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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aura Energy Limited | LSE:AURA | London | Ordinary Share | AU000000AEE7 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.00 | 8.50 | 9.50 | 9.00 | 9.00 | 9.00 | 22,292 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Uranium-radium-vanadium Ores | 0 | -6.49M | -0.0110 | -15.45 | 100.72M |
From Apr 2019 to Apr 2024
TIDMAURA
RNS Number : 9477T
Aura Energy Limited
30 March 2021
AURA ENERGY LIMITED
("Aura" or the "Company")
Half-Year Report for Financial Period Ended 31 December 2020
Aura announces its unaudited interim results for the six months ended 31 December 2020.
To view the full PDF version of the report, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/9477T_1-2021-3-30.pdf
Aura Energy Limited Telephone: +61 (3) 9516 6500 Peter Reeve (Managing Director) info@auraenergy.com.au SP Angel Corporate Finance LLP Telephone: +44 (0) 203 470 (Nominated Advisor and Joint Broker) 0470 Ewan Leggat Caroline Rowe WH Ireland Limited (Joint Broker) Adrian Hadden Telephone: +44 (0) 207 220 James Sinclair-Ford 1666 Yellow Jersey PR Limited Felicity Winkles Telephone: +44 (0) 7769 325 Joe Burgess 254
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
During the second half 2020 business activities were largely on hold pending discussions to settle the ongoing legal disputes and a recapitalisation plan for the company.
With the assistance of a major shareholder, the Company commenced settlement negotiations on the outstanding legal disputes and this has been largely successful.
Covid-19 continues to restrict access to our projects (both the Australian government and to a lesser extent the Mauritanian government travel bans).
Aura lists its assets as:
-- The construction-ready Tiris Uranium Project -- Excellent gold assets -- Häggån Vanadium Project
Tiris Project, Mauritania (85% owned)
No activity took place on the Tiris Project.
Häggån Battery Metals Project, Sweden (100% owned)
Activities at the Häggån Battery Metals project remained on care-and-maintenance.
Tasiast South Gold Project, Mauritania (100% owned)
A corporate transaction for the gold assets continues, albeit at a slower pace.
Corporate
P Hains has been appointed Company Secretary of the Company and will be the nominated person under Listing Rule 12.6 for communications with the Australian Securities Exchange.
P Hains replaces JM Madden who had advised the Company on 14 August 2020 of his decision to step down as Company Secretary as soon as practicable.
ASX listing rules
The Company is unable to issue new securities without prior security holder approval, unless the issue comes within an exception in Listing Rule 7.2.
The Directors present their report on the Group consisting of Aura Energy Limited (AEE) and its controlled entities at the end of or during the half-year ended 31 December 2020 (the period). Financial comparisons used in this report are of results for the half-year ended 31 December 2019 (the prior corresponding period) for statement of profit or loss and cash flow analysis, and 30 June 2020 for statement of financial position analysis.
Directors
PD Reeve Executive Chairman (until 17 March 2021); Managing Director (from 17 March 2021)
Hot Features
Premium
R Beeson Non-Executive Director (resigned on 17 March 2021)
JL Bennett Non-Executive Director (resigned on 17 March 2021)
RC Craigie Non-Executive Director (resigned on 17 March 2021)
PD Heber Non-Executive Director (resigned on 17 March 2021)
JC Perkins Non-Executive Director (resigned on 17 March 2021)
M Rogers Non-Executive Chairman (appointed on 17 March 2021)
P Ward Non-Executive Director (appointed on 17 March 2021)
Operating Results
The Group recorded a net loss after tax of $1,699,461 for the half-year ended 31 December 2020 (the net loss after tax for the comparative half-year was $1,231,480). The higher net loss for the half-year was due to higher consulting charges, offset by lower finance charges and share registry costs.
Dividends
No dividends were declared and paid during the year (2019: nil).
State of affairs of the Company
No significant changes in the Company's state of affairs occurred during the financial year.
Events After Balance Date
The following directors resigned, effective as at the Annual General meeting: R Beeson, JL Bennett, RC Craigie, PD Heber and JC Perkins. Furthermore, PD Reeve stood down as chairman, but retained his directorship.
The Group held its Annual General Meeting on 17 March 2021. The following resolutions were passed at the AGM and subsequently enacted:
-- M Rogers was appointed as non-executive director and chairman. -- P Ward was appointed as non-executive director. -- PD Reeve was appointed as managing director.
-- All issued shares and options were consolidated at a ratio of 13 to 1. For clarity, all share numbers quoted in this note are on the pre-consolidation basis.
-- The shareholders approved the issue of 155,000,000 shares to Lind Global Macro Fund LP, to extinguish the liability of $310,000.
-- The shareholders approved the issue of 77,708,331 Options to sophisticated and professional investors, each exercisable at $0.008, on or before 2 years from the date of issue
-- The following shares approved by the shareholders to be issued to existing non-executive directors to extinguish outstanding remuneration:
(a) Up to 34,675,000 Shares to R Beeson; (b) Up to 34,675,000 Shares to JC Perkins; (c) Up to 23,725,000 Shares to JL Bennett; (d) Up to 15,955,000 Shares RC Craigie;
(e) PD Heber will not be issued equity in relation to his outstanding remuneration as he maintains his independence for AIM purposes; and
(f) Up to 8,460,000 Shares to B Fraser.
at a price of $0.002 per Share to extinguish outstanding obligations.
