Home » Posts tagged 'koza'
Tag Archives: koza
CEO Interview: Partnership with Koza Gold a great opportunity for IMC Exploration (IMCP) in Ireland
The Finance Director of IMC Exploration PLC, Nial Ring, joined Alan Green, CEO of Brand Communications, on the Tip TV Finance Show to discuss the projects and developments ahead for the company.
What does the future hold for IMC Exploration?
Ring began by outlining that IMC has 5 precious metal and 10 base metal licences in Ireland, and has entered a joint venture with Koza Gold. He continued that Koza Gold has invested 1.4 million euros for 55% of the precious metal licences, and Ring already noted that they have drilled over 1000 metres, have analysed 420 drill holes and spent plenty of time and money investigating in Ireland. He highlighted that IMC Exploration is preparing to be fully-listed on the stock market in order to be able to raise capital for future deals with Koza Gold or other firms interested in working with IMC.
IMC Exploration (IMCP) – Final Results & Voting Rights
Audited Results for the 12 Months to 30 June 2015
The directors of IMC Exploration Group plc are pleased to present the Financial Results for (‘IMC’) for the twelve months to 30th June 2015.
Chairman’s Statement
Further to our announcement in March 2015, in which we signed an agreement with Koza Limited, a subsidiary of Koza Altin Isletmeleri A.S., we have recently signed the final Joint Venture agreement on IMC’s precious metal exploration licences in Wicklow and Wexford whereby Koza will fully fund the works programme on these licence areas with investment of EUR3.4 million for a 75% interest in these licences.
It is agreed Koza will fully fund the works programme on these licence areas with investment of €3.4 million for a 75% interest in these licences. The JV agreement was approved by the Minister for Communications, Minerals and Natural Resources and formally signed by both parties.
Koza is the leading Turkish international mining company with 4 operating mines. In 2014 they produced 317 thousand oz of gold and have gold reserves of 4.2 million ounces. Koza Gold is capable of carrying out all processes from the stage of exploration to production.
In tandem with the Koza / IMC precious metal programme, IMC itself is committed to a works programme on the 10 base metal licence areas and is currently in discussions with interested parties to progress this.
Furthermore, in order to fulfil its stock market potential, IMC is seeking a standard listing on the main market of the London Stock Exchange. Advisors, Keith Bayley Rogers have already commenced this process and have indicated this can be achieved within the final quarter of 2015. The London Stock Exchange is one of the world’s foremost markets for admission and trading of equity and includes many of the world’s most successful and dynamic companies.
The commencement of the works programme on our precious metal licences and the advancement of our base metal licences will ensure a regular, continuous, positive news flow.
We look forward to the coming weeks and months with enthusiasm for the exploration and corporate developments within the company.
The directors also wish to announce the issue of 5,008,212 new ordinary shares in consideration of services provided in relation to the joint venture agreement previously announced between the Company and Koza Limited.
Following this issue, there are 97,816,719 ordinary shares in issue, each carrying one voting right. The Directors of the issuer accept responsibility for this announcement.
Liam McGrattan
Chairman
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2015
Continuing Operations
| Notes | 2015 | 2014 | |
| € | € | ||
| Administrative expenses | (221,084) | (122,954) | |
| Operating Loss for the period | (221,084) | (122,954) | |
| Finance Income | – | 1,017 | |
| Loss on sale of investment | (135,164) | – | |
| Amount written off investment | (83,400) | (106,593) | |
| Loss for period before tax | (439,648) | (228,530) | |
| Income tax expenses | (1,093) | 5,408 | |
| Total comprehensive loss for the period | (440,741) | (223,122) | |
| Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 2 | 0.01 | 0.01 |
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.
