Home » Posts tagged 'imc exploration group'
Tag Archives: imc exploration group
IMC Exploration Group Plc (IMC) Final Results for Year Ended 30-6-2019
Chairman’s Statement for the year ended 30th June 2019
The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2019. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.
Highlights of year ended 30th June 2019
During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.
Resulting from its activities during the financial year ended 30th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ending 30th June 2020. These are detailed below under “Post-Balance Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30th June 2019 and previous periods has led, during the first half to date of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.
Since the end of the financial year ended 30th June 2019, IMC has received the 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 hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.
In County Wexford, IMC has, since the end of the financial year 30th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when it arises. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2019
Continuing Operations
| 2019 | 2018 | |
| Administrative expenses | (366,816) | (921,757) |
| Operating Loss for the period | (366,816) | (921,757) |
| Finance Income | – | – |
| Amount written off Intangible Assets | (284,088) | |
| Amount written off investment | – | – |
| __________ | _________ | |
| Loss for period before tax | (366,816) | (1,205,845) |
| Income tax expenses | (2,047) | 10,991 |
| _________ | _________ | |
| Total comprehensive loss for the period | (368,863) | (1,194,854) |
| ========= | ========= | |
| Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Total Comprehensive Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Earnings per share | ||
| From continuing operations | ||
| Basic and Diluted loss per share (cent) | 0.1 | 0.5 |
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.
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
for the year ended 30th June 2019
| 2019 | 2018 | |
| Assets | ||
| Intangible assets | 471,117 | 332,127 |
| Property, plant and equipment | 1,723 | – |
| Investments | – | – |
| __________ | __________ | |
| Total Non-Current Assets | 472,840 | 332,127 |
| __________ | __________ | |
| Current Assets | ||
| Trade and other receivables | 39,373 | – |
| Cash and cash equivalents | (30,403) | 212,410 |
| __________ | __________ | |
| Total Current Assets | 8,970 | 212,410 |
| __________ | __________ | |
| Total Assets | 481,810 | 544,537 |
| ========= | ========= | |
| Equity | ||
| Share Capital | 293,107 | 278,107 |
| Share premium | 3,645,171 | 3,490,942 |
| Retained deficit | (3,649,179) | (3,280,316) |
| __________ | _________ | |
| Attributable to owners of the Company | 289,099 | 488,733 |
| __________ | __________ | |
| Total Equity | 289,099 | 488,733 |
| __________ | __________ | |
| Liabilities – Current | ||
| Trade and other payables | 190,664 | 55,804 |
| Current tax liabilities | 2,047 | – |
| __________ | __________ | |
| Total Liabilities | 192,711 | 55,804 |
| __________ | __________ | |
| Total Equity and Liabilities | 481,810 | 544,537 |
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the year ended 30th June 2019
| Share Capital € |
Share Premium € |
Retained Losses € |
Total € |
|
| Balance at 30 June 2017 | 166,610 | 2,489,137 | (2,085,462) | 570,285 |
| ___________ | __________ | _________ | _______ | |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (1,194,854) | (1,194,854) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | – | (1,194,854) | (1,194,854) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 111,497 | 1,058,515 | – | 1,170,012 |
| Share issue costs | – | (56,710) | – | (56,710) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 111,497 | 1,001,805 | – | 1,113,302 |
| __________ | ___________ | __________ | _________ | |
| 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) |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2019 | 293,107 | 3,645,171 | (3,649,179) | 289,099 |
| __________ | ___________ | __________ | _________ |
Net equity is attributable to the holder of the ordinary shares in the Group.
