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IMC Exploration (IMCP) – Commencement of drilling programme on Zinc Prospecting Licence 3729, Tulla, Co. Clare, Ireland
Commencement of drilling programme on Zinc Prospecting Licence 3729, Tulla, Co. Clare, Ireland
With the continuation of its works’ programme on its base metal licence area in the highly prospective South West Ireland, IMC is pleased to announce that drilling has commenced on prospecting licence area 3729 (PL 3729), Tulla, Co Clare, Ireland. IMC’s PL 3729 sits on an East / North East striking mineralised structural trend.
Chairman of IMC, Liam McGrattan said ‘With rising zinc prices, this is a great time for zinc in Ireland. PL 3729 is a highly prospective base metal property in an area where a number of international mining companies have recently commenced exploration work and have achieved encouraging results. IMC’s PL 3729 is adjoining many of these properties’.
Contact Details:
IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427
Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090
IMC Exploration Group (IMCP) – Half year report
Interim Financial Results IMC Exploration Group PLC (‘IMC’) for the six months to 31st December 2016
Dear Shareholder,
The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for the six months to 31st December 2016.
IMC recently announced the implementation of its works programme on its base metal licence area in the highly prospective south west of Ireland. This comprehensive exploration programme consists of geochemistry, geophysics and drilling.
Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals, ranking third in Europe and fourteenth in the world for zinc. IMC holds licences close to the Tynagh mine. This is a very exciting time for IMC with its zinc properties. Zinc has tight supply fundamentals due to falling production, subdued discovery and increasing demand. The zinc price doubled in 2016.
IMC in conjunction with its joint venture partner, Koza Limited, has carried out an extensive target generation, mapping and rock sampling programme on its gold mine river licence PL 3857 in Co. Wicklow and licence PL 2551 in Co. Wexford. This work is in addition to the previous drilling programme and is part of the works programme for our five precious metal licence areas. This is preparatory work for the next phase of our fully funded drilling programme. The Geological Survey of Ireland’s (GSI) Tellus survey confirms high levels of gold in the streams near the Goldmines River and Avoca regions of Wicklow. These areas are included in our JV licences areas.
IMC continues to make progress on all its activities: implementing its base metal works programme in South West Ireland, as well as continuing progress on our licence areas in Wicklow and Wexford under the IMC/Koza joint venture agreement.
Liam McGrattan
Chairman
Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2016 | |||||||
Six Months | Six Months | Year Ended | |||||
Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||
Euro | Euro | ||||||
Continuing Operations | |||||||
Revenue | – | – | – | ||||
Other Income / (Expense) | 0 | 0 | 0 | ||||
Administrative Expenses | (98,919) | (178,163) | (410,007) | ||||
(Loss) before tax | (98,919) | (178,163) | (410,007) | ||||
Income tax expense | 0 | 0 | 0 | ||||
(Loss) for period from continuing operations | (98,919) | (178,163) | (410,007) | ||||
Other Comprehensive income | – | – | |||||
Loss for the period and total comprehensive loss for the period | (98,919) | (178,163) | (410,007) | ||||
Earning per share (all continuing) | |||||||
Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.002) | (0.004) |
Unaudited Consolidated Statement of Financial Position As at 31 December 2016 | |||||||||||||||
Six Months | Six Months | Year Ended | |||||||||||||
Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||||||||||
Non Current Assets | 2 | 587,666 | 525,577 | 587,666 | |||||||||||
Current assets | |||||||||||||||
Debtors | 88,688 | 111,028 | 95,047 | ||||||||||||
Cash and cash equivalents | 300 | 62,985 | 61,742 | ||||||||||||
Total assets | 676,654 | 699,590 | 744,454 | ||||||||||||
Equity and liabilities | |||||||||||||||
Equity | |||||||||||||||
“A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||||||||||
Ordinary Share Capital | 107,817 | 97,817 | 107,817 | ||||||||||||
Share Premium – Ord Shares | 2,237,415 | 1,987,221 | 2,237,415 | ||||||||||||
Retained Earnings | (1,916,874) | (1,586,112) | (1,817,956) | ||||||||||||
Equity attributable to the owners of the Company | 466,451 | 537,020 | 565,369 | ||||||||||||
Current Liabilities | |||||||||||||||
