TIDMANGM
RNS Number : 3816S
Angel Mining PLC
30 November 2012
30 November 2012
Angel Mining plc
("Angel Mining" or the "Company")
Un-audited financial information
for the six months ended
31 August 2012
The Directors of Angel Mining, the Greenland-focused mining and
exploration company, report the Company's unaudited interim results
for the six months ended 31 August 2012.
Highlights
The Company recorded a loss of $14,600,000 for the period,
compared to $1,654,000 for the same period a year ago.
Since the end of the period under review, the Company has
also:
-- raised an additional $2,000,000 in the form of funding from
Cyrus Capital Partners, which together with a loan of $1,750,000
drawn on 23 July 2012 is repayable on 15 February 2013.
-- Issued 25,000,000 shares at par value to Yorkville which has
reduced the value of the loan outstanding at 29 November to
$1,234,000.
FINANCIAL RESULTS
The loss for the period amounts to $14,600,000 (2011:
$1,654,000), the Company's cash and bank balances amounted to
$625,000 compared to $252,000 at 31 August 2011. The loss includes
a provision of $10,805,000 for the impairment of the value of
assets at Nalunaq Gold Mine. This is a conservative estimate of the
total investment in Nalunaq which may not be recovered from future
cash generation. The result for the period has benefited by the
impact of the accounting treatment of the Company's Joint Ownership
Share Plan ("JSOP") equity incentive scheme. As a result of the
significant drop in the Company's share price and a change in the
fair value of the associated JSOP liability, there was a positive
impact of $419,000 (2011: $834,000) on the profit and loss
statement.
The Directors have set a production target of 1,500 - 2,000
ounces of gold per month and now believe that this will be achieved
consistently from Q1 2013. Although the Company has been producing
and selling gold on a regular basis since September 2011, it has
not yet, for accounting purposes, reached 'commercial production'.
In keeping with IFRS guidance and normal practice for companies
within the mining sector, the Company will commence commercial
production when it can consistently achieve 70% of its monthly
minimum production target (i.e. 1,050 ounces per month).
Until this is achieved, the operating costs less revenue will be
capitalised as development costs. For this reason, no revenue from
gold sales or costs of production has been recognised in the income
statement during the six months ended 31 August 2012 or the
comparable periods.
The latest assessment of recoverable gold at Nalunaq and our
best understanding of the associated income, based on an average
gold price of $1,700 per ounce, and of the operating costs to
extract the gold, suggests that the mine should generate at least
$25,000,000 of free cash before we have to face the possibility of
mine closure. Consequently, we have taken an impairment charge of
$10,805,000 against the assets at Nalunaq, reducing the value
carried forward at 31 August 2012 to $25,000,000. It is highly
likely that in future months the resource assessment will change.
It is possible that we could find additional high grade ore to
mine, particularly in the Mountain Block. If this is the case, the
life of mine may be extended and all or part of the impairment
charge may be reversed.
The geologist who first discovered the Nalunaq deposit believes
that there may be other gold bearing intrusions in the Nalunaq
mountain and we are working with Nuna Minerals A/S to see if there
is any geological evidence to justify a more extensive exploration
programme. In September this year, a team of geologists from Nuna
Minerals traversed the mountain taking rock samples to see if they
could find other outcrops of gold bearing quartz or other
indicative evidence. We expect to get their report before the end
of 2012.
OPERATIONS
Nalunaq
The AGM was held on 31 August 2012 and, at that date, the
Company made a production forecast for September, October and
November, which assumed that the mine would be able to access
higher grade ore from pillars during this period. Unfortunately,
the BMP took longer than expected to provide the mining permit and
an essential piece of equipment was delivered late. The situation
was compounded in September by operational problems encountered by
the Company's fuel supplier, Polaroil, such that they were unable
to deliver oil as consistently as required. In consequence, all
solid material in the plant was pumped to tailings in case the tank
agitators had to be switched off. This would have resulted in
material settling in the tanks and there would have been a very
expensive and time consuming task to dig the material out. This was
avoided but the site went for a week with no mining or processing
activity until the fuel arrived. It then took two weeks to recharge
the processing system before gold stripping could recommence.
