IN BRIEF: Gem Resources to pursue emeralds and bitcoin after fundraise
Gem Resources PLC - emerald miner in South Africa, Zambia and Australia - Pretax loss narrows to GBP391,000 in the six months that ended June 30 from GBP561,000 a year before. Gem Resources has no significant revenue, so the narrowed loss is due to reduced operating expenses. The company had just GBP74,000 in cash as of June 30, down from GBP414,000 on December 31, but earlier this month, it raised GBP2.1 million before expenses through a GBP617,320 subscription from its majority shareholder, and newly appointed executive chair, Louis Ching, and the issuance of GBP1.5 million in unsecured convertible loan notes. Accompanying the fundraise has been the adoption of a cryptocurrency treasury policy, under which surplus funds will be used to buy bitcoin and other cryptocurrencies. Gem Resources says it is also working on an offtake and pre-finance trade agreement for its emerald production at the Gravelotte mine in South Africa and is progressing toward the restart of operations at the Curlew mine in Australia. Read More