TIDMCOBR
RNS Number : 6563D
Cobra Resources PLC
30 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK MAR"), AND IS DISCLOSED IN ACCORDANCE
WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF uk MAR. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS
DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
30 June 2021
Cobra Resources plc
("Cobra" or the "Company")
Result of Annual General Meeting
Cobra, the gold explorer focused on the Wudinna Gold Project in
South Australia, announces that at the Annual General Meeting of
the Company held at 9.30 a.m. on 30 June 2021, all of the
resolutions were duly passed. The results of the poll, including
the proxy voting, will be available shortly on the Company's
website, www.cobraplc.com .
For the purposes of UK MAR, the person responsible for arranging
the release of this announcement on behalf of the Company was Greg
Hancock, Chairman.
Enquiries:
Cobra Resources plc Via Vigo Consulting
Craig Moulton (Australia) +44 (0)20 7390 0234
Dan Maling (UK)
SI Capital Limited (Joint Broker)
Nick Emerson
Sam Lomanto +44 (0)1483 413 500
Peterhouse Capital Limited (Joint Broker)
Duncan Vasey
Lucy Williams +44 (0)20 7469 0932
Vigo Consulting (Financial Public Relations)
Ben Simons
Fiona Hetherington +44 (0)20 7390 0234
About Cobra
Cobra's Wudinna Gold Project is located in the Gawler Craton
which is home to some of the largest IOCG discoveries in Australia
including Olympic Dam, as well as Prominent Hill and Carrapateena.
Cobra's Wudinna tenements contain extensive orogenic gold
mineralisation and are characterised by potentially open-pitable,
high-grade gold intersections, with ready access to nearby
infrastructure. In total Cobra has over 22 orogenic gold prospects,
with grades of between 16 g/t up to 37.4 g/t outside of the current
211,000 oz JORC resource, as well as one copper-gold prospect, and
four IOCG targets.
Wudinna Project Description
The Eyre Peninsula Gold Joint Venture comprises a 1,928 km(2)
land holding in the Gawler Craton. The Wudinna Gold Project within
the Joint Venture tenement holding comprises a cluster of gold
prospects which includes the Barns, White Tank and Baggy Green
deposits.
Chairman's statement
INTRODUCTION
2020 will be remembered as a challenging year, profoundly
impacting the lives of many people. The pandemic also impacted both
equity and commodity markets, resulting in strong demand for
safehaven commodities such as gold and copper, reflected through
strong support for precious and base metals explorers on the London
Stock Exchange. During the year, Cobra raised sufficient funds to
conduct three detailed soil programmes, and then test priority
targets via a significant Reverse Circulation (RC) drilling
programme. The results of this drilling, particularly at Clarke,
were spectacular, realising one of the largest high-grade
intercections in the Wudinna Gold Projects' history.
BACKGROUND
Cobra Resources began life as publicly listed company with the
aim of finding suitable precious, base or energy metals exploration
or mining projects in either Australia or Africa. During 2019 the
Board identified several potentially suitable projects, which were
reviewed in detail to evaluate their strengths, growth potential
and likely longer-term value to shareholders.
Following an extensive due diligence process, the Wudinna Gold
Project was identified as the most compelling opportunity primarily
due to its technical and commercial merits which could be
efficiently explored and grown with Cobra's infrastructure and
skilled resources. This included having an existing gold resource
of over 200,000 ounces with significant upside potential, being
located in a jurisdiction that was stable, with low sovereign risk,
and having a large number of prospects which could be efficiently
explored and expanded with Cobra's infrastructure and skilled
resources.
The Group has retained a team with the core competencies
required to deliver on its strategic objectives. During the course
of 2020, the Company sought to strengthen the existing board with
the appointment of two new members:
-- David Clarke - Non-Executive Director. David is an eminent
and renowned geologist, responsible for the discovery of
Tuckabianna amongst others. David is tasked with providing
technical oversight.
-- Daniel Maling - Non-Executive Director. Daniel has extensive
commercial and business development experience in the oil &
gas, mining and technology sectors.
OPERATIONAL REVIEW
The Company's articulated strategy to utilise staged geochemical
sampling to identify priority targets as a means to reduce risk was
demonstrably successful during the 2020 exploration campaign. These
initial three programmes focused on:
Programme 1 : Calibration of surface and drillhole geochemistry
to characterise primary immobile pathfinder elements directly
associated with mineralisation.
Programme 2 : Collection of surface samples and re-analysis of
historic surface and drillhole pulps to charaterise the orientation
and extension of existing brownfields resources.
Programme 3 : Re-analysis of historic surface pulps to
charaterise priority areas for greenfields discoveries.
