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GWMO Great Western Mining Corporation Plc

0.0465
0.001 (2.20%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Great Western Mining Corporation Plc LSE:GWMO London Ordinary Share IE00B1FR8863 ORD EUR0.0001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.001 2.20% 0.0465 0.046 0.047 0.0465 0.0455 0.0455 20,762,231 16:19:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Metal Mining Services 0 -792k -0.0002 -2.50 1.79M

Great Western Mining Corp. plc Final Results (9121U)

03/04/2019 7:00am

UK Regulatory


Great Western Mining (LSE:GWMO)
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RNS Number : 9121U

Great Western Mining Corp. plc

03 April 2019

Great Western Mining Corporation PLC

("Great Western Mining", "GWM" or the "Company")

Final Results for the year ended 31 December 2018

Results Highlights

   --      Loss for year EUR992,774 (2017: loss of EUR696,294) 
   --      Basic and diluted loss per share (cent): 0.002 (2017: 0.001) 
   --      Net Assets at Year End: EUR6.6 million (2017: EUR6.2 million) 

Operational Highlights

   --      16% Upgrade in M2 JORC Resources 
   --      Further Significant Intersects from M2 Infill Drilling 
   --      Significant 43.0 metre discovery intersect at M4 
   --      Significant 27.4 metre discovery intersect at M1 
   --      13.5% Increase in Land Position with addition of New Claims 
   --      New Chief Geologist Appointed 

Chief Executive, David Fraser commented:

"2018 has been a year of good progress for Great Western Mining's exploration activities in Nevada. Further significant intersects were observed as part of the infill drill programme at M2, with high readings of 2.59% copper and 1950ppb gold recorded. The 2018 drill campaign also yielded very encouraging discovery level intersects at both M1 and M4. In particular the Company is excited about the continuous 43 metre copper bearing breccia vein encountered at M4_05, as the Company believes that this vein, along with others encountered at surface, could be offshoot structures in the roof of a large buried sulphide ore body. Follow up drilling is planned at M2 and M4 this Summer, subject to finalisation of our drilling permit from the United States Forest Service. In preparation the Company has planned an aggressive Spring field campaign of geological mapping and sampling, commencing next week. One objective of the campaign is to identify the best route to return to the Sharktooth zone where operational problems were encountered during drilling last year. This should enable the Company to drill-test the anticipated source of the copper oxide mineralisation at M2. As always Great Western Mining would like to thank shareholders for their continuing support and will continue the Company's commitment to providing updates as soon as relevant information becomes available."

Note: ppb = parts per billion

Enquiries:

 
 Great Western Mining        +44 207 933 8795 (via Walbrook) 
  Corporation PLC 
  David Fraser, Chief 
  Executive 
 Davy (Nomad, Euronext 
  Growth Adviser & Joint 
  Broker) 
  John Frain                 +353 1 679 6363 
  Matthew de Vere White 
 
 
  Novum Securities Ltd 
  (Joint Broker) 
  Jon Belliss                 +44 207 399 9400 
 Walbrook PR (UK PR and      +44 207 933 8795 
  IR)                         greatwesternmining@walbrookpr.com 
  Paul Cornelius 
  Nick Rome 
 

Chairman's Statement

For the year ended 31 December 2018

Dear Shareholder,

Herewith Great Western Mining Corporation PLC's Annual Report and audited financial statements for the year ended 31 December 2018. Great Western remains in an exploration phase and therefore has no revenues beyond interest on cash balances, so is reporting a loss of EUR992,774 (2017: EUR696,294). Net current assets at 31 December were EUR689,976 (2017: EUR2,766,308) and there has been no significant change in the Group's financial position since the year end.

During the 2018 work season we conducted an active drilling programme on our claims in Mineral County, Nevada with encouraging results. Also, during the year, we increased our acreage position through acquiring strategically-interesting adjacent claims, strengthened our in-house team by taking on an experienced Chief Geologist and issued new shares for cash to help fund our programme. Costs are tightly controlled to ensure as far as possible that shareholders' funds are invested in exploration and appraisal rather than in overhead burn.