Fortunately, these problems are now behind us and both mine and
process plant are back in production. Pillar mining is scheduled to
commence in December 2012 and, provided no major problems are
encountered with the first selected pillars, this will be one of
the principle sources of high grade ore during 2013 together with
material from Mountain Block.
The table below sets out the production and sales data for
Nalunaq from the first gold pour up to the date of this
announcement.
Doré produced
(kilograms) 339.1
--------------------------- ---------
Doré shipped
(kilograms) 339.1
--------------------------- ---------
Gold recovered (ounces) 9,877
--------------------------- ---------
Gold content of doré
(%) 90.6%
--------------------------- ---------
Gold sold (ounces) 9,877
--------------------------- ---------
Average gold price
achieved (per ounce) 1,665.51
--------------------------- ---------
Silver recovered (ounces) 856
--------------------------- ---------
Silver content of
doré (%) 7.9%
--------------------------- ---------
Silver sold (ounces) 856
--------------------------- ---------
Average silver price
achieved (per ounce) 30.89
--------------------------- ---------
There have been some important changes to the Nalunaq management
team in recent months. Steve Ainsworth left the Company in June and
Alex Hamilton left in October. In July, Nigel Handley joined as
Deputy General Manager. He is a mining engineer with extensive
experience of mine management and since he joined he has led the
mining team and, in particular, has directed the preparations for
pillar mining. Since Alex left, Nigel has also taken full
responsibility for the General Manager role. In late October,
Jonathan White joined us as plant manager. He is a metallurgist
with over 20 years experience of managing gold processing
plants.
The Company has appointed Peter Connery as Chief Operating
Officer and Peter will commence work in mid December. He had a
distinguished military career and then took his team building
expertise into the mining industry where he has been general
manager for a number of large mines in Africa. He will immediately
take full responsibility for the day to day running of Nalunaq and
Nigel Handley will support him as Deputy General Manager. Nigel
will also start work in the New Year on permit applications and
other project work for Black Angel. In January Bob Austin joins as
mine manager. Bob is a mining engineer and has worked as a mine
manager for many years with Anglo American Corporation, mainly on
mines in Africa.
Black Angel
The decline in commodity prices, with zinc now trading below
$2,000 per tonne and lead just above $2,000 per tonne, has had a
detrimental impact on the economic viability of the Black Angel
project. In order to address this issue the Company is looking
increase the life/scale of the operations by expanding the JORC
compliant resource base and also by reducing operating costs to
below $1,000 per tonne.
The resource issue may be solved by drilling some additional
exploration holes in the Deep Ice Zone and work is proceeding to
see if this could be achieved in 2013. An initial internal
assessment indicates that the geologists will probably need another
10 holes to be drilled. A more detailed assessment is currently
being undertaken.
A substantial component of the operating costs is the cost of
fuel oil. Each year, at today's prices, the plan suggest that the
annual cost for fuel will be in excess of $15 million and that this
could be reduced to below $4 million, if the power could be
supplied through an in-situ hydro-electric operation. A study was
undertaken by Cominco in the 1970s and this indicated that there is
sufficient water in the South Lake to generate electricity for the
project. Niras Greenland A/S has been commission to produce a
pre-feasibility study of the scheme based on existing data. Their
report will indicate what work needs to be done to complete a full
design and feasibility study and will also estimate the cost of
building a plant capable of generating approximately 6MHZ of
electricity throughout the year.
The enlarged resource and the potential impact of hydro-electric
power could then enable the Company to produce a new Bankable
Feasibility Study which should then significantly improve the
Company's ability to raise the funds necessary to take the project
into production.
FINANCE
The recent funding, provided by Cyrus, amounting to $3,750,000
has enabled the Company to overcome its recent setbacks and, it is
now expected that Nalunaq will generate cash to meet all Group
funding needs.