The financial statements were approved by the board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30th June 2019
| 2019 | 2018 | |
| Cash flows from operating activities | ||
| Loss for the year | (368,863) | (1,194,854) |
| Adjustments for: | ||
| Intangible Assets Write Off | – | 284,088 |
| Income Tax recognised in profit and loss | 2,047 | (10,991) |
| Depreciation | 431 | – |
| ________ | ________ | |
| Cash from operations before changes in working capital | (366,385) | (921,757) |
| Movement in trade and other receivables | (39,373) | 81,017 |
| Movement in trade and other payables | 134,859 | (12,138) |
| _________ | _______ | |
| Net cash flow from operating activities | (270,899) | (852,878) |
| Cash flows from investing activities | ||
| Interest received | – | – |
| Proceeds from sale of investments | – | – |
| Taxation | – | – |
| Acquisitions and disposals | (141,143) | (28,550) |
| _________ | ________ | |
| Net cash (used in) investing activities | (141,143) | (28,550) |
| _________ | ________ | |
| Cash flows from financing activities | ||
| Proceeds from the issue of new shares | 169,229 | 1,113,302 |
| Finance income/(expense) | – | – |
| _________ | ________ | |
| Net cash generated by financing activities | 169,229 | 1,113,302 |
| _________ | ________ | |
| Movement in cash and cash equivalents | (242,813) | 231,874 |
| Cash and cash equivalents at beginning of year | 212,410 | (19,464) |
| _________ | ________ | |
| Cash and cash equivalents at end of year | (30,403) | 212,410 |
The financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
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 plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 /Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 /Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc (IMC) Collaboration with Raw Materials Research Group at Trinity College Dublin
The Directors of IMC are pleased to announce an update on the collaboration between the Raw Materials Research Group at Trinity College Dublin and the Company. IMC’s Board believes access to world class micro-analytical facilities at Trinity College Dublin is a tremendous development for IMC and its Avoca properties. Trinity College Dublin was established by royal charter in 1592 and is committed to excellence in both research and teaching. Trinity College Dublin hosts one of Europe’s finest raw materials characterisation laboratories with state-of-the-art analytical facilities and full sample preparation facilities for rock crushing and mineral separation.
The Raw Materials Characterisation Laboratory at Trinity College Dublin is undertaking petrographic and micro-analytical work, on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone, and focussing on the paragenetic association of gold and the various sulphide phases. This research is being carried out in coordination with the Geological Survey of Ireland’s ERAMIN II Gold InSight Initiative and the Irish Centre for Research in Applied Geosciences (iCRAG). Preliminary results suggest that significant free gold is present and that, for oxidised materials (i.e., the spoils at Avoca), free gold may be liberated during the oxidation of sulphides. The occurrence of free gold in late cross-cutting (orogenic) veins suggests a potential for further gold occurrences in similar structures across the Avoca belt (McClenaghan et al., 2019; Riegler et al., 2019).
The gold-rich Kilmacoo zone at the northeast end of the Avoca Mine property was identified by Mianrai Teoranta in the 1950s, intersecting 19 metres of quartz veined schist with 2.88 g/t Au and 16.6 g/t Ag (Milner and McArdle, 1992). The site was the focus of further exploration in the 1980s by Riofinex and although no resource was published by Riofinex, Milner and McArdle (1992) state that a (non-compliant) resource of up to 500,000t at up to 2 g/t Au may be present over a 125 metres’ strike length. More recently, further drilling on the property has been carried out by IMC.
The presence of a significant inferred resource of gold, silver, lead, copper and zinc in the Avoca spoils and tailings was set out in IMC’s Mineral Resource Estimate announcement on 11 Sept 2019.
Eamon O’Brien, Chairman commented ‘IMC is delighted to have established this collaboration with the Raw Materials Research Group at Trinity College Dublin. I am extremely pleased that our Avoca gold project was highlighted by Trinity College for their research into resolving the paragenesis of gold in Caledonian terranes across Ireland. We look forward to working with them on this exciting project.’
Eamon P. O’Brien,
Executive Chairman,
Dublin, 23rd September 2019
References
Milner, A. L. and McArdle, P. (1992), Gold Mineralization in the Ordovician Rocks at Kilmacoo, Co. Wicklow: its exploration and geological controls. In ‘The Irish Minerals Industry 1980-1990’. Bowden, A. A., Earls, G., O’Connor, P. G. and Pyne, J. F. (Editors), Irish Association for Economic Geology, p 77-88;
McClenaghan, S.H., Riegler, T., Drakou, F. (2019) Resolving the paragenesis of gold at the Avoca VMS Deposit: Implications for exploration in Caledonian terranes of southeast Ireland. Society for Geology applied to Mineral Deposits, 15th Biennial Meeting, 4p;
Riegler, T., McClenaghan, S.H., Drakou, F., Thomas, H., Wanhainen, C., Bark, G., Bauer, T. (2019) Petrographic and mineralogical study of the Kilmacoo gold occurrence, Avoca District, Southeast Ireland. Society for Geology applied to Mineral Deposits, 15th Biennial Meeting, 4p.