Trade & Other Payables | 210,203 | 162,570 | 179,085 | ||||||||||||
Total liabilities | 210,203 | 162,570 | 179,085 | ||||||||||||
Total equity and liabilities | 676,654 | 699,590 | 744,454 | ||||||||||||
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2016 | |||||||||||||||
“A” | Share | ||||||||||||||
Ordinary | Ordinary | Premium | |||||||||||||
Share | Share | Ordinary | Retained | ||||||||||||
Capital | Capital | Shares | Losses | Total | |||||||||||
Euro | Euro | Euro | Euro | Euro | |||||||||||
Balance at 30 June 2015 | 38,093 | 74,317 | 1,739,769 | (1,407,949) | 444,230 | ||||||||||
Loss for the Period | (410,007) | (178,163) | |||||||||||||
Other Comprehensive loss for the period | – | ||||||||||||||
Issue of share capital | 33,500 | 497,646 | 270,952 | ||||||||||||
Share Issue Costs | – | ||||||||||||||
Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||||||||||
Loss for the Period | (98,919) | (98,919) | |||||||||||||
Other Comprehensive loss for the period | – | ||||||||||||||
Issue of share capital | 0 | ||||||||||||||
Share Issue Costs | – | ||||||||||||||
Balance at 31 December 2016 | 38,093 | 107,817 | 2,237,415 | (1,916,874) | 466,451 | ||||||||||
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 Interim financial statements of IMC Exploration Group PLC and its subsidiary have not 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-16 | 31-Dec-15 | 30-Jun-16 | |||||
Loss for the period attributable to equity holders of the parent | 98,919 | 178,163 | 410,007 | ||||
Weighted average number of ordinary shares for the purposes of basic earning per share | 107,816,719 | 97,816,719 | 107,816,719 | ||||
Basic (loss) per ordinary share | (0.001) | (0.002) | (0.004) |
2. Non Current Assets | |||||||
Exploration | Plant and | Financial | |||||
Expenditure | Equipment | Assets | Total | ||||
Euro | Euro | Euro | Euro | ||||
Cost | |||||||
At 30 June 2015 | 524,724 | 6,125 | 38,738 | 569,587 | |||
Additions/Disposals | 62,941- | – | – | 62,941 | |||
At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
Additions/Disposals | – | – | 0 | 0 | |||
At 31 December 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
Provision for diminution in value | |||||||
At 30 June 2015 | – | (4,660) | (38,738) | (43,398) | |||
Charge for period | – | (1,465) | – | (1,465) | |||
Disposal | – | 0 | – | 0 | |||
At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
Charge for period | – | – | 0 | 0 | |||
At 31 December 2016 | – | (6,125) | (38,738) | (44,863) | |||
Net book value | |||||||
At 31 December 2016 | 587,665 | 0 | 0 | 587,665 | |||
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 2016. 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-16 | 31-Dec-15 | 30-Jun-16 | ||||||
Euro | Euro | Euro | ||||||
200,000,000 Ordinary shares of Euro 0.001 each | 200,000 | 200,000 | 200,000 | |||||
50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | 50,000 | |||||
250,000 | 250,000 | 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 2015 | 74,316,719 | 74,317 | 1,739,769 | |||||
Issued in period | 33,500,000 | 33,500 | 497,646 | |||||
As at 30 June 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
Issued in period | – | – | – | |||||
As at 31 December 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
Issued, called up and partly paid | ||||||||
Number of | Share | Share | ||||||
shares | Capital | Premium | ||||||
Euro | Euro | |||||||
One Euro A Ordinary Shares | ||||||||
As at 30 June 2015 | 38,093 | 38,093 | – | |||||
Issued in period | – | – | – | |||||
As at 30 June 2016 | 38,093 | 38,093 | – | |||||
Issued in period | – | – | – | |||||
As at 31 December 2016 | 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. | ||||||||
Contact Details: | ||||||||
IMC Exploration Group PLC | ||||||||
Mr. Liam McGrattan | ||||||||
Tel. Ireland +353 872745427 | ||||||||
This announcement is distributed by PR Newswire on behalf of the company. | ||||||||
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. |
Brand CEO Alan Green talks TYM, IMCP, TAP and CRAW on the VOX Markets podcast
Brand CEO Alan Green talks Tertiary Minerals (TYM), IMC Exploration (IMCP), Taptica (TAP) and Crawshaw (CRAW) with Justin Waite on the VOX Markets podcast. The interview is 52 minutes 30 seconds in.
IMC Exploration (IMCP) – Issue of Equity
IMC has issued 2.5 million new ordinary shares at a price of 1p per share in settlement of fees for professional third party services and 3.2 million ordinary shares converting a Wilhan Limited loan note at the agreed conversion price of 2p sterling.
Following this issue, the total voting rights in the Company are 128,516,719.
