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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kefi Gold And Copper Plc | LSE:KEFI | London | Ordinary Share | GB00BD8GP619 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.014 | -2.55% | 0.536 | 0.536 | 0.544 | 0.556 | 0.536 | 0.55 | 27,519,742 | 15:25:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metal Mining Services | 0 | -6.36M | -0.0013 | -4.23 | 27.31M |
TIDMKEFI
RNS Number : 3171A
KEFI Minerals plc
28 September 2015
28 September 2015
KEFI Minerals plc
("KEFI" or the "Company")
TULU KAPI FUNDING UPDATE
AND
INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2015
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia, is pleased to provide an update on development funding and announces its unaudited interim results for the half-year ended 30 June 2015. The statement below encompasses the activities of the Company's subsidiary, KEFI Minerals (Ethiopia) Limited ("KME"), in Ethiopia and its joint venture, Gold & Minerals Limited ("G&M"), in the Kingdom of Saudi Arabia.
Update on Development Funding and Planned Government Participation
The Company is pleased to report that, based on the negotiations with the short-listed project contactors and financiers and with the Government of Ethiopia, the entire development funding for the Tulu Kapi gold project in Ethiopia of c. $120 million is now expected to be covered at the project level. A key component is the intended participation by the Government of Ethiopia, by funding up to $20 million of infrastructure in exchange for an increased share of project equity. The full funding package is planned through a combination of debt, gold streaming and equity funding, with working capital requirements subject to further refinement which can only be finalised upon formalisation of the multi-party agreements and the approval thereof by the Government of Ethiopia.
Management is now focused on formally appointing and assembling, with finalised and complementary terms, the project syndicate comprising the contractors, debt financiers, gold streamer and the Government of Ethiopia. This includes the contractor for building the plant on a fixed-price basis and the contractor for the mining operation on a price-per-cubic-metre-delivered basis over the life of the open pit mine. KEFI will announce the members of the syndicate as appointments occur, commencing in the first half of October. With the Government of Ethiopia, KEFI is finalising the terms for its intended funding of infrastructure (the public road and electricity connection) and the associated increase in its share of project equity.
Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented: "We are pleased to have achieved this major milestone and, in particular, we welcome the Government of Ethiopia's intention to increase its equity in the project. Along with the intended use of some gold stream finance, this materially reduces the level of debt to be introduced and makes the financial structure more conservative, which is appropriate for such volatile times in capital markets. We look forward to finalising terms with the emerging syndicate of parties and rapidly moving on to the next phase of development."
H1 2015 Summary
Tulu Kapi gold project, Ethiopia
(Wholly-owned by KEFI; Government entitled to 5% free carried interest)
-- Appointed Mr Wayne Nicoletto, in February, as Head of Operations of the Company and Managing Director of KME
-- In April, Mining Agreement ("MA") signed by the Company and Ethiopian Government, granting the 20-year Mining Licence and permitting development and operation
-- Reaffirmed that Tulu Kapi project is economically sound and warrants development upon independent confirmation of Ore Reserves (JORC 2012) 15.4Mt at 2.12g/t Au, containing 1.05Moz, having wireframed each individual ore lode as part of due diligence for project finance
-- Highlights of the Definitive Feasibility Study ("2015 DFS") completed in June 2015 included:
o Gold production remaining at 960,000oz over 13 years with an average of 75,000oz per year. Post period, the Company announced an increase in planned production to an average of c. 100,000oz per annum over a 10-year period. This was achieved by increasing the planned rate of ore processing, without change to the Mine Plan
o All-in Sustaining Costs remained at c. US$780/oz, which ranks the project in the lowest cost quartile globally for gold producers. This includes all operating costs, royalties, sustaining capital and closure, but excludes initial capital investment. Post period, this was adjusted to US$760/oz based on the terms of contractor bidding to that point