-- The shareholders approved the issue of 50,000,000 Shares to the PD Reeve (executive chairman) at a price of $0.002 per share to partly extinguish outstanding remuneration.
-- The shareholders approved the placement to issue 25,000,000 shares to P Ward and 50,000,000 shares to M Rogers, the incoming directors, at a price of $0.002 per share.
-- The shareholders approved the placement to issue the following shares to sophisticated and professional investors:
(a) 75,000,003 Shares to P Proksa; (b) 50,000,002 Shares to J Hancock; (c) 50,000,002 Shares to A Molyneux; (d) 50,000,002 Shares to D O'Neill; (e) 50,000,002 Shares to M Holland; and (f) 50,000,002 Shares to K Kerridge;
at an issue price of $0.002 per Share for proceeds of $650,000.
-- The shareholders approved the issue of 75,000,000 options to P Ward and 200,000,000 options to M Rogers, the incoming directors. All options are exercisable at $0.004 per option, on or before 30 June 2024.
-- The shareholders approved the issue of 75,000,000 shares at an issue price of $0.004 each, to ASEAN, Sartingen, Pre-Emptive Trading Pty Ltd (PET) in settlement of litigation.
-- The shareholders approved the issue of 75,000,000 options, exercisable at $0.004 each, on or before 30 June 2023, to ASEAN, Sartingen, Pre-Emptive Trading Pty Ltd (PET) in settlement of litigation.
-- The shareholders approved the issue of 45,000,000 shares to CFO Solutions Pty Ltd, for the provision of accounting, ASX compliance and company secretary services.
-- The shareholders approved the issue of 50,000,000 options to L1 Capital Global Opportunities Master Fund at an exercise price of $0.004 each, as part of the convertible securities agreement.
The capital raising initiatives have realised $800,000 in funding in February and March 2021.
Proceedings on behalf of the Group
The Company has lodged with the Kingdom of Sweden a claim for compensation for the alleged expropriation of its rights to mine and produce uranium concentrate from the tenements held by Vanadis Battery Metals AB, a controlled entity of the Company.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
For the six months ended 31 December
2020 2019
------------- -------------
$ $
Total revenue and other income 30,452 286,542
------------- -------------
Expenditure
Accounting and audit fees 18,048 16,192
Computers and communications 14,029 14,693
Depreciation 499 2,125
Employee benefits 338,548 446,949
Exchange fluctuations 10,923 1,754
Financing costs 212,297 292,929
Impairment of exploration and evaluation
expenditure - 39,655
Insurances 4,688 40,431
Consulting fees and corporate advisory 546,062 296,370
Litigation settlement 465,640 -
Government and public relations 1,791 13,120
Rent and utilities 35,542 40,122
Share-based payments 10,500 163,629
Share registry and listing fees 54,014 112,084
Travel and accommodation - 12,069
Other 17,332 25,900
------------- -------------
Total expenditure 1,729,913 1,518,022
------------- -------------
Loss before tax for year (1,699,461) (1,231,480)
Income tax (expense)/benefit - -
------------- -------------
Net loss attributable to shareholders (1,699,461) (1,231,480)
============= =============
Total comprehensive income/(loss)
for the year attributable to:
Foreign currency movement 114,498 48,774
Other comprehensive income for
the year, net of tax 114,498 48,774
------------- -------------
Total comprehensive income/(loss)
for the year (1,584,963) (1,182,706)
============= =============
Earnings/(loss) per share
Basic loss per share (cents per
share) 3 (0.066) (0.096)
Diluted loss per share (cents per
share) 3 (0.066) (0.096)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 31 December 30 June
2020 2020
-------------------- ------------
$ $
Assets
Current assets
Cash and cash equivalents 51,960 234,689
Trade and other receivables 87,242 77,752
Financial assets 91,866 91,866
-------------------- ------------
Total current assets 231,068 404,307
-------------------- ------------
Non-current assets
Plant and equipment - 499
Exploration and evaluation 5 19,973,438 19,737,751
-------------------- ------------
19,973,438 19,738,250
-------------------- ------------
Total assets 20,204,506 20,142,557
-------------------- ------------
Liabilities
Current liabilities
Trade and other payables 6 1,954,793 760,058
Employee benefits obligation 137,623 117,108
Financial liabilities 34,445 34,445
Vendor consideration 7 - 145,709
Borrowings 8 740,500 310,000
-------------------- ------------
Total current liabilities 2,867,361 1,367,320
-------------------- ------------
Non-current liabilities
Employee benefits obligation 26,366 21,495
-------------------- ------------
26,366 21,495
-------------------- ------------
Total liabilities 2,893,727 1,388,815
-------------------- ------------
Net assets 17,310,779 18,753,742
-------------------- ------------
Equity
Share capital 9 50,975,797 50,967,094
Other contributed equity 357,056 357,056
Reserves 10 1,395,109 1,147,314
Accumulated losses (35,417,183) (33,717,722)
-------------------- ------------
Total equity 17,310,779 18,753,742
-------------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Other Contributed Share-based Translation Accumulated Equity
Equity Payments Reserve Losses
Reserve
$ $
$ $ $ $
As at 1 July 2019 46,315,150 - 855,670 418,159 (27,939,514) 19,649,465
----------------- ------------------ ------------ ------------ -------------- ------------