This RIS release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as described in the JORC 2012 reporting code. The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091/+971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited
IMC Exploration Group Plc (IMC) Admission of 17,731,706 Shares
Further to the Company’s announcement on 20th August 2019 of the Placing of 15,000,000 Shares (together with a like number of unquoted Warrants) and its intention to apply for Admission of the Placing Shares and the Fee Shares aggregating 17,731,706 Shares, the Company is pleased to announce that it has received confirmation that these Shares have been admitted and that trading in them will commence on the regulated market of the London Stock Exchange today (Tuesday, 27th August 2019).
As earlier advised, the Placing Shares and the Fee Shares rank pari passu with the existing Shares. The total number of Shares in issue is now 282,745,991 (previously 265,014,285).
Expressions in the foregoing announcement, including “Fee Shares”, “Shares”, “Placing”, “Placing Shares”, “Admission,” et cetera which are denoted by capital letters have the same meanings as those ascribed to them in the announcement dated 20th August 2019, to which reference is made above.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 27th August 2019
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited
IMC Exploration Group #IMC – Award of Additional Wexford Exploration Licences
The Directors of IMC Exploration Group Plc are delighted to announce IMC has been awarded two additional prospecting licences, PL Area 1200 and PL Area 1199 (both in Co. Wexford) by the Exploration and Mining Division of the Department of Communications, Climate Action and Environment. IMC was encouraged to apply for these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 354g/t gold (=11.38 oz/t gold) from Drillhole 12-2551-04. IMC now holds three adjacent exploration licence areas in Co. Wexford. The Directors believe that the two new licences should significantly enhance the Company’s North Wexford gold project.
Eamon P. O’Brien, Chairman, commented, “In keeping with IMC’s strategy to establish a significant gold resource, these new additional licences, along with the high gold grades encountered on parts of the adjoining PL 2551, give IMC the capacity immediately to accelerate its exploration programme in this area.”
Eamon P. O’Brien,
Executive Chairman,
Dublin, 12th August 2019
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091/+971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited
IMC Exploration Group #IMC – Further re Placing of Shares
The Board of IMC on 26th July 2019 announced inter alia that it had raised £100,000 (one hundred thousand pounds Sterling) before expenses by way of a Placing of 10,000,000 (ten million) new Shares in the Company at a price of 1 penny per Placing Share, conditional only upon Admission of the Placing Shares, which occurred on 1st August 2019. The terms “Placing”, “Shares”, “Placing Shares” and “Admission” have the meanings ascribed to them in the Company’s announcement of 26th July 2019.
A participant in the Placing was SVS. It was announced on 5th August 2019 that SVS had entered Special Administration under the Banking Act 2009 (as amended) and that the courts had appointed special administrators to resolve the affairs of SVS following its cessation of trading on 2nd August 2019. Details are available via this link: https://www.fca.org.uk/news/news-stories/svs-securities-plc-enters-administration
SVS had irrevocably committed to subscribe for 6,500,000 (six-and-a-half million) Placing Shares in the Placing for a total consideration of £65,000 (sixty-five thousand pounds Sterling), which transaction had been due to settle on 1st August 2019. The Company is seeking confirmation from the special administrators of SVS of the status of the overdue settlement. Further announcement(s) will be made when IMC obtains substantive information from the special administrators of SVS.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 7th August 2019
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091/+971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited
IMC Exploration Group #IMCP – Publication of Prospectus re Admission to Trading on the London Stock Exchange
IMC Exploration Group plc (Incorporated and Registered in Ireland under the Irish Companies Act 2014 with registered number 500487)
Publication of Prospectus in relation to the proposed application for admission of all of the 255,014,285 Ordinary Shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange
The Directors of IMC Exploration Group plc (“IMC” or the “Company”) are pleased to announce that The Central Bank of Ireland has approved the prospectus dated 16th April 2019 (the “Prospectus”) relating to the Company’s intended application for admission of the whole of its issued ordinary share capital to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange.
The Prospectus is available on the Company’s website (https://www.imcexploration.com/media/attachments/2019/04/16/imc-prospectus.pdf) and is available for inspection in physical format at the Company’s registered office, 70 Ballybough Road, Ballybough, Dublin 3, Ireland, during business hours (Monday – Friday. 9am – 5pm) up to and including 15th April 2020. Investors may also refer to this address to request a printed copy of the Prospectus.
