- --------------
Cash at end of the period 61,629,169 10,138,512
--------------- --------------
-- Higher promotional and corporate expenses relating to
increased media/investor activities following last year's AIM
listing, preparatory work for the successful fundraise cornerstoned
by Vision Blue Resources and progression of the South Crofty tin
project;
-- Unrealized gain of $542,204 arising from increased valuation
of holding in Cornish Lithium following its most recent fundraising
completed in June 2022;
-- Costs of $687,603 and $226,884 capitalized in connection with
the exploration program at United Downs and Carn Brea, respectively
(excluding capitalized depreciation and other non-cash items);
-- Project related costs of $732,538 incurred since the closing
of the Offering relating to the advancement of the South Crofty tin
project, primarily for the metallurgical drill program, planning
activities and new or replacement equipment;
-- Gross proceeds raised from the Offering of GBP40.5 million
($65.1 million), following gross proceeds raised from the AIM
listing in comparative period of GBP8.2 million ($14.4 million);
and
-- Recognition of foreign currency translation loss of
$2,098,402 for those assets located in the UK when translated into
Canadian dollars for presentational purposes .
Outlook
The proceeds raised from the Offering completed in May 2022 are
being used to advance the South Crofty tin project to a potential
construction decision within 30 months from closing of the
Offering. The planned use of the proceeds from the Offering is to
complete the dewatering program and Feasibility Study at South
Crofty, evaluate downstream beneficiation opportunities and
commence potential on-site early works in advance of a potential
construction decision .
Within 30 months from the closing of the Offering, the Company's
plans are as follows:
-- Construct and commission the WTP in the first half of 2023
and thereafter complete the dewatering of the mine within 18
months;
-- Complete drill programs for metallurgical studies and to
produce an updated JORC compliant Mineral Resource estimate for a
Feasibility Study;
-- Complete a Feasibility Study using all reasonable commercial
efforts on or before 31 December 2024; and
-- Commence basic and detailed engineering studies, construction
of the processing plant, refurbishment of underground facilities
and other on-site early works.
Subject to the availability of financing, consideration will
also be given to continuing with the Company's exploration program
at United Downs and evaluating other near-surface, high potential,
exploration targets within transport distance of the planned
processing plant site at South Crofty .
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin
and United Downs copper / tin projects, plus additional mineral
rights located in Cornwall, UK, in July 2016 (see Company news
release dated July 12, 2016 ). The additional mineral rights cover
an area of approximately 15,000 hectares and are distributed
throughout Cornwall. Some of these mineral rights cover old mines
that were historically worked for copper, tin, zinc, and
tungsten.
TECHNICAL INFORMATION
The technical information in this news release has been compiled
by Mr. Owen Mihalop. Mr. Mihalop has reviewed and takes
responsibility for the data and geological interpretation. Mr. Owen
Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
In the UK:
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Ernest Bell
BlytheRay
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheray.com
Megan Ray megan.ray@blytheray.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution regarding forward looking statements
This news release contains "forward-looking statements"
including, but not limited to, statements in connection with the
expected use of proceeds of the Offering, including in respect of
certain work programs, expected construction, including in respect
of the WTP, and the potential completion of a Feasibility Study on
the South Crofty mine and the timing thereof, the exploration
program at United Downs and other exploration opportunities
surrounding the South Crofty tin project, expected recruitment of
various personnel, and expectations respecting tin pricing and
other economic factors. Forward-looking statements, while based on
management's best estimates and assumptions at the time such
statements are made, are subject to risks and uncertainties that
may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to receipt of regulatory
approvals, risks related to general economic and market conditions;
risks related to the COVID-19 global pandemic and any variants of
COVID-19 which may arise; risks related to the availability of
financing when required and on terms acceptable to the Company and
the potential consequences if the Company fails to obtain any such
financing, such as a potential disruption of the Company's
exploration program(s); the timing and content of upcoming work
programs; actual results of proposed exploration activities;
possible variations in Mineral Resources or grade; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes, title disputes, claims and limitations on
insurance coverage and other risks of the mining industry; changes
in national and local government regulation of mining operations,
tax rules and regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL
POSITION
(Unaudited)
(Expressed in Canadian dollars)
July 31, January 31,
2022 2022
------------------------------------------------- ------------------------ ------------------------
ASSETS
Current
Cash $ 61,629,169 $ 6,922,704
Marketable securities 2,371,710 1,574,506
Receivables 142,331 107,230
Prepaid expenses 313,755 231,933
64,456,965 8,836,373
Deposits 51,296 42,448
Property, plant and equipment 6,324,225 6,437,175
Exploration and evaluation assets 25,223,915 20,772,029
$ 96,056,401 $ 36,088,025
================================================= ======================== ========================
LIABILITIES
Current
Accounts payable and accrued liabilities $ 879,315 $ 613,178
Lease liability 2,523 4,204
Commitment to issue shares - 6,041,525
881,838 6,658,907
Lease liability - 667
NSR liability 8,789,295 8,717,330
9,671,133 15,376,904
