27th Feb 2020 07:59
IMC Exploration Group Plc - Interim Results for the six months ended 31st Dec 2019IMC Exploration Group Plc - Interim Results for the six months ended 31st Dec 2019
PR Newswire
London, February 26
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
INTERIM RESULTS FOR THE PERIOD 1ST JULY TO 31ST DECEMBER 2019
IMC Exploration Group Public Limited Company (the “Company”)Chairman’s Statement for the period 1st July to 31st December 2019
The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2019. The consolidated, unaudited financial statements presented below have been reviewed by the Company's auditors. IMC completed its Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is transformatory for the Company. Spoils’ heaps projects with demonstrable economic potential are presently much in demand. There is scope to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area which includes West Avoca and the company is currently working on advancing this. We will keep our shareholders informed of progress.
Exploration work continues on our Kilmacoo project in collaboration with Trinity College Dublin. This is an extremely positive development for IMC.
The last six months have been highly encouraging for IMC. The directors are confident that, with the price of gold currently trading above $1,600 an ounce, IMC is well positioned to realise its potential to the benefit of its shareholders. I look forward to reporting further progress in the coming weeks and months.
Eamon O’Brien,Chairman
IMC Exploration Group Public Limited CompanyConsolidated Statement of Comprehensive Incomefor the period 1st July 2019 to 31st December 2019
Continuing Operations
| Notes | Dec’19 | Jun’19 | |
| Administrative expenses | (156,319) | (366,816) | |
| Operating Loss for the period | (156,319) | (366,816) | |
| Finance Income | - | - | |
| Amount written off Intangible Assets | - | ||
| Amount written off investment | - | - | |
| __________ | _________ | ||
| Loss for period before tax | (156,319) | (366,816) | |
| Income tax expenses | - | (2,047) | |
| _________ | _________ | ||
| Total comprehensive loss for the period | (156,319) | (368,863) | |
| ========= | ========= | ||
| Loss attributable to: | |||
| Equity holders of the Company | (156,319) | (368,863) | |
| ========= | ========= | ||
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (156,319) | (368,863) | |
| ========= | ========= | ||
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 0.1 | 0.1 |
All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.
The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.
IMC Exploration Group Public Limited CompanyConsolidated Statement of Financial Positionfor the period 1st July 2019 to 31st December 2019
| Notes | Dec’19 | Jun’19 | |
| Assets | |||
| Intangible assets | 472,812 | 471,117 | |
| Property, plant and equipment | 1,506 | 1,723 | |
| Investments | - | - | |
| __________ | __________ | ||
| Total Non-Current Assets | 474,318 | 472,840 | |
| __________ | __________ | ||
| Current Assets | |||
| Trade and other receivables | 144,034 | 39,373 | |
| Cash and cash equivalents | (35,623) | (30,403) | |
| __________ | __________ | ||
| Total Current Assets | 108,411 | 8,970 | |
| __________ | __________ | ||
| Total Assets | 582,729 | 481,810 | |
| ========= | ========= | ||
| Equity | |||
| Share Capital | 322,839 | 293,107 | |
| Share premium | 3,925,015 | 3,645,171 | |
| Retained deficit | (3,805,498) | (3,649,179) | |
| __________ | _________ | ||
| Attributable to owners of the Company | 442,356 | 289,099 | |
| __________ | __________ | ||
| Total Equity | 442,356 | 289,099 | |
| __________ | __________ | ||
| Liabilities – Current | |||
| Trade and other payables | 138,326 | 190,664 | |
| Current tax liabilities | 2,047 | 2,047 | |
| __________ | __________ | ||
| Total Liabilities | 140,373 | 192,711 | |
| __________ | __________ | ||
| Total Equity and Liabilities | 582,729 | 481,810 |
IMC Exploration Group Public Limited CompanyConsolidated Statement of Changes in Equityfor the period 1st July 2019 to 31st December 2019
| Share Capital € | Share Premium € | Retained Losses € | Total € | |
| Balance at 30 June 2018 | 278,107 | 3,490,942 | (3,280,316) | 488,733 |
| ___________ | __________ | _________ | _______ | |
| Total comprehensive income for the period | ||||
| Loss for the period | - | - | (368,863) | (368,863) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | - | (368,863) | (368,863) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 15,000 | 165,781 | - | 180,781 |
| Share issue costs | - | (11,552) | - | (11,552) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 15,000 | 154,229 | - | 169,229 |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2019 | 293,107 | 3,645,171 | (3,649,179) | 289,099 |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | ||||
| Loss for the period | - | - | (156,319) | (156,319) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | - | (156,319) | (156,319) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 29,732 | 296,224 | - | 325,956 |
| Share issue costs | - | (16,380) | - | (16,380) |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2019 | 322,839 | 3,925,015 | (3,805,498) | 442,356 |
| __________ | ___________ | __________ | _________ |
MC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 1st July 2019 to 31st December 2019
| Notes | Dec’19 | Jun’19 | |
| Cash flows from operating activities | |||
| Loss for the year | (156,319) | (368,863) | |
| Adjustments for: | |||
| Intangible Assets Write Off | - | - | |
| Income Tax recognised in profit and loss | - | 2,047 | |
| Depreciation | 216 | 431 | |
| ________ | ________ | ||
| Cash from operations before changes in working capital | (156,103) | (366,385) | |
| Movement in trade and other receivables | (104,660) | (39,373) | |
| Movement in trade and other payables | (52,338) | 134,859 | |
| _________ | _________ | ||
| Net cash flow from operating activities | (313,101) | (270,899) | |
| Cash flows from investing activities | |||
| Interest received | - | - | |
| Proceeds from sale of investments | - | - | |
| Taxation | - | - | |
| Acquisitions and disposals | (1,695) | (141,143) | |
| _________ | _________ | ||
| Net cash (used in) investing activities | (1,695) | (141,143) | |
| _________ | _________ | ||
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 309,576 | 169,229 | |
| Finance income/(expense) | - | - | |
| _________ | _________ | ||
| Net cash generated by financing activities | 309,576 | 169,229 | |
| _________ | _________ | ||
| Movement in cash and cash equivalents | (5,220) | (242,813) | |
| Cash and cash equivalents at beginning of year | (30,403) | 212,410 | |
| _________ | _________ | ||
| Cash and cash equivalents at end of year | (35,623) | (30,403) |
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:IMC Exploration Group plcKathryn Byrne: +353 85 233 6033Keith, Bayley, Rogers & Co. LimitedGraham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / +44 7506 43 41 07 [email protected] Brinsley Holman: +44 20 7464 4098 / [email protected]
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