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IMC Exploration #IMCP – Issue of Equity and Changes of Directorate
IMC has previously announced that it has undertaken a strategic review of all its projects. IMC is now concentrating on its three main ventures: tailings and spoils project in Avoca, Co. Wicklow, the North Wexford gold project and its zinc project located close to the Kilbricken deposit in Tulla, Co. Clare.Focusing on completion of our works’ programmes on our principal projects should accelerate progress to realising the potential of IMC’s valuable assets for the benefit of the shareholders.
The Directors of IMC are delighted to announce the completion, subject to the approval of The Minister for Communications, Climate Action and Environment,of the Joint Venture agreement with Trove Rehabilitation Limited (“TRL”). The JV agreement, which provides inter alia, for the issue to TRL of 18,750,000 new IMC shares,relates to ourmine waste rehabilitation project in Avoca, covering all of the mine waste, both tailings and spoils, from the closed Avoca Copper Mine, which is on our PL 3849 and PL 3850 licence areas. Following the Avoca mine’s closure in 1982, the mine site and spoil heaps have been largely undisturbed and sampling by the Environmental Protection Agency, the Geological Survey of Ireland and Camp Dresser & McKee Inc. (“CDM”) has shown that significant quantities of gold, lead and copper remain in the spoil heaps.
CDM reports that the Avoca spoils contain significant concentrations of,“…copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg). Analyses of seepage from the Mount Platt spoils indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, iron, and aluminium.”
This report further confirms that the mine exploited a VMS-type deposit, which is polymetallic, as is typical for such deposits. Operating during the 1970s and 1980s, copper, lead and zinc were extracted at Avoca, although both gold and silver are also known to be present.
This is a very exciting development for IMC. TheDirectors believe the Joint Venture has the potential to transform IMC from an exploration company to a mining and rehabilitationbusiness.
Directorate Changes:
These developments have led the Board of IMC to appoint new directors with additional skill-sets to progress this new partnership and strategic vision. The Board wishes to announce the appointments of Eamon O’Brien (B.Sc., H.D.E., M.B.A.) and Kathryn Byrne (F.P.R.I.I.) as Directors of the Company. Both appointees bring a depth of relevant knowledge, expertise and experience. Mr. O’Brien will be appointed as Chairman of the Board with immediate effect.
About Eamon O’Brien:
Eamon O’Brien, after graduating with an MBA, workedon Wall Street with Quick & Reilly, a specialised U. S. stockbroking firm. On returning to Ireland, he joined NCB Stockbrokers in Dublin before moving to Davy Stockbrokers. He has since served as a consultant on various projects, including retail management, software projects and property development.
He was a founding member and CFO of Eurocommerce, a payments processing company, now owned by Mastercard. Eamon graduated from University College Dublin with a B.Sc. which included chemistry and geology. He later gained an MBA.
About Kathryn Byrne:
Kathryn Byrne is a Director of a communications consultancy company based in Dublin. Taking a lead role in project management and event management, her expertise includes PR both corporate and consumer, media relations and public affairs. Kathryn takes an active role in the wider business and civic community. Kathryn served as a government appointed board member of An Board Altranais and as a council member of Gaisce – the President’s Award. She is involved in the Networks for Women in Business and was a founding member of BNI (Business Network International).
Kathryn is a Fellow of the Public Relations Institute of Ireland (PRII). She is former Honorary Secretary and board member of the PRII. She is also a Global Affiliate of the Chartered Institute of Public Relations. Kathryn holds an honours post-graduate diploma in public relations and is a member of the Institute of Chartered Secretaries & Administrators.
Nial Ring is to resign from the Board in order to take up a new position outside the industry, which does not compete with IMC’s interests. Nial has been instrumental in developing the Company since inceptionand his contribution to its growth is gratefully acknowledged by the Board.
Further, Liam McGrattan will resign from the Board. For the past seven years, Liam has done a remarkable job as a director of IMC. His highlights include the Koza joint venture agreement, advancement of IMC’s North Wexford gold project along with IMC’s base metal project adjoining the Kilbricken deposit in Co. Clare and the completion of an outline study relating to the secondary processing of mine material from the Avoca mine in Co. Wicklow. This has culminated in IMC’s conclusion of the new Trove JV, discussed above.