Discussions are ongoing with Cyrus Capital Partners with regard
to the refinancing of Angel Mining plc, which will include the
renegotiation of the short term debt repayment terms. It had been
hoped that a financial restructure plan could have been agreed by
the end of November but this is now expected to be finalised in the
New Year. Cyrus is our largest stakeholder and a long-term investor
in the business. We anticipate that they will play a significant
role in the future development of the Company.
Issue of new shares
On 3 April 2012, 71,428,565 new ordinary shares were issued at
1.4p as the result of a private placing, raising $1,616,454.
On 5 April 2012, 15,588,998 new ordinary shares were issued to
YA Global Master SPV at 1.66p per share, being the first draw on
the new SEDA facility, raising $415,424.
On 4 May 2012, 18,618,073 new ordinary shares were issued to YA
Global Master SPV at 1.4p per share, being the second draw on the
new SEDA facility, raising $420,848.
On 16 August 2012, 25,800,000 new ordinary shares were issued to
YA Global Master SPV at 1.0p per share raising $404,579 which was
used to repay a portion of the outstanding promissory note with
Yorkville.
New borrowings
On 23 July 2012, FBC agreed to advance a further $1.75 million,
which was treated as a further tranche of the short-term loan,
increasing the total outstanding to $28.3 million plus accrued
interest. This new tranche was due to be repaid prior to 30
November 2012 with the balance of the loan repayable prior to 31
December 2012.
POST BALANCE SHEET EVENTS
Issues of new shares
On 22 October 2012, 25,000,000 new ordinary shares were issued
to YA Global Master SPV at 1.0p per share raising $400,000 which
was used to repay $392,000 of the outstanding promissory note with
Yorkville plus interest accrued.
New borrowings
On 2 October, Cyrus agreed to extend the short term loan
facility by an additional $2.0 million and to extend the repayment
date of the entire facility to 15 February 2013. The aggregate
amount now repayable by the Company to Cyrus on 15 February 2013 is
$30.4 million plus accrued interest.
One of the conditions to Cyrus making the additional funds
available to the Company was that the Company grant to Cyrus an
option entitling Cyrus to acquire 75% of the issued share capital
of Arctic Mining Limited in exchange for GBP1 and a write-down of a
portion of the short term loan to be agreed at the time of
exercise. Arctic Mining Limited is a wholly owned subsidiary of the
Company that owns 100% of the share capital of Black Angel Mining
A/S. It does not include the Nalunaq license which is held
separately in another wholly owned subsidiary of the Company.
This option is exercisable by Cyrus on or after 15 February 2013
in the event that the Company has not, on or before such date,
repaid at least $3.85 million of the short term loan and also
complied with certain other conditions, including the raising of
further equity.
GOING CONCERN
The Directors have prepared the financial information on a going
concern basis. The ability of the Company and the group to continue
as a going concern is dependent upon the following:
-- having the continued support of its current debt provider,
Cyrus, and its existing trade creditors;
-- being able to draw down fully on the SEDA facility;
-- having the ability to raise new finance; and
-- being able to achieve target production at the Nalunaq gold mine in Q1 2013.
New finance will also be required to implement the planned
redevelopment of the Black Angel zinc/lead mine.
This is discussed further in Note 1 to the financial
information.
OUTLOOK
2012 has been a year of setbacks and frustrations and the
Company has been grateful for the support of Cyrus. The Company is
also grateful for the support of Yorkville and various trade
creditors.
I believe that despite the difficulties encountered in 2012, the
strengthened management team will be able to take advantage of the
higher grade ore at Nalunaq and hit the long established production
target, which will generate the cash needed to meet all of our
financial commitments. We also have the prospect of finding more
gold at Nalunaq than we had expected, if the results of mining
Mountain Block and/or the exploration initiative with Nuna Minerals
prove that there is further development potential.
Market conditions have forced the Company to revise our view on
the financing of Black Angel but we expect it is possible, albeit
with increased capital expenditure, to develop a more attractive
project with a life expectancy of over 25 years that will use
mainly renewable energy. I also believe that the concept of
building the process plant underground and putting tailings safely
in the old workings of the mine will make Black Angel a model of
operational and environmental efficiency.
