REG - Mila Resources Plc - Interim Results
31/03/2022 07:01
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RNS Number : 5871G Mila Resources PLC 31 March 2022
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
31 March 2022
Mila Resources Plc
("Mila" or "the Company")
Interim Results
Mila Resources Plc, a London listed natural resources company, is pleased to
present its interim results for the six-month period ended 31 December 2021.
Highlights:
• Acquired an initial 30% interest in the Kathleen Valley Gold Project
in Western Australia ("Kathleen Valley" or the "Project"). The Project is
located in the prolific Wiluna-Norseman gold belt which hosts several
world-class mines including those owned by ASX listed Bellevue Gold Ltd
('Bellevue').
• Capital Raise of £3.5m (before expenses) to fund an 11,000-metre
plus drilling programme.
• Drilling underway with the first 11 drill holes. Assay results
returned:
o Identification of a 10m wide zone of mineralisation with multiple +10g/t
Au & Ag grades at Coffey; and
o Post period end (1(st) March 2022) and in the same area, the Company
identified a ~9.3m wide mineralised sulphide zone from 195.68m, containing 2m
of "Bellevue Style" quartz-sulphide lodes from 201.5m to 203.5m.
• Cash at bank and in hand at the end of the period £2,516,043.
Chairman Statement
I am pleased to present the interim financial statements to shareholders for
the six months ended 31 December 2021.
Mila Resources was listed on the London Stock Exchange in 2016 with a view to
acquiring projects in the natural resources sector which its Directors
believed have a significant innate value that can be unlocked without
excessive capital, and which offer access to early cash flow and stable market
prices. In November 2021, we acquired an interest in an asset which we
believe meets these stringent investment criteria - the Kathleen Valley Gold
Project in Western Australia, in which we acquired an initial 30% interest,
with the option to acquire an additional 50% interest in two further
tranches. With our readmission to trading achieved concurrently with the
Project acquisition, the period under review has been transformational for
Mila. We are now firmly focused on realising the significant value potential
of Kathleen Valley as we cement our position as a post-discovery gold
exploration accelerator.
Testament to this commitment, within two weeks of acquiring our interest in
Kathleen Valley we commenced a 11,000m drill campaign. The purpose of this
drill campaign, which is still ongoing, is to build on the Project's initial
JORC Inferred resource of 21,000 oz gold which, significantly, is part of a
much larger JORC Exploration Target of 145,000-280,000 oz at 1.8-2.5g/t
gold. It is important to note that this has been defined solely at the
Coffey deposit ('Coffey'), in the southern area of the Project following just
12 reverse circulation drill holes totalling 2,160m. Accordingly, we are
confident in our ability to enhance both the scale and confidence of the
resource.
In December 2021 we received assay results for our first 11 drill holes, which
exceeded our expectations. A stand-out result included the identification of
a 10m wide zone of mineralisation with multiple +10g/t Au & Ag grades at
Coffey, which our Chief Technical Officer, Neil Hutchison, described as "one
of the most consistent and best overall gold intersections" he has seen in his
30-year career. This area is accordingly a high priority target and post
period end has continued to deliver encouraging results, with a 9.3m wide
mineralised sulphide zone from 195.7 to 205m identified that contains 2m of
"Bellevue Style" quartz-sulphide lodes from 201.5m to 203.5m.
The discovery of "Bellevue Style" mineralisation is significant because
underpinning our resource discovery confidence is Kathleen Valley's
location. The Project is situated in one of the world's most productive gold
regions, next to ASX listed Bellevue Gold Ltd ('Bellevue'), which has a market
cap of circa AUD1 billion and is considered one of the most successful
exploration plays in Western Australia. Evidence to date shows that Kathleen
Valley exhibits similar geological characteristics to Bellevue, with
gold-silver mineralisation occurring within the same Mt Goode Basalt
sequence.
Encouragingly, mineralisation also appears to be improving with depth and now
extends down dip for >150m, which is where we are currently focusing our
drill efforts. Alongside Coffey, additional deposits will be tested in this
current drill programme, including Sturrock and Powell in the north of the
licence area where a zone of highly anomalous gold geochemistry has been
identified.
