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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Botswana Diamonds Plc | LSE:BOD | London | Ordinary Share | GB00B5TFC825 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.35 | 0.30 | 0.40 | 0.35 | 0.35 | 0.35 | 162,738 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -3.68M | -0.0038 | -0.92 | 3.35M |
From Apr 2019 to Apr 2024
TIDMBOD
RNS Number : 3436I
Botswana Diamonds PLC
21 March 2018
21(st) March 2018
Botswana Diamonds PLC ("Botswana Diamonds" or the "the Company")
Interim Results for the Six Months Ended 31(st) December 2017
Botswana Diamonds plc (AIM: BOD) ("Botswana Diamonds" or "the Company") today announces financial results for the six months ended 31(st) December 2017.
Recent months have been a very active exploration period for Botswana Diamonds:
v Significant drilling and exploration has taken place on our advanced project at Thorny River in South Africa. We are undertaking a Scoping Study into its commerciality;
v Drilling is ongoing on the Ontevreden kimberlite in order to delineate size and diamond content;
v Nine kimberlites in the Northwest and Free State Provinces of South Africa were discovered or re-discovered;
v Exploration is continuing in the Central Kalahari Game Reserve (CKGR) in Botswana through Sunland Minerals, the Company's joint venture with Alrosa. Botswana Diamonds personnel are currently engaged in a work programme;
v Progress is being made in our Maibwe joint venture in Botswana. A prospectus is being drawn up by the liquidator of BCL, to identify options; and
v GBP500,000 (before expenses) has been raised early in 2018 to fund the ongoing exploration activities.
South Africa
Significant progress has been made on the Thorny River Project in South Africa. This is a kimberlite dyke/pipe system which is contiguous to the former Marsfontein and Klipspringer Mines. Exploration work which consisted of several phases of percussion and core drilling and microdiamond and petrographic analyses were undertaken and concluded with the extraction and processing of a bulk sample for macrodiamond recovery. A Scoping Study is now underway and should be concluded by mid-2018.
A drilling programme has started to extract samples for microdiamond analysis and to delineate the size of the kimberlite pipe at Ontevreden in the Northwest Province. This follows geochemistry, geophysical and mineral chemistry analyses.
In the Free State, ground work resulted in the discovery of eight kimberlites which were assessed using geochemistry and detailed geophysics. The results of this work were encouraging. The next stage comprises further sampling for mineral chemistry analysis, to determine the diamond bearing potential of these kimberlites. This work should be concluded during the first half of 2018.
Botswana
In Botswana, the Company continues to actively explore in the CKGR as part of the Sunland Minerals joint venture with Alrosa. The objective of the work is to follow-up on fifteen previously identified priority geophysical targets. Ground magnetics will be used to supplement the airborne gravity and airborne magnetic data obtained in earlier work. A soil sample programme will operate in conjunction with the magnetic surveys. The objective is to turn geophysical targets into drill targets. This phase of the work is being undertaken by an exploration team from Botswana Diamonds. A review of the joint venture is underway.
In order to progress the impasse on the Maibwe joint venture (15% BOD) following the liquidation of joint venture partner BCL), several corporate options have been proposed to BCL's liquidator. The liquidator has decided to produce a prospectus on the licences to encourage outside investor interest. This is due to be completed by mid-2018.
Corporate
In early 2018 the Company raised GBP500,000 (before expenses) to fund the work outlined above.
Apart from ongoing exploration activity on four projects and active involvement in bringing the Maibwe situation toward a conclusion, management and directors are examining certain proposals which have been presented to the Board. Over the coming months shareholders can expect regular updates on both exploration and corporate activities.