There is a great deal of work to be done. But we have the
prospect of being cash generative in 2013, having a new bankable
feasibility study for Black Angel by the end of that year and
having a refinanced balance sheet to build a new future.
Working in Greenland presents some significant operational
challenges. We have a team who are learning all the time and I am
confident that we will succeed.
Frank Chapman
CHAIRMAN
Enquiries:
Angel Mining plc
Nicholas Hall, Chief Executive
Officer 07931 709 053
Kevin McNair, Chief Financial
Officer 07900 690 908
Fox-Davies Capital (Nominated
Adviser and Broker)
Simon Leathers
Daniel Fox-Davies 0203 463 5000
Bishopsgate Communications
Limited
Nick Rome 0207 562 3350
Consolidated information of comprehensive income
Six months ended 31 August 2012
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 Unaudited 2012
Unaudited $000 Audited
$000 $000
--------------------------------- ----------- ---------------- ----------
Continuing operations
Other operating costs (12,134) 407 (2,804)
--------------------------------- ----------- ---------------- ----------
Operating loss (12,134) 407 (2,804)
Finance costs (2,672) (2,144) (3,074)
Finance income 206 83 344
Loss before tax (14,600) (1,654) (5.534)
Taxation - - -
--------------------------------- ----------- ---------------- ----------
Retained loss for the period (14,600) (1,654) (5,534)
--------------------------------- ----------- ---------------- ----------
Other comprehensive income
for the year
Exchange translation difference
on foreign operations 1,385 30 188
--------------------------------- ----------- ---------------- ----------
Total comprehensive income
for the year attributable
to ordinary equity holders
of the company (13,215) (1,624) (5,346)
--------------------------------- ----------- ---------------- ----------
Earnings/(loss) per share
(cents)
Basic (1.48) (0.24) (0.75)
Diluted (1.48) (0.24) (0.75)
--------------------------------- ----------- ---------------- ----------
Consolidated information of financial position
As at 31 August 2012
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 Unaudited 2012
Unaudited $000 Audited
$000 $000
---------------------------------- ----------- ---------------- ----------
Non-current assets
Property, plant and equipment 56,746 60,592 64,802
Note receivable 2,983 4,104 2,803
Rehabilitation asset 4,000 4,640 4,326
---------------------------------- ----------- ---------------- ----------
63,729 69,336 71,931
---------------------------------- ----------- ---------------- ----------
Current assets
Inventories 1,247 2,430 1.355
Trade and other receivables 32 328 44
Other financial asset 1,240 1,219 1,257
Cash and cash equivalents 625 252 667
---------------------------------- ----------- ---------------- ----------
3,144 4,229 3,323
---------------------------------- ----------- ---------------- ----------
Current liabilities
Trade and other payables (12,475) (10,903) (10,163)
Current borrowings (29,792) (23,198) (29,206)
Current provisions (429) (471) (722)
---------------------------------- ----------- ---------------- ----------
(42,697) (34,572) (40,091)
Net current (liabilities)/assets (39,552) (30,343) (36,768)
---------------------------------- ----------- ---------------- ----------
Total assets less current
liabilities 24,177 38,993 35,163
---------------------------------- ----------- ---------------- ----------
Non-current liabilities
Non-current borrowings (8,233) (7,526) (7,846)
Non-current provisions (4,020) (4,425) (4,831)
---------------------------------- ----------- ---------------- ----------
(12,253) (11,951) (12,677)
---------------------------------- ----------- ---------------- ----------
Net assets 11,924 27,043 22,486
---------------------------------- ----------- ---------------- ----------
Capital and reserves
Share capital 17,004 13,277 14,915
Share premium 48,491 49,219 47,904
Own shares held by EBT (2,568) (2,568) (2,568)
Convertible borrowings
- equity component 7,371 7,371 7,371
