Rockfire Resources PLC Interim Results (4476Y)

TIDMROCK

RNS Number : 4476Y

Rockfire Resources PLC

09 September 2020

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

9 September 2020

Rockfire Resources plc

("Rockfire" or the "Company")

Interim Results

Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is pleased to announce its unaudited interim results for the six months ended 30 June 2020 and provides an update in respect of the Company's exploration activities on its 100%-owned licences in Queensland, Australia.

Rockfire has maintained a focused and strategic campaign of continuous exploration on its portfolio of tenements. The Company's exploration activity has focused on the Plateau gold deposit ("Plateau"), which lies within the Lighthouse tenement and is situated 17km east of the operating Pajingo Gold Mine. The geological and mineralisation model for Plateau is based on the operating Mt Wright Gold Mine, which lies 47km to the north east of Plateau.

Exploration by the Company at Plateau has identified a gold mineralising system similar to that at Mt Wright. Similarities in geology, mineralogy, geophysics and geochemistry have been supported by the intersection of broad, low-grade gold intervals over several hundred metres, starting from surface. The majority of the gold ore at Mt Wright occurs at depths between 400 m and 850 m from surface, with underground mining reaching depth of 1,200m below surface. Nearly 1.5m ounces of gold have been mined at Mt Wright and Rockfire is exploring for a similar high-grade core to the gold already intersected at Plateau.

Recent, post-period exploration has intersected various types of sulphides, with the observation of pyrrhotite being made for the first time in drilling at Plateau. Pyrrhotite is an important component of the high-grade core at Mt Wright and Rockfire is keenly awaiting further drill results, including core from this pyrrhotite zone. The Company is encouraged by the observation of these sulphides, indicating multiple mineralising episodes which is often favourable for gold deposition and enrichment. Rockfire's Phase 2 diamond drilling programme is nearing completion, which is designed to drill 6 holes to approximately 500m from surface to test for a high-grade gold core to the mineralising system. Drilling results are pending.

Exploration Highlights

-- 1,155m of reverse circulation (RC) drilling in six holes was completed at Plateau in January. The results included:

-- 171 m @ 0.4 g/t Au in hole BPL027 (from 26 m)

-- 170 m @ 0.4 g/t Au in hole BPL030 (from 37 m)

-- 154 m @ 0.2 g/t Au in hole BPL026 (from 97 m)

   --      Silver assays include 187 m @ 6.3 g/t Ag (from 15 m) and 203 m @ 3.68 g/t Ag. 
   --      Rock sampling at Cardigan Dam returned gold assays up to 23.4 g/t Au. 
   --      3D magnetic imagery confirmed a gold target down to and beyond a depth of 600 m at Plateau. 
   --      RC drilling recommenced at Plateau in June, with approximately 1,000 m of drilling planned. 

-- A 6 hole diamond drilling programme commenced at Plateau in late July to test the gold system at depths of around 500m from surface.

RC drilling of 1,155 m in six drill holes was completed in January at Plateau. Drilling was designed to test to depths of around 250 m below surface and to follow-up hole BPL025, which intersected 177 m @ 0.5 g/t Au in December 2019.

These follow-up holes returned extensive intercepts of continuous gold mineralisation, comparable to hole BPL025. An important project milestone was reached with a + 2.0 g/t Au zone being encountered over 11 m from 145 m downhole. All drill holes encountered broad intervals of sulphides and each hole also returned significant silver assays.

All drill holes hit gold, expanding the Plateau footprint to +200 m long, +70 m wide and +200 m deep. Assay results included 171 m @ 0.4 g/t Au in hole BPL027, including 39 m @ 1.0 g/t Au and 11 m @ 2.3 g/t Au (from 145 m). Hole BPL030 intersected similar lengths and grades of 170 m @ 0.4 g/t Au, including 10 m @ 1.0 g/t Au (from 54 m) and 19 m @ 1.0 g/t Au (from 174 m). These holes extended mineralisation more than 100 m east of drill hole BPL025.

L ong intervals of anomalous silver (Ag), zinc (Zn) and lead (Pb) were intersected, providing further evidence that Plateau is a significantly large mineralising system. Silver assays up to almost one and a half ounces per tonne (43.9 g/t Ag) over a 6 m section of drilling, including 1 m @ 113 g/t Ag represent some of the highest silver grades encountered so far at Plateau.

During February to May and whilst the wet season was active in North Queensland, Rockfire completed further technical interpretation on Plateau. Technical data analysis and comparison studies between Plateau and the nearby Mt Wright Gold Mine remained a priority for the Company.