In total 5,185 samples were analysed for a broad multi-element
suite, with this extensive dataset providing excellent information
to target priority drilling areas. With increased confidence in the
planned drilling targets gained from this pathfinder strategy, the
Company then raised GBP1.5m to progress the drilling during the
second half of 2020.
Drilling commenced at Wudinna on 23(rd) September 2020 . Four
primary drilling areas were planned, focusing on testing the
orientation and continuity of mineralisation at the Baggy Green,
Clarke, Laker and Barns deposits. Unfortunately access conditions
meant that the Laker drilling did not proceed, and was
deferred.
The total drilling programme of included 41 holes for 6,090
metres and was completed by 14th November 2020. Following some
assay laboratory and Christmas holiday delays the company was able
to report the following signature intersections post year end:
1. CBRC009 31m @ 3.06g/t from 69m inc. 15m @ 5.25 g/t
2. CBRC008 16m @ 1.37g/t from 43m inc. 4m @ 4.19 g/t
3. CBRC027 37m @ 1.38g/t from 151m inc. 13m @ 3.25g/t
4. CBRC026 6m @ 2.3g/t from 85m inc. 1m @ 8.72g/t
The drilling programme satisfied the Stage 1 Earn In obligations
such that Cobra now holds a 50% beneficial interest in the Wudinna
Gold Project.
POST PERIOD EVENTS
On 11 January 2021, the Company issued a total of 32,383,152 new
ordinary shares pursuant to completion of Stage 1 earn-in of the
Wudinna Gold Project, with 31,049,819 shares at 2.4 pence per share
being issued in accordance with the acquisition agreement to the
vendors of Lady Alice Trust and Lady Alice Mines Pty Ltd, and
1,333,333 shares at 1.5 pence per share issued to the Company's CEO
in accordance with the terms of his service agreement.
On 28 January 2021, the Company issued 1,934,800 new ordinary
shares pursuant to the exercise of warrants, with 934,800 shares at
a price of 3 pence per share and 1,000,000 shares at a price of 2
pence per share.
On 18 and 19 of February 2021, the Company issued 2,333,334 new
ordinary shares and 1,666,667 new ordinary shares respectively, at
2 pence per share, pursuant to the exercise of warrants.
On 29 April 2021, the Company issued a total of 7,110,053 new
ordinary shares, with 5,664,340 shares being issued at 1 pence per
share to the vendors of Lady Alice Trust and Lady Alice Mines Pty
Ltd in accordance with the acquisition agreement for the Wudinna
Gold Project, and 1,445,713 shares at 2.3 pence per share to a
drilling contractor in settlement of a contractual agreement in
respect of the provision of service.
COVID-19
On 11 March 2020, the World Health Organisation declared the
Coronavirus outbreak to be a pandemic in recognition of its rapid
spread across the globe, with over 200 countries now affected. Many
governments are taking increasingly stringent steps to help contain
or delay the spread of the virus and as a result there is a
significant increase in economic uncertainty.
For the Group's 31 December 2020 financial statements, the
Coronavirus outbreak and the related impacts are considered
non-adjusting events. Consequently, there is no impact on the
recognition and measurement of assets and liabilities. Due to the
uncertainty of the outcome of current events, the Group cannot
reasonably estimate the impact these events will have on the
Group's financial position, results of operations or cash flows in
the future.
CONCLUSION
Despite the challenges presented in 2020, the Company has
delivered some very strong progress over the course of the period
that position us for a hugely exciting next phase which is now
underway. I thank my fellow directors for their contribution
throughout the year, Craig Moulton our Managing Director for his
commitment, and our shareholders generally for their support. We
look forward to a period of significant activity which lies in
front of us.
Greg Hancock
Chairman
29 June 2021
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2020
Notes 31 December 31 December
2020 2019
GBP GBP
Other Income 50,280 -
Other Expenses (895,684) (544,500)
IPO expenses - (124,400)
Operating loss 2 (845,404) (668,900)
Finance income and costs - -
Change in estimate of contingent consideration 13 (161,346) -
Loss before tax (1,006,750) (668,900)
Taxation 5 - -
Loss for the year attributable to equity holders (1,006,750) (668,900)
=========== ===========
Earnings per ordinary share
Basic and diluted loss per share attributable (GBP0.0035) (GBP0.0099)
to owners of the Parent Company 6
=========== ===========
All operations are considered to be continuing.
