Home » Posts tagged 'koza altin isletmeleri'

Tag Archives: koza altin isletmeleri

IMC Exploration Group #IMCP – Corporate and Exploration Update

5th February 2018 / Leave a comment

IMC’s feasibility study on its flagship project in Avoca, Co. Wicklow (PLs 3849 and 3850) is continuing and to that end the Company has signed a Heads of Agreement with Trove Metals Limited which is expected to lead to a joint venture agreement, subject to the approval of the Minister for Communications, Climate Action and Environment.

We are in on-going discussions regarding Koza’s role in IMC. IMC has enjoyed a good working relationship with Koza over several years and, by mutual agreement, the current IMC/Koza joint venture has been set aside.  We are assured of and look forward to their contribution to the future of IMC.

The board of IMC has undertaken a full review of its 15 Prospecting Licences. Following this, it was decided that IMC would focus on its 12 most prospective licences, requesting permission from the Exploration and Mining Division of the Department of Communications, Climate Action and Environment to relinquish licences numbers PL 2103, PL 3460 and PL 3668.

IMC is continuing with its application for admission of the whole of its Ordinary Share capital to the standard segment of the Official List of the London Stock Exchange.

Dr. Glenn Millar stated, “This is a very exciting time for IMC. The undertaking of our feasibility study in Avoca, Co. Wicklow should further advance our asset towards production.”

Dublin, 2nd February 2018

The Directors of IMC accept responsibility for this announcement, which has been issued after due and careful enquiry.

Enquiries:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Keith, Bayley, Rogers & Co. Limited
Mr. Brinsley Holman
Tel. +44 207 464 4098

IMC Exploration Group (IMCP) – Half year report

31st March 2017 / Leave a comment

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.

IMC Exploration (IMCP) – International Mining Developments Impact Positively on IMC

8th September 2016 / Leave a comment

Global events in recent months have impacted very positively on the mining sector and IMC Exploration (ISDX:IMCP) is in a position to benefit from these developments. On a macro level, 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/instigated geological survey.

In March 2016, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the streams 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 we are exploring with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).

The Tellus Survey further confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow, justifying, confirming and validating the current geological exploration programme underway with Koza Limited.

The company has had several approaches from international mining companies in relation to its base metal licences.  These approaches 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 comprehensive, fully costed and attainable 18 month base metal Work’s Programme.

Chairman, Liam McGrattan said:  “Ireland’s position as the largest producer of zinc concentrates in Europe and its rank as the 10th largest producer of zinc concentrates in the world, IMC is poised to join the list of companies adding value to this national asset. This is a great time for gold and base metals and is an exciting time for IMC.”

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) – Interim Financial Results

31st March 2016 / Leave a comment

IMCInterim Financial Results IMC Exploration Group PLC (IMCP) for the six months to 31st December 2015

Dear Shareholder,

The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for (‘IMC’) for the six months to 31st December 2015.

This is a very exciting time for IMC.  We are weeks away from obtaining a standard listing on the main market of the London Stock Exchange, one of the most prestigious stock markets in the world.  This will be a major achievement for our company.

IMC notes the unprecedented Irish press coverage of the Geological Survey of Ireland’s (GSI) Tellus survey which has revealed higher than expected levels of gold and platinum in the streams and rivers of Wicklow and Wexford in south east Ireland.  Articles published in recent weeks in the Irish Times, the Independent, the Journal and several other publications tell how the Geological Survey of Ireland’s (GSI) Tellus programme made the discovery by applying modern testing methods to stream samples collected in the 1980s.  The survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, and the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite.

All five of IMC’s precious metal prospecting licenses in Wicklow and Wexford are sited centrally in the survey region, and are operated as a Joint Venture agreement with Koza Limited (a subsidiary of Koza Altin Isletmeleri A.S.). These encouraging GSI survey results further confirm our own findings for the region.  This report justifies, confirms and validates the current geological exploration programme underway with Koza Limited.  We are very excited by this.

IMC presented at the PDAC convention in Toronto. I am delighted to report that the presentation was very well received. 

