27th Sep 2018 10:48
LONDON (Alliance News) - Wolf Minerals Ltd said on Thursday it has decided to defer the release of its annual results as it finalises funding for the Drakelands open pit mine in Devon, England.
"We are pleased to advise that the company has made significant advances on its production reliability and profile. Work is also currently underway on longer term funding solutions to provide the company with capital to progress its future enhancement initiatives to optimize production," said Wolf Minerals.
The company said it will continue to keep the market informed of any developments. After discussion with its auditors, Wolf Minerals believes further progress is required to finalise the audit opinion on the financial statements for its year ended June 30.
Subsequently, the company has decided to defer the release of its annual results until the funding solution is finalised.
Under Australian Securities Exchange rules, the annual report must be published by Saturday and, accordingly, the company has requested and been granted a voluntary suspension on this exchange until the report is released.
As the annual report is not required by AIM to be released until December 31, trading in London will continue during this period.
Shares in Wolf Minerals were down 7.9% at 1.89 pence on Thursday.