The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").
27 February
2018
Conroy Gold and Natural Resources plc
(“Conroy” or “the Company”)
Half-yearly
results for the six months ended 30 November
2017
Conroy (AIM: CGNR), the Irish-based resource company exploring
and developing gold projects in Ireland and Finland, is pleased to announce its results
for the six months ended 30 November
2017.
HIGHLIGHTS
- Updated Resource Estimate prepared
- Increase in Indicated Resource of 23 per cent
- Increase in Gold Grade of 26 per cent
Post Period
- Drill programme at Clontibret commenced, initial results
very positive
- Extensive gold zone discovered
- High grades include up to 24g/t gold
- Wide intersections include up to 5 metres at 6.11g/t
gold
- Strategic financing completed
Commenting, Chairman, Professor
Richard Conroy said:
“We now have the funds necessary to
accelerate the work on the Clontibret gold deposit and on the
overall gold resource along the 65km (40 mile) gold trend that the
Company has discovered. I am pleased to announce that drilling has
already commenced to define and expand the current 517,000 oz gold
resource estimated on 20 per cent of the Clontibret gold target.
Initial results from the first hole confirm an extensive gold zone
that includes both high grades and wide intersections, and this
builds significantly on previous work. Seven gold lodes were
intersected."
Further Information:
Conroy Gold and
Natural Resources plc |
Tel:
+353-1-661-8958 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel:
+44-20-3328-5656 |
Virginia Bull/Nick
Harriss |
|
Beaufort Securities
(Broker) |
Tel:
+44-20-7382 8300 |
Jon Bellis/Elliot
Hance |
|
Lothbury Financial
Services |
Tel:
+44-20-3290-0707 |
Michael
Padley |
|
Hall
Communications |
Tel:
+353-1-660-9377 |
Don Hall |
|
Visit the website at: www.conroygold.com
Chairman’s statement
Dear Shareholder,
I have great pleasure in presenting your Company’s Half-Yearly
results for the six month period ended 30
November 2017. During the period an updated mineral resource
estimate was prepared by consultants Tetra Tech Canada, Inc.(“Tetra
Tech”) which showed an increase in grade and in ounces of gold in
the Indicated category in the Clontibret gold deposit, certain
differences between a shareholder and the Board were resolved, and
(post period) a strategic funding of £1,000,000 completed.
Principal activities and business
review
The updated mineral resource estimate which was prepared by
consultants Tetra Tech was developed to the Joint Ore Reserve
Committee 2012 standard (“JORC 2012”). The report estimated the
Indicated and Inferred resource at 517,000 ounces of gold on 20 per
cent of the Clontibret gold target of which 320,000 ounces of gold
was in the Indicated category with a grade of 2.1 g/t Au in lodes.
This represented an increase in contained ounces in the Indicated
category of 23 per cent and an increase in gold grade of 26 per
cent above the previous estimate. As part of this study, additional
opportunities to increase the size of the resource have been
identified. There is strong geological evidence through the
correlation of the gold lodes to suggest that the lodes have a more
extensive strike length than previously interpreted, possibly
greater than 850 metres. Mineralisation remains open in all
directions.
Certain differences between a shareholder and the Board arose
during the period under review resulting in two Extraordinary
General Meetings and a High Court case hearing. These differences
have now been resolved and an agreement reached to enable the
business to move forward. A £1,000,000 strategic financing has been
completed (post period) which enables the Company to proactively
recommence business development with a focus on commercialisation
of key business interests and ground exploration of significant
gold targets.
A drilling programme has recently commenced which is designed to
upgrade the overall mineral resource at Clontibret, convert
Inferred into Indicated resources in order to apply mining
parameters, test the extent of the high grade zones indicated by
channel samples in the historic Tullybuck antimony mine and gain
more geotechnical information in relation to your Company’s
proposed gold mine at Clontibret. The current programme of 10 drill
holes envisages over 1,000 metres of drilling to a depth of up to
200 metres in certain areas.
An extensive gold zone 30 metres below the antimony mine has
been discovered during drilling of the first hole in the programme.
Seven gold lodes were intersected. High grades included up to
24g/t gold and wide intersections included up to 5.00 metres at
6.11g/t gold.
While Clontibret underpins the Company, our potential upside
opportunity is demonstrated by the size and scale of the 65km (40
mile) gold trend covered by our licence interests. As announced on
31 March 2016, at Clay
Lake/Clontibret alone the Company has a conceptual exploration
target of five million ounces of gold.