Consolidated Statement of Changes in Equity
for the year ended 30th June 2015
| Share | Share | Retained | ||
| Capital | Premium | Losses | Total | |
| € | € | € | € | |
| Balance at 30 June 2013 | 91,402 | 1,308,102 | (744,086) | 655,418 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (223,122) | (223,122) |
| Total comprehensive income for the period | – | – | (223,122) | (223,122) |
| Transactions with owners, recorded contributions by and distributions to owners directly in equity | ||||
| Shares issued | 16,000 | 368,675 | – | 384,675 |
| Share issue costs | – | – | – | – |
| Total transactions with owners | – | – | – | – |
| Balance at 30 June 2014 | 107,402 | 1,676,777 | (967,208) | 816,971 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (440,741) | (440,741) |
| Total comprehensive income for the period | – | – | (440,741) | (440,741) |
| Transactions with owners, recorded directly in equity contributions by and distributions to owners | ||||
| Shares issued | 5,008 | 62,992 | – | 68,000 |
| Share issue costs | – | – | – | – |
| Balance at 30 June 2015 | 112,410 | 1,739,769 | (1,407,949) | 444,230 |
Net equity is attributable to the holder of the ordinary shares in the Group.
Consolidated Statement of Financial Position
for the year ended 30th June 2015
| Notes | 2015 | 2014 | |
| € | € | ||
| Assets | |||
| Intangible assets | 524,724 | 524,724 | |
| Property, plant and equipment | 1,465 | 2,690 | |
| Investments | – | 281,818 | |
| Total Non-Current Assets | 526,189 | 809,232 | |
| Current Assets | |||
| Trade and other receivables | 111,671 | 111,403 | |
| Cash and cash equivalents | (26,685) | (32,304) | |
| Total Current Assets | 84,986 | 79,099 | |
| Total Assets | 611,175 | 888,331 | |
| Equity | |||
| Share Capital | 3 | 112,410 | 107,402 |
| Share premium | 3 | 1,739,769 | 1,676,777 |
| Retained deficit | (1,407,949) | (967,208) | |
| Attributable to owners of the Company | 444,230 | 816,971 | |
| Total Equity | 444,230 | 816,971 | |
| Liabilities – Current | |||
| Trade and other payables | 155,954 | 61,462 | |
| Current tax liabilities | 10,991 | 9,898 | |
| Total Liabilities | 166,945 | 71,360 | |
| Total Equity and Liabilities | 611,175 | 888,331 | |
Consolidated Statement of Cash Flows
for the year ended 30th June 2015
| 2015 | 2014 | ||
| Cash flows from operating activities | |||
| Loss for the year | (222,177) | (117,546) | |
| Adjustments for: | |||
| Income tax expense recognised in profit and loss | 1,093 | (5,408) | |
| Depreciation | 1,225 | 1,225 | |
| Cash from operations before changes in working capital | (219,859) | (121,729) | |
| Movement in trade and other receivables | (268) | 42,630 | |
| Movement in trade and other payables | 94,492 | (7,213) | |
| Net cash flow from operating activities | (125,635) | (86,312) | |
| Cash flows from investing activities | |||
| Interest received | – | 1,017 | |
| Proceeds from sale of investments | 63,254 | – | |
| Taxation | – | – | |
| Acquisitions and disposals | – | – | |
| Net cash (used in) investing activities | 63,254 | 1,017 | |
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 68,000 | – | |
| Finance income/(expense) | – | – | |
| Net cash generated by financing activities | 68,000 | 1,017 | |
| Movement in cash and cash equivalents | 5,619 | (85,295) | |
| Cash and cash equivalents at beginning of year | (32,304) | 52,991 | |
| Cash and cash equivalents at end of year | (26,685) | (32,304) | |
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
Statement of Compliance
As permitted by the European Union, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS’s) and their interpretations issued by the International Accounting Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of the Company (“Company financial statements”) have been prepared in accordance with the IFRS’s as adopted by the EU and as applied in accordance with the Companies Acts, 1963 to 2014 which permits a company that publishes its Company and Group financial statements together, to take advantage of the exemption in Section 148(8) of the Companies Act, 1963, from presenting to its members its Company Statement of Comprehensive Income and related notes that form part of the approved Company financial statements.
The IFRS’s adopted by the EU as applied by the Company and the Group in the preparation of these financial statements are those that were effective on or before 30 June 2015.
2. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
| 2015 | 2014 | |
| € | € | |
| Loss for the period attributable to equity holders of the parent | (440,741) | (223,122) |
| Number of ordinary shares in issue – start of year | 69,308,507 | 53,308,507 |
| Effect of shares issued during the year | 5,008,212 | 16,000,000 |
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 74,316,719 | 69,308,507 |
| Basic Loss per ordinary share (cent) | (0.01) | (0.01) |
3. Share capital
| 2015 | 2014 | ||
| € | € | ||
| Authorised equity | |||
| 200,000,000 Ordinary shares of €0.001 each | 200,000 | 200,000 | |
| 50,000 “A” Ordinary shares of €1 each | 50,000 | 50,000 | |
| 250,000 | 250,000 | ||
| Issued Capital | |||
| Ordinary Shares fully paid up | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2013 | 53,308,507 | 53,309 | 1,308,102 |
| Shares Issued for Non-Cash | 16,000,000 | 16,000 | 368,675 |
| Balance at 30 June 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Balance at 1 July 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Shares Issued for Cash | 5,008,212 | 5,008 | 62,992 |
| Balance at 30 June 2015 | 74,316,719 | 74,317 | 1,739,769 |
| Fully paid ordinary shares which have a par value of €0.001 carry one vote and carry a right to dividends. | |||
| A Ordinary Shares Partly Paid | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2014 | 38,093 | 38,093 | – |
| Balance 30 June 2015 | 38,093 | 38,093 | – |
| Partly paid “A” ordinary shares which have a par value of €1 carry no voting rights or rights to dividends. | |||
| Total Shares | Share Capital | Share Premium | |
| € | € | ||
| Total at 1 July 2014 | 107,402 | 1,676,777 | |
| Shares Issued for Cash | 5,008 | 62,992 | |
| Total at 30 June 2015 | 112,410 | 1,739,769 | |
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
Irish Sunday Independent – Turkish delight as Irish exploration firm lands €3.4m deal
Irish firm company IMC Exploration has struck a deal with Turkish mining giant Koza Gold to farm out five of its precious metal exploration licences in Ireland.
The deal will see Koza operate the licences, conducting exploration activities in the fields and financing the operations in an investment worth €3.4m.
It will take a 75pc stake in the project while IMC will hold the remaining 25pc.
Four of the licences are located in Wicklow while the fifth is in Wexford.
The licences are close to the ancient Avoca copper and gold mines, where exploration dates back to the Bronze Age, and to the Gold Mines river, the scene of the 1796 goldrush.
IMC announced in 2012 that it had found “exceptionally high” gold results after drilling in Co Wexford.
Chairman Liam McGrattan said that the company had more positive results from drilling in January and decided to bring in Koza to help develop the licences faster.
“If we didn’t have a joint venture partner we would look at it ourselves, but we wouldn’t be able to develop it nearly as fast as with Koza,” he said.
Koza now has six more drilling targets in the area. Drilling is set to begin to begin in the coming days and will last for several months. Mr McGrattan said that drilling will continue until the commercial viability of the project can be proven.
Link here to full Irish Independent article
IMC Exploration – Completion of Joint Venture Agreement with Koza
Completion of Joint Venture Agreement with Koza
IMC Exploration Group Plc – 09/09/2015
The directors of IMC are delighted to announce the completion of the Joint Venture agreement with Koza Limited, a subsidiary of Koza Altin Isletmeleri A.S., following the approval by the Minister for Communications, Minerals and Natural Resources.
The JV agreement relates to IMC’s precious metal exploration licences in Wicklow and Wexford whereby Koza will fully fund the works programme on these licence areas with investment of EUR3.4 million for a 75% interest in these licences.
The JV agreement was approved by the board of directors and formally signed by both parties.
Koza Altin Isletmeleri A.S. and its subsidiaries are a leading Turkish international mining group with 4 operating mines. In 2014 the Koza group produced 317 thousand oz of gold and has gold reserves of 4.2 million ounces. The Koza group is capable of carrying out all processes from the exploration stage to production, and we The directors of IMC are delighted to be working with the Koza group to further the strategic development of IMC.
Liam McGrattan, Chairman said: “This agreement is a major development for IMC. We look forward to working with the Koza group and its world class geological team in further developing our licences in Wicklow and Wexford. It is a very exciting time for the company to have a major gold production company with such a wealth of knowledge and experience as a joint venture partner.”
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