Transactions with
owners in
their capacity as
owners of
the Company
Contributions from
loyalty options - 78,167 - - - 78,167
Conversion of
convertible notes
into ordinary shares 700,000 - - - - 700,000
Share-based payments
to contractors
and consultants 268,035 - - - - 268,035
Conversion rights
recognised
as equity 77,778 - - - - 77,778
----------------- ------------------ ------------ ------------ -------------- ------------
1,045,813 78,167 - - 1,123,980
----------------- ------------------ ------------ ------------ -------------- ------------
Net loss for the
period - - - - (1,231,480) (1,231,480)
Other comprehensive
income - - - 48,774 - 48,774
----------------- ------------------ ------------ ------------ -------------- ------------
Total comprehensive
income - - - 48,774 (1,231,480) (1,182,706)
----------------- ------------------ ------------ ------------ -------------- ------------
Movements in reserves
Options issued
during financial
period - - 52,826 - - 52,826
Options cancelled
during financial
period - - (97,789) - 97,789 -
Performance shares
issued during
financial period - - 163,629 - - 163,629
Performance shares
converted
during the financial
period 105,000 - (105,000) - - -
As at 31 December
2019 47,465,963 78,167 869,336 466,933 (29,073,205) 19,807,194
----------------- ------------------ ------------ ------------ -------------- ------------
As at 1 July 2020 50,967,094 357,056 551,998 595,316 (33,717,722) 18,753,742
----------------- ------------------ ------------ ------------ -------------- ------------
Transactions with
owners in
their capacity as
owners of
the Company
Equity raising
costs 8,703 - - - - 8,703
----------------- ------------------ ------------ ------------ -------------- ------------
8,703 - - - - 8,703
----------------- ------------------ ------------ ------------ -------------- ------------
Net loss for the
period - - - - (1,699,461) (1,699,461)
Other comprehensive
income - - - 114,498 - 114,498
----------------- ------------------ ------------ ------------ -------------- ------------
Total comprehensive
income - - - 114,498 (1,699,461) (1,584,963)
----------------- ------------------ ------------ ------------ -------------- ------------
Movements in reserves
Options issued
during financial
period - - 122,797 - - 122,797
Performance shares
issued during
financial period - - 10,500 - - 10,500
As at 31 December
2020 50,975,797 357,056 685,295 709,814 (35,417,183) 17,310,779
----------------- ------------------ ------------ ------------ -------------- ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December
2020 2019
------------ ----------------
$ $
Cash flows from/(used) in operating
activities
Payments to employees and suppliers (335,413) (605,315)
Other income 30,450 285,168
Interest paid - (11,250)
Interest received 2 1,374
------------ ----------------
Net cash flows from/(used) in operating
activities (304,961) (330,023)
------------ ----------------
Cash flows from/(used) in investing
activities
Payments for exploration and evaluation (207,845) (736,865)
------------ ----------------
Net cash flows from/(used) in investing
activities (207,845) (736,865)
------------ ----------------
Cash flows from/(used) in financing
activities
Proceeds from share issues - 78,167
Proceeds from borrowings - 250,000
Repayment of borrowings - (250,000)
Proceeds from convertible note 341,000 350,000
Commitment fee paid - (8,750)
------------ ----------------
Net cash flows from/(used) in financing
activities 341,000 419,417
------------ ----------------
Net cash flows (171,806) (647,471)
Cash and cash equivalents as at the
start of
the financial period 234,689 812,296
Changes in foreign currency held (10,923) (1,754)
------------ ----------------
Cash and cash equivalents as at the
end of
the financial period 51,960 163,071
------------ ----------------
Note 1 Corporate information
These are the consolidated financial statements and notes of Aura Energy Limited and controlled entities (the "Group"). Aura Energy Limited is a company limited by shares,
domiciled and incorporated in Australia.
The separate financial statements of the parent entity, Aura Energy Limited, have not been presented with this financial report as permitted by the Corporations Act 2001 (Cth).
a. Basis of preparation i. Statement of compliance
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 (Cth).
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also complywith International Financial Reporting Standards as issued by the IASB. Material accounting policies adopted in the preparation of these financial statements are presented below. They have been
consistently applied unless otherwise stated.
These consolidated interim financial reports do not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by Aura Energy Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.
The financial statements were authorised for issue on 30 March 2021 by the directors
of the Company. ii. Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities
in the ordinary course of business.
The Group incurred a loss for the half-year of $1,699,461 (2019: $1,231,480) and a net cash outflow from operating activities of $304,961 (2019: $330,023). Excluding non-cash based finance costs and impairment of exploration and evaluation the net loss after tax for the period was $1,487,164 (2019:
$898,896).