We believe that we have huge mineral potential in Nevada, but we are operating at high altitude in mountainous terrain with a relatively short annual weather window for drilling which means that our operations have to be carefully planned. We have already established a significant copper resource and we need to increase this considerably to achieve the potential for a commercial mining operation which will attract a major industry partner to assist with large scale development. On our M2 prospect, where we have done most of our drilling so far, the key to increasing our resources by an order of magnitude appears to lie in the Sharktooth location. If successful, this should have the effect of linking two identified copper zones, thus creating a significant and continuous combined resource of considerable size. However, during 2018 our drilling attempts at Sharktooth were not successful in reaching the target and we are now back to the drawing board and planning a different type of drilling programme. Frontier exploration often comes with disappointments but in this case the problems were operational, which can be overcome, rather than geological and the potential of the target remains as strong as ever.

As well as our large-scale copper prospects, we believe we have potential for commercially-recoverable precious metals, gold and silver, on our acreage. There are several long-abandoned gold mines within our claim areas and modern technology offers the possibility of re-entering these selectively and recovering commercial quantities of gold. We are currently working on the feasibility of doing this and are appraising suitable locations.

Great Western's shares are listed on AIM in London and the Euronext Growth market of Euronext Dublin. Euronext has recently acquired the Irish Stock Exchange and we welcome participation in this broader, European platform, for trading in our shares.

Since the year end, we have re-launched our website and we hope you will find the new format useful, user-friendly and informative. We have a busy operation and our aim, as ever, is to update you promptly whenever we have anything significant to report.

This year's AGM will be held in Dublin on 16 May 2019 when we look forward to meeting as many of you as possible. The Board will be available to answer questions.

Finally, thank you most sincerely for your continuing support.

Yours truly,

Brian Hall

Chairman

Chief Executive's Report

For the year ended 31 December 2018

Principal activities, strategy and business model

The principal activity of the Group is to explore for and develop mineral resources, with a focus on copper, gold and silver. The Board seeks to increase shareholder value by the systematic evaluation of its existing assets in Mineral County, Nevada, USA.

The Group's strategy and business model is developed by the Chief Executive Officer and is approved by the Board. The executive directors who report to the Board are responsible for implementing the strategy and managing the business.

The Group's primary strategy is to advance copper projects that have potential for the discovery of large mineralised systems through the various stages of exploration and development with a view to monetising one or more of those projects, whether through an outright sale, joint venture, or spin-out via a public offering, within a three to five-year period.

In tandem with this primary strategy the Group seeks to develop smaller scale and shorter-term gold and silver projects which have the potential to be taken beyond the development stage and brought into early production under the control of the Group.

Business development and performance

During the twelve months ended 31 December 2018, Great Western successfully advanced exploration across its portfolio of six 100% owned claims groups in Nevada. Most notably, Great Western's drilling campaigns at the M2, M4 and M1 projects returned some excellent results. Discovery intersects were achieved at both M4 and M1. M4 established 43 metres of 0.24% copper from 106.2 metres, including 1.8 metres of 0.74% copper from 121 metres. M1 established 27.4 metres of 0.35% copper from 35.1 metres, including 7.6 metres of 0.7% copper from 36.6 metres. Anomalous intersects were found in all eight infill bore holes drilled at M2, with significant intercepts above 0.1% copper and 100 ppb gold discovered in five out of the eight holes. High readings of 2.59% copper from 193.5 metres and 292 ppb gold from 192 metres were found in hole M2-034. Hole M2-039 revealed 1.49% copper from 195 metres and 1950 ppb gold from 195 metres.

The Group has so far been less successful with its drill programme on the M2-Sharktooth target. Two relatively deep holes that were planned to intercept the diorite zone beneath the Sharktooth peak down dip from the current oxide copper resource had to be abandoned without reaching the diorite target. This was due to very hard but fractured ground causing extremely difficult drilling conditions. However, assay results from a depth of 486.5 metres in hole M2-041 in the caprock above the diorite target zone yielded results of 1.68 metres of 0.55% copper, providing an encouraging indicator for the diorite host rock below.

During the period a JORC (2012) compliant "Report of Mineral Resources Modelling" at the company's M2 project was delivered by independent consulting geologists WT Cohan & Associates of Grand Junction, Colorado, USA. The report can be reviewed on the company website. The report estimated Indicated and Inferred resources of 4.3 million tonnes of 0.45% copper at a cut-off grade of 0.2% copper, resulting in 19,000 tonnes of contained copper. This was an approximate 16% increase in mineral resources from the 2014 maiden JORC resource produced by independent consultant Don Strachan and represents an upgrade to "Indicated" for 1.53 million tonnes of this resource.

