TIDMCOBR
RNS Number : 1350Q
Cobra Resources PLC
16 October 2019
16 October 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Cobra Resources plc
("Cobra" or "the Company")
Interim Results
Cobra Resources plc (LSE:COBR), the precious and base metals
mineral exploration and development company, has published its
results for the six months ended 30 June 2019.
Electronic copies of the report are available at the Company's
website: www.cobraresources.co.uk
Operational Highlights
Key operational milestones achieved during the period:
-- Announcement of an increased 211k oz gold resource for the Wudinna gold project.
-- Completion of positive CPR's by SRK for both the Wudinna Gold
Project and the Prince Alfred Copper Mine.
-- Completion of exploration planning for the 2019/20 drilling
programmes with all of the Wudinna exploration permits approved by
the South Australian Department of Energy and Mining (DEM).
Corporate and Financial Highlights
-- The Company announced the proposed acquisition of Lady Alice
Mines Pty Ltd (LAM) on the 7(th) March 2019, which will see the
Company transform into an operating business.
-- Since this announcement, the board has focused on raising
funds to complete the acquisition agreement and support the
2019/2020 exploration programmes.
Craig Moulton, Executive Director, commented: The company is
positioning itself to begin a strong and exciting journey, and is
focused on growth commodities in well-regulated jurisdictions.
While global economic volatility continues to make capital for
junior explorers very competitive, we believe that prudent
explorers with quality projects, such as Cobra, will continue to
demonstrate their appeal.
Operational Review
The last 6 months have been an exciting time for the Company as
it finalised an agreement to acquire Lady Alice Mines Pty Ltd
(LAM), the holder of two highly prospective exploration assets in
Australia, namely the Wudinna Gold Project and the Prince Alfred
Copper Mine. This acquisition will transform the Company into an
operational business, and the board is confident that this will
mark the beginning of an exciting journey for Cobra
shareholders.
In preparation for fund raising activities the Wudinna mineral
resource was re-estimated by Optiro, increasing the gold resource
inventory from 200k oz to 211k oz. Both assets were then reviewed
by SRK consulting who confirmed the assets exploration
prospectivity, as well as the Company's proposed exploration
programme.
The board then turned its focus to raising the necessary funds
to complete the agreement, and also to support the planned 2019/20
exploration programme, which it believes will unlock the value in
these assets and provide capital growth to shareholders.
In parallel, the Company continued exploration planning
activities to ensure that the planned exploration programmes could
progress once fundraising was completed, with all permits for the
Wudinna Gold project now approved by the South Australian
Department of Energy and Mining (DEM).
Operational Review, continued
By the end of the period, fund raising activities have continued
to progress, however a regulation changes by the FCA regarding
prospectus structure required the Company to re-submit its
prospectus
after having received initial eligibility status. As this
coincided with the summer holiday period for the financial
community, the board decided to delay fundraising activities until
late September / early October.
Corporate Development
The Board was strengthened during the period with the
appointment of Craig Moulton as an Executive Director. Mr Moulton
brings the benefit of a long career in the geology and mining
sector as a geologist and mineral economist. Mr Moulton received
his Bachelor of Science degree in Geology with honours from the
University of Western Australia and also holds a Masters in Mineral
Economics (with Distinction) from Curtin University.
Financial Review
Cobra reported an unaudited operating loss for the six months
ended 30 June 2019 of GBP361,284 which equates to a loss per share
for the period of GBP0.0054. The Company is undergoing a fundraise
which will enable the Company to develop its targeted exploration
campaigns across its key projects over the next 12-18 months.
Outlook
During the first six months of the financial year the Company
will be focused on completing the planned fund raise and then
executing the initial phases of the Wudinna Exploration programme
which will include geochemical sampling and then drilling of
priority targets.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The interim financial statements have been prepared in
accordance with International Accounting Standard 34, Interim
Financial Reporting, as adopted by the EU;
-- Give a true and fair view of the assets, liabilities,
financial position and loss of the Company;
-- The interim 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
interim financial information, and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
-- The interim financial information 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.
Enquiries:
Cobra Resources plc
Rolf Gerritsen
Tel: +44 (0)20 3778 0881
Email: rg@cobraresourcesplc.com
www.cobraresources.co.uk
SI Capital Limited (Broker)
Nick Emerson
Tel: +44 (0)14 8341 3500
Notes for Editors:
Cobra Resources plc (LSE:COBR) is an exploration, development
and mining company whose securities are listed on the main market
of London Stock Exchange plc.