Issues of Equity Securities:
IMC recognises the tremendous contribution that Liam and Nial have made to the Company over the last seven years and in acknowledgement of past services, each of Liam McGrattan, Nial Ring and Lisa McDonnell will be issued with 8,600,000 shares. Dr. Glenn Millar and Laz Fleming will be issued with 2,000,000 shares each for their contributions to the Company. A further 6,458,281 shares will be issued to third parties in satisfaction of professional fees owed.
Each of Eamon O’Brien and Kathryn Byrne will be issued with 1,000,000 newIMC shares in consideration for their acceptance of their appointments.
The above new shares are all being issued at a price or a deemed price of 1pence per share.
Conclusion:
Dr Glenn Millar, Director of IMC, said, “It has been a real pleasure over the past seven years working with Nial Ring and Liam McGrattan. I would like to welcome Eamon O’Brien and Kathryn Byrne and look forward to working alongside them in furtherance of shareholders’ interests.”
The new Chairman of IMC, Eamon O’Brien, commented, “I am delighted to join the Board of IMC and look forward to assisting the Company to realise its potential. At this exciting time, with the feasibility study underway to assess in greater detail the quantity and value of the Avoca project, I am confident that it will provide shareholders with an economically robust project in an established mining jurisdiction with the scope for substantial value creation. I believe the Avoca project should also attract significant strategic interest.”
IMC Exploration Group PLC,
Dublin,10th May 2018
The Directors of IMC have issued this announcement after due and careful enquiry and accept responsibility for its content.
Enquiries:
Keith, Bayley, Rogers & Co. Limited
Brinsley Holman
Tel: United Kingdom +44 20 7464 4098
Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4091
Mob: UAE +971 50 856 9408
IMC Exploration #IMCP – Half-yearly Report, 1 July 2017 to 31 Dec 2017
Financial Results for IMC Exploration Group PLC (‘IMC’ or the ‘Company’) for the half-year ended 31st December 2017
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 2017. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.
Over the past number of months IMC has been engaged in a strategic review of all its projects. It was decided IMC would concentrate on its three main projects: Tailings and Spoils project in Avoca, Co. Wicklow, North Wexford Gold Project and IMC’s Zinc Project in Tulla, Co. Clare.
IMC’s feasibility study on its flagship project in Avoca, Co. Wicklow 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.
Following an assessment of IMC’s highly prospective north Wexford gold project, it is apparent to IMC that the licence clearly has untested potential for primary gold mineralisation. Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting (CPR 2018). To date, IMC has completed six drill-holes with highly positive results.
IMC’s Zinc Project lies adjacent to the Kilbricken zinc deposit in Tulla, Co. Clare and Shannon, Co. Clare. It is on the north-eastern margin of a block of licences that have produced significant exploration results by other operators. The Kilbricken deposit, c. 15 km to the southwest and held by Hannon Metals, has an NI 43-101-compliant resource of 2.7Mt at 8.8% zinc equivalent (indicated) and 1.7Mt at 8.2% zinc equivalent7 (inferred). IMC recently has drilled on the licence area.
We are in on-going positive 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.
Following our indepth this strategic review it was decided IMC has requested permission from the Exploration and Mining Division (“EMD”) of the Department of Communications, Climate Action and Environment to relinquish a number of base metal licences, so that we could concentrate on the three main projects described above.
Your 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.