We believe that the potential of this Project is substantial, and we are
committed to unlocking it as swiftly as possible. Furthermore, the Project
is in an area of established mining infrastructure being close to both the
main Goldfields Highway and the electrical grid, and there are several gold
processing plants in the district which may provide commercial development
routes without the need to build a stand-alone processing plant, thus reducing
future capital expenditure requirement.
Gold continues to appeal as a safe haven for investors, with a favourable
pricing forecast ahead for the commodity.
Outlook
Located in a recognised tier one mining jurisdiction, Kathleen Valley is
surrounded by mining success stories, including the gold producing Wiluna
Mining (~60km to the north), BHP's Mount Keith nickel mine (~20km to the
north), and Kathleen Valley Gold (to the north), which in 2015 extracted
65,900 oz gold over an 18-month period. Through our targeted drill programme
and utilisation of electromagnetic exploration techniques (a methodology also
successfully applied by Bellevue Gold) we are focussed on substantially
growing the resource zone and building commercial confidence. Given the
positive results within three months of drilling, I am hopeful for what the
future may hold.
Finally, I would like to thank the Mila team and our advisers for their
consistent hard work and you, our shareholders, for your support. I look
forward to building this company with you.
Finance and Corporate
Results
The interim results for the six months to 31 December 2021 shows a loss of
£760,806 (2020: £122,037). This loss includes a non-cash accounting charge
of £493,232 relating to the issuance of Warrants and Options as part of the
capital raise in November 2021, as set out in the Prospectus dated 29 October
2021.
Acquisition of an initial 30% interest in the Kathleen Valley Project
The Company acquired an initial 30% interest in the Kathleen Valley gold
project and the exploration licence E36/876 in the Kathleen Valley satisfied
by the issue of 83,543,197 Ordinary Shares at a price of £0.024 per Ordinary
Share, £300,000 in cash consideration, the issue of 15,448,370 Ordinary
Shares to Diversified Minerals Pty Ltd ("DM") pursuant to the DM loan
agreement dated 4 February 2021, and by novating the £229,393 Series 3 Loan
Notes from New Generation Minerals Limited to the Company which were converted
to 12,744,032 Ordinary Shares on readmission.
Conditional on the successful completion of 11,000 metres drilling at Kathleen
Valley, the Company will have a right to purchase a further 25% interest in
the Kathleen Valley Project and the Kathleen Valley Licence from Trans Pacific
Energy Group Pty Ltd ("TPE") for consideration of £2,343,750 by way of
issuing 97,656,750 new Ordinary Shares at a price of £0.024 per Ordinary
Share in the Company (the "Second Consideration Shares") to TPE. The Company
will then seek to list the Second Consideration Shares.
Finally, and conditional on a second spend by the Company of not less than
£1,500,000, the Company will have a right to acquire an additional 25%
interest in the Kathleen Valley Project and Kathleen Valley Licence from TPE
for consideration of £2,343,750 by way of issuing 97,656,750 new Ordinary
Shares in the Company at a price of £0.024 per Ordinary Share (the "Third
Consideration Shares") to TPE. On completion of the allotment, the Company
will also seek to list the Third Consideration Shares. There is no guarantee
that the Company will issue the Second Consideration Shares and/or the Third
Consideration Shares, as they are dependent on the aforementioned conditions
being met in relation to the Project and pursuant to the Acquisition
Agreement.
Fund Raise
Concurrently with the acquisition of the Kathleen Valley Project the Company
concluded a £3.5m fund raising (before costs) by issuing 145,833,329 new
ordinary shares ("Investor Shares") at 2.4p each. The shares carry equal
voting rights and rank pari passu for the distribution of dividends and
repayment of capital. The Investor Shares each come with a 5-year warrant
attached which has an exercise price of 4.8p.
Company Convertible Loan Notes
The Convertible Loan notes in existence on 30 June 2021 have all been fully
converted in the period to ordinary shares as part of the successful Kathleen
Valley transaction and in accordance with the terms of the Convertible Loan
Note Instrument.