IMC has had a number of approaches from international mining companies about the possibility of entering into a further joint venture with IMC’s base metal properties in Limerick, Clare and Tipperary. The fact that Ireland is the largest producer of zinc concentrates in Europe and ranks as the 10th largest producer of zinc concentrates in the world has encouraged these companies to approach IMC with a view to being a part of this great opportunity.

We are looking forward to the coming weeks with enthusiasm. The culmination of the standard listing on the main market of the London Stock Exchange, IMC’s base metal licence developments and IMC’s Koza agreement currently in operation will truly be transformational for IMC. 

Liam McGrattan

Chairman

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2015
Six Months Six Months Year Ended
Notes 31-Dec-15 31-Dec-14 30-Jun-15
Euro Euro
Continuing Operations
Revenue – – –
Other Income / (Expense) 0 0 0
Administrative Expenses (178,163) (103,166) (439,648)
(Loss) before tax (178,163) (103,166) (439,648)
Income tax expense 0 (1,093)
(Loss) for period from continuing operations (178,163) (103,166) (440,741)
Other Comprehensive income – –
Loss for the period and total comprehensive loss for the period (178,163) (103,166) (440,741)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.002) (0.001) (0.006)
Unaudited Consolidated Statement of Financial Position As at 31 December 2015
Six Months Six Months Year Ended
Notes 31-Dec-15 31-Dec-14 30-Jun-15
Non Current Assets 2 525,577 703,158 526,189
Current assets
Debtors 111,028 112,166 111,671
Cash and cash equivalents 62,985 (28,331) (26,685)
Total assets 699,590 786,993 611,175
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 97,817 69,309 74,317
Share Premium – Ord Shares 1,987,221 1,676,777 1,739,769
Retained Earnings (1,586,112) (1,070,374) (1,407,949)
Equity attributable to the owners of the Company 537,020 713,805 444,230
Current Liabilities
Trade & Other Payables 162,570 73,188 166,945
Total liabilities 162,570 73,188 166,945
Total equity and liabilities 699,590 786,993 611,175
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2015
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2014 38,093 69,309 1,676,777 (967,208) 816,971
Loss for the Period (440,741) (440,741)
Other Comprehensive loss for the period –
Issue of share capital 5,008 62,992 68,000
Share Issue Costs –
Balance at 30 June 2015 38,093 74,317 1,739,769 (1,407,949) 444,230
Loss for the Period (178,163) (178,163)
Other Comprehensive loss for the period –
Issue of share capital 23,500 247,452 270,952
Share Issue Costs –
Balance at 31 December 2015 38,093 97,817 1,987,221 (1,586,112) 537,020
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 not 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-15 31-Dec-14 30-Jun-15
Loss for the period attributable to equity holders of the parent 178,163 103,166 440,741
Weighted average number of ordinary shares for the purposes of basic earning per share 97,816,719 69,308,507 74,316,719
Basic (loss) per ordinary share (0.002) (0.001) (0.006)
2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2014 524,724 6,125 423,413 954,262
Additions/Disposals – – (384,675) (384,675)
At 30 June 2015 524,724 6,125 38,738 569,587
Additions/Disposals – – 0 0
At 31 December 2015 524,724 6,125 38,738 569,587
Provision for diminution in value
At 30 June 2014 – (3,435) (141,595) (145,030)
Charge for period – (1,225) (83,400) (84,625)
Disposal – 0 186,257 186,257
At 30 June 2015 – (4,660) (38,738) (43,398)
Charge for period – (613) 0 (613)
At 31 December 2015 – (5,273) (38,738) (44,011)
Net book value
At 31 December 2015 524,724 853 0 525,577
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 2015. 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-15 31-Dec-14 30-Jun-15
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 2014 69,308,507 69,309 1,676,777
Issued in period 5,008,212 5,008 62,992
As at 30 June 2015 74,316,719 74,317 1,739,769
Issued in period 23,500,000 23,500 247,452
As at 31 December 2015 97,816,719 97,817 1,987,221
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2014 38,093 38,093 –
Issued in period – – –
As at 30 June 2015 38,093 38,093 –
Issued in period – – –
As at 31 December 2015 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
Chairman
Mr. Liam McGrattan
Tel.  Ireland +353 872745427
Clifford Desmond & Associates
Chartered Accountants & Registered Auditors
Mr. Maurice Clifford
Tel.  Ireland  +353 14989400
Keith Bayley Rogers & Co. Limited
Corporate Advisors
Mr. Hugh Oram
Tel.  UK  +44 207 464 4090