In July 2018 the Group increased its land position with the addition of 66 claims adjacent to the Black Mountain group of claims and 32 claims to the JS Group. These new claims, in conjunction with the 10 new claims added to the EM Group at the turn of 2018, have increased the overall land position held by Great Western in Mineral County, Nevada by approximately 13.5% to 996 full and fractional unpatented claims, covering a total land area of approximately 83.5 square kilometres.

In October 2018 the senior management team of the Group was strengthened with the appointment of a new Chief Geologist, Bill Cooper. Bill is an experienced mining geologist whose career has covered near mine site exploration, underground production geology, open pit production geology, resource definition drilling and planning and resource estimation. He holds a MSc in Mining Geology from the Camborne School of Mines and his affiliations include membership of the Australian Institute of Geoscientists (MAIG) and a Fellowship of the Geological Society of London (FGS). Bill has a wide experience of commodity and deposit types, with particular expertise in copper and gold.

In July 2018 the Group raised a total of GBP1,001,000 (EUR1,126,555) in new share capital before expenses through the placing of new Ordinary Shares. The net proceeds from the placing were allocated to the 2018 drilling and exploration programme and to treasury for general working capital purposes. At the end of the year the Group's net cash position was EUR884,452 (2017: EUR2,678,276).

Review by Project

The Black Mountain Group of Claims

The Black Mountain Group lies on the south-west trending spur ridge of the Excelsior Range of mountains and comprises 247 full and 5 fractional claims covering approximately 21 km(2) in total.

The M2 Copper-Gold Project lies within the Black Mountain Group and during the year received an increase in estimated Indicated and Inferred Mineral Resource, independently prepared in accordance with JORC guidelines. At a 0.2% cut-off grade, the current total resource is 4.3 million tonnes of 0.45% copper for 19 thousand tonnes of contained copper metal. The M2 project is open down dip towards the south-east, and along strike both north-east and south-west.

During 2018 eight Reverse Circulation ("RC") bore holes were drilled at M2, all encountering anomalous copper and gold intersects. High readings of 2.59% copper from 193.5 metres were encountered in hole M2-034, and 1950 ppb gold from 195 metres in hole M2-039.

The M2 Sharktooth Target is a deeply buried zone within the diorite, down dip from the current M2 oxide copper resource. Two diamond core holes were drilled in 2018, following earlier RC holes M2-025 and M2-026. The target could potentially extend the current M2 Resource a further 500m along strike, and 500m down dip. The target thickness could range from 10m to 100m.The total target zone covers an area of approximately 2.5km(2) , which could potentially host a deposit in the range of 15MT to 200MT.

The Mineral Jackpot Prospect ("M3") lies within the Black Mountain Group. Detailed geological mapping carried out during 2018 indicates the presence of mineralised sheeted quartz veins in host granite, prospective for narrow vein, high grade precious metals. Grab sampling of spoil dumps from former workings carried out in 2015 yielded results of 5.6 g/t Au and 19.1 g/t Au. Historic geological report points to at least 7 subparallel lodes, prospective for Au-Ag-U mineralization in both the quartz veining, and the surrounding altered vein selvedge, and historical production has left numerous residual shafts and adits covering an area of approximately 0.5km(2) .

Further detailed mapping and soil sampling is planned at M3 and at the newly added claims containing the adjacent Silver Moon and Silver Bell historic gold/silver mines. The Group considers that the area could be one large structure.

The Huntoon Group of Claims

The Huntoon Group is located on the north-west side of the Huntoon Valley and comprises 164 full and 12 fractional claims covering an area of approximately 15 km(2) in total. The claims surround the workings of the historic underground Huntoon mine.

The M1 Copper-Gold Project lies within the Huntoon Group. An extensive soil sampling programme at M1 has indicated the presence of both copper and gold mineralisation. In 2018 a single RC hole was drilled which was designed to test the strong copper anomaly detected in the soil sampling. The best result was 27.4m @ 0.35% Cu from 35.1m, including 7.6m @ 0.70% Cu from 36.6m. Grade-thicknesses, along with host lithologies, bear many similarities to the mineralisation seen at M2.