LIAM MCGRATTAN,
CHAIRMAN, Dublin, 9th March 2017
| Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2017 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-17 | 31-Dec-16 | 30-Jun-17 | ||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | – | ||||
| Other Income / (Expense) | 0 | 0 | 0 | ||||
| Administrative Expenses | (74,680) | (98,919) | (267,507) | ||||
| (Loss) before tax | (74,680) | (98,919) | (267,507) | ||||
| Income tax expense | 0 | 0 | 0 | ||||
| (Loss) for period from continuing operations | (74,680) | (98,919) | (267,507) | ||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (74,680) | (98,919) | (267,507) | ||||
| Earnings per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.001) | (0.002) | |||
| Unaudited Consolidated Statement of Financial Position As at 31 December 2017 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-17 | 31-Dec-16 | 30-Jun-17 | ||||
| Non Current Assets | 2 | 587,666 | 587,666 | 587,666 | |||
| Current assets | |||||||
| Debtors | 78,747 | 88,688 | 81,018 | ||||
| Cash and cash equivalents | (35,362) | 300 | (19,464) | ||||
| Total assets | 631,050 | 676,654 | 649,219 | ||||
| Equity and liabilities | |||||||
| Equity | |||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||
| Ordinary Share Capital | 136,017 | 107,817 | 128,517 | ||||
| Share Premium – Ord Shares | 2,554,409 | 2,237,415 | 2,489,137 | ||||
| Retained Earnings | (2,160,143) | (1,916,874) | (2,085,462) | ||||
| Equity attributable to the owners of the Company | 568,376 | 466,451 | 570,285 | ||||
| Current Liabilities | |||||||
| Trade & Other Payables | 62,674 | 210,203 | 78,934 | ||||
| Total liabilities | 62,674 | 210,203 | 78,934 | ||||
| Total equity and liabilities | 631,050 | 676,654 | 649,219 | ||||
| Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2017 | |||||||
| “A” | Share | ||||||
| Ordinary | Ordinary | Premium | |||||
| Share | Share | Ordinary | Retained | ||||
| Capital | Capital | Shares | Losses | Total | |||
| Euro | Euro | Euro | Euro | Euro | |||
| Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||
| Loss for the Period | (267,507) | (267,507) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 20,700 | 251,722 | 272,422 | ||||
| Share Issue Costs | – | ||||||
| Balance at 30 June 2017 | 38,093 | 128,517 | 2,489,137 | (2,085,462) | 570,285 | ||
| Loss for the Period | (74,680) | (74,680) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 7,500 | 65,272 | 72,772 | ||||
| Share Issue Costs | – | ||||||
| Balance at 31 December 2017 | 38,093 | 136,017 | 2,554,409 | (2,160,143) | 568,376 | ||
| 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 interim 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 interim 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-17 | 31-Dec-16 | 30-Jun-17 | |||||
| Loss for the period attributable to equity holders of the parent | 74,680 | 98,919 | 267,507 | ||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 136,016,719 | 128,516,719 | 128,516,719 | ||||
| Basic (loss) per ordinary share | (0.001) | (0.001) | (0.002) | ||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | – | 0 | |||
| At 30 June 2017 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | 0 | 0 | |||
| At 31 December 2017 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Provision for diminution in value | |||||||
| At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | 0 | – | 0 | |||
| Disposal | – | 0 | – | 0 | |||
| At 30 June 2017 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | – | 0 | 0 | |||
| At 31 December 2017 | – | (6,125) | (38,738) | (44,863) | |||
| Net book value | |||||||
| At 31 December 2017 | 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 2017. 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-17 | 31-Dec-16 | 30-Jun-17 | |||||
| Euro | Euro | Euro | |||||
| 200,000,000 Ordinary shares of Euro 0.001 each | 400,000 | 200,000 | 400,000 | ||||
| 50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | 50,000 | ||||
| 450,000 | 250,000 | 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 2016 | 107,816,719 | 107,817 | 2,237,415 | ||||
| Issued in period | 20,700,000 | 20,700 | 251,722 | ||||
| At 30 June 2017 | 128,516,719 | 128,517 | 2,489,137 | ||||
| Issued in period | 7,500,000 | 7,500 | 65,272 | ||||
| At 31 December 2017 | 136,016,719 | 136,017 | 2,554,409 | ||||
| Issued, called up and partly paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| One Euro A Ordinary Shares | |||||||
| At 30 June 2016 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 30 June 2017 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 31 December 2017 | 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 Company accept responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel.: Ireland +353 872745427
Keith, Bayley, Rogers & Co. Limited
Brinsley Holman/Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4090
This announcement is distributed by PR Newswire on behalf of the Company.
The issuer of this announcement warrants that it is solely responsible for the content, accuracy and originality of the information contained therein.
IMC Exploration Group #IMCP – Corporate and Exploration Update
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 – Share Placement
The board of IMC Exploration Group plc (IMCP) is pleased to announce that it has raised GBP75,000 by way of a placing of 7,500,000 new ordinary shares of EUR0.001 each in the Company at a price of 1p per share. For each Placing Share subscribed for, the investors are also receiving one warrant to subscribe for an additional Ordinary Share at a price of 2p per share, excercisable for one year from today. The total number of shares in issue following the Placing is 143,516,719.
