19th Sep 2018 14:07
LONDON (Alliance News) - Herencia Resources PLC on Wednesday reported a sharply widened interim loss and said that it will require to raise new funds due to a "severely constrained" working capital position.
The Chilean-focused resources company posted a pretax loss of GBP424,271 for the six months ended June, compared with a GBP228,597 loss recorded for the same period last year.
Herencia, who made no revenue in the period, increased its administration expenses to GBP424,275 from GBP145,208.
At the end of the half, the company's cash position was GBP155,060.
Herencia expects to conduct further exploration activities at its Chilean copper projects but will need to raise additional funds before the end of 2018 to carry these out.
Due to a USD400,000 convertible loan taken out in July, Herencia will have sufficient funds through the end of October. The company said it has a "number of options" that it is currently exploring.
Shares in Herencia Resources were up 10% at 0.033 pence each Wednesday.
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Herencia Resources