The JS Group of Claims

The M4 Copper-Gold Project lies within the JS Group. The M4 copper target was identified through geophysical surveys, soil sampling and mapping of mineralised veins on surface. Three diamond holes were drilled in 2018 to test beneath outcrops of cupriferous vein and silicic alteration. One hole, M4_005, hit a large quartz-copper breccia vein at 106.2 metres. The intercept comprised 43.0m @ 0.24% Cu, including 1.8m @ 0.74% Cu from 121 metres. The breccia vein, with an assumed attitude of NNW-SSE, is open along strike and down dip following the trend of the limestone-sediment contact. Desk top analysis in 2018 of ASTER and IP studies strongly suggest the presence of metal sulphides at depth beneath a silica cap. The Group believes that the breccia vein intercepted at M4_05, along with the other veins mapped at surface, could be offshoot structures in the roof of a buried sulphide ore body.

In December 2018 the Group submitted a 2019 drill permit application to follow up on the exciting discovery in hole M4_05. The application is on schedule for approval in May 2019.

The M5 Gold Prospect lies within the JS Group. The M5 prospect is in altered siliceous host rock, exposed beneath caprock for one square kilometre north and east of M5. Gold (Au), Arsenic (As) and Antimony (Sb) were all anomalous in samples taken along the north-easterly crest of the central ridge at M5. Gold (Au) was consistently anomalous with two samples in the 740 ppb Au range. Arsenic (As) and Antimony (Sb) were also anomalous, with highs of 1,736 ppm As and 51 ppm Sb. This coincidence of geochemistry and altered sediments strongly suggests Carlin-type disseminated gold mineralisation.

The EM Group of Claims

The M8 Copper Prospect lies within the EM Group. M8 contains the historic Eastside Mine ("Eastside"), where high grade oxide copper ores were mined from shallow underground workings during the First World War. Conoco investigated Eastside as a copper porphyry prospect in the early 1970s, identifying mineralisation consisting of substantial copper and molybdenum values. The Group undertook various desktop studies in 2018 in conjunction with further field exploration and this highlighted the historical north-east trending mineral workings at the Eastside Mine, which indicate a substantial mineralisation event. The trend of the workings parallels regional scale normal faulting. Photo imagery indicates the presence of crosscutting WNW-ESE strike slip faults, where the junctions between the opposing fault trends provide prospective traps for mineralisation. A detailed geological mapping and sampling programme is planned for 2019.

The Tun Group of Claims

The M6 Gold-Silver Prospect lies within the Tun Group. The M6 prospect is a parallel system of multiple, oxide and sulphide, gold-silver veins and veinlet stockworks. Relatively small tonnages of supergene, multi-ounce, high-grade, bonanza-style ores have been mined in the past at M6. However, the potential remains for moderate-sized deposits of shallow, oxidized stockworks and veins and deeper sulphide ores in the immediate vicinity of the historic M6 workings. Gold value from previous sampling varied from 4,147 ppb Au to 9,839 ppb Au. Silver varied from 337 ppm Ag to 757 ppm Ag, while Arsenic (As) and Antimony (Sb) were also strongly anomalous. During 2018 the Group conducted desk-top studies on M6, which has been identified as a high priority target for field exploration in 2019, when a detailed mapping and sampling programme is planned.

The RH Group of Claims

The M7 Silver Prospect lies within the RH Group. M7 is a circular lineament associated with a magnetic low which occurs adjacent and immediately south of the Golconda thrust fault, a major structural feature spanning the length of Nevada. The area is characterised by intense argillic and sericitic alteration, strong silification and iron oxides. The anomalous area is contained within a circular feature with a diameter of 1800 metres. The area is considered very prospective for Candalaria type mineralisation, and a detailed mapping and sampling programme is planned for 2019.

Main trends and factors likely to impact future business performance

The Group considers the general commodity cycle to be the key trend and factor that is likely to impact future business performance. Commodity prices have generally improved from a low point in early 2016, but prices for many commodities have recently fallen, in particular copper, in the second half of 2018. The Board maintains a longer-term positive outlook for copper price fundamentals because:

-- Global mine supply remains constrained - declining grade and continued project deferrals forecast going forward

   --           Further demand growth upside forecast through electric vehicles, renewable energy and infrastructure investment 

-- Future base demand will not be met without significant investment - these investments take time to come to market

Forward to 2019

2019 promises to be a busy and exciting year for Great Western Mining and in preparation for the recommencement of drilling, the Group has planned an aggressive Spring field campaign of geological mapping and sampling commencing at the beginning of April. In the Summer a drill programme on M4 is planned to follow up on the successful results of 2018, while at M2 the objective of the Spring campaign is to identify the best route to return to the Sharktooth target and drill-test the source of the copper oxides at M2.