Further drilling programmes will follow on both the Clontibret
gold deposit and elsewhere on the Company’s 100 per cent. owned
licences which run from County
Armagh across Counties Monaghan and Cavan, along the 65km
(40miles) gold trend discovered in the Longford – Down geological
terrane in the northern half of Ireland.
Drilling results at the Company’s Glenish gold target, which
lies at the junction of two major geological structures - the
Orlock Bridge and Glenish Faults, give further evidence of the
overall gold prospectivity of the licence area. Channel sampling at
Glenish has proved 1.3 metres grading 9.4g/t Au. Drilling has
demonstrated the presence of four new gold zones in a 150 metre
wide structural corridor in the western part of the Glenish gold
target. The gold mineralisation in bedrock was traced down
dip for over 70 metres and remains open in all directions.
The Company has now delineated three major gold targets in the
north-east of the licence area – Glenish, Clontibret, and Clay
Lake. Clay Lake lies 7km to the north-east of the original gold
discovery at Clontibret and the Glenish gold target 7km to the
south-west.
Though it does not necessarily prove that the gold came from the
area, some of the magnificent gold ornaments from over 3,000 years
ago now displayed in the National Museum in Dublin were found in the Longford–Down terrane
close to your Company’s licence area.
The geology of the area, the drilling results to date and the
discovery of the 65km (40 miles) gold trend all encourage us to
believe that the discovery of a multi-million ounce gold deposit in
the Company’s licence area is achievable.
Financial
The loss after taxation for the six month period ended
30 November 2017 was €458,222
(30 November 2016: loss €176,680) and
the net assets as at 30 November 2017
were €16,709,325 (30 November 2016:
€16,976,644). As stated above post period a £1,000,000
funding was successfully concluded.
Directors and Staff
I would like to thank all of my fellow directors, past and
present, and the staff and consultants for their dedication and
hard work over what has been a difficult period which has made
possible the sustained progress and success of your Company. I
would like in particular to pay tribute to your Finance Director
and Company Secretary, Mr Jim Jones,
who has retired. Jim was a founding director of the Company, and
played an outstanding role in the success which your Company has
achieved.
I am very pleased to welcome Dr Karl
Keegan and Mr Brendan
McMorrow who have joined the Board as non-executive
Directors.
Outlook
With the recent injection of funds the Board is now in a
position to drive the business forward. The Company continues
to discover more potential gold resources but as I said the focus
is on developing a mine at Clontibret. I look forward to the future
with confidence.
Yours faithfully,
Professor Richard Conroy
Chairman
26 February 2018
Condensed consolidated income
statement and condensed consolidated statement of comprehensive
income for the six month period ended 30
November 2017
Condensed consolidated income
statement |
|
|
|
|
|
|
|
Note |
Six month period
ended 30 November 2017
(Unaudited) € |
|
Six
month period ended 30 November 2016
(Unaudited) € |
|
Year ended 31 May
2017
(Audited) € |
|
|
|
|
|
|
|
Continuing operations |
|
|
|
|
|
|
Operating expenses |
|
(458,222) |
|
(176,680) |
|
(431,922) |
|
|
|
|
|
|
|
Loss before taxation |
|
(458,222) |
|
(176,680) |
|
(431,922) |
|
|
|
|
|
|
|
Income tax expense |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Loss for the financial
period/year |
|
(458,222) |
|
(176,680) |
|
(431,922) |
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
Basic and diluted loss per
share |
2 |
(€0.0401) |
|
(€0.0160) |
|
(€0.0392) |
|
|
|
|
|
|
|
|
|
Condensed
consolidated statement of comprehensive income
|
|
Six month period
ended 30 November 2017
(Unaudited) € |
|
Six month period
ended 30 November 2016 (Unaudited) € |
|
Year ended 31 May
2017 (Audited) € |
|
|
|
|
|
|
|
Loss for the financial
period/year |
|
(458,222) |
|
(176,680) |
|
(431,922) |
|
|
|
|
|
|
|
Income/expense recognised in other
comprehensive income |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Total comprehensive expense for
the financial period/year |
|
(458,222) |
|
(176,680) |
|
(431,922) |
Condensed consolidated statement of
financial position as at 30 November
2017
|
Note |
30 November 2017
(Unaudited) |
|
30 November 2016
(Unaudited) |
|
Year ended 31 May
2017 (Audited) |
|
|
€ |
|
€ |
|
€ |
Assets |
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Intangible assets |