Share option reserve - - 23
Translation reserve 356 (6) (1,029)
Retained deficit (58,730) (40,250) (44,130)
---------------------------------- ----------- ---------------- ----------
Total equity 11,924 27,043 22,486
---------------------------------- ----------- ---------------- ----------
Consolidated information of changes in equity
Six months ended 31 August 2012
Equity
Own Convertible attributable
Ordinary shares borrowings Share to
share Share held - equity option Translation Retained equity Total
capital premium by component reserve reserve deficit holders equity
$'000 $'000 EBT $000 $'000 $'000 $'000 of $'000
$000 the
parent
$'000
------------- ---------- --------- -------- ------------- --------- ------------- ---------- -------------- ---------
At 28
February
2011 8,052 39,455 (2,568) 7,371 - (841) (38,596) 12,873 12,873
Loss for the
year - - - - - - (5,534) (5,534) (5,534)
Shares
issued 6,863 9,125 - - - - - 15,988 15,988
Cost of
shares
issued - (676) - - - - - (676) (676)
Share option
expense - - - - 23 - - 23 23
Exchange
translation
difference
on
foreign
operations - - - - - (188) - 835
------------- ---------- --------- -------- ------------- --------- ------------- ---------- -------------- ---------
At 29
February
2012 14,915 47,904 (2,568) 7,371 23 (1,029) (44,130) 22,486 22,486
Loss for the
period - - - - - - (14,600) (14,600) (14,600)
Shares
issued 2,089 747 - - - 2,836 2,836
Cost of
shares
issued - (160) - - - - - (160) (160)
Share option
expense - - - - (23) - - (23) (23)
Exchange
translation
difference
on
foreign
operations - - - - - 1,385 1,385 1,385
------------- ---------- --------- -------- ------------- --------- ------------- ---------- -------------- ---------
At 31 August
2012 17,004 48,491 (2,568) 7,371 - 356 (58,730) 11,924 11,924
------------- ---------- --------- -------- ------------- --------- ------------- ---------- -------------- ---------
Consolidated information of cashflow
Six months ended 31 August 2012
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 Unaudited 2012
Unaudited $000 Audited
$000 $000
------------------------------------ ----------- ---------------- ----------
Operating activities
(Loss)/profit before tax (14,600) (1,654) (5,534)
Adjusted for:
Depreciation of property,
plant and equipment - - 5
Finance income (206) (83) (344)
Finance costs 2,672 2,144 3,074
(Increase)/decrease in
inventories 108 (1,568) (493)
(Decrease)/increase in
trade and other receivables 12 (191) 128
Increase/(decrease) in
trade and other payables 2,312 1,525 3,077
Share-based payments (23) (834) (678)
------------------------------------ ----------- ---------------- ----------
Cashflows from operating
activities (9,726) (661) (765)
------------------------------------ ----------- ---------------- ----------
Investing activities
Purchase of property, plant
and equipment (3,951) (12,295) (14,063)
Impairment of property, 10,805 - -
plant and equipment
Interest received - 83 17
Cashflows from investing
activities 6,854 (12,212) (14,046)
------------------------------------ ----------- ---------------- ----------
Financing activities
Equity share capital subscription,
net 2,676 6,031 7,519
Draw down from Socius facility - - 5,000
New borrowings, net of
costs 1,750 6,225 2,972
Repayments of borrowings (1,623) - (358)
Cashflows from financing
activities 2,803 12,256 15,133
------------------------------------ ----------- ---------------- ----------
Net increase/(decrease)
in cash and cash equivalents (69) (617) 322
Cash and cash equivalents
at start of year 667 441 441
Exchange movements 27 428 (96)
------------------------------------ ----------- ---------------- ----------
Cash and cash equivalents
at end of year 625 252 667
------------------------------------ ----------- ---------------- ----------
Notes to the financial statements
Six months ended 31 August 2012
General information
Angel Mining plc ("Angel" or the "Company") is incorporated and
domiciled in the United Kingdom and, together with its
subsidiaries, forms "the Group".