Mr Gregg Morrison of Klondike Exploration Services, the pre-eminent expert in North Queensland geology, analysed the results of the Company's work and continues to assist Rockfire's geology team. Mr Morrison developed the multi-element geochemistry classification and zonation model which was used to characterise the Mt Wright Gold Mine. Gregg has observed many similarities between Plateau and the early observations at Mt Wright.

At the beginning of June 2020, the Company announced that modern, three-dimensional ("3D") reprocessing of aeromagnetic data flown in 2011 by Ramelius Resources at Plateau was helping to clarify drill targets at depth. A gold target down to and beyond a depth of 600 m was evident and appeared to support a steep easterly plunge of the low-magnetic mineralised rhyolite host. The geophysics also revealed a rolling, north-south change in dip direction of the southern margin of the host rhyolite.

Rockfire resumed RC drilling at Plateau on 11 June 2020, with six drill holes and approximately 1,000 m of drilling planned. This drilling ("Phase One"), includes the drilling of a water bore to provide sufficient water for planned diamond drilling. This first phase of RC drilling was designed to define additional gold close to surface at an area called the "Central Breccia" and especially within the top 100 m. A second aim of this phase of drilling was to test mineralisation down to 200 m in areas where drilling is sparse, to increase confidence in gold grades to these depths.

Rockfire Project Portfolio

During the period, Rockfire sought quotations from geophysical companies to fly aeromagnetic surveys over the Company's two porphyry copper projects, also in Queensland, Australia. Both projects are listed in the "Global Mineral Resource Assessment", published in 2010 by the US Geological Survey.

The Copperhead Project is an under-explored porphyry copper/molybdenum deposit. Exploration success from the early 1970's shows indications for bulk-tonnage, low-medium grade potential. Based on 5 diamond drill holes drilled by Carpentaria Exploration in 1972, Copperhead has a non-JORC historical estimate of mineral content of 35,000,000 t grading 0.35 % Cu Eq., with significantly more growth potential.

Copper Dome is a porphyry copper/gold deposit which lies approximately 50 km to the southwest of Copperhead. In 1972, three percussion drill holes and six diamond drill holes, totalling 1297m were drilled. Each drill hole intersected geological/alteration features which are indicative of a large-scale porphyry deposit. Best results from this drilling include 12m @ 0.61 % Cu (including 3m @ 1.24 % Cu), 15m @ 0.88 % Cu (including 5m @ 2.28 % Cu), 24m @ 0.27 % Cu, 12m @ 0.17 % Cu and 38m @ 0.13 % Cu. Only sporadic gold analysis was done, with gold values peaking at 1.86 g/t Au. This indicates the potential for the porphyry system to contain a significant gold component.

Rock sampling by previous explorers focussed on faults in close proximity to historical copper workings. The best rock sampling results included 5.4 % Cu (0.41 g/t Au), 1.8 % Cu (13 g/t Au), 0.19 % Cu (2.45 g/t Au), 1.5 % Cu (0.2g/t Au) and 1.8 % Cu. Subsequent rock sampling by Rockfire in March 2019 returned peak values of 23.4 % Cu, 3.2 g/t Au and 952 g/t Ag.

Both projects will be flown by a helicopter-supported magnetic survey, which is expected to be completed prior to the end of the 2020 calendar year. The helicopter survey will provide optimum terrain contouring in both areas, which are highly undulating.

Rockfire also holds the Marengo, Kookaburra and Monarch gold licences in Queensland. Exploration activity is currently focussed on the Plateau Gold Deposit within the Lighthouse tenement and our potentially large-scale copper projects. During the reporting period, the small New Leyshon exploration licence was relinquished after a thorough review of past exploration demonstrated low prospectivity. The tenement was originally acquired for its proximity to the Mt Leyshon Gold Mine however, with low exploration potential, the licence was subsequently relinquished.

Corporate summary

-- During the period, Rockfire announced the appointment of Allenby Capital Limited as sole broker to the Company.

   --      A placing of new ordinary shares was announced to the market late in the reporting period. 

On 29 June, Rockfire announced a successful fundraise of GBP1,000,000 gross through a placing of 117,647,100 new ordinary shares. The issue price was 0.85 pence per share. These new shares were subscribed for by a combination of new investors and existing shareholders.

The placing price represented a discount of approximately 13 per cent. to the closing mid-market share price of an existing ordinary share on 26 June, the business day prior to the announcement. Importantly, the Company did not issue any warrants in connection with the placing.

Rockfire's largest shareholder and Non-executive Director, Nicholas Walley subscribed for 748,200 shares in the placing, thereby increasing his holding in the Company to 52,464,000 ordinary shares.