4 |
19,981,950 |
|
19,349,507 |
|
19,659,104 |
Property, plant and
equipment |
|
14,174 |
|
17,105 |
|
15,116 |
Total non-current
assets |
|
19,996,124 |
|
19,366,612 |
|
19,674,220 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
102,109 |
|
8,573 |
|
19,704 |
Other receivables |
|
97,117 |
|
26,899 |
|
98,980 |
Total current
assets |
|
199,226 |
|
35,472 |
|
118,684 |
|
|
|
|
|
|
|
Total assets |
|
20,195,350 |
|
19,402,084 |
|
19,792,904 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Capital and
reserves |
|
|
|
|
|
|
Called up share
capital |
|
12,214 |
|
11,014 |
|
11,014 |
Called up deferred
share capital |
|
10,504,431 |
|
10,504,431 |
|
10,504,431 |
Share premium |
|
11,054,732 |
|
10,649,252 |
|
10,649,252 |
Capital conversion
reserve fund |
|
30,617 |
|
30,617 |
|
30,617 |
Share based payments
reserve |
|
1,542,961 |
|
1,503,496 |
|
1,542,961 |
Retained losses |
|
(6,435,630) |
|
(5,722,166) |
|
(5,977,408) |
Total equity |
|
16,709,325 |
|
16,976,644 |
|
16,760,867 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Directors’ loans |
5 |
180,343 |
|
214,287 |
|
277,287 |
Total non-current
liabilities |
|
180,343 |
|
214,287 |
|
277,287 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Trade and other
payables: amounts falling due within one year |
|
3,305,682 |
|
2,211,153 |
|
2,754,750 |
Total current
liabilities |
|
3,305,682 |
|
2,211,153 |
|
2,754,750 |
|
|
|
|
|
|
|
Total liabilities |
|
3,486,025 |
|
2,425,440 |
|
3,032,037 |
|
|
|
|
|
|
|
Total equity and
liabilities |
|
20,195,350 |
|
19,402,084 |
|
19,792,904 |
Condensed consolidated statement of
cash flows for the six month period ended 30
November 2017
|
|
|
|
|
|
|
Six month period
ended 30 November 2017
(Unaudited) € |
|
Six month period
ended 30 November 2016 (Unaudited) € |
|
Year ended 31 May
2017 (Audited) € |
Cash flows from operating
activities |
|
|
|
|
|
Loss for the financial
period/year |
(458,222) |
|
(176,680) |
|
(431,922) |
Adjustments for: |
|
|
|
|
|
Depreciation |
942 |
|
1,790 |
|
3,779 |
Expense recognised in income
statement in respect of equity settled share based payments |
- |
|
7,774 |
|
15,346 |
Increase in trade and other
payables |
551,279 |
|
71,415 |
|
460,066 |
Decrease/(increase) in other
receivables |
1,863 |
|
11,435 |
|
(60,646) |
Net cash provided by/(used in)
operating activities |
95,862 |
|
(84,266) |
|
(13,377) |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
Investment in exploration and
evaluation |
(322,846) |
|
(621,213) |
|
(898,917) |
Payments to acquire property, plant
and equipment |
- |
|
(2,745) |
|
(2,745) |
Net cash used in investing
activities |
(322,846) |
|
(623,958) |
|
(901,662) |
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
|
Issue of share capital |
406,680 |
|
- |
|
- |
(Repayments)/advances from
directors |
(96,944) |
|
79,000 |
|
142,000 |
Advances from related parties |
143,339 |
|
- |
|
105,035 |
Repayments to related parties |
(143,686) |
|
(49,911) |
|
- |
Net cash provided by financing
activities |
309,389 |
|
29,089 |
|
247,035 |
|
|
|
|
|
|
Increase/(decrease) in cash and
cash equivalents |
82,405 |
|
(679,135) |
|
(668,004) |
Cash and cash equivalents at
beginning of financial period/year |
19,704 |
|
687,708 |
|
687,708 |
Cash and cash equivalents at end
of financial period/year |
102,109 |
|
8,573 |
|
19,704 |
Condensed consolidated statement of
changes in equity for the six month period ended 30 November 2017
|
Share
capital |
Share
premium |
Capital conversion reserve fund |
Share-based payment reserve |
Retained
losses |
Total
equity |
|
€ |
€ |
€ |
€ |
€ |
€ |
Balance at 1 June 2017 |
10,515,445 |
10,649,252 |
30,617 |
1,542,961 |
(5,977,408) |
16,760,867 |
Share issue |
1,200 |
405,480 |
- |
- |
- |
406,680 |
Loss for the financial
period |
- |
- |
- |
- |
(458,222) |
(458,222) |
Balance at 30
November 2017 |
10,516,645 |
11,054,732 |
30,617 |
1,542,961 |
(6,435,630) |
16,709,325 |
|
|
|
|
|
|
|
Balance at 1 June
2016 |
10,515,445 |
10,649,252 |
30,617 |
1,464,030 |
(5,545,486) |
17,113,858 |
Share-based
payments |
- |
- |
- |
39,466 |
- |
39,466 |
Loss for the financial
period |
- |
- |
- |
- |
(176,680) |
(176,680) |
Balance at 30
November 2016 |
10,515,445 |
10,649,252 |
30,617 |
1,503,496 |
(5,722,166) |
16,976,644 |
Share capital
The share capital comprises the nominal value share capital
issued for cash and non-cash consideration. The share capital also
comprises deferred share capital. The deferred share capital arose
through the restructuring of share capital which was approved at
General Meetings held on 26 February
2015 and 14 December 2015.
