16th Oct 2019 17:35
(Alliance News) - Cobra Resources PLC on Wednesday reported a widened interim loss amid an "exciting" period for the firm.
The company's pretax loss for the six months to June 30 was GBP361,284, wider than the GBP65,044 generated a year ago. Contributing to this were higher administrative expenses of GBP299,284 versus GBP65,044 a year ago, as well as IPO expenses of GBP62,000.
No revenue was generated in either period.
The company said the past six months have been an "exciting time" as it finalised an agreement to acquire Lady Alice Mines Pty Ltd. This acquisition will turn the company into an operation business, and the company is confident it will "mark the beginning of an exciting journey" for Cobra shareholders.
"The company is positioning itself to begin a strong and exciting journey, and is focused on growth commodities in well-regulated jurisdictions. While global economic volatility continues to make capital for junior explorers very competitive, we believe that prudent explorers with quality projects, such as Cobra, will continue to demonstrate their appeal," said Executive Director Craig Moulton.
Cobra shares are currently suspended.
By Lucy Heming; [email protected]
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