The principal accounting policies applied in the preparation of
the financial information are set out below.
1. Basis of preparation
The half-yearly financial information for the six months ended
31 August 2012 is unaudited and that for the equivalent period is
also unaudited. The comparatives for the full year ended 29
February 2012 are not the Group's full statutory accounts for that
year. The financial statements for the year ended 29 February 2012
contained an unqualified auditors' report in accordance with s235
of the Companies Act 1985. However, the auditor's report did
contain a paragraph entitled "Emphasis of matter - Going concern"
which made reference to the accounting policy regarding going
concern and the existence of a material uncertainty.
The half-yearly financial information was approved by the board
on 29 November 2012.
The annual financial statements of Angel Mining plc for the year
ended 28 February 2013 will be prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union, and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS. Accordingly the
half-yearly financial information has been prepared using
accounting policies consistent with those which will be adopted by
the group in the financial statements.
Going concern
For the purpose of their going concern assessment, the Directors
have assumed that the Company will:
-- have the continued support of its current debt provider, Cyrus and its affiliate, FBC;
-- be able to draw down on the Yorkville facilities;
-- have the ability to raise new finance; and
-- be able to bring the Nalunaq gold mine up to target production by Q1 2013.
The Directors have concluded that the combination of these
circumstances represents a material uncertainty that casts
significant doubt upon the Company's and Group's ability to
continue as a going concern and that, therefore, the Company and
the Group may be unable to realise its assets and discharge its
liabilities in the normal course of business.
Nevertheless, after making enquiries and considering the
uncertainties described above, the Directors have a reasonable
expectation that the Group and the Company have adequate resources
to continue in operational existence for the foreseeable future and
are supported by the following opinions and post balance sheet
events:
-- the Group has completed a number of gold pours at Nalunaq and
subsequent gold sales. Based on the current plan for exploiting the
resource at Nalunaq, the Directors believe that the Group will
quickly achieve and sustain commercial production and cash
generation;
-- following the move into commercial production, the Group's
ability to raise money via the equity markets should be
significantly improved;
-- further draw downs on the Yorkville facilities are possible
if needed once approved by the majority shareholder and this has
occurred based on history of draw downs and approvals received;
and
-- Cyrus and the Company have entered into discussions about
extending the repayment terms of its loans and capitalised interest
beyond February 2013.
For these reasons, they continue to adopt the going concern
basis in preparing its interim financial information. The Directors
believe that the Group now has sufficient resources for continuing
operations and it will be able to attract additional finance for
the development of the Black Angel and other projects in the
foreseeable future.
2. Accounting policies
All accounting policies are the same as those reported in the
annual financial statements for the year ended 29 February
2012.
The Directors have set a production target of between 1,500 and
2,000 ounces of doré per month which they expect to achieve in Q1
2013. Although the Company is now producing and selling gold on a
regular basis, for accounting purposes it has not reached
'commercial production'. In keeping with IFRS guidance and normal
practice for companies within the mining sector, the Company will
commence commercial production when it consistently achieves 70% of
its monthly production target. Until this milestone has been
reached, the process plant at Nalunaq is still considered under
construction. Costs incurred up to the point of commercial
production will continue to be capitalised. Revenue realised during
the period will be treated in the same fashion. For this reason, no
revenue from gold sales or costs of production have been recognised
in the income statement during the six months ended 31 August 2012
or in the comparable periods.
3. Earnings/(loss) per share
The basic and diluted loss per share is calculated by dividing
the loss attributable to equity holders of the parent by the
weighted average number of ordinary shares in issue during the
year.
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 Unaudited 2012
Unaudited Audited
------------------------------- ------------ ---------------- ------------
Profit attributable to
equity holders of the parent
($000) (14,600) (1,654) (5,534)
Weighted average number
of shares 983,251,285 681,069,135 736,873,684
------------------------------- ------------ ---------------- ------------
Earnings/(loss) per share
(cents) (1.48) (0.24) (0.75)
------------------------------- ------------ ---------------- ------------
In the periods where the Group has made a loss, share options
were anti--dilutive and have not been included in the loss per
share calculation.