-- In June 2015, the gold mineralisation from the first trench sampling results from three prospects in adjacent exploration licences to the Tulu Kapi site demonstrated that these prospects could potentially provide satellite feed to the central processing plant at Tulu Kapi or be developed as standalone heap leach projects. This supplementary source of ore would complement that from the underground resources already reported and which are expected to be increased in due course
Gold & Minerals Ltd Joint Venture ("G&M"), Saudi Arabia
(40%-owned by the Company with KEFI as operator)
Jibal Qutman
-- The Company completed a positive Preliminary Economic Assessment, including:
o An increase in the reported Mineral Resource (JORC 2012) to 28.4Mt at 0.80g/t Au for 733,045oz Au, at a cut-off grade of 0.2g/t Au
o Improved metallurgical test results indicating heap leach recovery of c. 70%
o Mining scoping study indicating potential open cut mineable resource of 6.6Mt at 0.95g/t Au, containing 201,600oz on oxide ore for heap leach processing
o Preliminary internal assessment by KEFI suggesting an estimated cash operating cost of US$600/oz on a 1.5Mt per annum open-pit operation with gold recovery via a heap leach process
Hawiah
-- Completed an initial 53-trench surface sampling programme over a 6km-long gossanous horizon and a geophysical survey over the southern half of the gossanous horizon
-- Exploration highlighted a large drilling target of 2,000m lateral and 300m vertical extent thought to overlie volcanically hosted massive sulphide (copper-gold-zinc) style of mineralisation
-- KEFI intends to conduct initial drilling of this target during H2 2015
Corporate
-- Completed GBP800,000 placing of 80,000,000 ordinary shares at a price of 1p per share in March
-- Completed GBP660,000 placing of 66,610,600 ordinary shares at a price of 1p per share in May
-- Existing issued ordinary shares of 1p each in the capital of the Company were subdivided into one new Ordinary Share of 0.1p each ("New Ordinary Shares") and one deferred share of 0.9p each ("Deferred Shares")
-- In June 2015, completed GBP2,900,000 placing at 0.8p per share of 362,500,000 New Ordinary Shares of 0.1p per share
-- As referenced in Note 6 in the accounts below, based on Directors' formal review, the net present value of the Tulu Kapi asset significantly exceeded the book value at 30 June 2015
ENQUIRIES
KEFI Minerals plc Harry Anagnostaras-Adams (Executive Chairman) +357 99457843 SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat, Jeff Keating +44 20 3470 0470 Brandon Hill Capital Ltd (Joint Broker) Oliver Stansfield, Alex Walker, Jonathan Evans +44 20 7936 5200 Beaufort Securities Ltd (Joint Broker) Elliot Hance +44 20 7382 8300 Luther Pendragon Ltd (Financial PR) Harry Chathli, Claire Norbury, Oliver Hibberd +44 20 7618 9100
Further information can be viewed on KEFI's website at www.kefi-minerals.com
Condensed interim consolidated statements of comprehensive income
(unaudited) (All amounts in GBP thousands unless otherwise stated)
Six Six months months ended ended 30 30 Notes June June 2015 2014 ---------- ---------- Revenue - - Exploration expenses (55) (76) ---------- ---------- Gross loss (55) (76) Administration expenses (876) (729) Share-based payments (200) (152) Share of loss from jointly controlled entity (444) (593) Change in value of financial assets at fair value through profit and loss - (4) Operating loss (1,575) (1,554) Foreign exchange gain/(loss) 96 (101) Interest income - 1 Interest expense (149) (275) ---------- ---------- Loss before tax (1,628) (1,929) Tax - - ---------- ---------- Loss for the period (1,628) (1,929)
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========== ========== Loss attributable to: -Owners of the parent (1,628) (1,866) -Non-controlling interest - (63) (1,628) (1,929) ---------- ========== Loss for the period (1,628) (1,929) Other comprehensive loss: Exchange differences on translating foreign operations 66 158 ---------- ---------- Total comprehensive loss for the period (1,562) (1,771) ========== ========== Attributable to: -Owners of the parent (1,562) (1,708) -Non-controlling interest - (63) ---------- -------------- (1,562) (1,771) ========== ============== Basic and fully diluted loss per share (pence) 4 (0.12) (0.22) ======= =======
The notes are an integral part of these condensed interim consolidated financial statements.