The net proceeds of the Placing will be used to continue our feasibility study on PL 3850 in Avoca, Co. Wicklow. An Irish government commissioned report indicates the spoils from previous extractive activity contain significant concentrations of copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg).
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
Contact Details:
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 – Replacement: Annual Financial Report
IMC Exploration Group Plc
Replacement : Annual Financial Report
Please be advised that this announcement is a replacement for the one published at 18:31hrs, yesterday, 30th November. Please find below the full text of the announcement.
Chairman’s Statement.
Financial Results for IMC Exploration Group PLC (‘IMC’ or ‘the Company’) for the year ended 30th June 2017
Dear Shareholder,
The directors of IMC are pleased to present the audited Financial Results for (‘IMC’) for the twelve months to 30th June 2017.
The past twelve months have been remarkable for IMC. Highlights include:
• The completion of an outline study relating to the secondary processing of mine material from the Avoca Mine in Co. Wicklow
• The Koza report based on legacy data review and reconnaissance on exploration targets in Wicklow and Wexford
• The commencement of the drilling programme on zinc prospecting Licence 3729 in Tulla Co. Clare
Since March 2017, IMC has been engaged in exploration work in Avoca, Co Wicklow. Work has included assay testing and data collation, petrographic, mineralogical and metallurgical testing, along with analysis of potential material handling, processing setup, product sale and transport and high-level cost analysis. An Irish governmentcommissioned report indicates the spoilsfrom previous extractive activity contain significant concentrations of copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg).
Earlier this year the Koza team completed an exploration targeting report within PL2551, PL3857 and PL 2239, based on the Koza legacy data review and reconnaissance mapping. This is a very important and valuable report and has prioritised detailed follow-up exploration work on these licences.
Post Balance Sheet events:
In recent months IMC has commenced a drilling programme on PL 3729, Tulla, Co. Clare. This licence area adjoins the Kilbricken zinc deposit. Hannan Metals Limited (‘Hannan’), a Toronto listed company acquired the Kilbricken zinc deposit formerly held by Lunden Mining. In July 2017, Hannan announced their maiden mineral resource estimate which ranks it as one of the top ten base metal deposit discovered in Ireland. IMC’s PL 3729 and PL 3644 (Shannon licence) is adjacent to the Hannan licence area.
IMC has made great strides in its numerous exploration activities. With the commencement of our feasibility study on PL 3850 in Avoca, Co. Wicklow, the implementation of the recommendations in the Koza report and further drilling on our licence area in Co Clare, it is hoped that significant value will be added to IMC over the coming weeks and months.
Liam McGrattan
Chairman
| Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2017 | |||||||
| Audited | Audited | ||||||
| Year Ended | Year Ended | ||||||
| Notes | 30-Jun-17 | 30-Jun-16 | |||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | |||||
| Other Income / (Expense) | – | – | |||||
| Administrative Expenses | (267,507) | (410,007) | |||||
| (Loss) before tax | (267,507) | (410,007) | |||||
| Income tax expense | (0) | 0 | |||||
| (Loss) for period from continuing operations | (267,507) | (410,007) | |||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (267,507) | (410,007) | |||||
| Earning per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.002) | (0.004) | ||||
| Audited Consolidated Statement of Financial Position As at 30 June 2017 | |||||||
| Audited | Audited | ||||||
| Year Ended | Year Ended | ||||||
| Notes | 30-Jun-17 | 30-Jun-16 | |||||
| Non Current Assets | 2 | 587,666 | 587,665 | ||||
| Current assets | |||||||
| Debtors | 81,018 | 95,047 | |||||
| Cash and cash equivalents | (19,464) | 61,742 | |||||
| Total assets | 649,219 | 744,454 | |||||
| Equity and liabilities | |||||||
| Equity | |||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | |||||
| Ordinary Share Capital | 128,517 | 107,817 | |||||
| Share Premium – Ord Shares | 2,489,137 | 2,237,415 | |||||
| Retained Earnings | (2,085,462) | (1,817,956) | |||||
| Equity attributable to the owners of the Company | 570,285 | 565,369 | |||||
| Current Liabilities | |||||||
| Trade & Other Payables | 78,934 | 179,085 | |||||
| Total liabilities | 78,934 | 179,085 | |||||
| Total equity and liabilities | 649,219 | 744,454 | |||||
| Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2017 | |||||||