Amendments to existing warrants in issue at 30 June 2021
The IPO Warrants in issue at the end of 30 June 2021 have had their exercise
price changed from 10p to 4.8p as announced in the prospectus for the Kathleen
Valley transaction. The Series 2 Warrants in issue at the end of 30 June 2021
have had their exercise price changed from 5p to 4.8p as announced in the
prospectus for the Kathleen Valley transaction. For further detail please see
note 3 of the notes to the financial statements.
Establishment of EMI share option scheme
The Company has established an employee EMI share option scheme (the "EMI
Options") as outlined in the prospectus dated 29 October 2021. The newly
established EMI share option scheme has granted options to two Directors over
6,000,000 ordinary shares. The EMI Options are fully vested and have an
exercise price of 2.4p with a 5-year exercise period.
Cash Position
At 31 December 2021, cash and cash equivalents amounted to £2,516,043 (2020:
£212,811).
Directors
The following Directors have held office during the period:
Mark Stephenson
Lee Daniels
Neil Hutchison (Appointed 23 Nov 2021)
Lindsay Mair (Appointed 23 Nov 2021)
Corporate Governance
The UK Corporate Governance Code (September 2014) ("the Code"), as appended to
the Listing Rules, sets out the Principles of Good Corporate Governance and
Code Provisions which are applicable to listed companies incorporated in the
United Kingdom. As a standard listed company, the Company is not subject to
the Code, but the Board recognises the value of applying the principles of the
Code where appropriate and proportionate and has endeavoured to do so where
practicable.
Responsibility Statement
The Directors are responsible for preparing the Unaudited Interim Financial
Statements in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority ("DTR") and with International
Accounting Standard 34 on Interim Reporting ("IAS 34").
The Directors confirm that, to the best of their knowledge, this condensed
consolidated interim report has been prepared in accordance with IAS 34 as
adopted by the European Union. The interim management report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the six
months ended 31 December 2021 and their impact on the condensed consolidated
financial statements for the period, and a description of the principal risks
and uncertainties for the remaining six months of the financial year; and
· related party transactions that have taken place in the six months
ended 31 December 2021 and that have materially affected the financial
position of the performance of the business during that period.
On behalf of the board
Mark Stephenson
Director
30 March 2021
MILA RESOURCES PLC
Interim Statement of Comprehensive Income (Unaudited)
For the six months ended 31 December 2021
Notes Six months ended 31 December 2021 Unaudited Six months ended 31 December 2020 Year ended 30 June
Unaudited 2021 Audited
£ £ £
Administrative expenses (267,574) (123,590) (421,440)
Share warrant and options expense 3 (493,232) - -
Operating loss (760,806) (123,590) (421,440)
Other revenue - - 37,500
Interest receivable - 1,553 1,553
Loss on ordinary activities before taxation (760,806) (122,037) (382,387)
Income tax expense 4 - - -
Loss for the period (760,806) (122,037) (382,387)
Other comprehensive income / (loss) - - -
Total comprehensive income for the period attributable to equity holders (760,806) (122,037) (382,387)
Earnings per share (basic and diluted) attributable to equity holders (p) 5 (1.42) (0.53) (1.65)
The income statement has been prepared on the basis that all operations are
continuing operations.