As at 31 December 2020, the Group had negative working capital of $2,636,293 (30
June 2020:
$963,013).
The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to secure funds by raising capital from equity markets or by other means, and by managing cash flows in line with available funds, and/or the successful development of the Group's exploration assets. These conditions indicate a material uncertainty that may cast doubt about the ability of
the Group to continue as a going concern. In assessing the Group as a going concern:
-- the Directors anticipate to secure additional working capital through the issue of shares to sophisticated and professional investors approved at the Annual General Meeting of the company as disclosed in note 11 for $650,000;
-- Settlement of the existing convertible note debt of $310,000 via the issue of
shares (note 11);
-- Settlement of the litigation accrual of $465,640 and related party payables via
the issue of shares and options (note 11); and
-- Raising of additional funds via an anticipated placement or rights issue.
Based on past experience, the Directors are confident that they can raise additional capital if and when required. Based upon cash flow forecasts, the directors are satisfied that the going
concern basis of preparation is appropriate, including the meeting of exploration commitments.
Should the Group be unable to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts
different to those stated in the financial statements.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or to the amount and classification of liabilities that might result should the Group be unable to continue as a going concern and meet its debts as and when they
fall due. iii. Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
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 and in any future periods affected. Note 2 Segment reporting i. Identification of reportable segments
The Group operates predominantly in the mining industry. This comprises exploration and evaluation of
uranium projects. Inter-segment transactions are priced at cost to the Group.
The Group has identified its operating segments based on the internal reports that are provided to the Board of Directors on a monthly basis. Management has identified the operating segments based on geographical location - Mauritania and Sweden, where exploration and evaluation activities take place, and Australia, as the corporate head office.
Corporate expenses include administration and regulatory expenses arising from operating an ASX listed entity.
Segment assets include the costs to acquire tenements and the capitalised exploration costs of those tenements. Financial assets including cash and cash equivalents, and investments in financial assets, are reported in the Treasury segment.
ii. Basis of accounting for purposes of reporting by operatingsegments (1) Accounting policies adopted
Unless stated otherwise, all amounts reported to the board of directors, being the chief decision makers with respect to operating segments, are determined in accordance with accounting policies that are consistent
to those adopted in the annual financial statements of the Group. (2) Inter-segment transactions
An internally determined transfer price is set for all inter-segment sales.This price is reset quarterly and is based on what would be realised in the event the sale was made to an
external party at arm's length.
All such transactions are eliminated on consolidation of the Group's financial statements.
Corporate charges are allocated to reporting segments based on the segments' overall proportion of revenue generation within the Group. The board of directors believes this is representative of likely consumption of
head office expenditure that should be used in assessing segment performance and cost recoveries.
Inter-segment loans payable and receivable are initially recognised at the consideration received/to be received net of transaction costs.
If inter-segment loans receivable and payable are not on commercial terms, these are not
adjusted to fair value based on market interest rates.
This policy represents a departure from that applied to the statutory financial statements.
(3) Segment assets
Where an asset is used across multiple segments, the asset is allocated to that segment that receives
majority economic value from that asset. In the majority of instances, segment
assets are clearly identifiable on the basis of their nature and physical location.
(4) Segment liabilities
Liabilities are allocated to segments where there is a direct nexus between the incurrence of the liability and the operations of the segment. Borrowings and tax liabilities are generally considered to relate to the Group as a whole and are not allocated. Segment liabilities include trade and other payables and certain direct borrowings.
For the half-year ended 31 December Mauritania Sweden Australia Total
2020 $ $ $ $
------------------------------------------ ----------------- ----------- ------------
Segment revenue - - 30,452 30,452
----------------- ----------- ------------
Segment result
Amounts not included in segment results
but reviewed by the
board:
Expenses not directly allocable to
identifiable segments
Accounting and audit fees (18,048) (18,048)
Employee expense benefits expense (338,548) (338,548)
Finance costs (212,297) (212,297)
Consulting and advisory fees (1,011,702) (1,011,702)
Rent and utilities (35,542) (35,542)
Secretarial costs (54,014) (54,014)
Other expenses (77) (5) (59,680) (59,762)
Loss after income tax (1,699,461)
------------
As at 31 December 2020
Segment assets 296,933 7,437,832 12,469,741 20,204,506
----------------- ----------- ------------
Segment asset increases for the period:
Capital expenditure - 40,217 114,261 154,478
----------------- ----------- ------------
Segment liabilities - 58,743 2,834,984 2,893,727
----------------- ----------- ------------
For the half-year ended 31 December Mauritania Sweden Australia Total
2019 $ $ $ $
------------------------------------------- ------------- ----------- ------------ ------------
Segment revenue - - 286,542 286,542
------------- ----------- ------------ ------------
Segment result
Amounts not included in segment results
but reviewed by the board:
Expenses not directly allocable to
identifiable segments
Accounting and audit fees (16,192) (16,192)
Employee expense benefits expense (446,949) (446,949)
Finance costs (292,953) (292,953)
Consulting and advisory fees (296,370) (296,370)
Rent and utilities (40,122) (40,122)
Secretarial costs (112,084) (112,084)
Other expenses (65) (75) (313,212) (313,352)
Loss after income tax (1,231,480)
------------
As at 30 June 2020 Segment assets 348,167 7,243,226 12,551,164 20,142,557
------------- ----------- ------------ ------------
Segment asset increases for the period:
Capital expenditure 149,843 320,873 - 470,716
Impairment of exploration assets - (44,344) (2,616,725) (2,661,069)
------------- ----------- ------------ ------------
(149,843) 276,529 2,616,725 (2,190,353)
Segment liabilities - 35,136 1,353,679 1,388,815
------------- ----------- ------------ ------------
Note 3 Earnings per share
For the six months ended 31 December
2020 2019
$ $
Loss from continuing operations
for the year (1,699,461) (1,231,480)
------------------- --------------------
Weighted average number of ordinary
shares outstanding during the
year used in calculation of basic
and diluted EPS 2,557,535,966 1,423,940,558
Basic and diluted loss per share
(cents per share) (0.066) (0.096)
Note 4 Dividends paid and proposed
No dividends were paid during the half-year and no dividend is proposed to be paid as at the end of the half-year ended 31 December 2020 (2019: nil).
