28th Sep 2018 14:12
LONDON (Alliance News) - Amur Minerals Corp on Friday reported a swing to a loss on increased finance costs and no gain on fair-value movements on derivative financial instruments.
In the six months ended June, Amur Minerals swung to a pretax loss of USD1.6 million from a USD1.4 million profit the year before.
The nickel copper sulphide mineral explorer had a USD472,000 finance expense in the first half of 2018, which it did not incur the year before.
In the first half of 2017, Amur Minerals also had gained USD2.3 million from fair value movements on derivative financial instruments. In 2018, this was zero.
The explorer did not record any revenue in the period, same as the year before.
Amur Minerals said it is confident it will be able to raise funds "in the near future" to continue advancing its project in the far east of Russia.
The company's cash flow "indicates a need for additional funding".
At the end of the half, Amur had cash reserves of USD3.4 million, up from USD2.6 million at the end of 2017.
In February it entered into a USD10 million convertible loan facility with Cuart Investments PCC and YA II PN Ltd.
Amur received a USD4 million advance. The remaining USD6 million has not been drawn down as the required milestones have not been achieved.
Shares in Amur Minerals were down 1.9% to 4.29 pence each on Friday.
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