MILA RESOURCES PLC
Interim Statement of Financial Position (Unaudited)
As at 31 December 2021
At 31 At 31 December 2020 At 30
December 2021 Unaudited Unaudited June 2021
Audited
Notes £ £ £
ASSETS
Non-current assets
Exploration and evaluation assets 6 3,459,356 - -
3,459,356 - -
Current assets
Trade and other receivables 5,293 835 24,185
Cash at bank and in hand 2,516,043 212,811 329,628
2,521,336 213,646 353,813
Total assets 5,980,692 213,646 353,813
LIABILITIES
Current liabilities
Trade and other payables 134,096 126,483 178,309
Convertible loan notes - - 348,692
134,096 126,483 527,001
Total liabilities 134,096 126,483 527,001
Net assets 5,846,596 87,163 (173,188)
EQUITY
Share capital 7 3,063,311 232,000 232,000
Share premium 7 4,259,486 849,300 849,300
Share based payment reserve 543,813 4,720 4,720
Retained losses (2,020,014) (998,857) (1,259,208)
Shareholders' equity 5,846,596 87,163 (173,188)
MILA RESOURCES PLC
Statements of changes in equity (Unaudited)
For the six months ended 31 December 2021
Share Capital Share Premium Account Share Based Payment Reserve Retained TOTAL
Loss
£ £ £ £ £
Balance at 30 June 2020 232,000 849,300 4,720 (876,821) 209,199
Total comprehensive income for the year - - - (382,387) (382,387)
Balance at 30 June 2021 232,000 849,300 4,720 (1,259,208) (173,188)
Total comprehensive income for the period - - - (760,806) (760,806)
Capital Raising - Issue of shares 1,458,333 2,041,667 - - 3,500,000
Capital Raising - Issue Costs - (221,135) - - (221,135)
Issue of Shares in Lieu of Fees 59,792 83,708 - - 143,500
Conversion of Convertible Loan Notes 477,754 382,202 - - 859,956
Acquisition of Kathleen Valley 835,432 1,169,605 - - 2,005,037
Share warrants and options expense - (45,861) 539,093 - 493,232
Balance at 31 December 2021 3,063,311 4,259,486 543,813 (2,020,014) 5,846,596
MILA RESOURCES PLC
Statement of cash flow (Unaudited)
For the six months ended 31 December 2021
Six months to 31 December Six months to 31 December 12 months to 30 June
2021 2020 2021
£ £ £
Cash flows from operating activities
Loss for the period (760,806) (122,037) (382,387)
Adjustments for:
Warrants / Options expense (non-cash) 493,232 - -
Costs settled by the payment of shares 143,500 - -
Operating cashflow before working capital movements (124,074) (122,037) (382,387)
Decrease / (Increase) in trade and other receivables 18,892 6,491 (480)
(Decrease) / Increase in trade and other payables (44,213) 56,192 91,638
Interest income - - (1,553)
Interest expense 3,801 - 8,692
Net cash flow from operating activities (145,594) (59,354) (284,090)
Cash flow from investing activities
Acquisition of Kathleen Valley (300,000) - -
Acquisition costs (336,732)
Funds used for drilling and exploration (310,124) - -
Repayment of loan from E-Tech - 85,849 85,849
Interest Income received - - 1,553
Net cash (outflow) / inflow from investing activities (946,856) 85,849 87,402
Cash flow from financing activities
Proceeds from share issues 3,500,000 - -
Issue costs paid in cash (221,135) - -
Convertible Loan Notes - - 340,000
Net cash inflow from financing activities 3,278,865 - 340,000
Net Increase in cash and cash equivalents 2,186,415 26,495 143,312
Cash and cash equivalents at beginning of the period 329,628 186,316 186,316
Cash and cash equivalents at end of the period 2,516,043 212,811 329,628
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2021
1 General information
Mila Resources Plc (the "Company'') was listed on the London Stock Exchange in
2016 with a view to acquiring projects in the natural resources sector that
had a significant innate value that could be unlocked without excessive
capital. In November 2021, the Company acquired an interest in a gold
exploration project in Western Australia.
The Company is domiciled in the United Kingdom and incorporated and registered
in England and Wales, with registration number 09620350.
The Company's registered office is Lockstrood Farm, Ditchling Common, Burgess
Hill, West Sussex RH15 0SJ.
2 Accounting policies
The principal accounting policies applied in preparation of these consolidated
financial statements are set out below. These policies have been consistently
applied unless otherwise stated.
Basis of preparation
The interim unaudited financial statements for the period ended 31 December
2021 have been prepared in accordance with IAS 34 Interim Financial Reporting.
This interim financial information is not the Company's statutory financial
statements and should be read in conjunction with the annual financial
statements for the period ended 30 June 2021, which have been prepared in
accordance with International Financial Reporting Standards (IFRS) and have
been delivered to the Registrars of Companies. The auditors have reported on
those accounts; their report was unqualified, did not include references to
any matters which the auditors drew attention by way of emphasis of matter
without qualifying their report and did not contain statements under section
498 (2) or (3) of the Companies Act 2006.
The interim financial information for the six months ended 31 December 2021 is
unaudited. In the opinion of the Directors, the interim consolidated financial
information presents fairly the financial position, and results from
operations and cash flows for the period.