The Company intends to apply for admission of all of the 255,014,285 ordinary shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange and anticipates admission to take place on or about 11th June 2019.
IMC Exploration Group Plc,
Dublin, 16th April 2019
Enquiries:
IMC Exploration Group Plc
Mr. Eamon O’Brien
Tel. Ireland: +353 87 6183024
Keith, Bayley, Rogers & Co. Limited (Financial Adviser to IMC)
Mr. Graham Atthill-Beck
Tel. +44 207 464 4091; +971 50 856 9408
IMC Exploration Group #IMCP – Interim Results to 31st December 2018
Financial Results for IMC Exploration Group PLC (‘IMC’ or ‘the Company’) for the half-year ended 31st December 2018
Chairman’s Statement
The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2018. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.
IMC continues with its exploration work on its spoils and tailings project in Avoca, Co. Wicklow in association with Trove Metals Limited. Over this period IMC has been engaged in extensive sampling, petrographic, mineralogical and metallurgical testing. In the fourth quarter of 2018, IMC carried out drilling on its highly prospective Avoca property PL 3849 in Co Wicklow, Ireland. The drill hole encountered a sequence of flow-banded rhyolites, locally brecciated with a dark siliceous matrix and minor pyrite mineralisation (maximum 1% pyrite). Several zones (1-2m wide) of intense quartz veining with pyrite occur within the rhyolite sequence. During this period, IMC also engaged CSA Global Limited to carry out a JORC Code (2012) compliant Competent Person’s Report. IMC has commenced drilling on its north Wexford licence PL 2551. This is a highly prospective licence for gold mineralisation. There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.
This has been a significant six months for IMC. The progress made on our Avoca spoils and tailings project has been remarkable. IMC is embarking on a very exciting drilling programme on a number of our licences in the coming weeks and months. In the opinion of your Board, IMC is well positioned to realise its potential to the benefit of all shareholders.
EAMON O’BRIEN,
Executive Chariman, IMC Exploration Group plc
| Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2018 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-18 | 31-Dec-17 | 30-Jun-18 | ||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | – | ||||
| Other Income / (Expense) | 0 | 0 | 0 | ||||
| Administrative Expenses | (155,737) | (74,680) | (921,757) | ||||
| Amount written off intangible assets | – | – | (284,088) | ||||
| (Loss) before tax | (155,737) | (74,680) | (1,205,845) | ||||
| Income tax expense | 0 | 0 | 10,991 | ||||
| (Loss) for period from continuing operations | (155,737) | (74,680) | (1,194,854) | ||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (155,737) | (74,680) | (1,194,854) | ||||
| Earning per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.001) | (0.005) | |||
| Unaudited Consolidated Statement of Financial Position As at 31 December 2018 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-18 | 31-Dec-17 | 30-Jun-18 | ||||
| Non Current Assets | 2 | 364,139 | 587,666 | 332,127 | |||
| Current assets | |||||||
| Debtors | 0 | 78,747 | (0) | ||||
| Cash and cash equivalents | 116,425 | (35,362) | 212,410 | ||||
| Total assets | 480,564 | 631,050 | 544,537 | ||||
| Equity and liabilities | |||||||
| Equity | |||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||
| Ordinary Share Capital | 255,014 | 136,017 | 240,014 | ||||
| Share Premium – Ord Shares | 3,606,798 | 2,554,409 | 3,490,942 | ||||
| Retained Earnings | (3,436,053) | (2,160,143) | (3,280,316) | ||||
| Equity attributable to the owners of the Company | 463,852 | 568,376 | 488,733 | ||||
| Current Liabilities | |||||||
| Trade & Other Payables | 16,712 | 62,674 | 55,804 | ||||
| Total liabilities | 16,712 | 62,674 | 55,804 | ||||
| Total equity and liabilities | 480,564 | 631,050 | 544,537 | ||||
| Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2018 | |||||||
| “A” | Share | ||||||
| Ordinary | Ordinary | Premium | |||||
| Share | Share | Ordinary | Retained | ||||