| “A” | Share | ||||||
| Ordinary | Ordinary | Premium | |||||
| Share | Share | Ordinary | Retained | ||||
| Capital | Capital | Shares | Losses | Total | |||
| Euro | Euro | Euro | Euro | Euro | |||
| Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||
| Loss for the Period | – | – | – | (267,507) | (267,507) | ||
| Other Comprehensive loss for the period | – | – | – | – | – | ||
| Issue of share capital | – | 20,700 | 251,722 | – | 272,422 | ||
| Share Issue Costs | – | – | – | – | – | ||
| Balance at 30 June 2017 | 38,093 | 128,517 | 2,489,137 | (2,085,462) | 570,285 | ||
| 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-17 | 30-Jun-16 | ||||||
| Loss for the period attributable to equity holders of the parent | 267,507 | 410,007 | |||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 128,516,719 | 107,816,719 | |||||
| Basic (loss) per ordinary share | (0.002) | (0.004) | |||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Disposals | – | – | – | 0 | |||
| At 30 June 2017 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Provision for diminution in value | |||||||
| At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | – | 0 | 0 | |||
| Disposal | – | – | 0 | 0 | |||
| At 30 June 2017 | – | (6,125) | (38,738) | (44,863) | |||
| Net book value | |||||||
| At 30 June 2017 | 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 30 June 2017. 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-17 | 30-Jun-16 | ||||||
| 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 2016 | 107,816,719 | 107,817 | 2,237,415 | ||||
| Issued in period | 20,700,000 | 20,700 | 251,722 | ||||
| As at 30 June 2017 | 128,516,719 | 128,517 | 2,489,137 | ||||
| Issued, called up and partly paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| One Euro A Ordinary Shares | |||||||
| As at 30 June 2016 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| As at 30 June 2017 | 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 Group #IMCP – Annual Financial Report
IMC EXPLORATION GROUP PLC ANNUAL FINANCIAL REPORT
Please click the link below Financial Results of IMC Exploration Group Plc for the twelve months to 30thJune 2017.
http://content.prnewswire.com/documents/PRNUK-3011171829-274F_ISDX_Report_June_2017_CC.pdf
Contact details:
Liam McGrattan, Chairman.
Tel: Ireland +353 8745 427
IMC Exploration (IMCP) – Share placing
The board of IMC Exploration Group plc (IMC) is pleased to announce that it has raised £75,000 by way of a placing of 7,500,000 new ordinary shares of €0.001 each in the Company at a price of 1p per share. For each Placing Share subscribed for, the investors are also receiving one warrant to subscribe for an additional Ordinary Share at a price of 2p per share, excercisable for one year from today. The total number of shares in issue following the placing is 136,016,719.
The net proceeds of the Placing will be used to commence our feasibility study on PL 3850 in Avoca, Co. Wicklow. This carries on from our extensive work on this licence area with Koza and more than justifies the undertaking of this feasibility study which will further advance our assets towards production.
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. Brinsley Holman
Tel. +44 207 464 4098
30th October 2017
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. | ||||||||
IMC Exploration Group (IMCP) – Implementation of comprehensive Zinc Work’s Programme
IMC announces the implementation of its work’s programme on its base metal licence area in the highly prospective South West Ireland. The comprehensive exploration programme consists of geochemistry, geophysics and drilling.
IMC holds numerous licences between the Tynagh and Silveriness deposits within this Irish Base Metal Province. These licences are highly prospective, lying proximal to the intersection of the ‘Navan-Silvermines Trend’ and ‘Limerick Trend’, the latter which hosts the deposits at Pallas Green and Kilbricken.
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 also holds licences close to Tynagh.
Liam McGrattan, Chairman of IMC said ‘The zinc price soared in 2016 and many experts are predicting that 2017 will bring more of the same. A Senior Analyst on Zinc Markets at Wood Mackenzie is predicting an average zinc price of $3,200 per tonne. The Analyst sees the metal hitting $4,000 per tonne midway through next year. The implementation of the works programme, concentrating on licence areas with previously indicated zinc deposits, makes absolute sense from a financial, strategic and asset enhancement point and represents a great opportunity to unlock significant value for IMC’s shareholders.’
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 (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