John Teeling
Chairman
20(th) March 2018
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
SEnquiries:
Botswana Diamonds PLC John Teeling, Chairman +353 1 833 2833 James Campbell, Managing Director +27 83 457 3724 Jim Finn, Director Northland Capital Partners Limited David Hignell/Gerry Beaney (Corporate Finance) +44 (0) 203 861 6625 John Howes (Broking) SVS Securities Plc +44 (0) 203 700 0100 Tom Curran Ben Tadd Blytheweigh +44 (0) 207 138 3204 Camilla Horsfall +44 (0) 781 784 1793 Nick Elwes +44 (0) 783 185 1855 Teneo PSG Luke Hogg +353 (0) 1 661 4055 Alan Tyrrell +353 (0) 1 661 4055
www.botswanadiamonds.co.uk
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Botswana Diamonds plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
Six Six
Months Months Year
Ended Ended Ended
31 Dec 31 Dec 30
17 16 Jun17
unaudited unaudited Audited
GBP'000 GBP'000 GBP'000
REVENUE - - -
Cost of sales - - -
-------------------- -------------------- -------------------
GROSS PROFIT - - -
Administrative ( 178 ( 136 ( 311
expenses ) ) )
-------------------- -------------------- -------------------
OPERATING ( 178 ( 136 ( 311
LOSS ) ) )
( 178 ( 136 ( 311
LOSS BEFORE TAXATION ) ) )
Income tax
expense - - -
-------------------- -------------------- -------------------
( 178 ( 136 ( 311
LOSS AFTER TAXATION ) ) )
Exchange difference on translation
of foreign operations 1 197 149
TOTAL COMPREHENSIVE INCOME/(LOSS) ( 177 ( 162
FOR THE PERIOD ) 61 )
==================== ==================== =================
LOSS PER SHARE- basic
and diluted (0.04p) (0.04p) (0.09p)
==================== ==================== =================
CONDENSED CONSOLIDATED 31 Dec 31 Dec 30
BALANCE SHEET 17 16 Jun17
unaudited unaudited audited
ASSETS: GBP'000 GBP'000 GBP'000
NON-CURRENT ASSETS
Intangible
assets 8,155 7,238 7,766
Financial
assets 1 1 1
-------------------- -------------------- -------------------
8,156 7,239 7,767
-------------------- -------------------- -------------------
CURRENT ASSETS
Trade and other receivables 50 45 60
Cash and cash
equivalents 230 60 106
-------------------- -------------------- -------------------
280 105 166
TOTAL ASSETS 8,436 7,344 7,933
-------------------- -------------------- -------------------
LIABILITIES:
CURRENT
LIABILITIES
Trade and other ( 237 ( 206 ( 429
payables ) ) )
-------------------- -------------------- -------------------
TOTAL ( 237 ( 206 ( 429
LIABILITIES ) ) )
NET ASSETS 8,199 7,138 7,504
==================== ==================== ===================
EQUITY
Share capital
- deferred shares 1,796 1,796 1,796
Share capital
- ordinary shares 1,148 846 949
Share premium 9,751 8,598 9,085
Share based payments
reserve 104 97 97
Retained ( 3,690 ( 3,337 ( 3,512
deficit ) ) )
Translation
reserve 73 121 72
( 983 ( 983 ( 983
Other reserves ) ) )
-------------------- -------------------- -------------------
TOTAL EQUITY 8,199 7,138 7,504
==================== ==================== ===================
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share
based
Share Share Payment Retained Translation Other Total
Capital Premium Reserves Deficit Reserve Reserve Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 30 ( 3,201 ( 76 ( 983
June 2016 2,642 8,598 90 ) ) ) 7,070
Share based
payment - - 7 - - - 7
Total
comprehensive ( 136
loss - - - ) 197 - 61
------------------ ---------------- -------------------- ------------------ -------------------- -------------------- -------------------
At 31 December ( 3,337 ( 983
2016 2,642 8,598 97 ) 121 ) 7,138
Ordinary
shares issued 103 508 - - - 611
Share issue ( 21 ( 21
expenses - ) - - - )
Total
comprehensive ( 175 ( 49 ( 224
loss - ) ) - )
------------------ ---------------- -------------------- ------------------ -------------------- -------------------- -------------------
As at 30 ( 3,512 ( 983
June 2017 2,745 9,085 97 ) 72 ) 7,504
Ordinary
shares issue 199 670 - - - 869
Share issue ( 4 ( 4
expenses - ) - - - )
Share based
payment - - 7 - - - 7
Total
comprehensive ( 178 ( 177
loss - - ) 1 - )
--------------------
At 31 December ( 3,690 ( 983
2017 2,944 9,751 104 ) 73 ) 8,199
================== ================ ==================== ================== ==================== ==================== ===================
CONDENSED CONSOLIDATED Six Six
CASH FLOW Months Months Year
Ended Ended Ended
31 Dec 31 Dec 30 Jun
17 16 17
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING
ACTIVITIES
Loss for ( 178 ( 136 ( 311
the period ) ) )
Exchange
movements 4 188 145
-------------------- -------------------- -------------------
( 174 ( 166
) 52 )
Movements in ( 182
Working Capital ) 40 232
-------------------- -------------------- -------------------
NET CASH USED IN OPERATING ( 356
ACTIVITIES ) 92 66
-------------------- -------------------- -----------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Exploration costs ( 382 ( 541 ( 994
capitalised ) ) )
-------------------- -------------------- -------------------
NET CASH USED IN INVESTING ( 382 ( 541 ( 994
ACTIVITIES ) ) )
-------------------- -------------------- -----------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from share
issue 869 - 550
Share issue ( 4 ( 21
costs ) - )
-------------------- -------------------- -------------------
NET CASH GENERATED IN
INVESTING ACTIVITIES 865 - 529
-------------------- -------------------- -----------------
NET (DECREASE)/INCREASE IN CASH ( 449 ( 399
AND CASH EQUIVALENTS 127 ) )
Cash and cash equivalents
at beginning of the period 106 500 500
Effect of foreign exchange ( 3
rate changes ) 9 5
CASH AND CASH EQUIVALENT
AT THE OF THE PERIOD 230 60 106
==================== ==================== =================
Notes:
1. INFORMATION
The financial information for the six months ended 31 December 2017 and the comparative amounts for the six months ended 31 December 2016 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.