Authorised share capital:
The authorised share capital at 30
November 2017 compromised 11,995,569,058 ordinary shares of
€0.001 each, 306,779,844 deferred shares of €0.02 each, and
437,320,727 deferred shares of €0.00999 each (€22,500,000),
(30 November 2016: 11,995,569,058
ordinary shares of €0.001 each, 306,779,844 deferred shares of
€0.02 each, and 437,320,727 deferred shares of €0.00999 each
(€22,500,000)).
Share issues during the period:
On 29 September 2017, the Company
raised €210,000, (before expenses), through the issue of 700,000
ordinary shares of €0.001 in the capital of the Company at a price
of €0.30 per Subscription Share.
On 4 October 2017, the Company
raised €30,000 (before expenses) through the issue of 100,000 new
ordinary shares of €0.001 each at a subscription price of €0.30 per
share. Further, on 4 October 2017,
Professor Richard Conroy and
Maureen Jones (both Directors of the
Company) exercised warrants in the Company to subscribe for 264,865
and 135,135 ordinary shares respectively, at an exercise price of
£0.37 per share, raising £148,000 for the Company.
Share premium
The share premium reserve comprises the excess consideration
received in respect of share capital over the nominal value of the
shares issued.
Capital conversion reserve fund
The ordinary shares of the Company were re-nominalised from
€0.03174435 each to €0.03 each in 2001 and the amount by which the
issued share capital of the Company was reduced, was transferred to
the capital conversion reserve fund.
Share based payment reserve
The share based payment reserve represents the amount expensed
to the condensed consolidated income statement in addition to the
amount capitalised as part of intangible assets of share-based
payments granted which are not yet exercised and issued as
shares.
Retained deficit
This reserve represents the accumulated losses absorbed by the
Company to the condensed consolidated statement of financial
position date.
Notes to and forming part of the
condensed consolidated financial statements for the six month
period ended 30 November 2017
1. Accounting policies
Reporting entity
Conroy Gold and Natural Resources
plc (the “Company”) is a company domiciled in Ireland. The unaudited condensed consolidated
financial statements for the six month period ended 30 November 2017 comprise the condensed financial
statements of the Company and its subsidiaries (together referred
to as the “Group”).
Basis of preparation and statement of
compliance
The condensed consolidated financial statements have been
prepared in accordance with International Accounting Standard
(“IAS”) 34: Interim Financial Reporting.
The condensed consolidated financial statements do not include
all the information and disclosures required in the annual
consolidated financial statements, and should be read in
conjunction with the Group’s annual consolidated financial
statements as at 31 May 2017, which
are available on the Group’s website - www.conroygold.com . The
accounting policies adopted in the presentation of the condensed
consolidated financial statements are consistent with those
followed in the preparation of the Group’s annual consolidated
financial statements for the year ended 31
May 2017. There are no new standards, amendments to
published standards or interpretations which are effective for the
first time in the current period that have a material effect on the
condensed consolidated financial statements.
The condensed consolidated financial statements have been
prepared under the historical cost convention, except for
derivative financial instruments which are measured at fair value
at each reporting date.
The condensed consolidated financial statements are presented in
Euro (“€”). € is the functional currency of the Group.
The preparation of condensed consolidated financial statements
requires the Board of Directors and management to use judgements,
estimates and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income and expenses.