The net proceeds of the placing, amounting to GBP941,932, were intended to be and are actively being applied to the drilling programme at Plateau to test down to 750m deep. Funds were also earmarked for geophysical studies within the Lighthouse tenement and magnetometer surveys at Copperhead and Copper Dome and general working capital purposes.

Following the period-end, the Company raised a further GBP1,050,075 through a placing of 64,620,000 new ordinary shares at a price of 1.625 pence per share, as detailed below.

Post-period highlights

-- A diamond drilling programme commenced at Plateau in July, with six holes to be drilled down to 500m vertical depth expected to be completed.

-- A placing of new ordinary shares, raising gross proceeds of GBP1,050,075 (net GBP996,989) was announced to the market on 29 July. The proceeds provide the Company with significant financial strength to ensure a continuity of deep drilling, should a main gold zone be intersected at Plateau.

-- Since 30 June, 11,166,667 new ordinary shares have been issued pursuant to the exercise of warrants at an exercise price of 1p per share, generating proceeds of GBP111,667.

-- In August, Rockfire released the results of Phase One drilling. Results included some of the highest grades achieved in the top 200m so far at the project, including:

-- 90 m @ 0.8 g/t Au

-- 100m @ 0.3 g/t Au, including

-- 43 m @ 1.5 g/t Au, and including

-- 22 m @ 2.0 g/t Au

The Company continues to explore Plateau with the aim of identifying a higher-grade core in addition to the large, low grade system intersected thus far. The elevated silver and zinc levels indicate that drilling is currently at levels high above any potential higher gold grades and, as a result, the Company is actively drilling to 500m vertical depth. The Company believes that a major gold mineralising system has been intersected already and that a "main zone", similar to the Mt Wright Gold Mine (47km east) may also be present at depth.

Competent Person statement

Information in this announcement that relates to exploration results is based on information compiled by Mr Edward Fry, the Exploration Manager of Rockfire Resources plc, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Fry has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr Fry consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

For further information on the Company, please visit www.rockfireresources.com or contact the following:

 
 Rockfire Resources Plc                        [e-mail] 
  David Price, Chief Executive Officer 
 
 Allenby Capital Limited 
  (Nominated Advisor and Broker)               [phone] 
 Corporate Finance: John Depasquale 
  / Asha Chotai 
  Equity Sales: Matt Butlin / Guy McDougall 
 Yellow Jersey                                 [e-mail] 
  Sarah Hollins/Henry Wilkinson/Faye            [phone] 
  Calow 
 
 

ROCKFIRE RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 JUNE 2020

 
                                                                       6 months to     6 months to        12 months to 
                                                                      30 June 2020    30 June 2019    31 December 2019 
                                                                               GBP             GBP                 GBP 
                                                              Note     (unaudited)     (unaudited)           (audited) 
 
 Interest income                                                                 -               1                   - 
 Impairment of intangible assets                                             1,104               -            (87,475) 
 Administrative expenses                                                 (275,202)       (290,022)           (548,067) 
 
 Loss before taxation                                                    (274,098)       (290,021)           (635,542) 
 
 Taxation                                                                        -               -                   - 
 
 Loss attributable to shareholders of the Company                        (274,098)       (290,021)           (635,542) 
 
 Items that may be subsequently reclassified to profit or 
 loss: 
 
 Foreign exchange translation movement                                      58,000        (17,297)            (57,471) 
 
 Total comprehensive loss attributable to shareholders of 
  the Company                                                            (216,098)       (307,318)           (693,013) 
                                                                    ==============  ==============  ================== 
 
 
 Loss per share attributable to shareholders of the Company 
 
 Basic and diluted (pence)                                     3            (0.03)          (0.07)              (0.14) 
 

ROCKFIRE RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

 
 
 
                                           30 June       30 June    31 December 
                                              2020          2019           2019 
                                               GBP           GBP            GBP 
                                Note   (unaudited)   (unaudited)      (audited) 
 ASSETS 
 
 Non-current assets 
 Intangible assets                       2,096,980     1,650,404      1,731,760 
 Property, plant and 
  equipment.                                28,295             -         10,371 
                                      ------------  ------------  ------------- 
 Total non-current 
  assets                                 2,125,275     1,650,404      1,742,131 
                                      ------------  ------------  ------------- 
 
 Current assets 
 Cash and cash equivalents                 181,405       181,097        763,060 
 Trade and other receivables                20,676        41,401         55,973 
                                      ------------  ------------  ------------- 
 Total current assets                      202,081       222,498        819,033 
                                      ------------  ------------  ------------- 
 