David Fraser

Chief Executive Officer

Consolidated Income Statement

For the year ended 31 December 2018

 
                                        Notes                      2018               2017 
                                                                    EUR                EUR 
 
 Administrative expenses                                      (995,260)          (707,241) 
 Finance income                           4                       2,486             10,947 
-------------------------------------  ------  ------------------------  ----------------- 
 Loss for the year before tax             5                   (992,774)          (696,294) 
 
 Income tax expense                       7                           -                  - 
------------------------------------   ------  ------------------------  ----------------- 
 Loss for the financial year                                  (992,774)          (696,294) 
 
 Loss attributable to: 
 Equity holders of the Company                                (992,774)          (696,294) 
=====================================  ======  ========================  ================= 
 
 Earnings per share from continuing 
  operations 
 Basic and diluted loss per share 
  (cent)                                  8                     (0.002)            (0.001) 
-------------------------------------  ------  ------------------------  ----------------- 
 

Consolidated Statement of Other Comprehensive Income

For the year ended 31 December 2018

 
                                                  2018                 2017 
                                                   EUR                  EUR 
 
 Loss for the financial year                 (992,774)            (696,294) 
 
 Other comprehensive income 
 Items that are or may be reclassified 
  to profit or loss:                           140,736            (404,604) 
------------------------------------------  ----------  ------------------- 
 Currency translation differences              140,736            (404,604) 
 
 Total comprehensive expense for 
  the financial year 
 attributable to equity holders 
  of the Company                             (852,038)          (1,100,898) 
==========================================  ==========  =================== 
 

Consolidated Statement of Financial Position

For the year ended 31 December 2018

 
                                   Notes               2018                2017 
                                                        EUR                 EUR 
 Assets 
 Non-current assets 
 Intangible assets                  10            5,888,165           3,424,504 
--------------------------------  ------  -----------------  ------------------ 
 Total non-current assets                         5,888,165           3,424,504 
 
 Current assets 
 Trade and other receivables        11              123,174             154,902 
 Cash and cash equivalents          12              884,452           2,678,276 
--------------------------------  ------  -----------------  ------------------ 
 Total current assets                             1,007,626           2,833,178 
 
 Total assets                                     6,895,791           6,257,682 
================================  ======  =================  ================== 
 
 
 Equity 
 Capital and reserves 
 Share capital                      14               67,767           2,681,023 
 Share premium                      14            9,491,437           8,328,238 
 Share based payment reserve        15              279,739             218,200 
 Foreign currency translation 
  reserve                                           446,851             306,115 
 Retained earnings                              (3,707,653)         (5,342,764) 
--------------------------------  ------  -----------------  ------------------ 
 Attributable to owners of the 
  Company                                         6,578,141           6,190,812 
 
 Total equity                                     6,578,141           6,190,812 
 
 Liabilities 
 Current liabilities 
 Trade and other payables           13              317,650              66,870 
--------------------------------  ------  -----------------  ------------------ 
 Total current liabilities                          317,650              66,870 
 
 Total liabilities                                  317,650              66,870 
 
 Total equity and liabilities                     6,895,791           6,257,682 
================================  ======  =================  ================== 
 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2018

 
                                                                                       Share                 Foreign 
                                                                                       based                currency 
                                   Share                   Share                     payment             translation                        Retained 
                                 capital                 premium                     reserve                 reserve                        earnings                        Total 
                                     EUR                     EUR                         EUR                     EUR                             EUR                          EUR 
 
 Balance at 1 
  January 2017                 2,660,738               5,173,692                      44,448          710,719                            (4,324,615)      4,264,982 
 
 Comprehensive 
 income for the 
 year 
 Loss for the 
  year                                 -                       -                           -                       -                       (696,294)                    (696,294) 
 Currency 
  translation 
  differences                          -                       -                           -       (404,604)                                       -                    (404,604) 
----------------  ----------------------  ----------------------  --------------------------  ----------------------  ------------------------------  --------------------------- 
 Total 
  comprehensive 
  income for 
  the year                             -                       -                           -               (404,604)                       (696,294)                  (1,100,898) 
 
 
 Transactions 
 with owners, 
 recorded 
 directly in 
 equity 
 Shares issued                    20,285               3,154,546                           -                       -                       (225,908)                    2,948,923 
 Share warrants 
  granted                              -                       -                      95,947                       -                        (95,947)                            - 
 Share options 
  granted                              -                       -                      77,805                       -                               -                       77,805 
----------------  ----------------------  ----------------------  --------------------------  ----------------------  ------------------------------  --------------------------- 
 Total 
  transactions 
  with owners, 
  recorded 
  directly in 
  equity                          20,285               3,154,546                     173,752                       -                       (321,855)                    3,026,728 
 