4. Borrowings
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 Unaudited 2012
Unaudited $000 Audited
$000 $000
------------------------ ----------- ---------------- ----------
Current borrowings 29,793 23,198 29,206
Non-current borrowings 8,233 7,526 7,846
------------------------ ----------- ---------------- ----------
On 23 July 2012, FBC agreed to advance a further $1.75 million,
which was treated as a further tranche of the short-term loan,
increasing the total outstanding to $28.3 million plus accrued
interest. This new tranche was due to be repaid on or before 30
November 2012 with the balance of the short term loan repayable
prior to 31 December 2012.
5. Share capital
Ordinary shares
Shares GBP
-------------------------------- --------------------------------
6 months 6 months 12 months 6 months 6 months 12 months
ended ended ended ended ended ended
31 Aug. 31 Aug, 29 Feb, 31 Aug. 31 Aug, 29 Feb,
2012 2011 2012 2012 2011 2012
(000) (000) (000) (000) (000) (000)
Authorised
--------------------- --------- --------- ---------- --------- --------- ----------
At beginning of
period 5,172 5,172 5,172 51,720 51,720 51,720
Increased in period - - - - - -
At end of period 5,172 5,172 5,172 51,720 51,720 51,720
--------------------- --------- --------- ---------- --------- --------- ----------
Shares
---------------------------------
6 months 6 months 12 months
ended ended ended
31 Aug. 31 Aug, 29 Feb,
2012 2011 2012
(000) (000) (000)
Issued
------------------------ ---------- --------- ----------
At beginning of period 903,652 478,326 478,326
Issued in period 131,436 325,327 425,326
At end of period 1,035,088 803,653 903,652
------------------------ ---------- --------- ----------
The Company also has 1 'B share' of GBP1.00 which was issued on
21 August 2009 as a result of the conversion of the original Cyrus
loan into a convertible loan note. The B share has voting rights
equivalent to 577,275,625 ordinary shares.
Issue of new shares
On 3 April 2012, 71,428,565 new ordinary shares were issued at
1.4p as the result of a private placing, raising $1,616,454.
On 5 April 2012, 15,588,998 new ordinary shares were issued to
YA Global Master SPV at 1.66p per share, being the first draw on
the new SEDA facility, raising $415,424.
On 4 May 2012, 18,618,073 new ordinary shares were issued to YA
Global Master SPV at 1.4p per share, being the second draw on the
new SEDA facility, raising $420,848.
On 16 August 2012, 25,800,000 new ordinary shares were issued to
YA Global Master SPV at 1.0p per share raising $404,579 which was
used to repay a portion of the outstanding promissory note with
Yorkville.
6. Post balance sheet events
Issues of new shares
On 22 October 2012, 25,000,000 new ordinary shares were issued
to YA Global Master SPV at 1.0p per share raising $400,000 which
was used to repay a portion of the outstanding promissory note with
Yorkville.
New borrowings
On 2 October, Cyrus agreed to extend the short term loan
facility by an additional $2.0 million and to extend the repayment
date of the entire facility to 15 February 2013. The aggregate
amount now repayable by the Company to Cyrus on 15 February 2013 is
$30.4 million plus accrued interest.
One of the conditions to Cyrus making the additional funds
available to the Company was that the Company grant to Cyrus an
option entitling Cyrus to acquire 75% of the issued share capital
of Arctic Mining Limited in exchange for GBP1 and a write-down of a
portion of the short term loan to be agreed at the time of
exercise. Arctic Mining Limited is a wholly owned subsidiary of the
Company that owns 100% of the share capital of Black Angel Mining
A/S. It does not include the Nalunaq license which is held
separately in another wholly owned subsidiary of the Company.
This option is exercisable by Cyrus on or after 15 February 2013
in the event that the Company has not, on or before such date,
repaid at least $3.85 million of the short term loan and also
complied with certain other conditions, including the raising of
further equity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKRARUOAAUUA
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