 Total assets                            2,327,356     1,872,902      2,561,164 
                                      ============  ============  ============= 
 
 
 EQUITY AND LIABILITIES 
 
 Equity attributable 
  to shareholders 
 of the Company 
 Share capital                   4       6,628,608     6,427,835      6,625,077 
 Share premium                          14,752,576    13,789,185     14,736,107 
 Other reserves                          2,295,035     2,295,035      2,295,035 
 Foreign exchange reserve                 (19,767)      (37,593)       (77,767) 
 Retained deficit                     (21,437,910)  (20,751,311)   (21,163,812) 
                                      ------------  ------------  ------------- 
 Total equity                            2,218,542     1,723,151      2,414,640 
                                      ------------  ------------  ------------- 
 
 
 
 
 
 Current liabilities 
 Trade and other payables                  108,814       149,751        146,524 
                                      ------------  ------------  ------------- 
 Total current liabilities                 108,814       149,751        146,524 
                                      ------------  ------------  ------------- 
 
 Total liabilities                         108,814       149,751        146,524 
                                      ------------  ------------  ------------- 
 
 Total equity and liabilities            2,327,356     1,872,902      2,561,164 
                                      ============  ============  ============= 
 
 

ROCKFIRE RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 JUNE 2020

 
 
                                                               Foreign 
                            Share        Share       Other    exchange    Accumulated 
                          capital      premium    reserves     reserve         losses       Total 
                              GBP          GBP         GBP         GBP            GBP         GBP 
 At 1 January 
  2019                  6,369,011   13,458,124   2,295,035    (20,296)   (20,529,205)   1,572,669 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Loss for the 
  period                        -            -           -           -      (290,021)   (290,021) 
 Foreign exchange 
  translation 
  movement                      -            -           -    (17,297)              -    (17,297) 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Total comprehensive 
  loss                          -            -           -    (17,297)      (290,021)   (307,318) 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Issue of share 
  capital                  58,824      441,176           -           -              -     500,000 
 Costs of share 
  issue                         -     (42,200)           -           -              -    (42,200) 
 Share-based 

  payments                      -     (67,915)           -           -         67,915           - 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Total transactions 
  with shareholders        58,824      331,061           -           -         67,915     457,800 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 At 30 June 
  2019                  6,427,835   13,789,185   2,295,035    (37,593)   (20,751,311)   1,723,151 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Loss for the 
  period                        -            -           -           -      (345,521)   (345,521) 
 Foreign exchange 
  translation 
  movement                      -            -           -    (40,174)              -    (40,174) 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Total comprehensive 
  loss                          -            -           -    (40,174)      (345,521)   (385,695) 
                       ----------  -----------  ----------  ----------  -------------  ---------- 
 Issue of share 
  capital                 197,242      951,445           -           -              -   1,148,687 
 Cost of share 
  issue                         -     (71,503)           -           -              -    (71,503) 
 Share-based 
  payments                      -       66,980           -           -       (66,980)           - 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Total transactions 
  with shareholders       197,242      946,922           -           -       (66,980)   1,077,184 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 At 31 December 
  2019                  6,625,077   14,736,107   2,295,035    (77,767)   (21,163,812)   2,414,640 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Loss for the 
  period                        -            -           -           -      (274,098)   (274,098) 
 Foreign exchange 
  translation 
  movement                      -            -           -      58,000              -      58,000 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 Total comprehensive 
  loss                          -            -           -      58,000      (274,098)   (216,098) 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
       Issue of share 
              capital       3,531       16,469           -           -              -      20,000 
 Total transactions 
  with shareholders         3,531       16,469           -           -              -      20,000 
---------------------  ----------  -----------  ----------  ----------  -------------  ---------- 
 At 30 June 
  2020                  6,628,608   14,752,576   2,295,035    (19,767)   (21,437,910)   2,218,542 
=====================  ==========  ===========  ==========  ==========  =============  ========== 
 
 

ROCKFIRE RESOURCES PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHSED 30 JUNE 2020

 
 
                                          6 months     6 months 
                                                to           to        12 months 
                                           30 June      30 June   to 31 December 
                                              2020         2019             2019 
                                               GBP          GBP              GBP 
                                       (unaudited)  (unaudited)        (audited) 
 
 Cash flow from operating activities 
 
 Loss for the period                     (274,098)    (290,021)        (635,542) 
 - Impairment of intangible 
  assets                                         -            -           87,475 
 - Share-based payments                          -       67,915                - 
 - Expenses settled as shares               20,000            -                - 
 - Depreciation                              1,319            -                - 
 - Foreign exchange rate differences        58,000     (17,297)         (57,471) 
                                       -----------  -----------  --------------- 
                                         (194,779)    (239,403)        (605,538) 
 