Condensed interim consolidated statements of financial position
(unaudited) (All amounts in GBP thousands unless otherwise stated)
30 June 31 Dec Notes 2015 2014 --------- --------- ASSETS Non-current assets Property, plant and equipment 5 113 160 Intangible assets 6 10,582 9,139 10,695 9,299 --------- --------- Current assets Financial assets at fair value through profit or loss 83 86 Trade and other receivables 7 422 335 Cash and cash equivalents 1,023 640 --------- --------- 1,528 1,061 --------- --------- Total assets 12,223 10,360 ========= ========= EQUITY AND LIABILITIES Equity attributable to owners of the Company Share capital 8 1,745 12,352 Deferred Shares 8 12,436 - Share premium 8 10,800 8,433 Share options reserve 9 1,036 848 Foreign exchange reserve (20) (86) Accumulated losses (16,070) (14,389) --------- --------- 9,927 7,158 Non-controlling interest - - --------- --------- Total equity 9,927 7,158 Current liabilities Trade and other payables 10 2,296 3,202 --------- ========= 2,296 3,202 --------- ========= Total liabilities 2,296 3,202 --------- --------- Total equity and liabilities 12,223 10,360 ========= =========
The notes are an integral part of these condensed interim consolidated financial statements.
On 27 September 2015, the Board of Directors of KEFI Minerals Plc authorised these financial statements for issue.
Harry Anagnostaras- Adams
Executive Chairman of Directors
Condensed interim consolidated statement of changes in equity
(unaudited) (All amounts in GBP thousands unless otherwise stated)
Attributable to the owners of the Company =============================================== Share Deferred Share Share Foreign Accumulated Non-controlling capital shares premium options exchange losses interest Total reserve reserve =========== ========== ========= ========= ========== ============= ================= ========== At 1 January 2014 8.535 - 7,660 794 (156) (10,062) 1,032 7,803 Loss for the period - - - - - (1,866) (63) (1,929) Other comprehensive loss - - - - 158 - - 158 Share-based payments - - - 152 - - - 152 Forfeit of options/warrants - - - (280) - 280 - - Issue of share capital 1,416 - 708 - - - - 2,124 Share issue costs - - (198) - - - - (198) =========== ========== ========= ========= ========== ============= ================= ========== At 30 June 2014 9,951 - 8,170 666 2 (11,648) 969 8,110 Loss for the period - - - - - (1,982) (52) (2,034) Other comprehensive loss - - - - (88) - - (88) Share-based payments - - - 183 - - - 183 Exercise of - - - - - - - - options Forfeit of options/warrants - - - (1) - 1 - - Issue of share capital 2,401 - 250 - - - - 2,651 Share issue costs - - 13 - - (177) - (164) =========== ========== ========= ========= ========== ============= ================= ========== Transactions with owners of the Company 12.352 - 8,433 848 (86) (13,806) 917 8,658 Acquisition of non- controlling - interest - - - - - (583) (917) (1,500) =========== ========== ========= ========= ========== ============= ================= ========== At 31 December 2014 12,352 - 8,433 848 (86) (14,389) - 7,158 Loss for the period - - - - - (1,628) - (1,628) Other comprehensive loss - - - 66 - - 66 Share-based payments - - - 200 - - - 200 Forfeit of options/warrants - - - (12) - 12 - - Restructuring of share capital (12,436) 12,436 - - - - - - Issue of share capital 1,829 - 2,537 - - - - 4,366 Share issue costs - - (170) - - (65) - (235) =========== ========== ========= ========= ========== ============= ================= ========== At 30 June 2015 1,745 12,436 10,800 1,036 (20) (16,070) - 9,927 =========== ========== ========= ========= ========== ============= ================= ==========
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The following describes the nature and purpose of each reserve within owner's equity:
Reserve Description and purpose Share capital amount subscribed for share capital at nominal value Deferred shares On 16 June 2015, ordinary shares of 1p each in the capital of the Company were sub-divided into one new ordinary share of 0.1p and one deferred share of 0.9p Share premium amount subscribed for share capital in excess of nominal value, net of issue costs Share options reserve for share options granted but reserve not exercised or lapsed Foreign exchange cumulative foreign exchange net gains reserve and losses recognised on consolidation Accumulated cumulative net gains and losses recognised losses in the statement of comprehensive income, excluding foreign exchange gains within other comprehensive income
Non-controlling interest (NCI) the portion of equity ownership in a subsidiary not attributable to the parent company
The notes are an integral part of these condensed interim consolidated financial statements.