| Capital | Capital | Shares | Losses | Total | |||
| Euro | Euro | Euro | Euro | Euro | |||
| Balance at 30 June 2017 | 38,093 | 128,517 | 2,489,137 | (2,085,462) | 570,285 | ||
| Loss for the Period | (1,194,854) | (1,194,854) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 111,497 | 1,001,805 | 1,113,302 | ||||
| Balance at 30 June 2018 | 38,093 | 240,014 | 3,490,942 | (3,280,316) | 488,733 | ||
| Loss for the Period | (155,737) | (155,737) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 15,000 | 115,856 | 130,856 | ||||
| Balance at 31 December 2018 | 38,093 | 255,014 | 3,606,798 | (3,436,053) | 463,852 | ||
| Accounting Policies | |||||||
| Basis of Preparation | |||||||
| The financial statements have been prepared on a historical cost basis. | |||||||
| The financial statements are presented in Euro. | |||||||
| 1. Statement of Compliance | |||||||
| The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB). | |||||||
| Notes to and forming part of the annual financial statements | |||||||
| 1. Loss per Share | |||||||
| Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. | |||||||
| Basic earnings per share | |||||||
| The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows: | |||||||
| Six Months | Six Months | Year Ended | |||||
| 31-Dec-18 | 31-Dec-17 | 30-Jun-18 | |||||
| Loss for the period attributable to equity holders of the parent | 155,737 | 74,680 | 1,194,854 | ||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 255,014,285 | 136,016,719 | 240,014,285 | ||||
| Basic (loss) per ordinary share | (0.001) | (0.001) | (0.005) | ||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2017 | 587,665 | 6,125 | 0 | 593,790 | |||
| Additions/Disposals | 28,550 | – | – | 28,550 | |||
| At 30 June 2018 | 616,215 | 6,125 | 0 | 622,340 | |||
| Additions/Disposals | 32,012 | – | 0 | 32,012 | |||
| At 31 December 2018 | 648,227 | 6,125 | 0 | 654,352 | |||
| Provision for diminution in value | |||||||
| At 30 June 2017 | – | (6,125) | 0 | (6,125) | |||
| Charge for period | (284,088-) | 0 | – | (284,088) | |||
| Disposal | – | 0 | – | 0 | |||
| At 30 June 2018 | (284,088) | (6,125) | 0 | (290,213) | |||
| Charge for period | – | – | 0 | 0 | |||
| At 31 December 2018 | (284,088) | (6,125) | 0 | (290,213) | |||
| Net book value | |||||||
| At 31 December 2018 | 364,139 | 0 | 0 | 364,139 | |||
| Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2018. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas. | |||||||
| 3. Share capital – Group and Company | |||||||
| 31-Dec-18 | 31-Dec-17 | 30-Jun-18 | |||||
| Euro | Euro | Euro | |||||
| 400,000,000 Ordinary shares of Euro 0.001 each | 400,000 | 400,000 | 400,000 | ||||
| 50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | 50,000 | ||||
| 450,000 | 450,000 | 450,000 | |||||
| Issued, called up and fully paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| Euro 0.001 Ordinary Shares | |||||||
| At 30 June 2017 | 128,516,719 | 128,517 | 2,489,137 | ||||
| Issued in period | 111,497,566 | 111,497 | 1,001,805 | ||||
| At 30 June 2018 | 240,014,285 | 240,014 | 3,490,942 | ||||
| Issued in period | 15,000,000 | 15,000 | 115,856 | ||||
| At 31 December 2018 | 255,014,285 | 255,014 | 3,606,798 | ||||
| Issued, called up and partly paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| One Euro A Ordinary Shares | |||||||
| At 30 June 2017 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 30 June 2018 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 31 December 2018 | 38,093 | 38,093 | – | ||||
| “A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company. | |||||||
Enquiries:
| IMC Exploration Group PLC | |||||||
| Mr. Eamon O’Brien | |||||||
| Tel. Ireland +353 876183024 | |||||||
| Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck: Tel: +44 20 7464 4091/ +44 750 643 4107/+971 50 856 9408 E-mail:Graham.Atthill-Beck@kbrl,co.uk Brinsley Holman: Tel: +44 207 464 4098 E-mail:Brinsley.Holman@kbrl.co.uk |
|||||||
| This announcement is distributed by PR Newswire on behalf of the company | |||||||
IMC Exploration Group Plc (IMCP) announces that a drilling programme has commenced on PL 2551 in Co. Wexford, Ireland.