Note 5 Exploration and evaluation
31 December 30 June
2020 2020
-------------- ----------------
$ $
At start of financial year 19,737,751 21,008,293
Expenditure capitalised during
the financial year Effect of exchange
rate changes on exploration 154,478 1,252,969
and evaluation assets 81,209 137,558
Impairment - (2,661,069)
-------------- ----------------
At end of financial year 19,973,438 19,737,751
-------------- ----------------
The carrying value of exploration
and evaluation expenditure at balance
date is represented by
the following projects:
Tiris uranium 11,857,090 11,769,138
Haggan vanadium 7,396,600 7,220,847
Tasiast South gold 719,748 747,766
-------------- ----------------
19,973,438 19,737,751
-------------- ----------------
a. The value of the Group interest in exploration expenditure is dependent upon:
-- The continuance of the Group's rights to tenure of theareas of interest;
-- The results of future exploration; and
-- The recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale.
The Group's exploration properties may be subjected to claim(s) under Native Title (or jurisdictional equivalent), or contain sacred sites, or sites of significance to the indigenous people
of Sweden and Mauritania.
As a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining restrictions and/or claims for compensation. At this time, it is not possible to quantify whether such claims exist, or the quantum of such claims.
On 22 May 2018, the Group lodged exploitation applications for Ain Seder, Oued El Foule
Est and Oum Ferkik.
The Islamic Republic of Mauritania granted exploitation licences for the Ain Sder and Oued El Foule Est on 9
February 2019. The Group is in discussions with the government to secure an
exclusivity over the Oum Ferkik tenement.
Covid-19 lockdowns have prevented the Group from undertaking negotiations of an exclusivity over the Oum Ferkik tenement. The board of directors believes its relationship with the government will result in it eventually securing an exclusivity and noted that the government had not revoked
the Oum Ferkik tenement due to the representations made by the Group to secure the exclusivity.
Note 6 Payables-current
31 December 30 June
2020 2020
------------- ----------
$ $
Trade payables 612,222 342,978
Accrued expenses 1,342,571 381,564
Other taxes payable - 35,516
------------- ----------
1,954,793 760,058
------------- ----------
Trade payables are non-interest bearing and arise from the usual operating activities of the Group. Trade and other payables are usually settled within the lower of terms or 30 days.
Due to the short-term nature of these payables, the carrying amounts recorded in the financial statements for trade payables and other payables are the fair values.
Note 7 Vendor obligations 31 December 30 June 2020 2020 $ $
Vendors of Nomads Mining Company sarl - 145,709
The Group extinguished the final entry fee obligations owing to Nomads Mining Company sarl with cash payments on the 8 and 9 September 2020.
Note 8 (a) Borrowings
31 December 30 June
2020 2020
------------- ----------
$ $
Borrowings Current portion
127,000 -
Non-current portion - -
------------- ----------
127,000 -
------------- ----------
Opening balance - -
Drawdowns 106,000 250,000
Repayments - (250,000)
Finance Costs 21,000 -
------------- ----------
Closing balance 127,000 -
------------- ----------
Present value 127,000 -
------------- ----------
127,000 -
------------- ----------
On 18 August 2020, the Company entered into a short-term Loan Agreement with Lind Global Macro Fund LP for $106,000. A facility fee of $6,000 was payable on inception of the agreement. The lender advanced the Company the net amount on inception of the loan.
The loan matures on maturity 31 December 2020, and $127,000 was repayable to the lender under this agreement. At the date of this report, the loan has not been repaid. Interest of 10% per annum is payable on the overdue repayment.