The Directors have made an assessment of the Company's ability to continue as
a going concern and the interim report has been prepared on the going concern
basis, which contemplates the continuity of normal business activity and the
realisation of assets and the settlement of liabilities in the normal course
of business. The Company, therefore, continues to adopt the going concern
basis in preparing its consolidated financial statements.
The financial information of the Company is presented in British Pounds
Sterling (£).
Critical accounting estimates and judgements
The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities and the
reported amounts of income and expenses during the reporting period. Although
these estimates are based on management's best knowledge of current events and
actions, the resulting accounting estimates will, by definition, seldom equal
related actual results.
In preparing the interim financial information, the significant judgements
made by management in applying the Company's accounting policies and the key
sources of estimation uncertainty. New accounting policies adopted in the
period are listed below.
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2021
New accounting policies adopted in the period
Intangible assets - Exploration and evaluation expenditures (E&E)
Development expenditure
Expenditure on the construction, installation and completion of infrastructure
facilities including service, is capitalized initially within intangible fixed
assets and when the asset has formally commenced commercial production, then
it is transferred to property, plant and equipment and is depreciated from the
commencement of production as described in the accounting policy for property,
plant and equipment.
Drilling costs and intangible licenses
The Company applies the successful efforts method of accounting, having regard
to the requirements of IFRS 6 'Exploration for and Evaluation of Mineral
Resources'. Costs incurred prior to obtaining the legal rights to explore an
area are expensed immediately to the Statement of Comprehensive Income.
Expenditure incurred on the acquisition of a licence interest is initially
capitalised within intangible assets on a licence by licence basis. Costs are
held, unamortised, until such time as the exploration phase of the field area
is complete or commercial reserves have been discovered. The cost of the
licence is subsequently transferred into property, plant and equipment and
depreciated over its estimated useful economic life.
Exploration expenditure incurred in the process of determining exploration
targets is capitalised initially within intangible assets as drilling costs.
Drilling costs are initially capitalised on a licence by licence basis until
the success or otherwise has been established. Drilling costs are written off
unless the results indicate that reserves exist and there is a reasonable
prospect that these reserves are commercially viable. Drilling costs are
subsequently transferred into 'Drilling expenditure' within property, plant
and equipment and depreciated over their estimated useful economic life.
Impairment
The Company assesses at each reporting date whether there is an indication
that an asset may be impaired. This includes consideration of the IFRS 6
impairment indicators for any intangible exploration and evaluation
expenditure capitalised as intangible assets. Examples of indicators of
impairment include whether:
(a) the period for which the entity has the right to explore in the specific
area has expired during the period or will expire in the near future and is
not expected to be renewed.
(b) substantive expenditure on further exploration for and evaluation of
mineral resources in the specific area is neither budgeted nor planned.
(c) exploration for and evaluation of mineral resources in the specific area
have not led to the discovery of commercially viable quantities of mineral
resources and the entity has decided to discontinue such activities in the
specific area.
(d) sufficient data exist to indicate that, although a development in the
specific area is likely to proceed, the carrying amount of the exploration and
evaluation asset is unlikely to be recovered in full from successful
development or by sale.
If any such indication exists, or when annual impairment testing for an asset
is required, the Group makes an estimate of the asset's recoverable amount,
which is the higher of its fair value less costs to sell and its value in use.
Any impairment identified is recorded in the statement of comprehensive income
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2021
Share-based payments
The Company records charges for share-based payments.
For warrant-based or option-based share-based payments, to determine the value
of the warrants or options, management estimate certain factors used in the
Black Scholes Pricing Model, including volatility, vesting date exercise date
of the warrants or option and the number likely to vest. At each reporting
date during the vesting period management estimate the number of shares that
will vest after considering the vesting criteria. If these estimates vary from
actual occurrence, this will impact on the value of the equity carried in
reserves.
