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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Marakand | LSE:MKD | London | Ordinary Share | GB0033883835 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9830V Marakand Minerals Limited 02 March 2004 Interim Results for the six months ended 31 December 2003 Highlights for the period * Name changed from Oxus Minerals Corporation Limited to Marakand Minerals Limited in October 2003 * Private placement in October 2003 raised #4.0 million for feasibility study and pre-construction activities * Company successfully listed on AIM in December 2003 (MKD.L) (MKDW.L) * Work on finalizing updated feasibility studyunderway Corporate and Operating Activities This review period saw significant developments for Marakand Minerals Limited ("Marakand" or "the Company"). With the appointment of a dedicated management team, a renaming of the Company and a flotation on AIM, Marakand is now fully focussed on the development of its Khandiza polymetallic project, which management believe will prove to be a world-class asset. Through a private placement in October 2003, Marakand raised #4.0 million primarily to fund the completion of the feasibility study and pre-construction activities on the Khandiza project. Financial Results Costs incurred in confirming the title to the development property have been capitalised. All other costs, including flotation and establishment costs, have been taken to the profit and loss account. The Company's utilisation of cash is within budget. The Company has undertaken to report its results in United States dollars. Outlook Marakand will continue to make steady and consistent progress on the technical and commercial aspects of the Khandiza project. It is intended that this will be completed by the end of June 2004, following which financing options for the project will be aggressively pursued. Commencement of initial infrastructure for the project is anticipated during the fourth quarter of 2004. An exploration program for other targets within the Marakand license areas is being developed for 2004. Profit and Loss Account For the six months to 31 December 2003 Unaudited Audited 6 months to 12 months to 31.12.03 30.06.03 US$ US$ Turnover 0 0 Administration expenses (949,025) (7,510) -------------------------- --------- --------- Operating loss (949,025) (7,510) Net interest receivable / (payable): 7,767 0 -------------------------- --------- --------- Loss on ordinary activities before taxation (941,258) (7,510) Tax on loss on ordinary activities 0 0 -------------------------- --------- --------- Loss on ordinary activities after taxation (941,258) (7,510) Retained loss for the period (941,258) (7,510) -------------------------- --------- --------- Loss per share - basic (per share cents) (2.31) (0.76) -------------------------- --------- --------- - diluted (per share cents) (2.30) (0.76) -------------------------- --------- --------- Balance Sheet At 31 December 2003 Unaudited Audited 31.12.03 30.06.03 US$ US$ Fixed assets Exploration and evaluation properties 28,590,357 0 -------------------------- --------- --------- Total fixed assets 28,590,357 0 Current assets Debtors 97,137 1,540 Share capital outstanding 58,820 0 Cash at bank and in hand 6,180,019 0 -------------------------- --------- --------- 6,335,976 1,540 Creditors - Amounts falling due within one year (588,680) 0 -------------------------- --------- --------- Net current assets / (liabilities) 5,747,296 1,540 -------------------------- --------- --------- Net assets 34,337,653 1,540 -------------------------- --------- --------- Capital and reserves Called up share capital 1,780,371 16,502 Share premium account 33,513,502 0 Profit and loss account (956,220) (14,962) -------------------------- --------- --------- Total shareholders' funds 34,337,653 1,540 -------------------------- --------- --------- Notes 1. This Interim Statement for the six months ended 31 December 2003 is unaudited and was approved by the directors on 27th February 2004. The financial information set out does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2. No dividends were paid or proposed in respect of the six months ended 31 December 2003. 3. The Group's accounting policies remain as stated in the Company's AIM admission document dated 4 December 2003. 4. To facilitate comparison the loss per share at 30 June 2003 is reported net of the 1:100 stock split in October 2003. Cash Flow Statement For the six months to 31 December 2003 Unaudited Audited 6 months to 12 months to 31.12.03 30.06.03 US$ US$ Net cash outflow from operating (455,942) - activities Returns on investments and servicing of finance Interest received 7,767 - ------------------------------- ---- --------- --------- Net cash outflow from returns on investments 7,767 - and servicing of finance Taxation - - Capital expenditure and financial investment Exploration and evaluation (134,357) - expenditure ---- --------- --------- ------------------------------- Net cash outflow for capital expenditure and (134,357) - financial investment ------------------------------- ---- --------- --------- Net cash outflow before use of liquid (582,532) - resources and financing Financing Issue of ordinary share capital 6,762,551 - Expenses of share issues - - ------------------------------- ---- --------- --------- Net cash inflow from financing 6,762,551 - ------------------------------- ---- --------- --------- Increase in cash 6,180,019 - ------------------------------- ---- --------- --------- Reconciliation to net cash Net cash at 1 July 0 - Increase in net funds from cash 6,180,019 - flows ---- --------- --------- ------------------------------- Net cash at end of period 6,180,019 - ------------------------------- ---- --------- --------- Reconciliation of operating loss to net cash flow from operating activities Operating loss (949,025) (7,510) Depreciation 0 - (Increase)/decrease in debtors (95,467) 7,510 and prepayments Increase / ( decrease) in creditors and 588,680 - accruals ---- --------- --------- ------------------------------- Net cash outflow from operating (455,942) - activities ---- --------- --------- ------------------------------- Reconciliation of Movements in Group Shareholders' Funds For the six months to 31 December 2003 Unaudited Audited 6 months to 12 months to 31.12.03 30.06.03 US$ US$ Loss for the period (941,258) (7,510) Net proceeds of ordinary shares issued 35,277,371 - ------------------------------- --------- --------- Net change in shareholders' funds 34,336,113 (7,510) Shareholders' funds as at 1 July 1,540 9,050 ------------------------------- --------- --------- Shareholders' funds at end of period 34,337,653 1,540 ------------------------------- --------- --------- CORPORATE DETAILS: Company: Marakand Minerals Limited Registered Office: Richmond House, St Julian's Avenue, St Peter Port, Guernsey, GY1 3YS, Channel Islands Correspondence: c/o Oxus Gold plc, 105 Piccadilly, London, W1J 7NJ, United Kingdom Email: admin@marakand.co.uk Web: www.marakand.co.uk Board of Directors: William Trew - Non-executive Chairman Alasdair Stuart - Chief Executive Officer William Charter - Executive Director Richard Shead - Non-executive Director Richard Robinson - Non-executive Director Company Secretary: Scorpio Secretarial Services Limited Richmond House, St Julian's Avenue, St Peter Port, Guernsey, GY1 3YS, Channel Islands Assistant Co Richard Wilkins Secretary: 105 Piccadilly, London, W1J 7NJ, United Kingdom Nominated Adviser Williams de Broe Plc and Broker: 6 Broadgate, London, EC2M 2RP, United Kingdom Phone: +44 (0)20 7588 7511 Auditors: BDO (Isle of Man) 9 Myrtle Street, Douglas, Isle of Man,IM1 1ED, British Isles Registrars: Capita IRG (CI) Limited 2nd Floor, TSB House, Le Truchot, St Peter Port, Guernsey, GY1 4A, Channel Islands UKTransfer Agent: Capita Registrars The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, United Kingdom This information is provided by RNS The company news service from the London Stock Exchange END IR QKDKNPBKDCNK
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