IMC Exploration Group Plc announces that a drilling programme has commenced on PL 2551 in Co. Wexford, Ireland. This is a highly prospective licence for gold mineralisation. There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.
The IMC Directors believe that this current drilling programme will complement the work already carried out by IMC that significantly upgraded the gold potential of this licence.
It is considered that there is strong support for the presence of a zone of major gold mineralisation trending NE to ENE.
Dublin, 4th March 2018
The Directors of the Company accept responsibility for this announcement.
END OF REGULATORY ANOUNCEMENT
Enquiries:
IMC Exploration Group Plc
Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024
Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk
IMC Exploration #IMCP – Share Placement
The board of IMC Exploration Group plc (IMC) is pleased to announce that it has raised GBP50,000 by way of a placing of 5,000,000 new ordinary shares of EUR0.001 each in the Company (“Ordinary Shares”) at a price of 1p per share (the “Placing Shares”). Attached are one warrant for every 5 Ordinary shares at a price of 1p per share, excercisable for three years from today.
The total number of shares in issue following the Placing is 255,014,285.
The net proceeds of the Placing will be used to continue our exploration work on PL 3849 in Avoca, Co. Wicklow.
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Brinsley Holmam: +44 207 464 4098
Keith Bayley Rogers
IMC Exploration #IMCP – Final results for 12 months to June 30 2018
The Directors of IMC Exploration Group plc are pleased to present the audited financial results for IMC for the twelve months to 30th June 2018.
During this period, IMC undertook a strategic review of all its projects. The directors of IMC are now focused on its three main projects in Ireland – tailings and spoils project in Avoca, Co. Wicklow, our north Wexford gold project and the zinc project located close to the Kilbricken deposit in Tulla, Co. Clare. Concentrating on these three main projects will accelerate progress to realising the potential of IMC’s valuable assets for the benefit of all shareholders.
IMC has been engaged in exploration work on its spoils and tailings project in Avoca, Co. Wicklow with Trove Metals Limited, culminating in the engagement of CSA Global to prepare a Mineral Resource Estimate (MRE) for the Avoca tailings and spoils project. This Mineral Resource will be classified as inferred and will be reported in accordance with the JORC Code (2012). Classification of this MRE is being carried out, taking into account the volumes of the spoils, quality of the sampling and density data and sample spacing. Furthermore, IMC have engaged CSA Global to carry out a JORC Code (2012) compliant Competent Person’s Report.
IMC continues with its work on its highly prospective north Wexford gold project. Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting. IMC intends to continue with its exploration programme on this licence area.
During this financial year IMC carried out drilling on PL 2739, Tulla, Co Clare. The presence of haematisation in Waulsortian limestones, in conjunction with the hydrothermal breccias intersected, confirms the presence of a potential base metal-bearing hydrothermal system and enhances the prospectivity of licences in the Tulla area.
IMC has made positive progress on all fronts; with our JORC Code (2012) compliant CSA Global Mineral Resource Estimate pending, our JORC Code (2012) compliant CSA Global Competent Person’s Report pending, the implementation of the Koza Report on our north Wexford project and further exploration work on our zinc project in Co Clare it is expected that significant value will be added to IMC in the coming years. I would like to thank our shareholders for their continued support and trust.
