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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 |
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| 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 |
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| 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 |
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| The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. | |||||||
IMC Exploration Group #IMCP – Completion of Strategic Review; Issue of Equity
Over the past several of months, the Board of IMC has been engaged in a strategic review of all its projects. The Board has decided that the Company will focus on its flagship project in Avoca Co. Wicklow, IMC’s highly prospective north Wexford gold project and IMC’s zinc project adjacent to the Kilbricken zinc deposit in Tulla, Co. Clare and Shannon, Co. Clare. The Directors believe the conclusions of this review to be positive and constructive. Concentrating on completion of our works’ programme on our main projects will, in the opinion of your Board, accelerate progress to realising the potential of IMC’s projects to the benefit of all shareholders. To this end, IMC has requested permission from the Exploration and Mining Division of the Department of Communications, Climate Action and Environment to relinquish its licences numbers PL 3550, PL 3806, PL 3426, PL3677 and PL3670.
IMC has issued 3,775,000 new ordinary shares at a price of 1p per share in settlement of fees for professional, drilling and third party services. Following this issue, the total number of ordinary shares in issue in IMC is 147, 291,719.
This announcement has been made after due and careful enquiry and the Directors of IMC accept responsibility for its content.
Liam McGrattan, Chairman,
Dublin, 19th February 2018
Enquiries:
IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427
Keith Bayley Rogers & Co. Limited
Brinsley Holman
Tel: +44 20 7464 4090;
Graham Atthill-Beck
Tel: +44 20 7464 4091