IMC Exploration – Geological Survey of Ireland Tellus Survey Reveals High Levels of Gold in streams near the Goldmines River and Avoca regions of County Wicklow.

7th March 2016 / Leave a comment

IMCThe directors of IMC Exploration Group plc (IMCP) note the unprecedented Irish press coverage of a geological survey that has revealed higher than expected levels of gold and platinum in the streams and rivers of Wicklow and Wexford in south east Ireland.

Articles published in recent days in the Irish Times, the Independent, the Journal and several other publications tell how the Geological Survey of Ireland’s (GSI) Tellus programme made the discovery by applying modern testing methods to stream samples collected in the 1980s.

The survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, and the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite.

All five of IMC’s gold prospecting licenses in Wicklow and Wexford are sited centrally in the survey region, and are operated as a Joint Venture agreement with Koza Limited (a subsidiary of Koza Altin Isletmeleri A.S.).

IMC is currently listed on the ISDX market (ticker: IMCP) and is at an advanced stage of seeking a standard listing on the main market of the London Stock Exchange.

Chairman Liam McGrattan commented ‘These encouraging GSI survey results further confirm our own findings for the region.  This report justifies, confirms and validates our geological exploration programme underway with Koza Limited.  We are very excited by this.’

IMC BACKGROUND:

IMC Exploration Group plc (IMC) was incorporated in Ireland in June 2011 with a view to identifying precious and base metal deposits in Ireland

  • IMC holds 15 mineral prospecting licences in Ireland:
  • 5 precious metal licences
  • 10 base metal licences
  • JV agreement commenced in July 2015 between IMC and Koza Gold (a subsidiary of Koza Altin Isletmeleri AS with a current market capitalisation of over US$1 billion) on IMC’s precious metal licences in Wicklow and Wexford
  • IMC is currently listed on the London based ISDX market (Ticker: IMCP)

TELLUS SURVEY REPORT:

Tellus Survey Uncovers Platinum and Gold in south east Leinster:

  • Precious metal platinum identified in numerous stream sediments for the first time in Leinster
  • More gold in Wicklow, Wexford and Waterford than previously known

Applying modern testing methods to stream samples collected in the 1980s, the Geological Survey of Ireland’s Tellus Programme has discovered there is more platinum, gold and precious metals in the streams and rivers of south east of Ireland than previously believed.

  • Stream sediment geochemistry – Gold
  • Stream sediment geochemistry – Platinum

As well as reconfirming high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be a source for the gold mineralisation in the region.

High gold values in streams have also been identified in County Waterford.  The recently reanalysed data from the Tellus Survey team also highlights a broad zone of gold in County Wicklow.  It is hoped that this new data, along with additional data from samples due to be released later this year, will offer a fresh perspective of Ireland’s natural resources with the scope for further exploration attracting additional inward investment.

The new geochemical data for south east Ireland and all previous phases of the Tellus Survey are available, free of charge, to view and download at www.tellus.ie. The new data released today will be showcased next week at a major international convention, the Prospectors and Developers Association of Canada (PDAC) in Toronto on the 7th March.

Contact Details:

IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427

Brand Communications
Mr. Alan Green
Tel. +44 (0)7976 431608

CEO Interview: Partnership with Koza Gold a great opportunity for IMC Exploration (IMCP) in Ireland

24th November 2015 / Leave a comment

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

20th October 2015 / Leave a comment

IMCAudited 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

23rd September 2015 / Leave a comment

BusIrishIrish 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

18th September 2015 / Leave a comment

IMCCompletion 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

 

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.