Condensed interim consolidated statements of cash flows
(unaudited) (All amounts in GBP thousands unless otherwise stated)
Six Six months months ended ended to to 30 30 June June 2015 2014 -------- -------- Cash flows from operating activities Loss before tax (1,628) (1,929) Adjustments for: Share-based benefits 200 152 Share of loss in joint venture 444 593 Net loss on financial assets at fair value through profit or loss - 4 Gain on disposal of plant and (70) - equipment Depreciation 52 71 Interest expense 149 275 Foreign exchange losses on financing activities (96) (48) Foreign exchange gains on operating activities 88 101 -------- -------- Cash outflows from operating activities before working capital changes (861) (781) Interest paid (149) (275) Changes in working capital: Trade and other receivables (87) (427) Trade and other payables (758) (710) -------- -------- Net cash used in operating activities (1,855) (2,193) -------- -------- Cash flows from investing activities Purchases of plant and equipment (5) (19) Proceeds on disposal of plant 70 - and equipment Deferred exploration costs (545) (1,135) Project evaluation costs (898) - Advances to joint venture (408) (485) -------- -------- Net cash used in investing activities (1,786) (1,639) -------- -------- Cash flows from financing activities Proceeds from issue of share capital 4,259 2,124 Listing and issue costs (235) (198) -------- -------- Net cash from financing activities 4,024 1,926 -------- -------- Net increase/(decrease) in cash and cash equivalents 383 (1,906) Cash and cash equivalents: At beginning of period 640 3,279 -------- At end of period 1,023 1,373 ======== =========
The notes are an integral part of these condensed interim consolidated financial statements.
Notes to the condensed interim consolidated financial statements
For the six months to 30 June 2014 and 2015 (unaudited) (All amounts in GBP thousands unless otherwise stated)
1. Incorporation and principal activities
Country of incorporation
The Company was incorporated in United Kingdom as a public limited company on 24 October 2006. Its registered office is at 27/28 Eastcastle Street, London W1W 8DH.
Principal activities
The principal activities of the Group for the period are:
-- To explore for mineral deposits of precious and base metals and other minerals that appear capable of commercial exploitation, including topographical, geological, geochemical and geophysical studies and exploratory drilling.
-- To evaluate mineral deposits determining the technical feasibility and commercial viability of development, including the determination of the volume and grade of the deposit, examination of extraction methods, infrastructure requirements and market and finance studies.
-- To develop, operate mineral deposits and market the metals produced. 2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these condensed interim consolidated financial statements are set out below. These policies have been applied consistently throughout the period presented in these condensed interim consolidated financial statements unless otherwise stated.
Basis of preparation and consolidation
The condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standards (IFRS) including International Accounting Standard 34 "Interim Financial Reporting" and using the historical cost convention.