The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2017 Annual Report, which is available at www.botswanadiamonds.co.uk
The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.
2. DIVID
No dividend is proposed in respect of the period.
3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the period available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the period.
Diluted loss per share is computed by dividing the loss after taxation for the period by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the period.
The following table sets forth the computation for basic and diluted earnings per share (EPS):
Six Months Six Months
Ended Ended Year
31 Dec 31 Dec Ended
17 16 30 Jun
17
GBP GBP GBP
Numerator
For basic and diluted
EPS retained loss (178,390) (136,055) (310,798)
============== ============== ==============
No. No. No.
Denominator
Weighted average number
of ordinary shares 444,239,174 338,411,181 351,659,107
============== ============== ==============
Loss per share - Basic
and Diluted (0.04p) (0.04p) (0.09p)
============== ============== ==============
The following potential ordinary shares are
anti-dilutive and are therefore excluded from
the weighted average number of shares for the
purposes of the diluted earnings per share:
No. No. No.
Share options 11,410,000 11,410,000 11,410,000
============== ============== ==============
4. INTANGIBLE ASSETS
31 Dec 31 Dec 30 June
17 16 17
GBP'000 GBP'000 GBP'000
Exploration and evaluation
assets:
Cost:
Opening balance 8,415 7,339 7,339
Additions 389 548 1,076
8,804 7,887 8,415
======== ======== ========
Impairment:
Opening balance 649 649 649
Provision for impairment - - -
-------- -------- --------
649 649 649
======== ======== ========
Carrying Value:
Opening balance 7,766 6,690 6,690
======== ======== ========
Closing balance 8,155 7,238 7,766
======== ======== ========
Exploration and evaluation assets relate to expenditure incurred in exploration for diamonds in Botswana and South Africa. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalized exploration and evaluation assets.
On 11 November 2014 the Brightstone block was farmed out to BCL Investments (Proprietary) Limited, a Botswana Company, who assumed responsibility for the work programme. Botswana Diamonds will retain a 15% carried interest.
On 6 February 2017 the Group entered into an Option and Earn-In Agreement with Vutomi Mining Pty Ltd and Razorbill Properties 12 Pty Ltd (collectively known as 'Vutomi'), a private diamond exploration and development firm in South Africa.
Pursuant to the terms of the Agreement, Botswana Diamonds has agreed to pay Vutomi a total of GBP942,000 in cash, of which GBP581,000 will be used to fund exploration activities. In addition, the Company will issue 100 million ordinary shares of 0.25p each ("Ordinary Shares") to Vutomi shareholders. The Agreement will be executed in three Phases after which the Company will own 72% of Vutomi. The remaining 28% will continue to be held by Vutomi's Black Economic Empowerment ('BEE') partners. The three Phases are summarised below:
Exclusivity and Option Fee
Botswana Diamonds paid Vutomi an exclusivity and option fee of GBP122,000, with GBP61,000 paid in cash and GBP61,000 paid in the Company's Ordinary Shares at a price of 1.9p. The shares were issued on 3 April 2017. Upon completion of this payment Phase 1 of the earn-in commenced.