The interests of substantial shareholders and the directors are as follows:
Global Resources Investment Trust plc: 21,000,000 ordinary shares (16.3 per cent. of the total voting rights in the Company)
Liam McGrattan: 7,952,985 ordinary shares (6.2 per cent. of the total voting rights in the Company)
Nial Ring: 4,233,334 new ordinary shares (3.3 per cent. of the total voting rights in the Company)
Contact Details:
IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427
Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090
Brand Communications
Alan Green
Tel: +44 7976 431608
IMC Exploration Group (IMCP) – AGM and Share Placement
IMC Exploration Group (IMCP) – AGM & SHARE PLACEMENT
At the recent Annual General Meeting of IMC, all the resolutions put to shareholders were passed.
The board of IMC Exploration Group plc are also pleased to announce that they have raised £150,000 by way of a Placing and Subscription of 15,000,000 new ordinary shares of €0.01 each in the Company, at a price of 1p per share. Two directors, Liam McGrattan and Nial Ring have subscribed £50,000. Global Resource Investment Trust plc has subscribed a further £50,000.
Following this issue of new ordinary shares, the total number of ordinary shares in issue is 122,816,719.
Chairman, Liam McGrattan commented “IMC continues to make solid progress in its exploration and corporate activities. We look forward to the coming year with enthusiasm.”
Contact Details:
IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427
Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090
IMC Exploration Group (IMCP) – Update on Exploration Programme
IMC Exploration Group Plc is pleased to announce that, in conjunction with its joint venture partner Koza Limited, it has recently commenced an extensive target generation, mapping and rock sampling programme on its Goldmines River licence PL 3857 in Co. Wicklow, and on licence PL 2551 in Co. Wexford. This work, scheduled to commence in early 2017, is in addition to the previous drilling programme, and is part of our works programme on our five precious metal Licence Areas, and is essential preparatory work for our next phase fully funded drilling programme.
Commenting on this development, IMC Chairman, Liam McGrattan said: “The recently published Geological Survey of Ireland Tellus Survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, areas included in our licences. The fact that the new data identifies gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be the source for the gold mineralisation in the region encourages us to believe that this comprehensive, extensive and agreed works programme will identify promising drill targets.”
The Directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090
Brand Communications
Mr. Alan Green
Tel. +44 (o)7976 431608
IMC Exploration Group (IMCP) – Annual Financial Report
Financial Results IMC Exploration Group PLC (IMCP) for the twelve months to 30th June 2016
Dear Shareholder,
The directors of IMC Exploration Group plc (‘IMC’) are pleased to present the Financial Results for IMC for twelve months to 30th June 2016.
World developments in recent times have had an encouraging effect on the mining sector and IMC is in a position to benefit from these developments. The rising price of gold and zinc since the beginning of the year is very reassuring but we are also very mindful of, and encouraged by, the results of an Irish Government sponsored Tellus geological survey.
Earlier this year, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the stream and rivers of Counties Wicklow and Wexford in south east Ireland. All five of IMC’s precious metal prospecting licences in Wicklow and Wexford are sited centrally in the survey region, the very licence areas that we continue to explore with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).
We are delighted to report that The Tellus Survey confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow. This justifies, confirms and validates the current geological exploration programme underway with Koza Limited.
IMC is currently evaluating a number of approaches from international mining companies in relation to its base metal licences. These advances have come as a result of a resurgence of interest in the base metal sector in Ireland, leaving IMC well positioned to take advantage of this via our 10 base metal licences, through the imminent implementation of our base metal Work’s Programme.
IMC continues to make excellent progress in its exploration and corporate activities. We look forward to the coming weeks and months with enthusiasm.
This is a great time for gold and base metals and is an exciting time for IMC.”