These condensed interim consolidated financial statements ('the statements") are unaudited and include the financial statements of the Company and its subsidiary undertakings. They have been prepared using accounting bases and policies consistent with those used in the preparation of the financial statements of the Company and the Group for the year ended 31 December 2014. These statements do not include all of the disclosures required for annual financial statements, and accordingly, should be read in conjunction with the financial statements and other information set out in the Company's 31 December 2014 Annual Report. The accounting policies are unchanged from those disclosed in the annual consolidated financial statements.
Going concern
The Directors have formed a judgment at the time of approving the condensed interim consolidated financial statements that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have been prepared on a going concern basis, the validity of which depends principally on the discovery of economically viable mineral deposits, obtaining the necessary mining licences and the availability of subsequent funding to extract the resource or alternatively the availability of funding to extend the Company's exploration activities. The financial statements do not include any adjustment that would arise from a failure to complete any of the above. Changes in future conditions could require write downs of the carrying values of property, plant and equipment, intangible assets and/or deferred tax.
Use and revision of accounting estimates
The preparation of the condensed interim consolidated financial statements requires the making of estimations and assumptions that affect the recognised amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
2. Summary of significant accounting policies (continued)
Adoption of new and revised International Financial Reporting Standards (IFRSs)
The Group has adopted all the new and revised IFRSs and International Accounting Standards (IAS) which are relevant to its operations and are effective for accounting periods commencing on 1 January 2015. The adoption of these Standards did not have a material effect on the condensed interim consolidated financial statements.
At the date of authorisation of these condensed interim consolidated financial statements some Standards were in issue but not yet effective. The Board of Directors expects that the adoption of these Standards in future periods will not have a material effect on the consolidated financial statements of the Group.
Critical accounting estimates and judgements
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are unchanged from those disclosed in the annual consolidated financial statements.
3. Operating segments
The Group has only one distinct operating segment, being that of mineral exploration. The Group's exploration activities are located in Ethiopia, Saudi Arabia through the jointly controlled entity and its administration and management is based in Cyprus.
Six months ended 30 Cyprus Ethiopia Turkey Bulgaria Total June 2015 -------- --------- ------- --------- --------- Operating loss (1,121) 13 (21) (2) (1,131) Interest paid (50) (99) - - (149) Foreign exchange (loss)/gain (191) 321 (34) - 96 ======== ========= ======= ========= --------- Loss before tax (1,362) 235 (55) (2) (1,194) ======== ========= ======= ========= Share of loss from jointly controlled entities (444) Tax - --------- Loss for the period (1,628) ========= Total assets 3,042 9,125 52 4 12,223 ======== ========= ======= ========= ========= Total liabilities (803) (1,477) (14) (2) (2,296) ======== ========= ======= ========= ========= Depreciation of property, plant and equipment - (52) - - (52) ======== ========= ======= ========= ========= Six months ended 30 Cyprus Ethiopia Turkey Bulgaria Total June 2014 ------- --------- ------- --------- --------- Operating loss (854) (75) (28) (3) (960) Interest paid - (275) - - (275) Foreign exchange loss (74) - (20) (7) (101) ======= ========= ======= ========= --------- Loss before tax (928) (350) (48) (10) (1,336) ======= ========= ======= ========= Share of loss from jointly controlled entities (593) Tax - --------- Loss for the period (1,929) ========= Total assets 2,552 8,150 56 5 10,763 ======= ========= ======= ========= ========= Total liabilities (333) (2,303) (16) (1) (2,653) ======= ========= ======= ========= ========= Depreciation of property, plant and equipment - (71) - - (71) ======= ========= ======= ========= ========= 4. Loss per share
The calculation of the basic and fully diluted loss per share attributable to the ordinary equity holders of the parent is based on the following data:
Six Six months months ended ended 30 June 30 June 2015 2014 ------------ ---------- Net loss attributable to equity shareholders (1,628) (1,866) ============ ========== Average number of ordinary shares for the purposes of basic loss per share (000's) 1,327,832 864,507 ============ ========== Basic and fully diluted loss per share (pence) (0.12) (0.22) ============ ==========
The effect of share options and warrants on losses per share is anti-dilutive.
