23rd Aug 2019 17:36
(Alliance News) - Chile-focused exploration and development company Herencia Resources PLC on Friday said it narrowed its interim losses as administrative expenses shrunk, though it is edging closer to its shares being cancelled on AIM.
For the six months to June 30, the company posted a loss of GBP145,000, attributed to administrative costs of GBP144,000 and an interest expense of GBP1,000. It generated no revenue.
In 2018, Herencia posted a pretax loss of GBP424,000, attributed solely to administrative expenses, on no revenue.
Looking ahead, Herencia said it is aiming to identify new exploration projects in South America and turn around its share price.
Herencia faces an AIM share cancellation if it does not replace its nominated advisor, WH Ireland Ltd, which resigned at the end of July.
WH Ireland's resignation prompted Herencia to enter a USD300,000 loan facility at the start of August to settle its WH Ireland windup order for GBP83,447.
At that time, the company said it had sufficient working capital to meet its obligations until the end of September - at which point it intends to raise capital.
The company must appoint a replacement nomad by Tuesday next week or its AIM shares will be cancelled.
Shares in Herencia remain suspended, having last traded in February.