(b) Convertible notes
31 December 30 June
2020 2020
-------------- -----------
$ $
Convertible note
Current portion 613,500 310,000
Non-current portion - -
-------------- -----------
613,500 310,000
-------------- -----------
Opening balance 310,000 1,388,431
Notes issued 250,000 350,000
Conversion rights - (46,667)
Options over ordinary shares
Conversion of convertible
notes into fully paid - (52,825)
ordinary shares - (2,510,000)
Finance cost 53,500 1,181,061
-------------- -----------
Closing balance 613,500 310,000
-------------- -----------
Present value 613,500 310,000
-------------- -----------
613,500 310,000
-------------- -----------
On 30 April 2019, the Group entered into the Convertible Security Facility Agreement with Lind Global Macro Fund, LLP (see ASX Announcement, dated 30 April 2019) and a Follow-on Convertible Security Facility Agreement on 18 November 2019 (see ASX announcement, dated 18 November 2019). In total, Lind has converted $2,510,000 convertible notes and with a further
$310,000 convertible notes available for conversion. The Company has issued Lind 912,599,210 fully paid ordinary shares under the convertible note facilities. At the AGM on 17 March 2021, the shareholders approved the issue of 155,000,000 shares to Lind Global Macro Fund LP, to extinguish the liability of $310,000.
On 19 August 2020, the Group entered into a Convertible Securities Agreement with L1 Capital Global Opportunities Master Fund. The Group issued 250,000 convertible securities for $250,000. The securities carry a face value of $312,500 and a maturity date of 21 February 2021 or any date within 6 months of this date at the sole discretion of the investor. By 31 December 2020, $53,500 finance costs has been recognised on the agreement. At the AGM on 17 March 2021, the shareholders approved the issue of 50,000,000 Options with an exercise price of $0.004 each, as part of the convertible securities agreement. It is the Company's intention to settle the amount in cash.
Note 9 Contributed equity
a. Equity raised during the financial
year 31 December 30 June
2020 2020
------------- ------------
$ $
------------- ------------
The Company has issued share capital
amount to
2,557,535,966 (June 2020: 2,557,535,966)
fully
paid ordinary shares at no par value 50,975,797 50,967,094
------------- ------------
Equity raised during the financial
year
At the beginning of the reporting
period 50,967,094 46,315,150
------------- ------------
Shares issued during the year:
11,111,111 shares issued on 12 July
2019 a - 100,000
5,000,000 shares issued on 12 July
2019 b - 105,000
3,251,773 shares issued on 12 July
2019 c - 36,127
1,893,233 shares issued on 12 July
2019 d - 21,564
1,931,218 shares issued on 12 August
2019 e - 21,475
14,285,715 shares issued on 4 September
2019 f - 100,000
2,041,281 shares issued on 4 September
2019 g - 22,209
16,666,667 shares issued on 24 September
2019 h - 100,000
18,811,250 shares issued on 24 September
2019 i - 150,490
2,021,250 shares issued on 24 September
2019 j - 16,170
14,285,715 shares issued on 27 October
2019 k - 100,000
8,750,000 shares issued on 18 November l - -
2019
33,333,334 shares issued on 20 December
2019 m - 100,000
66,666,668 shares issued on 23 December
2019 n - 200,000
105,416,664 shares issued on 14 January
2020 o - 474,375
11,164,037 shares issued on 10 February
2020 p - 89,312
48,750,000 shares issued on 18 February
2020 q - 195,000
4,193,788 shares issued on 1 March
2020 r - 33,550
50,000,000 shares issued on 9 March
2020 s - 200,000
50,000,000 shares issued on 18 March
2020 t - 200,000
50,000,000 shares issued on 18 March
2020 u - 200,000
62,500,000 shares issued on 8 April
2020 v - 125,000
5,807,178 shares issued on 20 April
2020 w - 24,973
60,000,000 shares issued on 24 April
2020 x - 120,000
115,000,000 shares issued on 26 April
2020 y - 230,000
120,000,000 shares issued on 8 May
2020 z - 330,000
63,263,741 shares issued on 13 May
2020 aa - 240,402
280,000,000 shares issued on15 May
2020 ab - 560,000
90,000,000 shares issued on 17 May
2020 ac - 180,000
17,500,000 shares issued on 18 May
2020 ad - 385,000
------------- ------------
- 4,660,647
Transaction costs relating to share
issues 8,703 (8,703)
------------- ------------
8,703 4,651,944
------------- ------------
At reporting date 50,975,797 50,967,094
------------- ------------
31 December 30 June
2020 2020
----------------------------- ---------------------
Ordinary shares on issue at the start
of the
financial year
Shares issued during the year 2,557,535,966 1,223,891,343
11,111,111 shares issued on 12
July 2019 a - 11,111,111
5,000,000 shares issued on 12 July
2019 b - 5,000,000
3,251,773 shares issued on 12 July
2019 c - 3,251,773
1,893,233 shares issued on 12 July
2019 d - 1,893,233
1,931,218 shares issued on 12 August
2019 e - 1,931,218
14,285,715 shares issued on 4 September
2019 f - 14,285,715
2,041,281 shares issued on 4 September