Actual results may differ from those estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the financial period in
which the estimate is revised and in any future financial periods
affected. Details of critical judgements are disclosed in the
accounting policies detailed in the annual consolidated financial
statements.
The financial information presented herein does not amount to
statutory consolidated financial statements that are required by
Chapter 4 part 6 of the Companies Act 2014 to be annexed to the
annual return of the Company. The statutory consolidated financial
statements for the financial year ended 31
May 2017 were annexed to the annual return and filed with
the Registrar of Companies. The audit report on those consolidated
financial statements was unqualified.
The condensed consolidated financial statements was authorised
for issue by the Board of Directors on 26
February 2018.
Going concern
The Group incurred a loss of €458,222 (30
November 2016: €176,680) for the six month period ended
30 November 2017. The Group had net
current liabilities of €3,106,456 (30
November 2016: €2,175,681) at that date.
The Board of Directors have considered carefully the financial
position of the Group and in that context, have prepared and
reviewed cash flow forecasts for the period to 30 November 2018. As set out in the Chairman’s
statement, the Group expects to incur material levels of capital
expenditure in 2018, consistent with its strategy as an exploration
company. In reviewing the proposed work programme for exploration
and evaluation assets and on the basis of the equity raised in
January 2018 and the prospects for
raising additional funds as required, the Board of Directors are
satisfied that it is appropriate to prepare the condensed
consolidated financial statements on a going concern basis.
Standards, interpretations and
amendments issued but not yet effective
The following new standards, amendments to standards and
interpretations have been issued to date and are not yet effective
for the financial period ended 30 November
2017, and have not been applied nor early adopted, where
applicable, in preparing these condensed consolidated financial
statements:
• IFRS 9: Financial
Instruments; Classification and Measurement – effective for
periods beginning 1 January 2018
• IFRS 15: Revenue from
Contracts with Customers - effective for periods beginning
1 January 2018
• IFRS 2: Classification
and Measurement of Share-based Payment Transactions (Amendment)
- effective for periods beginning 1 January
2018
• IFRS 1: Annual
Improvements to IFRS 2014-2016 Cycle (Amendments to IFRS 1) -
effective for periods beginning 1 January
2018
• IAS 28: Annual
Improvements to IFRS 2014-2016 Cycle (Amendments to IAS 28) -
effective for periods beginning 1 January
2018
• IFRS 16: Leases -
effective for periods beginning 1 January
2019
• IFRS 17: Insurance
Contracts - effective for periods beginning 1 January 2021
• IFRS10/IAS28: Sale or
contribution of an asset between an investor and its Associate of
Joint Venture (Amendment) – Deferred indefinitely by amendments
made in December 2015.
The Board of Directors anticipate that the adoption of new
standards, interpretations and amendments that were in issue at the
date of authorisation of these condensed consolidated financial
statements, but not yet effective, will have no material impact on
the condensed consolidated financial statements in the period of
initial application.
2. Loss per share
Basic earnings per
share |
|
Six
month period ended 30 November 2017
(Unaudited) € |
|
Six
month period ended 30 November 2016 (Unaudited) € |
|
Year
ended 31 May 2017
(Audited) € |
Loss for the financial
period/year attributable to equity holders of the Company |
|
(458,222) |
|
(176,680) |
|
(431,922) |
|
|
|
|
|
|
|
Number of ordinary shares at start
of financial period/year |
|
11,013,537 |
|
11,013,537 |
|
11,013,537 |
Number of ordinary shares issued
during the financial period/year |
|
1,200,000 |
|
- |
|
- |
Number of ordinary shares at end of
financial period/year |
|
12,213,537 |
|
11,013,537 |
|
11,013,537 |
Weighted average number of ordinary
shares for the purposes of basic earnings per share |
|
11,424,773 |
|
11,013,537 |
|
11,013,537 |
Basic loss per ordinary
share |
|
(€0.0401) |
|
(€0.0160) |
|
(€0.0392) |
Diluted earnings per share
The effect of share options and warrants is anti-dilutive.
3. Subsidiaries
Shares in subsidiary companies
(Unlisted shares) at cost: |
30 November 2017
(Unaudited) € |
|
30 November 2016
(Unaudited) € |
|
31 May 2017
(Audited) € |
Conroy Gold Limited – 100%
owned |
- |
|
- |
|
- |
Trans International Mineral
Exploration Limited – 100% owned |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
2 |
The registered office of the above non-trading subsidiaries is
3300 Lake Drive, Citywest Business Campus, Dublin 24, D24 TD21, Ireland.
Basis of consolidation
The condensed consolidated financial statements include the
condensed financial statements of Conroy
Gold and Natural Resources plc and its subsidiaries.