The Company's primary strategy is to focus on the development of
advanced resource exploration projects with potential, through the
application of disciplined and structured exploration and analysis,
to progress towards a sustainable mining operation.
On 7 March 2019, the Company announced that it had signed an
acquisition agreement to acquire 100% of the units in the Lady
Alice Trust and the entire issued share capital of the Lady Alice
Mines Pty Ltd ("LAM"), an Australian exploration company, as a
trustee of the Lady Alice Trust (the "Proposed Acquisition").
The Company will update the market as and when appropriate.
Statement of comprehensive income
6 months Period Period ended
to to 31 December
30 June 30 June 2018
2019 2018
Unaudited Unaudited Audited
GBP GBP GBP
Revenue - - -
Administrative expenses (299,284) (65,044) (376,860)
IPO expenses (62,000) - (196,472)
Operating loss (361,284) (65,044) (573,332)
Finance costs - - -
Loss on ordinary activities
before taxation (361,284) (65,044) (573,332)
Tax on loss on ordinary - - -
activities
-------------- ---------- --------------
Loss for the financial
period attributable
to equity holders (361,284) (65,044) (573,332)
-------------- ---------- --------------
Earnings per share
- see note 3 GBP(0.0054) GBP- GBP(0.0195)
Basic and diluted
Statement of Financial Position
6 months Period Period
to 30 June to 30 ended 31
2019 June December
2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
Assets
Current assets
Intangible assets 68,505 - -
Cash and cash equivalents 3,081 189,784 328,135
Trade and other
receivables 2,503 1,185 28,147
----------------- ----------- ------------
Total assets 74,089 190,969 356,282
----------------- -----------
Liabilities
Current liabilities
Trade and other
payables (106,340) (6,012) (27,248)
----------------- ----------- ------------
Total liabilities (106,340) (6,012) (27,248)
----------------- ----------- ------------
Net assets (32,251) 184,957 329,034
----------------- ----------- ------------
Equity
Share capital 672,335 250,001 672,335
Share premium 160,992 - 160,992
Share based payment
reserve 69,038 - 69,038
Retained losses (934,616) (65,044) (573,332)
----------------- ----------- ------------
Total equity (32,251) 184,957 329,034
----------------- ----------- ------------
Statement of Cash Flows
6 months Period Period ended
to to 30 June 31 December
30 June 2018 2018
2019
Unaudited Unaudited Audited
GBP GBP GBP
Cash flow from operating
activities
Operating loss (361,284) (65,044) (573,332)
Shares issued in lieu
of fees - - 110,002
Decrease/(increase)
in receivables 25,644 (1,185) (28,147)
Increase in payables 79,092 6,012 27,248
Share warrant charge - - 69,038
Net cash outflow from
operations (256,548) (60,217) (395,191)
------------ ------------ -------------
Cash flows from investing
activities
Payments for intangible (68,506) - -
assets
------------ ------------ -------------
Net cash flows from (68,506) - -
investing activities
------------ ------------ -------------
Cash flows from financing
activities
Proceeds from issue
of shares - 250,001 773,501
Transaction costs of
issue of shares - - (50,175)
------------ ------------ -------------
Net cash flows from
financing activities - 250,001 723,326
------------ ------------ -------------
Net increase in cash
and cash equivalents
Cash and cash equivalents (325,054) 189,784 328,135
at the beginning of
period 328,135 - -
------------ ------------ -------------
Cash and cash equivalents
at end of period 3,081 189,784 328,135
------------ ------------ -------------
Statement of Changes in Equity
Share Share Share Retained Total
capital premium based earnings
payment
reserve
GBP GBP GBP GBP GBP
Loss for the
period - - - (65,044) (65,044)
-------- --------- ------- ----------- -----------
Total comprehensive
income - - - (65,044) (65,044)
At incorporation 1 - - - 1
Equity investment
in the period 250,000 - - - 250,000
-------- --------- ------- ----------- -----------
At 30 June 2018 250,001 - - (65,044) 184,957
-------- --------- ------- ----------- -----------
Loss for the
period - - - (508,288) (508,288)
-------- --------- ------- ----------- -----------
Total comprehensive
income - - - (508,288) (508,288)
Share warrant
charge - - 69,038 - 69,038
Share capital
issued 422,334 211,167 - - 633,501
Cost of share
issue - (50,175) - - (50,175)
-------- --------- ------- ----------- -----------
Total contributions
by and distributions
to owners of
the Company 422,334 160,992 69,038 - 652,364
-------- --------- ------- ----------- -----------
As at 31 December
2018 672,335 160,992 69,038 (573,332) 329,033
-------- --------- ------- ----------- -----------
Loss for the
period - - - (361,284) (361,284)
Total comprehensive
income - - - (361,284) (361,284)
As at 30 June
2019 672,335 160,992 69,038 (934,616) (32,251)
-------- -------- ------- ---------- ----------
Half-yearly report notes
1. Half-yearly report
This half-yearly report was approved by the Directors on 29(th)
September 2019.
