REG-IMC Exploration Group Plc: Interim Results for the six months ended 31st Dec 2019
27/02/2020 08:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
INTERIM RESULTS FOR THE PERIOD 1(ST) JULY TO 31(ST) DECEMBER 2019
IMC Exploration Group Public Limited Company (the “Company”)
Chairman’s Statement for the period 1(st) July to 31(st) December 2019
The Directors of IMC Exploration Group plc are pleased to present the
interim financial results for IMC for the six months to 31st December 2019.
The consolidated, unaudited financial statements presented below have been
reviewed by the Company's auditors.
IMC completed its Mineral Resource Estimate in accordance with the JORC Code
(2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The
Mineral Resource Estimate for the Avoca spoils and tailings is transformatory
for the Company. Spoils’ heaps projects with demonstrable economic potential
are presently much in demand. There is scope to increase the tonnage and
grade, not only on this site, but also on the other spoils’ heaps within
IMC’s licence area which includes West Avoca and the company is currently
working on advancing this. We will keep our shareholders informed of
progress.
Exploration work continues on our Kilmacoo project in collaboration with
Trinity College Dublin. This is an extremely positive development for IMC.
The last six months have been highly encouraging for IMC. The directors are
confident that, with the price of gold currently trading above $1,600 an
ounce, IMC is well positioned to realise its potential to the benefit of its
shareholders. I look forward to reporting further progress in the coming weeks
and months.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 1(st) July 2019 to 31(st) December 2019
Continuing
Operations
Notes Dec’19 Jun’19
Administrative expenses (156,319) (366,816)
Operating Loss for the period (156,319) (366,816)
Finance Income - -
Amount written off Intangible Assets -
Amount written off investment - -
__________ _________
Loss for period before tax (156,319) (366,816)
Income tax expenses - (2,047)
_________ _________
Total comprehensive loss for the period (156,319) (368,863)
========= =========
Loss attributable to:
Equity holders of the Company (156,319) (368,863)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (156,319) (368,863)
========= =========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent) 0.1 0.1
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.
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
for the period 1(st) July 2019 to 31(st) December 2019
Notes Dec’19 Jun’19
Assets
Intangible assets 472,812 471,117
Property, plant and equipment 1,506 1,723
Investments - -
__________ __________
Total Non-Current Assets 474,318 472,840
__________ __________
Current Assets
Trade and other receivables 144,034 39,373
Cash and cash equivalents (35,623) (30,403)
__________ __________
Total Current Assets 108,411 8,970
__________ __________
Total Assets 582,729 481,810
========= =========
Equity
Share Capital 322,839 293,107
Share premium 3,925,015 3,645,171
Retained deficit (3,805,498) (3,649,179)
__________ _________
Attributable to owners of the Company 442,356 289,099
__________ __________
Total Equity 442,356 289,099
__________ __________
Liabilities – Current
Trade and other payables 138,326 190,664
Current tax liabilities 2,047 2,047
__________ __________
Total Liabilities 140,373 192,711
__________ __________
Total Equity and Liabilities 582,729 481,810
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 1(st) July 2019 to 31(st) December 2019
Share Capital € Share Premium € Retained Losses € Total €
Balance at 30 June 2018 278,107 3,490,942 (3,280,316) 488,733
___________ __________ _________ _______
Total comprehensive income for the period
Loss for the period - - (368,863) (368,863)
__________ ___________ __________ _________
Total comprehensive income for the period - (368,863) (368,863)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 15,000 165,781 - 180,781
Share issue costs - (11,552) - (11,552)
__________ ___________ __________ _________
Total transactions with owners 15,000 154,229 - 169,229
__________ ___________ __________ _________
Balance at 30 June 2019 293,107 3,645,171 (3,649,179) 289,099
__________ ___________ __________ _________
Total comprehensive income for the period
Loss for the period - - (156,319) (156,319)
__________ ___________ __________ _________
Total comprehensive income for the period - (156,319) (156,319 )
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 29,732 296,224 - 325,956
Share issue costs - (16,380) - (16,380)
__________ ___________ __________ _________
Balance at 30 June 2019 322,839 3,925,015 (3,805,498) 442,356
__________ ___________ __________ _________
MC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 1(st) July 2019 to 31(st) December 2019
Notes Dec’19 Jun’19
Cash flows from operating activities
Loss for the year (156,319) (368,863)
Adjustments for:
Intangible Assets Write Off - -
Income Tax recognised in profit and loss - 2,047
Depreciation 216 431
________ ________
Cash from operations before changes in working capital (156,103) (366,385)
Movement in trade and other receivables (104,660) (39,373)
Movement in trade and other payables (52,338) 134,859
_________ _________
Net cash flow from operating activities (313,101) (270,899)
Cash flows from investing activities
Interest received - -
Proceeds from sale of investments - -
Taxation - -
Acquisitions and disposals (1,695) (141,143)
_________ _________
Net cash (used in) investing activities (1,695) (141,143)
_________ _________
Cash flows from financing activities
Proceeds from the issue of new shares 309,576 169,229
Finance income/(expense) - -
_________ _________
Net cash generated by financing activities 309,576 169,229
_________ _________
Movement in cash and cash equivalents (5,220) (242,813)
Cash and cash equivalents at beginning of year (30,403) 212,410
_________ _________
Cash and cash equivalents at end of year (35,623) (30,403)
The Directors of IMC, after due and careful enquiry, accept responsibility for
the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / +44 7506 43 41 07
Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
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