 Balance at 31 
  December 2017                2,681,023               8,328,238                     218,200                 306,115                     (5,342,764)                    6,190,812 
================  ======================  ======================  ==========================  ======================  ==============================  =========================== 
 
 Balance at 1 
  January 2018                 2,681,023               8,328,238                     218,200                 306,115                     (5,342,764)                    6,190,812 
 
 Comprehensive 
 income for the 
 year 
 Loss for the 
  year                                 -                       -                           -                       -                       (992,774)                    (992,774) 
 Currency 
  translation 
  differences                          -                       -                           -                 140,736                               -                      140,736 
----------------  ----------------------  ----------------------  --------------------------  ----------------------  ------------------------------  --------------------------- 
 Total 
  comprehensive 
  income for 
  the year                             -                       -                           -                 140,736                       (992,774)                    (852,038) 
 
 
 Transactions 
 with owners, 
 recorded 
 directly in 
 equity 
 Shares issued                     8,500               1,163,199                           -                       -                        (78,859)                    1,092,840 
 Share warrants 
  charge                               -                       -                      23,554                       -                        (23,554)                            - 
 Share warrants 
  exercised                            -                       -                   (108,542)                       -                         108,542                            - 
 Share options 
  charge                               -                       -                     152,421                       -                               -                      152,421 
 Share options 
  cancelled                            -                       -                     (5,894)                       -                               -                      (5,894) 
 Cancellation of 
  deferred share 
  capital                    (2,621,756)                       -                           -                       -                       2,621,756                            - 
----------------  ----------------------  ----------------------  --------------------------  ----------------------  ------------------------------  --------------------------- 
 Total 
  transactions 
  with owners, 
  recorded 
  directly in 
  equity                     (2,613,256)               1,163,199                      61,539                       -                       2,627,885                    1,239,367 
 
 Balance at 31 
  December 2018                   67,767               9,491,437                     279,739                 446,851                     (3,707,653)                    6,578,141 
================  ======================  ======================  ==========================  ======================  ==============================  =========================== 
 

Consolidated Statement of Cash Flows

For the year ended 31 December 2018

 
                                             Notes                2018                      2017 
                                                                   EUR                       EUR 
 Cash flows from operating activities 
 Loss for the year                                           (992,774)                 (696,294) 
 
 Adjustments for: 
 Interest receivable and similar 
  income                                       4               (2,486)                  (10,947) 
 Movement in trade and other receivables                        31,728                  (26,054) 
 Movement in trade and other payables                          250,780                   (5,564) 
 Equity settled share-based payment           15               152,421                    77,805 
 Equity settled share-based cancelled         15               (5,894)                         - 
------------------------------------------  ------  ------------------  ------------------------ 
 Net cash flows from operating 
  activities                                                 (566,225)                 (661,054) 
 
 Cash flow from investing activities 
 Expenditure on intangible assets             10           (2,322,116)                 (307,480) 
 Interest received                             4                 2,486                    10,947 
------------------------------------------  ------  ------------------  ------------------------ 
 Net cash from investing activities                        (2,319,630)                 (296,533) 
 
 Cash flow from financing activities 
 Proceeds from the issue of new 
  shares                                      14             1,126,555                 3,008,205 
 Proceeds from the exercise of 
  warrants                                    14                     -                   166,626 
 Proceeds from the exercise of 
  share options                               14                45,144                         - 
 Commission paid from the issue 
  of new shares                               14              (78,859)                 (225,908) 
------------------------------------------  ------  ------------------  ------------------------ 
 Net cash from financing activities                          1,092,840                 2,948,923 
 
 Increase/(decrease) in cash and 
  cash equivalents                                         (1,793,015)                 1,991,336 
 Exchange rate adjustment on cash 
  and cash equivalents                                           (809)                  (25,333) 
 Cash and cash equivalents at 
  beginning of the year                       12             2,678,276                   712,273 
 Cash and cash equivalents at 
  end of the year                             12               884,452                 2,678,276 
==========================================  ======  ==================  ======================== 
 

Notes to the Financial Statements PDF link: http://www.rns-pdf.londonstockexchange.com/rns/9121U_1-2019-4-2.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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