30th Dec 2021 10:55
(Alliance News) - Cloudbreak Discovery PLC said on Thursday it is looking forward to an "active" year of testing results from several of its projects, though it reported a narrowed full-year loss.
The Vancouver-based company, which generates exploration and development projects for the natural resource sector, reported a loss of GBP902,060 in the year ended June 30, narrowed from GBP1.1 million in financial 2020.
Cash and cash equivalents were up significantly, rising to GBP1.3 million from GBP6,478 in the previous financial year. Cloudbreak cited the fundraising activities completed during its float for the rise.
Cloudbreak's raised GBP2 million at 3 pence per share, an admission which the company added was oversubscribed.
Exploration and evaluation cash expenditures amounted to GBP29,675, up from zero in financial 2020. Likewise, the value of investments were up, rising to GBP4.4 million from GBP28,306.
Chief Executive Kyler Hardy said: "Since listing on the Main Market earlier this year, Cloudbreak has been successfully executing its business model with 13 out of our 17 assets now optioned to partners. Through our strategic alliance and partnerships, we can expect an active year ahead with sampling and testing results from several projects."
Shares in Cloudbreak were up 3.0% at 1.70 pence on Thursday morning in London.
By Heather Rydings; [email protected]
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