SHAREHOLDERS' EQUITY
Capital stock 127,869,456 56,846,350
Capital contribution 2,007,665 2,007,665
Share-based payment reserve 630,265 630,265
Foreign currency translation reserve (2,272,525) (174,123)
Deficit (41,849,593) (38,599,036)
86,385,268 20,711,121
$ 96,056,401 $ 36,088,025
================================================= ======================== ========================
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND
COMPREHENSIVE LOSS
(Unaudited)
(Expressed in Canadian dollars)
Six months ended
July 31, July 31,
2022 2021
------------------------------------------------ ------------------- ------------------
EXPENSES
Accretion $ - $ 15,764
Advertising and promotion 269,075 166,026
Depreciation 443 23,316
Finance cost - 3,895
Insurance 66,716 43,918
Office, miscellaneous and rent 55,516 39,712
Professional fees 359,845 704,810
Generative exploration costs 56,081 4,376
Regulatory and filing fees 98,718 91,704
Share-based compensation - 76,548
Salaries, directors' fees and benefits 982,549 455,393
Total operating expenses (1,888,943) (1,625,462)
Interest income 15,223 497
Foreign exchange loss (2,237,188) (203,001)
Gain on the disposal of royalty 318,147 -
Realized loss on marketable securities - (237)
Unrealized gain on marketable securities 542,204 733,120
Loss on the disposal of property, plant and
equipment - (1,979)
Loss for the period (3,250,557) (1,097,062)
Foreign currency translation (2,098,402) (29,841)
Total comprehensive loss for the period $ (5,348,959) $ (1,126,903)
================================================ =================== ==================
Basic and diluted loss per share $ (0.01) $ (0.01)
Weighted average number of common shares
outstanding: 378,614,227 259,248,342
================================================ =================== ==================
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
(Expressed in Canadian dollars)
Six months ended
July 31, July 31,
2022 2021
---------------------------------------------------------------- ----------------------- -----------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period $ (3,250,557) $ (1,097,062)
Items not involving cash:
Accretion - 15,764
Depreciation 443 23,316
Share-based compensation - 76,548
Finance cost - 3,895
Gain on the disposal of royalty (318,147) -
Realized loss on marketable securities - 237
Unrealized gain on marketable securities (542,204) (733,120)
Loss on the disposal of property, plant and equipment - 1,979
Foreign exchange loss 2,237,188 203,001
Changes in non-cash working capital items:
Increase in receivables (35,101) (92,177)
Increase in prepaid expenses (2,185) (76,990)
Increase (decrease) in accounts payable and accrued
liabilities 74,099 (35,451)
Net cash used in operating activities (1,836,464) (1,710,060)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (388,283) (81,890)
Acquisition of exploration and evaluation assets (2,155,493) (1,287,953)
Proceeds from the sale of marketable securities,
net - 3,063
Increase in deposits (8,850) (17,060)
Net cash used in investing activities (2,552,626) (1,383,840)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from AIM listing - 14,244,206
Proceeds from the Offering 65,135,746 -
Proceeds from option and warrant exercises 7,000 235,750
Share issue costs (3,947,087) (1,162,613)
Proceeds from the disposal of royalty 63,147 -
Conversion of Royalty Option costs - (226,290)
Lease payments (2,112) (25,459)
Net cash provided by financing activities 61,256,694 13,065,594
Impact of foreign exchange on cash (2,161,139) (186,783)
Change in cash during the period 54,706,465 9,784,911
Cash, beginning of the period 6,922,704 353,601
Cash, end of the period $ 61,629,169 $ 10,138,512
================================================================ ======================= =======================
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN
SHAREHOLDERS' EQUITY
(Unaudited)
(Expressed in Canadian dollars)
Share Foreign
subscriptions Share-based currency
Number of received Capital payment translation
shares Amount in advance contribution reserve reserve Deficit Total
---------------- ------------ -------------- -------------- ------------- ------------ ------------- ----------------------- --------------
Balance at
January $ ( 35,687,896
31, 2021 149,918,585 $ 40,737,065 $ 189,902 $ 2,007,665 $ 846,212 $ 239,028 ) $ 8,331,976
Share
issuance
pursuant
to
AIM
listing 117,226,572 14,434,108 (189,902) - - - - 14,244,206
Share issue
costs - (1,506,824) - - - - - (1,506,824)
Warrant
exercises 2,575,000 205,750 - - - - - 205,750
Option
exercises 200,000 30,000 - - - - - 30,000
Share-based
compensation - - - - 76,548 - - 76,548
Foreign
currency
translation - - - - - (29,841) - (29,841)
Loss for the
period - - - - - - (1,097,062) (1,097,062)
---------------- ------------ -------------- -------------- ------------- ------------ ------------- ----------------------- --------------
Balance at July
31, 2021 269,920,157 $ 53 ,900,099 $ - $ 2,007,665 $ 922,760 $ 209,187 $ (36,784,958) $ 20,254,753
---------------- ------------ -------------- -------------- ------------- ------------ ------------- ----------------------- --------------
Balance at
January $ ( 38,599,036
31, 2022 285,850,157 $ 56,846,350 $ - $ 2,007,665 $ 630,265 $ (174,123) ) $ 20,711,121
Share
issuance
pursuant to
the
Offering 225,000,000 65,135,746 - - - - - 65,135,746
Share issue
costs - (3,964,332) - - - - - (3,964,332)
Warrant
exercises 100,000 7,000 - - - - - 7,000
Shares
issued
pursuant
to property
option
agreement 20,298,333 9,844,692 - - - - - 9,844,692
Foreign
currency
translation - - - - - (2,098,402) - (2,098,402)
Loss for the ( 3,250,557
period - - - - - - (3,250,557) )
---------------- ------------ -------------- -------------- ------------- ------------ ------------- ----------------------- --------------
Balance at July
31, 2022 531,248,490 $127 ,869,456 $ - $ 2,007,665 $ 630,265 $(2,272,525) $ (41,849,593) $ 86,385,268
---------------- ------------ -------------- -------------- ------------- ------------ ------------- ----------------------- --------------
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September 29, 2022 02:00 ET (06:00 GMT)
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