The accompanying notes are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2020
31 December 31 December
2020 2019
GBP GBP
( 668,900
Loss for the year (1,006,750) )
Other Comprehensive income
Items that may subsequently be reclassified
to profit or loss:
* Exchange differences on translation of foreign
operations 66,916 (1,461 )
Total comprehensive loss attributable ( 670,361
to equity holders of the Parent Company (939,834) )
=========== ===========
The accompanying notes are an integral
part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2020
Notes
2020 2019
GBP GBP
Non-current assets
Intangible Fixed Assets 8 1,495,519 612,242
Property, plant and equipment 9 2,400 3,428
Total non-current assets 1,497,919 615,670
----------- -----------
Current assets
Trade and other receivables 10 69,408 37,433
Cash and cash equivalents 11 1,338,851 7,675
----------- -----------
Total current assets 1,408,259 45,108
----------- -----------
Non-current liabilities
Deferred consideration 13 (322,691) (350,066)
----------- -----------
Current liabilities
Trade and other payables 12 (169,314) (436,553)
Deferred consideration 13 (188,721) (215,486)
Total current liabilities (358,035) (652,039)
----------- -----------
Net assets/(liabilities) 2,225,451 (341,327)
=========== ===========
Capital and reserves
Share capital 14 2,829,566 672,335
Share premium account 564,173 160,992
Share based payment reserve 1,006,239 69,038
Retained losses (2,239,982) (1,242,231)
Foreign currency reserve 65,456 (1,461)
----------- -----------
Total equity 2,225,451 (341,327)
=========== ===========
The accompanying notes are an integral part of these financial
statements.
These financial statements were approved and authorised for
issue by the Board of Directors on 29 June 2021.
Signed on behalf of the Board of Directors
Craig Moulton , Executive Director , Company No. 11170056
COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2020
Notes
2020 2019
GBP GBP
Non-current assets
Investment in subsidiary 7 432,260 432,260
Property, plant and equipment 9 2,400 3,428
Intangible Fixed Assets 8 33,251 -
Total non-current assets 467,910 435,688
----------- -----------
Current assets
Trade and other receivables 10 1,636,477 241,518
Cash and cash equivalents 11 834,164 1,749
----------- -----------
Total current assets 2,470,641 243,267
----------- -----------
Non-current liabilities
Deferred consideration 13 (322,691) (350,066)
----------- -----------
Total Non-current liabilities 2,470,641 243,267
--------- ------- (322,691) (350,066)
----------- -----------
Current liabilities
Trade and other payables 12 (95,636) (422,560)
Deferred consideration 13 (188,721) (215,486)
Total current liabilities (284,357) (638,046)
----------- -----------
Net assets/(liabilities) 2,331,502 (309,157)
=========== ===========
Capital and reserves
Share capital 14 2,829,566 672,335
Share premium account 564,173 160,992
Share based payment reserve 1,006,239 69,038
Retained losses (2,068,475) (1,211,522)
Equity shareholders' funds 2,331,502 (309,157)
=========== ===========
The Company has taken advantage of the exemption allowed under
section 408 of the Companies Act 2006 and has not included its own
income statement and statement of comprehensive income in these
financial statements. The Company's loss for the period amounted to
GBP878,753 (2019: GBP638,190 loss).
The accompanying notes are an integral part of these financial
statements.
These financial statements were approved and authorised for
issue by the Board of Directors on 29 June 2021.
Signed on behalf of the Board of Directors
Craig Moulton, Executive Director, Company No. 11170056
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2020
Share Share Share based Retained Foreign Total
capital premium payment losses currency
reserve reserve
GBP GBP GBP GBP GBP GBP
As at 1 January 2019 672,335 160,992 69,038 (573,332) - 329,034
Loss for the year - - - (668,900) - (668,900)
Translation differences - - - - (1,461) (1,461)
--------- ----------- ----------- ----------- -------- --------------
Comprehensive loss for the year - - - (668,900) (1,461) (670,361)
--------- ----------- ----------- ----------- -------- --------------
At 31 December 2019 672,335 160,992 69,038 (1,242,232) (1,461) (341,327)
Loss for the year - - - (1,006,750) - (1,006,750)
Translation differences - - - - 66,917 66,917
--------- ----------- ----------- ----------- -------- --------------
Comprehensive loss for the year - - - (1,006,750) 66,917 (939,834)
Shares issued 2,157,231 1,537,142 - - - 3,694,373
Share based payment expired - - (3,833) 3,833 - -
Exercise of options & warrants - - (17,967) 5,167 - (12,800)
Cost of share issue - (1,133,961) - - - (1,133,961)
Share warrant charge - - 947,000 - - 947,000
Share option charge - - 12,000 - - 12,000
At 31 December 2020 2,829,566 564,173 1,006,238 (2,239,982) 65,456 2,225,451
--------- ----------- ----------- ----------- -------- --------------
The following describes the nature and purpose of each reserve
within equity:
Share capital: Nominal value of shares issued
Share premium: Amount subscribed for share capital in excess of
nominal value, less share issue costs
Share based payment reserve: Cumulative fair value of warrants and options granted
Retained losses: Cumulative net gains and losses, recognised in
the statement of comprehensive income
Foreign currency reserve: Gains/losses arising on translation of
foreign controlled entities into pounds sterling.