5. Property, plant and equipment Furniture, fixtures Motor and vehicles office Total Cost Property equipment ----------- --------- ----------- ---------- At 1 January 2014 60 180 53 293 Additions - 14 5 19 =========== ========== =========== ======== At 30 June 2014 60 194 58 312 Acquisitions - 4 3 7 =========== ========== =========== ======== At 31 December 2014 / 1 January 2015 60 198 61 319 Additions - - 5 5 ----------- ---------- ----------- -------- At 30 June 2015 60 198 66 324 =========== ========== =========== ======== Accumulated Depreciation At 1 January 2014 31 - 10 41 Charge for the period 8 42 21 71 ----------- ---------- ----------- -------- At 30 June 2014 39 42 31 112 Charge for the period - 31 16 47 ---------- At 31 December 2014 / 1 January 2015 39 73 47 159 Charge for the period - 33 19 52 ---------- At 30 June 2015 39 106 66 211 =========== ========== =========== ======== Net Book Value at 30 June 2015 21 92 - 113 =========== ========== =========== ======== Net Book Value at 31 December 2014 21 125 14 160 =========== ========== =========== ======== 6. Intangible assets Project Deferred Total evaluation exploration costs costs Cost At 1 January 2014 - 6,900 6900 Additions - 1,135 1,135 ============= ------- At 30 June 2014 - 8,035 8.035 Additions 976 128 1,104 ============= ============== ------- At 31 December 2014 976 8,163 9.139 Additions 898 545 1,443 ============= ============== ------- At 30 June 2015 1,874 8,708 10,582 ============= ============== ======= Project Deferred Total evaluation exploration Accumulated Impairment costs costs At 1 January 2014 - - - Impairment charge - - - for the period ============= ============== ------- At 30 June 2014 - - - Impairment charge - - - for the period ============= ============== ------- At 31 December 2014 - - - ============= ============== ======= Impairment charge - - -
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for the period At 30 June 2015 - - - ============= ============== ======= Net Book Value at 31 December 2014 976 8,163 9,139 ============= ============== ======= Net Book Value at 30 June 2015 1,874 8,708 10,582 ============= ============== =======
Management performed an impairment review for the above intangible assets at 30 June 2015, which relate to development work at the Tulu Kapi license area, and assessing its economic feasibility. The net present value of the Tulu Kapi asset exceeded the book value at 30 June 2015 significantly.
The impairment review compared the recoverable amount of assets to the carrying value. The recoverable amount of an asset is assessed by reference to the higher of value in use ("VIU"), being the net present value ("NPV") of future cash flows expected to be generated by the assets, and fair value less costs to dispose ("FVLCD"). The FVLCD is based on an estimate of the amount that the company may obtain in a sale transaction on an arms-length basis.
30 31 Dec June 2014 7. Trade and other receivables 2015 -------- ---------- Other receivables 62 43 Placing funds 237 130 Loan to Director (Note 12.3) 34 20 Amount receivable from Saudi Arabia Joint Venture (Note 12.5) - 32 VAT 89 96 Deposits and prepayments - 14 ------ ------- 422 335 ====== =======
a) The Company raised GBP2.9 million on 16 June 2015 but an amount of GBP237,000 was not received as at 30 June 2015.
b) The loan to director has been repaid since the reporting date. 8. Share capital Number of shares Share Deferred Share 000's capital shares premium Total ---------- --------- ----------- --------- ------- Issued and fully paid At 1 January 2015 1,235,337 12,352 - 8,433 20,785 Issued 20 March 2015 at GBP 0.01 80,000 800 - 800 Issued 16 May 2015 at GBP 0.01 66,611 666 - 666 Shares Subdivided to GBP0.009 - (12,436) 12,436 - Issued 16 June 2015 at GBP 0.008 362,500 363 2,537 2,900 Share issue costs - - - (170) (170) ---------- --------- ----------- --------- ------- At 30 June 2015 1,744,448 1,745 12,436 10,800 24,981 ========== ========= =========== ========= =======
Share issue costs of GBP65,000 relating to the 146,610,600 shares issued at par value during 2015 have been charged to equity.