2019 g - 2,041,281
16,666,667 shares issued on 24
September 2019 h - 16,666,667
18,811,250 shares issued on 24
September 2019 i - 18,811,250
2,021,250 shares issued on 24 September
2019 j - 2,021,250
14,285,715 shares issued on 27
October 2019 k - 14,285,715
8,750,000 shares issued on 18 November
2019 l - 8,750,000
33,333,334 shares issued on 20
December 2019 m - 33,333,334
66,666,668 shares issued on 23
December 2019 n - 66,666,668
105,416,664 shares issued on 14
January 2020 o - 105,416,664
11,164,037 shares issued on 10
February 2020 p - 11,164,037
48,750,000 shares issued on 18
February 2020 q - 48,750,000
4,193,788 shares issued on 1 March
2020 r - 4,193,788
50,000,000 shares issued on 9 March
2020 s - 50,000,000
50,000,000 shares issued on 18
March 2020 t - 50,000,000
50,000,000 shares issued on 18
March 2020 u - 50,000,000
62,500,000 shares issued on 8 April
2020 v - 62,500,000
5,807,178 shares issued on 20 April
2020 w - 5,807,178
60,000,000 shares issued on 24
April 2020 x - 60,000,000
115,000,000 shares issued on 26
April 2020 y - 115,000,000
120,000,000 shares issued on 8
May 2020 z - 120,000,000
63,263,741 shares issued on 13
May 2020 aa - 63,263,741
280,000,000 shares issued on15
May 2020 ab - 280,000,000
90,000,000 shares issued on 17
May 2020 ac - 90,000,000
17,500,000 shares issued on 18
May 2020 ad - 17,500,000
----------------------------------------------------
- 1,333,644,623
----------------------------------------------------
Ordinary shares on issue at the end of the
financial year 2,557,535,966 2,557,535,966
The details of each issue of shares are as follows:
a Exercise of options over ordinary shares (expiry 15 November 2018) b Issue of shares for settlement of supplier obligations
c Issue of shares for settlement of supplier obligations d Conversion of performance rights into ordinary shares e Issue of shares pursuant to private placement
f Issue of shares pursuant to private placement
g Issue of shares under terms and conditions of share purchase plan h Issue of shares for settlement of supplier obligations
i Issue of collateral shares to Lind Global Macro Fund LP j Issue of shares for services under Letter of Engagement k Issue of shares for services under Letter of Engagement
l Issue of shares pursuant to securing option of gold exploration licence in Mauritania a Issue of shares on conversion of convertible notes
b Issue of shares on conversion of performance rights
c Issue of shares pursuant to securing Farm-in and Joint Venture with Nomads Mining Co sarl d Issue of shares for services under Letter of Engagement
e Issue of shares for services under Letter of Engagement f Issue of shares on conversion of convertible notes
g Issue of shares for services under Letter of Engagement h Issue of shares on conversion of convertible notes
i Issue of shares for settlement of supplier obligations j Issue of shares for services as Joint Broker
k Issue of shares on conversion of convertible notes l Issue of shares on conversion of convertible notes m Issue of shares on conversion of convertible notes n Issue of shares on conversion of convertible notes o Issue of shares pursuant to Share Placement
p Issue of shares for services under Letter of Engagement q Issue of shares on conversion of convertible notes
r Issue of shares for services under Letter of Engagement s Issue of shares on conversion of convertible notes
t Issue of shares on conversion of convertible notes u Issue of shares pursuant to Share Placement
v Issue of shares on conversion of convertible notes
w Issue of shares for services under letter of Engagement x Issue of shares on conversion of convertible notes
y Issue of shares on conversion of convertible notes z Issue of shares pursuant to Share Placement
aa Issue of shares for settlement of contract employee, consultants and drilling contractor obligations
ab Issue of shares on conversion of convertible notes ac Issue of shares on conversion of convertible notes ad Issue of shares on conversion of performance rights
Ordinary shares
Ordinary shares have the rights to receive dividends as declared and, in the event of winding up, participate in the proceeds from the sale of all surplus assets in proportion to the number of, and amounts paid up on, the shares held.
Each fully paid ordinary share carries one vote.
Ordinary shares issued to shareholders since incorporation have had no par value.
Options over ordinary shares
There are no options over ordinary shares on issue.
Performance rights
At the general meeting of shareholders on the 30 November 2017, the Executive Chairman of the Company was awarded 35,000,000 performance rights with 17,500,000 vesting on 30 November 2018 and the remainder on the 30 November 2019.
On 17 June 2018, Messrs NJ Clifford, WR Goodall and JM Madden were each awarded 5,000,000 performance rights with 33.3% vesting on 17 June 2019, 33.3% vesting on 17 June 2020 and
33.4% vesting on 17 June 2021.
