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CIR CIR SpA

0.602
-0.018 (-2.90%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
CIR SpA BIT:CIR Italy Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.018 -2.90% 0.602 0.602 0.614 0.614 0.601 0.612 725,485 02:01:17

Interim Results

26/09/2003 2:00pm

UK Regulatory


RNS Number:2108Q
Capricorn Resources PLC
26 September 2003


   Capricorn Resources Plc: CIR / Index: AIM / Sector: Mining & Exploration


CAPRICORN RESOURCES PLC

Interim report for the period from 5th December 2002 to 30th June 2003

Capricorn Resources Plc, the AIM listed mining and exploration company,
announces its interim results for the period ended 30th June 2003.

Chairman's Statement

Capricorn was established to locate resource based opportunities and mining
projects beyond early-stage development in the area north of the Tropic of
Capricorn in Southern Africa, with an emphasis on countries including Angola,
the Congo, Mozambique and Zambia.


We wanted a vehicle from which we could take advantage of the amelioration of
the political and economic situation and the consequent new international focus
on the region. Therefore in February this year we raised #400,000 to implement
our investment strategy and listed Capricorn on the London Stock Exchange's
Alternative Investment Market.


During the period and in line with our strategy we have been working hard
establishing a solid presence in the region. As a result, we're now encountering
a steady stream of potentially lucrative projects and are busy identifying the
ones that fulfil our investment criteria. We have yet to sign any specific deals
but we're currently working on a number of exciting projects that we feel are
suited to Capricorn's aspirations.


There is substantial investment being carried out by international companies and
western governments in the region's resource rich countries. Angola especially
is a focus due predominantly to its huge oil reserves. Governments are
increasingly more stable, infrastructure is improving dramatically and regions
are being opened up that were previously inaccessible. We want to be a part of
this metamorphosis and in order to fully maximise on the opportunities
available, we deemed it necessary to build a strong team with regional
experience.


With this in mind, we recently appointed South African born Mr Moreti Johannes
Motau to the Board as a non-executive director. He has a tremendous in depth
cognisance and understanding of political and business relationships in the
region and we're confident that through his expertise, experience and knowledge
of the region, he will make a significant contribution to our future success.


For the period ending 30th June 2003 we are reporting a pre and post tax loss of
#(#33,891). We have kept expenditure to a minimum and as such are not paying a
dividend. We want to concentrate on finding opportunities and creating
shareholder value and as a result, more investment will be needed as we
progress. In line with this, we recently raised an additional #150,000 through a
private placing of 10,000,000 new ordinary 0.1 pence shares at a price of 1.5
pence per share. A Bermudan based company representing the interests of the
family of Thomas Kaplan took up the placing in full.


Finally, I'd like to thank our staff for their efforts and our shareholders for
their continued support and look forward to a bright future for Capricorn
Resources.


Phil Edmonds
Chairman

Unaudited Consolidated profit and loss account for the period from 5th December
2002 to 30th June 2003


                                                                               #

Turnover                                                                       -

Net operating expenses                                                  (34,073)

Operating loss                                                          (34,073)

Interest receivable                                                          182

Loss on Ordinary Activities
before Taxation                                                         (33,891)

Taxation                                                                       -

Loss on Ordinary Activities after Taxation                              (33,891)

Basic and diluted loss per Share                                         (0.09p)


Unaudited Consolidated Balance Sheet at 30th June 2003

Current Assets                                                                 #

Debtors                                                                   12,059

Cash at Bank and in Hand                                                 347,962

                                                                         360,021

Creditors: amounts falling due within one year                          (28,800)

Net Current Assets                                                       331,221

Capital and Reserves

Called up Share Capital                                                   52,500

Share Premium Account                                                    253,612

Other Reserves                                                            59,000

Profit & Loss Account                                                   (33,891)

Shareholders' Funds                                                      331,221


Consolidated Cash Flow Statement for the period ended 30th June 2003

                                                                               #

Cash outflow from operating activities                                  (17,332)

Returns on investments and servicing                                         182
of finance

Cash outflow before financing                                           (17,150)

Financing                                                                365,112

Increase in cash in the period                                           347,962


NOTES


1. The financial information contained in this unaudited interim report
   does not constitute statutory accounts as defined in section 240 of the
   Companies Act 1985.


2. Basic and diluted loss per share is calculated by reference to loss for
   the financial period of #33,891 and the weighted average number of shares in 
   issue during the period of 39,110,306. Due to the loss in the period, there 
   is no dilutive effect from the issue of share options and warrants.


Issued on behalf of Capricorn Resources Plc by St Brides Media & Finance Ltd, 46
Bedford Row, London WC1R 4LR.

Contacts:

Phil Edmonds               Capricorn Resources Plc            Tel: 020 7224 2522

Hugo de Salis              St Brides Media & Finance Ltd      Tel: 020 7242 4477

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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