The information relating to the six month periods to 30 June
2019 and 30 June 2018 are unaudited.
The information relating to the year to 31 December 2018 is
extracted from the audited financial statements of the Company
which have been filed at Companies House and on which the auditors
issued an unqualified audit report. The condensed interim financial
statements have not been reviewed by the Company's auditor.
2. Basis of accounting
The report has been prepared using accounting policies and
practices that are consistent with those adopted in the statutory
financial statements for the period ended 31 December 2018,
although the information does not constitute statutory financial
statements within the meaning of the Companies Act 2006. The
half-yearly report has been prepared under the historical cost
convention.
Going concern
The Company's day to day financing is from its available cash
resources.
The Company is undergoing a fundraise which will enable the
Company to develop its targeted exploration campaigns across its
key projects over the next 12-18 months and the Directors are
confident that adequate funding can be raised as required to meet
the Company's current and future liabilities.
For the reasons outlined above, the Directors are satisfied that
the Company will be able to meet its current and future
liabilities, and continue trading, for the foreseeable future and,
in any event, for a period of not less than twelve months from the
date of approving this report. The preparation of these financial
statements on a going concern basis is therefore considered to
remain appropriate.
These half-yearly financial statements are prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the European Union and the Disclosure and Transparency Rules of the
UK Financial Conduct Authority.
This half-year report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this
report should be read in conjunction with the annual report for the
year ended 31 December 2018, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted
by the European Union.
The Company will report again for the full year to 31 December
2019.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in the Company's 2018 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Intangible assets
Exploration and development costs
All costs associated with mineral exploration and investments
are capitalised on a project-by-project basis, pending
determination of the feasibility of the project. Costs incurred
include appropriate technical and administrative expenses but not
general overheads. If an exploration project is successful, the
related expenditures will be transferred to mining assets and
amortised over the estimated life of economically recoverable
reserves on a unit of production basis.
Half-yearly report notes, continued
2. Basis of accounting, continued
Intangible assets
Exploration and development costs
Where a licence is relinquished or a project abandoned, the
related costs are written off in the period in which the event
occurs. Where the Group maintains an interest in a project, but the
value of the project is considered to be impaired, a provision
against the relevant capitalised costs will be raised.
The recoverability of all exploration and development costs is
dependent upon the discovery of economically recoverable reserves,
the ability of the Group to obtain necessary financing to complete
the development of reserves and future profitable production or
proceeds from the disposition thereof.
3. Earnings per share
6 months Period Period
to to ended
30 June 30 June 31 December
2019 2018 2018
Unaudited Unaudited Audited
GBP GBP GBP
These have been calculated
on a loss of: (361,284) (65,044) (573,332)
-------------- ------------- --------------
The weighted average
number of shares
used was: 67,233,532 21,794,972 29,354,855
-------------- ------------- --------------
Basic and diluted GBP(0.0054) GBP- GBP(0.0195)
loss per share:
-------------- ------------- --------------
4. Events after the reporting period
There were no reportable events after the reporting period other
than those highlighted in the 'Financial Review'.
The Condensed interim financial statements were approved by the
Board of Directors on 29(th) September 2019.
By order of the Board
Craig Moulton
Executive Director
Copies of this half-yearly report are available free of charge
by application in writing to the Company Secretary at the Company's
registered office: Suite A, 6 Honduras Street, London, EC1Y 0TH, or
by email to info@london-registrars.co.uk. The report will also be
made available on the Company's website:
www.cobraresources.co.uk.
End
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END
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