Eamon O’Brien,
Chairman
| Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2018 |
|||||||
| Audited | Audited | ||||||
| Year Ended | Year Ended | ||||||
| Notes | 30-Jun-18 | 30-Jun-17 | |||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | |||||
| Other Income / (Expense) | – | – | |||||
| Administrative Expenses | (921,757) | (267,507) | |||||
| Amount written off intangible assets | (284,088) | – | |||||
| (Loss) before tax | (1,205,845) | (267,507) | |||||
| Income tax expense | 10,991 | (0) | |||||
| (Loss) for period from continuing operations | (1,194,854) | (267,507) | |||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (1,194,854) | (410,007) | |||||
| Earning per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.005) | (0.002) | ||||
| Audited Consolidated Statement of Financial Position As at 30 June 2018 | |||||||
| Audited | Audited | ||||||
| Year Ended | Year Ended | ||||||
| Notes | 30-Jun-18 | 30-Jun-17 | |||||
| Non Current Assets | 2 | 332,127 | 587,666 | ||||
| Current assets | |||||||
| Debtors | – | 81,018 | |||||
| Cash and cash equivalents | 212,410 | (19,464) | |||||
| Total assets | 544,537 | 649,219 | |||||
| Equity and liabilities | |||||||
| Equity | |||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | |||||
| Ordinary Share Capital | 240,014 | 128,517 | |||||
| Share Premium – Ord Shares | 3,490,942 | 2,489,137 | |||||
| Retained Earnings | (3,280,316) | (2,085,462) | |||||
| Equity attributable to the owners of the Company | 488,733 | 570,285 | |||||
| Current Liabilities | |||||||
| Trade & Other Payables | 55,804 | 78,934 | |||||
| Total liabilities | 55,804 | 78,934 | |||||
| Total equity and liabilities | 544,537 | 649,219 | |||||
| Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2018 | |||||||
| “A” | Share | ||||||
| Ordinary | Ordinary | Premium | |||||
| Share | Share | Ordinary | Retained | ||||
| Capital | Capital | Shares | Losses | Total | |||
| Euro | Euro | Euro | Euro | Euro | |||
| Balance at 30 June 2017 | 38,093 | 128,517 | 2,489,137 | (2,085,462) | 570,285 | ||
| Loss for the Period | – | – | – | (1,194,854) | (1,194,854) | ||
| Other Comprehensive loss for the period | – | – | – | – | – | ||
| Issue of share capital | – | 111,497 | 1,058,515 | – | 1,170,012 | ||
| Share Issue Costs | – | – | (56,710) | – | (56,710) | ||
| Balance at 30 June 2018 | 38,093 | 240,014 | 3,490,942 | (3,280,316) | 488,733 | ||
| Accounting Policies | |||||||
| Basis of Preparation | |||||||
| The financial statements have been prepared on a historical cost basis. | |||||||
| The financial statements are presented in Euro. | |||||||
| 1. Statement of Compliance | |||||||
| The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB). | |||||||
| Notes to and forming part of the annual financial statements | |||||||
| 1. Loss per Share | |||||||
| Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. | |||||||
| Basic earnings per share | |||||||
| The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows: | |||||||
| 30-Jun-18 | 30-Jun-17 | ||||||
| Loss for the period attributable to equity holders of the parent | 1,194,854 | 267,507 | |||||
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 240,014,285 | 128,516,719 | |||||
| Basic (loss) per ordinary share | (0.005) | (0.002) | |||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2017 | 587,665 | 6,125 | – | 593,790 | |||
| Additions | 28,550 | – | – | 28,550 | |||
| At 30 June 2018 | 616,215 | 6,125 | – | 622,340 | |||
| Provision for diminution in value | |||||||
| At 30 June 2016 | – | (6,125) | – | (6,125) | |||
| Charge for period | (284,088) | – | – | (284,088) | |||
| Disposal | – | – | – | – | |||
| At 30 June 2017 | (284,088) | (6,125) | – | (290,213) | |||
| Net book value | |||||||
| At 30 June 2017 | 332,127 | – | – | 332,127 | |||
| Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated at 30 June 2018. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas. | |||||||
| 3. Share capital – Group and Company | |||||||
| 30-Jun-18 | 30-Jun-17 | ||||||
| Euro | Euro | ||||||
| 200,000,000 Ordinary shares of Euro 0.001 each | 400,000 | 200,000 | |||||
| 50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | |||||
| 450,000 | 250,000 | ||||||
| Issued, called up and fully paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| Euro 0.001 Ordinary Shares | |||||||
| As at 30 June 2017 | 128,516,719 | 128,517 | 2,489,137 | ||||
| Issued in period | 111,497,566 | 111,497 | 1,001,805 | ||||
| As at 30 June 2018 | 240,014,285 | 240,014 | 3,490,942 | ||||
| Issued, called up and partly paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| One Euro A Ordinary Shares | |||||||
| As at 30 June 2017 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| As at 30 June 2018 | 38,093 | 38,093 | – | ||||
| “A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company. | |||||||
| The directors of the issuer accept responsibility for this announcement. | |||||||
| Enquiries: | |||||||
| IMC Exploration Group PLC Mr. Eamon O’Brien Tel. Ireland +353 876183024 |
|||||||
| Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408 E-mail: Graham.Atthill-Beck@kbrl,co.uk Brinsley Holman: Tel: +44 207 464 4098 E-mail: Brinsley.Holman@kbrl.co.uk |
|||||||
| The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. | |||||||