 Decrease / (increase)in trade 
  and other receivables                     35,296     (18,727)         (33,298) 
 Decrease in trade and other 
  payables                                (37,709)     (36,516)         (39,744) 
 Net cash outflow from operating 
  activities                             (197,192)    (294,646)        (678,580) 
                                       -----------  -----------  --------------- 
 
 Cash flow from investing activities 
 Exploration expenditure                 (365,220)    (208,738)        (377,568) 
 Acquisition of property, plant 
  and equipment                           (19,243)            -         (10,371) 
                                       -----------  -----------  --------------- 
 Net cash used in investing 
  activities                             (384,463)    (208,738)        (387,939) 
                                       -----------  -----------  --------------- 
 
 Cash flow from financing activities 
 Proceeds from issuance of ordinary 
  shares                                         -      432,085        1,648,686 
 Share issue costs                               -     (42,200)        (113,703) 
                                       -----------  -----------  --------------- 
 Net cash generated by financing 
  activities                                     -      389,885        1,534,983 
                                       -----------  -----------  --------------- 
 
 
 Net (decrease) / increase in 
  cash and cash equivalents              (581,655)    (113,499)          468,464 
 
 Cash and cash equivalents at 
  the beginning of the period              763,060      294,596          294,596 
 
 Cash and cash equivalents at 
  the end of the period                    181,405      181,097          763,060 
                                       ===========  ===========  =============== 
 
 

ROCKFIRE RESOURCES PLC

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 JUNE 2020

   1          Principal activities 

The Company is a public limited company, admitted to trading on AIM and incorporated and domiciled in England and Wales.

The Group's principal activity is exploration for gold and base metals in Queensland, Australia.

   2          Basis of preparation 

The unaudited consolidated financial statements are for the six month period ended 30 June 2020. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31 December 2019, which were prepared under International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The financial statements are prepared on the historical cost basis or the fair value basis where the fair valuing of relevant assets and liabilities has been applied.

The financial statements have been prepared in accordance with accounting policies consistent with those set out in the Group's financial statements for the year ended 31 December 2019.

The financial statements incorporate the financial statements of the Company and subsidiaries controlled by the Company as at 30 June 2020.

The financial information set out in this interim report does not constitute statutory financial statements as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2019 have been filed with the Registrar of Companies. Those financial statements received an unqualified audit report and did not contain statements or matters to which the auditor drew attention under the Act.

The Group's consolidated financial statements are presented in GB Pounds Sterling.

   3          Loss per share 

Basic and diluted loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of GBP 274,098 (2019: GBP290,021) and a weighted average number of ordinary shares in issue of 631,592,561 (30 June 2019: 423,983,038).

   4          Share capital 
 
                                        30 June      30 June       31 December 
                                           2020         2019              2019 
Issued share capital                     Number       Number            Number 
Ordinary shares of GBP0.001 each    632,938,535  435,886,277       629,407,844 
Deferred shares of GBP0.099 each     51,215,534   51,215,534        51,215,534 
 
 
                                        30 June      30 June  31 December 2019 
                                           2020         2019 
Issued share capital                        GBP          GBP               GBP 
Fully paid                            6,628,608    6,427,835         6,625,077 
                                      6,628,608    6,427,835         6,625,077 
                                    ===========  ===========  ================ 
 

Fully paid ordinary shares carry one vote per share and carry the right to dividends. There are no shares held by the Company or its subsidiaries.

On 10 March 2020, 3,530,691 new ordinary shares were issued to Patrick Elliott , in settlement of Director's fees for the period from 26 February 2019 to 31 December 2019.

   5     Post balance sheet events 

On 7 July 2020, the Company announced that 1,690,909 new ordinary shares had been issued to Patrick Elliott in settlement of Director's fees for the period 1 January 2020 to 30 June 2020.

On 17 July 2020, the Company announced that the registered office has been changed to 201 Temple Chambers, 3-7 Temple Avenue, London, United Kingdom, EC4Y 0DT.

On 29 July 2020, the Company announced completion of a share placing of 64,620,000 new ordinary shares, issued at a price of 1.625 pence per share, raising net proceeds of GBP996,989.

On 31 July 2020, the Company granted 6,000,000 options to each of the three Non-executive Directors. The options are exercisable at a price of 2p each and have an exercise life of 3 years from the date of grant.

During August 2020, the Company raised GBP111,667 through the exercise of 11,166,667 warrants for 11,116,667 new ordinary shares, at an exercise price of 1.0 pence.

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