Liam McGrattan
Chairman
Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2016 | |||||||
Audited | Audited | ||||||
Year Ended | Year Ended | ||||||
Notes | 30-Jun-16 | 30-Jun-15 | |||||
Euro | Euro | ||||||
Continuing Operations | |||||||
Revenue | – | – | |||||
Other Income / (Expense) | – | – | |||||
Administrative Expenses | (417,989) | (439,648) | |||||
(Loss) before tax | (417,989) | (439,648) | |||||
Income tax expense | 0 | (1,093) | |||||
(Loss) for period from continuing operations | (417,989) | (440,741) | |||||
Other Comprehensive income | – | – | |||||
Loss for the period and total comprehensive loss for the period | (417,989) | (440,741) | |||||
Earning per share (all continuing) | |||||||
Loss per ordinary share – basic & diluted | 1 | (0.004) | (0.006) | ||||
Audited Consolidated Statement of Financial Position As at 30 June 2016 | |||||||
Audited | Audited | ||||||
Year Ended | Year Ended | ||||||
Notes | 30-Jun-16 | 30-Jun-15 | |||||
Non Current Assets | 2 | 524,725 | 526,189 | ||||
Current assets | |||||||
Debtors | 100,135 | 111,671 | |||||
Cash and cash equivalents | 3,731 | (26,685) | |||||
Total assets | 628,591 | 611,175 | |||||
Equity and liabilities | |||||||
Equity | |||||||
“A” Ordinary Share Capital | 38,093 | 38,093 | |||||
Ordinary Share Capital | 107,817 | 74,317 | |||||
Share Premium – Ord Shares | 2,053,373 | 1,739,769 | |||||
Retained Earnings | (1,825,938) | (1,407,949) | |||||
Equity attributable to the owners of the Company | 373,346 | 444,230 | |||||
Current Liabilities | |||||||
Trade & Other Payables | 255,245 | 166,945 | |||||
Total liabilities | 255,245 | 166,945 | |||||
Total equity and liabilities | 628,591 | 611,175 | |||||
Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2016 | |||||||
“A” | Share | ||||||
Ordinary | Ordinary | Premium | |||||
Share | Share | Ordinary | Retained | ||||
Capital | Capital | Shares | Losses | Total | |||
Euro | Euro | Euro | Euro | Euro | |||
Balance at 30 June 2015 | 38,093 | 74,317 | 1,739,769 | (1,407,949) | 444,230 | ||
Loss for the Period | – | – | – | (417,989) | (417,989) | ||
Other Comprehensive loss for the period | – | – | – | – | – | ||
Issue of share capital | – | 33,500 | 313,604 | – | 347,104 | ||
Share Issue Costs | – | – | – | – | – | ||
Balance at 30 June 2016 | 38,093 | 107,817 | 2,053,373 | (1,825,938) | 373,346 | ||
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-16 | 30-Jun-15 | ||||||
Loss for the period attributable to equity holders of the parent | 417,989 | 440,741 | |||||
Weighted average number of ordinary shares for the purposes of basic earning per share | 107,816,719 | 74,316,719 | |||||
Basic (loss) per ordinary share | (0.004) | (0.006) | |||||
2. Non Current Assets | |||||||
Exploration | Plant and | Financial | |||||
Expenditure | Equipment | Assets | Total | ||||
Euro | Euro | Euro | Euro | ||||
Cost | |||||||
At 30 June 2015 | 524,724 | 6,125 | 38,738 | 569,587 | |||
Disposals | – | – | – | 0 | |||
At 30 June 2016 | 524,724 | 6,125 | 38,738 | 569,587 | |||
Provision for diminution in value | |||||||
At 30 June 2015 | – | (4,660) | (38,738) | (43,398) | |||
Charge for period | – | (1,465) | 0 | (1,465) | |||
Disposal | – | – | 0 | 0 | |||
At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
Net book value | |||||||
At 30 June 2016 | 524,724 | 0 | 0 | 524,724 | |||
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 30 June 2016. 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-16 | 30-Jun-15 | ||||||
Euro | Euro | ||||||
200,000,000 Ordinary shares of Euro 0.001 each | 200,000 | 200,000 | |||||
50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | |||||
250,000 | 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 2015 | 74,316,719 | 74,317 | 1,739,769 | ||||
Issued in period | 33,500,000 | 33,500 | 313,604 | ||||
As at 30 June 2016 | 107,816,719 | 107,817 | 2,053,373 | ||||
Issued, called up and partly paid | |||||||
Number of | Share | Share | |||||
shares | Capital | Premium | |||||
Euro | Euro | ||||||
One Euro A Ordinary Shares | |||||||
As at 30 June 2015 | 38,093 | 38,093 | – | ||||
Issued in period | – | – | – | ||||
As at 30 June 2016 | 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. | |||||||
Contact Details: | |||||||
IMC Exploration Group PLC | |||||||
Mr. Liam McGrattan | |||||||
Tel. Ireland +353 872745427 | |||||||
TipTV Interview with Nial Ring, FD at IMC Exploration (ISDX:IMCP) – Leveraging from Irish mining sector revival
In today’s CEO interview segment we have Nial Ring, Finance Director at IMC Exploration Group, who explains to viewers that the company is in a ‘sweet spot’, and well placed to benefit from international mining developments. Ring is joined by Alan Green, CEO of Brand Communications.
Brand CEO Alan Green discusses Irish gold, IMC Exploration (IMCP) and Feedback (FDBK) on VOX Markets podcast
Brand CEO Alan Green discusses IMC Exploration (IMCP) and the surge in interest in Ireland’s gold, and Feedback (FDBK) with Justin Waite on the VOX Markets podcast. The interview is 39 minutes 30 seconds in.