Phase 1
Phase 1 will last for 12 months, during which period the Company will, subject to available funding, have the option to pay Vutomi GBP215,000 to fund exploration activities to earn an initial 15% of Vutomi. During Phase 1 Vutomi will grant the Company the sole and exclusive right to fund exploration activities in, on and under the Vutomi Prospecting Rights Area in order to prepare a conceptual mining and development plan. The required mining permits are in place.
Phase 2
Phase 2 will last for a further 12 months, during which period the Company will, subject to available funding, have the option to pay Vutomi GBP366,000 to fund exploration activities to earn an additional 25% of Vutomi.
Phase 3
Phase 3 will commence within 90 days of the successful completion of Phase 2. Pursuant to the Agreement, the Company will have the option to issue the outstanding balance of 96.8m Ordinary Shares, priced at VWAP, to Vutomi and, subject to available funding, settle Vutomi's shareholders loan accounts of approximately GBP300,000 in cash to earn a further 32% of Vutomi.
Termination
At any point the Agreement will lapse if the Company does not exercise its option regarding a specific Phase.
As at 31 December 2017, the Company had completed Phase 1 and entered into Phase 2.
The directors believe that there were no facts or circumstances indicating that the carrying value of intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangible assets is dependent on the successful discovery and development of economic diamond resources and the ability of the Group to raise sufficient finance to develop the projects. It is subject to a number of significant potential risks, as set out below:
-- licence obligations; -- exchange rate risks; -- uncertainties over development and operational costs;
-- political and legal risks, including arrangements with governments for licenses, profit sharing and taxation;
-- foreign investment risks including increases in taxes, royalties and renegotiation of contracts;
-- title to assets; -- financial risk management; -- going concern; and -- operational and environmental risks.
Included in additions for the year are GBP6,951 (June 2017: GBP6,951) of share based payments, GBP7,989 (June 2017: GBP16,006) of wages and salaries and GBP50,277 (June 2017: GBP73,758) of directors remuneration.
5. SHARE CAPITAL
Number Share Capital Share Premium
GBP'000 GBP'000
At 1 July 2016
Deferred shares of 0.75p 239,487,648 1,796,157 -
Ordinary shares of 0.25p
At 1 July 2016 338,411,181 846 8,598
Issued during the period - - -
At 31 December 2016 338,411,181 846 8,598
------------ -------------- --------------
Issued during the period 41,151,727 103 508
Share issue expenses - - (21)
------------ -------------- --------------
At 30 June 2017 379,562,908 949 9,085
------------ -------------- --------------
Issued during the period 79,484,300 199 670
Share issue expenses - - (4)
At 31 December 2017 459,047,208 1,148 9,751
============ ============== ==============
Movements in share capital
On 27 February 2017, the Company raised GBP525,000 (before expenses) through the issue of 35,000,000 new ordinary shares of 0.25p at a price of 1.5p per share to provide additional working capital and fund development costs.
On 13 March 2017, 1,764,700 warrants were exercised at a price of 0.85p per warrant for GBP15,000.
On 3 April 2017, the Company issued 3,210,527 new ordinary shares of 0.25p each at a price of 1.9p to Vutomi shareholders for GBP61,000 as part of the Joint Venture Agreement entered into.
On 11 May 2017, 1,176,500 warrants were exercised at a price of 0.85p per warrant for GBP10,000.
On 3 August 2017, the Company raised GBP603,000 (before expenses) through the issue of 43,440,000 new ordinary shares of 0.25p at a price of 1.25p per share to provide additional working capital and fund development costs.
On 3 August 2017, 31,244,300 warrants were exercised at a price of 0.85p per warrant for GBP265,577.
6. POST BALANCE SHEET EVENTS
On 14(th) February 2018 the Company announced that they had raised GBP500,000 (before expenses) via the placing of 50,000,000 new ordinary shares with new and existing investors at a price of 1p per share.
The net proceeds of the placing will fund ongoing diamond exploration in South Africa and Botswana and will also provide the Company with additional working capital.
7. APPROVAL
The Interim Report for the period to 31(st) December 2017 was approved by the Directors on 20(th) March 2018.
8. AVAILABILITY OF REPORT
The Interim Statement will be available on the website at www.botswanadiamonds.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QBLFLVXFFBBB
(END) Dow Jones Newswires
March 21, 2018 03:00 ET (07:00 GMT)
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