25th Sep 2013 08:56
LONDON (Alliance News) - Premier Gold PLC Wednesday said its pretax losses widened in its first half as a large one-off cost related to a financial derivative hit the company's accounts.
The gold mining, exploration and development company with operations in Central Asia said its pretax loss widened to GBP807,930 from GBP669,008 for the six months ended June 30.
The company has yet to post any revenues and managed to bring down its administrative expenses to GBP401,553 from GBP639,309 the previous year. The company said the expenditure relates to its Cholokkaindy licence in Kyrgyzstan.
Premier Gold posted a one-off fair-value loss of GBP394,185 on a GBP1 million share swap it had entered with Lanstead Capital LP.
Premier Gold said it has received a further GBP1 million funding package at the end of the period, in the form of a convertible loan, which it will use to upgrade and extend the areas of known mineralisation and undertake a drilling programme in Kyrgyzstan.
Premier Gold shares were down 6.12% to 0.230 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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