3 Share based payments - Warrants and Options
The Warrants below were issued or amended during the period
Issued Exercisable from Expiry Date Number outstanding Exercise price Share Based Payment Charge
Warrants - 12 September 2016((1)) From date of issue 31 December 2022 350,000 4.8 pence £ 60
Warrants - 26 September 2016((2)) 7 October 2016 31 December 2022 11,075,000 4.8 pence -
Warrants - 22 November 2021((3)) 22 November 2021 31 December 2026 193,608,694 4.8 pence -
Warrants - 22 November 2021((3)) 22 November 2021 31 December 2026 48,655,417 2.4 pence £ 433,514
253,689,111 £ 433,574
1. The warrants were issued conditionally upon the Ordinary Shares being
admitted to trading on the London Stock Exchange's main market for listed
securities which occurred on 7 October 2016. On 22 November 2021 the strike
price for these warrants was reduced from 10 pence to 4.8 pence.
2. On 22 November 2021 the strike price for these warrants was reduced
from 10 pence to 4.8 pence.
3. On 22 November 2021, the Company granted 242,264,111 warrants, on the
above terms and set out in the Prospectus dated 29 October 2021 to
shareholders, directors, brokers and certain advisors.
The Options below were issued during the period
Issued Exercisable from Expiry Date Number outstanding Exercise price Share Based Payment Charge
Options - 10 December 2021((4)) 10 December 2021 10 December 2026 6,000,000 2.4 pence £ 59,658
6,000,000 £ 59,658
4. Issued under the Company's EMI Scheme established on the 10(th) of
December 2021, as set out in the Prospectus dated 29 October 2021.
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2021
4 Income tax expense
No tax is applicable to the Company for the six months ended 31 December 2021.
No deferred income tax asset has been recognised in respect of the losses
carried forward, due to the uncertainty as to whether the Company will
generate sufficient future profits in the foreseeable future to prudently
justify this.
5 Earnings per share
Basic earnings per ordinary share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted average number
of ordinary shares in issue during the period. Diluted earnings per share is
calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares.
The diluted profit per share is the same as the basic profit per share
because, although certain warrants and options in issue were in the money as
at 31 December 2021, the Company reported a loss, hence including the
additional dilution would have resulted in a reduction of the loss per share.
Earnings Weighted average number of shares Per-share amount
£ unit pence
Loss per share attributed to ordinary shareholders (760,806) 53,542,360 (1.42)p
6 Exploration and evaluation assets
At 31 At 31 December 2020 At 30
December 2021 Unaudited Unaudited June 2021
Audited
£ £ £
Cost
Opening balance - - -
Acquisition 2,812,500 - -
Acquisition costs 336,732
Additions 310,124 - -
Net book value 3,459,356 - -
In November 2021, the Company acquired a 30% interest in the Kathleen Valley
(Gold) Project. The principal assets are leases with rights to exploration in
Western Australia. At the period end the capitalised exploration and
evaluation assets totalled £3.5m (31 December 2020: £nil) and all such costs
capitalised related to exploration and evaluation activities conducted in
relation to the Kathleen Valley Project.
Exploration and evaluation assets are regularly reviewed for indicators of
impairment. If an indicator of impairment is found an impairment test is
required, where the carrying value of the asset is compared with its
recoverable amount. The recoverable amount is the higher of the assets fair
value less costs to sell and value in use. The Directors are satisfied that no
impairments are required for the current period.
MILA RESOURCES PLC
Notes to the financial statements
For the six months ended 31 December 2021
7 Share capital
Number Share Share
of shares capital premium Total
In issue £ £ £
Balance at 30 June 2021 23,200,000 232,000 849,300 1,081,300
Capital Raise 145,833,329 1,458,333 2,041,667 3,500,000
Issue Costs - - (221,135) (221,135)
Shares issued in lieu of fees 5,979,166 59,792 83,708 143,500
Acquisition-Kathleen Valley 83,543,197 835,432 1,169,605 2,005,037
Conversion of novated convertible loan notes as part of Kathleen Valley 28,192,402 281,924 225,539 507,463
acquisition
Conversion of existing convertible loan notes 19,582,963 195,830 156,663 352,493
Broker warrants issued at time of Capital Raise - - (45,861) (45,861)
Movements during the period 283,131,057 2,831,311 3,410,186 6,241,497
Balance at 31 December 2021 306,331,057 3,063,311 4,259,486 7,322,797
The Company has one class of ordinary share.
8. Subsequent events
There are no subsequent events.
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