The group has accounted for the above-mentioned performance rights in accordance with AASB 2 Share-based payments.
b. Options over ordinary shares and performance rights on issue
The total number of options and performance rights on issue is as follows:
31 December 30 June
2020 2020
------------- -----------
No No
Performance shares 10,000,000 10,000,000
Unlisted options over ordinary shares 95,541,679 118,797,598
Unlisted warrants over ordinary shares - -
------------- -----------
105,541,679 128,797,598
------------- -----------
Note 10 Reserves
a. Share-based payments reserve
31 December 30 June
2020 2020
------------- -----------
$ $
Opening balance 551,998 855,670
Issue of options 122,797 52,825
Issue of performance shares 10,500 231,292
Expiry of warrants - (97,789)
Conversion of performance shares - (490,000)
------------- -----------
Closing balance 685,295 551,998
------------- -----------
b. Translation
31 December 30 June
2020 2020
-------------- -----------
$ $
Opening balance 595,316 418,159
Translation of foreign currency
financial
statements into the functional
currency 114,498 177,157
-------------- -----------
Closing balance 709,814 595,316
-------------- -----------
The Company agreed to issue L1 Capital Global Opportunities Master Fund 50,000,000 Options, exercisable at $0.004 per Options and within 2 years of issue. The issue of Options was subsequently approved by the shareholders at the AGM on 17 March 2021. The Options have a fair value of $122,797 at 31 December 2020.
Note 11 Events after balance date
The following directors resigned, effective as at the Annual General meeting: R Beeson, JL Bennett, RC Craigie, PD Heber and JC Perkins. Furthermore, PD Reeve stood down as chairman, but retained his directorship.
The Group held its Annual General Meeting on 17 March 2021. The following resolutions were passed at the AGM and subsequently enacted:
-- M Rogers was appointed as non-executive director and chairman. -- P Ward was appointed as non-executive director. -- PD Reeve was appointed as managing director.
-- All issued shares and options were consolidated at a ratio of 13 to 1. For clarity, all share numbers quoted in this note are on the pre-consolidation basis.
-- The shareholders approved the issue of 155,000,000 shares to Lind Global Macro Fund LP, to extinguish the liability of $310,000.
-- The shareholders approved the issue of 77,708,331 Options to sophisticated and professional investors, each exercisable at $0.008, on or before 2 years from the date of issue.
-- The following shares approved by the shareholders to be issued to existing non-executive directors to extinguish outstanding remuneration:
(a) Up to 34,675,000 Shares to R Beeson; (b) Up to 34,675,000 Shares to JC Perkins; (c) Up to 23,725,000 Shares to JL Bennett; (d) Up to 15,955,000 Shares RC Craigie;
(e) PD Heber will not be issued equity in relation to his outstanding remuneration as he maintains his independence for AIM purposes; and
(f) Up to 8,460,000 Shares to B Fraser.
at a price of $0.002 per Share to extinguish outstanding obligations.
-- The shareholders approved the issue of 50,000,000 Shares to the PD Reeve (executive chairman) at a price of $0.002 per share to partly extinguish outstanding remuneration.
-- The shareholders approved the placement to issue 25,000,000 shares to P Ward and 50,000,000 shares to M Rogers, the incoming directors, at a price of $0.002 per share.
-- The shareholders approved the placement to issue the following shares to sophisticated and professional investors:
(a) 75,000,003 Shares to P Proksa; (b) 50,000,002 Shares to J Hancock; (c) 50,000,002 Shares to A Molyneux; (d) 50,000,002 Shares to D O'Neill; (e) 50,000,002 Shares to M Holland; and (f) 50,000,002 Shares to K Kerridge;
at an issue price of $0.002 per Share for proceeds of $650,000.
-- The shareholders approved the issue of 75,000,000 options to P Ward and 200,000,000 options to M Rogers, the incoming directors. All options are exercisable at $0.004 per option, on or before 30 June 2024.
-- The shareholders approved the issue of 75,000,000 shares at an issue price of $0.004 each, to ASEAN, Sartingen, Pre-Emptive Trading Pty Ltd (PET) in settlement of litigation.
-- The shareholders approved the issue of 75,000,000 options, exercisable at $0.004 each, on or before 30 June 2023, to ASEAN, Sartingen, Pre-Emptive Trading Pty Ltd (PET) in settlement of litigation.
-- The shareholders approved the issue of 45,000,000 shares to CFO Solutions Pty Ltd, for the provision of accounting, ASX compliance and company secretary services.
-- The shareholders approved the issue of 50,000,000 options to L1 Capital Global Opportunities Master Fund at an exercise price of $0.004 each, as part of the convertible securities agreement.
The capital raising initiatives have realised $800,000 in funding in February and March 2021.
Note 12 Related party disclosures
Directors
The directors of the parent entity during the financial period were:
PD Reeve R Beeson JL Bennett RC Craigie PD Heber JC Perkins
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
Other transactions with key management personnel are set out in the Remuneration Report. There are no other related party transactions.
In accordance with a resolution of the board of directors of Aura Energy Limited, I state that: In the opinion of the board of directors:
(a) financial statements, the accompanying notes to the financial statements and the additional disclosures set out in the Directors' Report are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's financial position as at 31 December 2020 and of their performance for the period ended on that date; and
(ii) complying with Australian Accounting Standards (including Australian Accounting Interpretations) and Corporations Regulations 2001;
(b) the financial statements and notes also comply with International Financial Reporting Standards as issued by the International Accounting Standard Board, as disclosed in Note 1a; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed on behalf of the Board of Directors
PD Reeve
Managing Director
30 March 2021
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