Subsidiaries are entities controlled by the Company. Control exists
when the Group is exposed to or has the right to variable returns
from its involvement with the entity and has the ability to affect
those returns through its control over the entity. In assessing
control, potential voting rights that presently are exercisable are
taken into account. The condensed financial statements of
subsidiaries are included in the condensed consolidated financial
statements from the date that control commences until the date that
control ceases. Intra-Group balances, and any unrealised income and
expenses arising from intra-Group transactions are eliminated in
preparing the condensed consolidated financial statements.
4. Intangible assets
Exploration and evaluation
assets |
|
|
|
|
|
Cost |
30 November 2017
(Unaudited) € |
|
30 November 2016
(Unaudited) € |
|
31 May 2017
(Audited) € |
At 1 June |
19,659,104 |
|
18,696,602 |
|
18,696,602 |
Expenditure during the financial
period/year |
|
|
|
|
|
- Licence and appraisal costs
|
38,851 |
|
369,292 |
|
530,441 |
|
283,995 |
|
251,921 |
|
368,476 |
- Equity settled share based payments
|
- |
|
31,692 |
|
63,585 |
At 30 November/31 May |
19,981,950 |
|
19,349,507 |
|
19,659,104 |
Exploration and evaluation assets relate to expenditure incurred
in the development of mineral exploration opportunities. These
assets are carried at historical cost and have been assessed for
impairment in particular with regard to the requirements of IFRS 6:
Exploration for and Evaluation of Mineral Resources relating
to remaining licence or claim terms, likelihood of renewal,
likelihood of further expenditure, possible discontinuation of
activities as a result of specific claims and available data which
may suggest that the recoverable value of an exploration and
evaluation asset is less than its carrying amount.
The Board of Directors have considered the proposed work
programmes for the underlying mineral resources. They are satisfied
that there are no indications of impairment.
The Board of Directors note that the realisation of the
intangible assets is dependent on further successful development
and ultimate production of the mineral resources and the
availability of sufficient finance to bring the resources to
economic maturity and profitability.
5. Related party transactions
- Directors’ loans
|
30 November 2017
(Unaudited) € |
|
30 November 2016
(Unaudited) € |
|
31 May 2017
(Audited) € |
At 1 June |
277,287 |
|
135,287 |
|
135,287 |
Loans advanced |
69,736 |
|
79,000 |
|
142,000 |
Exercise of warrants |
(166,680) |
|
- |
|
- |
At 30 November/31
May |
180,343 |
|
214,287 |
|
277,287 |
The Directors’ loan amounts relate to monies owed to Professor
Richard Conroy amounting to €130,918
(31 May 2017: €232,287), and
Maureen T.A. Jones amounting to
€49,425 (31 May 2017: €45,000).
- Apart from Directors remuneration, and loans from Directors,
there have been no contracts or arrangements entered into during
the six month period in which a Director of the Group had a
material interest.
- The Group shares accommodation with Karelian Diamond Resources
plc which have certain common Directors and shareholders. For the
six month period ended 30 November
2017, the Group incurred costs totalling €143,686
(30 November 2016: €126,057) on
behalf of Karelian Diamond Resources plc. These costs were
recharged to Karelian Diamond Resources plc by the Group. At
30 November 2017, the Group owed
€273,453 to Karelian Diamond Resources plc. Amounts owed to
Karelian Diamond Resources plc are included within trade and other
payables in the current and previous financial periods/years.
6. Post balance sheet events
In January 2018, the Company
raised £1,000,000 (Sterling) (before expenses) through the issue of
7,843,137 new ordinary shares of €0.001 each at a subscription
price of 12.75p (Sterling) per share (“Subscription Share”). Each
Subscription Share has an attaching warrant to subscribe for a
further new ordinary share at 22p (Sterling) (“Warrants”), with
warrant accelerator available to the Company should the volume
weighted average ordinary share price of the Company exceed 75p
(Sterling) for five days or more.
7. Approval of the Condensed
Consolidated Financial Statements
This Condensed Consolidated Financial Statements were approved
by the Board of Directors on 26 February
2018. A copy of the Condensed Consolidated Financial
Statements will be available on the Group’s website
www.conroygold.com on 27 February
2018.