Issued capital
2015
On 20 March 2015, 80,000,000 shares of GBP0.01 were issued at a price of GBP0.01per share.
On 16 May 2015, 66,610,600 shares of GBP0.01 were issued at a price of GBP0.01 per share.
On 16 June 2015, 362,500,000 shares of GBP0.001 were issued at a price of GBP0.008 per share. On issue of the shares, an amount of GBP2,537,500 was credited to the Company's share premium reserve.
Restructuring of share capital into deferred shares
On 16 June 2015 the Company issued ordinary shares of GBP0.01 each in the capital of the Company were sub-divided into one new ordinary share of GBP0.001 and one deferred share of GBP0.009. The Deferred Shares have no value or voting rights. After the share capital reorganisation there were the same number of New Ordinary Shares in issue as there are existing Ordinary Shares. The New Ordinary Shares have the same rights as those currently accruing to the existing Ordinary Shares in issue under the Company's articles of association, including those relating to voting and entitlement to dividends.
Warrants
2015
On 18 March 2015, the Company issued 4,000,000 warrants to subscribe for new ordinary shares of GBP0.01 each at GBP0.01 per share.
On 14 May 2015, the Company issued 1,680,530 warrants to subscribe for new ordinary shares of GBP0.01 each at GBP0.01 per share.
On 19 June 2015, the Company issued 14,500,000 warrants to subscribe for new ordinary shares of GBP0.001 each at GBP0.008 per share.
No warrants were cancelled/expired or exercised in the period from 1 January 2015 to 30 June 2015.
8. Share capital (Continued)
Warrants (Continued)
Details of warrants outstanding as at 30 June 2015:
Grant date Expiry date Exercise price Number of warrants 000's 22 February 2011 21 February 2016 5p 780 20 February 2012 19 February 2017 3p 2,917 4 July 2013 3 July 2018 2.1p 1,310 16 October 2013 15 October 2018 2.25p 1,111 27 December 2013 26 December 2016 2p 13,500 16 June 2014 15 June 2016 1.5p 8,500 2 December 2014 1 December 2017 1p 4,000 16 December 2014 15 December 2017 1p 5,500 18 March 2015 17 March 2018 1p 4,000 14 May 2015 13 May 2018 1p 1,681 19 June 2015 18 June 2018 0.8p 14,500 ------------------- 57,799 ===================
These warrants to advisers to the Group.
Number of warrants 000's ------------- Outstanding warrants at 1 January 2015 37,618 - granted 20,181 Outstanding warrants at 30 June 2015 57,799 ============= 9. Share options reserve 30 31 June Dec 2015 2014 ------ -------- Opening amount 848 794 Warrants issued costs 86 66 Share options issued to employees 37 69 Share options issued to directors 77 200 Exercise of options - - Forfeit of options or cancellations (12) (281) Closing amount 1,036 848 ====== ====== Weighted Number average of shares ex. price 000's ----------- ---------- Outstanding options at 1 January 2015 48,350 - granted 1.32p 33,500 - exercised - - - cancelled/forfeited 4.63p (400) ---------- Outstanding options at 30 June 2015 81,450 ==========
10. Trade and other payables
30 31 June Dec 2015 2014 ------ ------ Accruals and other payables 830 825 Other loans 216 229 Payable to shareholders (Note 12.4) - 8 Payable to joint venture partner (Note 12.6) 46 186 VAT Liability 1,204 1,954 ------ ------ 2,296 3,202 ====== ======
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