The accompanying notes are an integral part of these financial
statements.
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2020
Share Share Share based Retained Total
capital premium payment losses
reserve
GBP GBP GBP GBP GBP
At 1 January 2019 672,335 160,992 69,038 (573,332) 329,034
Loss for the year - - - (638,190) (638,190)
Translation differences - - - - -
--------- ----------- ----------------- ----------- -----------
Comprehensive loss for the period - - - (638,190) (638,190)
--------- ----------- ----------------- ----------- -----------
At 31 December 2019 672,335 160,992 69,038 (1,211,522) (309,157)
Loss for the year - - - (878,753) (878,753)
Translation differences - - - - -
Shares issued 2,157,231 1,537,142 - - 3,694,373
Share based payment expired - - (3,833) 3,833 -
Exercise of options & warrants - - (17,967) 17,967 -
Cost of share issue - (1,133,961) - - (1,133,961)
Share warrant charge - - 947,000 - 947,000
Share option charge - - 12,000 - 12,000
At 31 December 2020 2,829,566 564,173 1,006,238 (2,068,475) 2,331,502
--------- ----------- ----------------- ----------- -----------
The following describes the nature and purpose of each reserve
within equity:
Share capital: Nominal value of shares issued
Share premium: Amount subscribed for share capital in excess of
nominal value, less share issue costs
Share based payment reserve: Cumulative fair value of warrants and options granted
Retained losses: Cumulative net gains and losses, recognised in
the statement of comprehensive income
The accompanying notes are an integral part of these financial
statements.
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2020
Notes 31 December 31 December
2020 2019
GBP GBP
Cash flows from operating activities
Loss before tax (1,006,750) (668,900)
Equity settled share based payments 265,189 -
Depreciation 9 1,028 979
Foreign exchange 66,916 5,950
Change in estimate of contingent consideration 13 161,346 -
(Decrease) / Increase in trade and other receivables 10 (31,975) (9,286)
Increase in trade and other payables 12 (482,725) 313,519
Share warrant charge - -
Net cash used in operating activities (1,026,971) (357,738)
----------- -----------
Cash flows from investing activities
Payments for exploration and evaluation activities 8 (883,277) (5,660)
Payment for acquisition of subsidiary, net of cash acquired 17 - 11,645
Payments for tangible fixed assets 9 - (4,407)
Net cash used in investing activities (883,277) 1,578
----------- -----------
Cash flows from financing activities
Proceeds from the issue of shares 3,428,384 35,700
Cost of shares issued (186,961) -
Net cash generated from financing activities 3,241,423 35,700
----------- -----------
Net increase/(decrease) in cash and cash equivalents 1,331,176 (320,460)
Cash and cash equivalents at beginning of year 7,675 328,135
Cash and cash equivalents at end of year 11 1,338,851 7,675
=========== ===========
-- During the year, Shares worth GBP168,819 were issued to the
previous Lady Alice Mines unit holders as per the sale
agreement.
-- During the year, Liabilities (Broker Fees) worth GBP186,960
were offset against share proceeds.
-- During the year, Shares worth GBP96,370 were issued to Directors in Lieu of fees.
The accompanying notes are an integral part of these financial
statements
COMPANY CASH FLOW STATEMENT
For the year ended 31 December 2020
Notes 31 December 31 December
2020 2019
GBP GBP
Cash flows from operating activities
Loss before tax (878,753) (638,190)
Equity settled share based payments 265,189 -
Depreciation 9 1,028 979
Foreign exchange loss/gain 12,801 -
Change in estimate of contingent consideration 13 161,346 -
Increase in trade and other receivables 10 (1,394,958) (4,958)
Increase in trade and other payables 12 (542,410) 359,611
Share warrant charge - -
Net cash used in operating activities (2,375,757) (282,558)
----------- -----------
Cash flows from investing activities
Payments for tangible fixed assets 9 - (4,407)
Payments for Intangible fixed assets (33,251) -
Investment in subsidiary 7 - (535)
Net cash used in investing activities (33,251) (4,942)
----------- -----------
Cash flows from financing activities
Proceeds from the issue of shares 3,428,384 35,700
Cost of shares issued (186,961) -
Loan to subsidiary company 10 - (74,586)
Net cash (used in)/generated from financing activities 3,241,423 (38,886)
----------- -----------
Net increase/(decrease) in cash and cash equivalents 832,415 (326,386)
Cash and cash equivalents at beginning of year 1,749 328,135
Cash and cash equivalents at end of year 11 834,164 1,749
=========== ===========
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