REG - Ajax Resources PLC - Final results for the year to 28 February 2023
30/06/2023 11:15
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RNS Number : 5624E Ajax Resources PLC 30 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
30 June 2023
AJAX RESOURCES PLC
("Ajax" or the "Company")
Final results for the year to 28 February 2023
Ajax [LSE: AJAX], the UK listed special purpose acquisition company with a
focus on natural resources, is pleased to publish its audited financial
statements and annual report for the year to 28 February 2023 (the "Annual
Report"). A copy of the Annual Report will shortly be available for download
on the Company's website, www.ajaxresources.com (http://www.ajaxresources.com)
, and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/5624E_1-2023-6-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5624E_1-2023-6-30.pdf)
Key elements from the Annual Report have been extracted and can be viewed
below.
- ENDS -
Further Information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief Executive Officer info@ajaxresources.com
Allenby Capital Limited (Financial Adviser) Tel: + 44 (0) 203 328 5656
Nick Harriss / Daniel Deardon-Williams
Statement
I am pleased to report the audited financial statements to shareholders for
the year ended 28 February 2023.
During the period, Ajax listed on the Main Market of the London Stock Exchange
on April 7, 2022, having raised a total of £1,342,000 (before expenses)
following Ajax's successful initial public offering ("IPO"), and started the
research of an opportunity to acquire an asset.
Since this time, the Company has been active in reviewing several
opportunities in the natural resources sector focusing on production and
development assets in low-risk jurisdictions, as outlined in the Company's IPO
Prospectus.
The Directors, who founded the business, have a significant interest in the
share capital of the Company and look forward to delivering on the commitment
made by shareholders.
Outlook
As we look to our future progress, we are encouraged by the current energy
pricing climate and the many opportunities we believe this has created for
experienced and well-connected management teams. Our efforts are fully
centered on identifying and completing an acquisition with transformational
value creation potential for shareholders.
The demand for energy, specifically that to be provided through the use of
battery metals including Lithium, Nickel, and Cobalt, is expected to increase
exponentially in the years ahead. To this end, the Company is looking to
position itself at the forefront of the ongoing energy transition away from
fossil fuels to a low-carbon economy.
I would like to thank all shareholders for the support they have shown for the
Company's IPO, and we look forward with enthusiasm to our progress in the near
future.
STATEMENT OF COMPREHENSIVE INCOME
Notes Year to 28 February 2023 From 21 June 2021 to 28 February 2022
£ £
Revenues - -
Cost of sales -
Gross profit - -
Other interest receivable 16,305 -
Administrative expenses (876,022) (79,625)
Operating loss and loss before income tax 4 (79,625)
(859,717)
Taxation 5 - -
Loss and total comprehensive loss for the period (79,625)
(859,717)
Loss per share attributable to the equity holders (pence) 6
Basic
Diluted (1.84) (0.96)
(1.84) (0.96)
The notes to the financial statements form an integral
part of these financial statements and can be viewed on the link to the Annual
Report above.
STATEMENT OF FINANCIAL POSITION
Notes Year to 28 February 2023 From 21 June 2021 to 28 February 2022 RESTATED
£ £
Current assets
Receivable from shareholders 8 - 38,585
Other receivables 8 16,305 -
Promissory Notes granted 8 337,508 -
VAT Credit 8 - 11,952
Cash and cash equivalents 9 757,160 625,000
1,110,973 675,537
Total assets 1,110,973 675,537
Equity
Ordinary shares 10 468,125 120,000
Share Premium Reserve 10 1,019,035
Options & Warrants 10 518,200
Retained earnings/(loss) (79,625)
(939,342)
Total equity 1,066,018 40,375
Current Liability
Other payables 11 44,955 635,162
Total equity and liabilities 1,110,973 675,537
STATEMENT OF CHANGES IN EQUITY
Ordinary Share Premium Reserve Warrants and share options Retained Total
share capital losses
£ £ £ £ £
Balance at 21 June 2021 12,500 - - - 12,500
Share issue 107,500 - - - 107,500
Loss and total comprehensive income for the period - - - (79,625) (79,625)
Balance at 28 February 2022 120,000 - - (79,625) 40,375
Share issue 348,125 - - - 348,125
Share Premium - 1,044,375 - 1,044,375
Share issue costs - (25,340) - (25,340)
Warrants issued 96,000 96,000
Options issued 422,200 422,200
Loss and total comprehensive income for the period - - - (859,717) (859,717)
Balance at 28 February 2023 468,125 1,019,035 518,200 (939,342) 1,066,018
STATEMENT OF CASH FLOWS
Year to 28 February 2023 From 21 June 2021 to 28 February 2022
£ RESTATED
£
Cash flows from operating activities
Loss before tax (859,717) (79,625)
Increase in receivables (4,353) (11,952)
Increase in payables 34,457 10,498
Share Based Payments 518,200 -
Net cash used in operating activities (311,413) - 81,079
Promissory Notes (337,508)
Cash flows from investing activities (337,508) -
Net cash used in investing activities (337,508) -
Cash flows from financing activities
Shares Prepayment 646,000
Proceeds from the issue of ordinary shares (net of issue costs) 781,081 60,079
Net cash from financing activities 781,081 706,079
Net increase / (decrease) in cash and cash equivalents 132,160 625,000
Cash and cash equivalents at the start of the period 625,000 -
Cash and cash equivalents at the end of the period 757,160 625,000
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