TIDMCORA
RNS Number : 5500Z
Cora Gold Limited
20 May 2019
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")
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
20 May 2019
Cora Gold Limited ("Cora Gold", "Cora" or "the Company")
Final Results
Cora Gold Limited, the West African focused gold exploration
company, is pleased to announce its final audited results for the
year ended 31 December 2018.
Highlights
-- Advanced strategy of defining the scale potential of the
Sanankoro Gold Discovery, located in the Yanfolila Gold Belt
("Sanankoro")
-- 8km of mineralised strike successfully delineated at
Sanankoro with high gold grades reported in maiden drilling
campaign
-- Independent Exploration Target of between 30 and 50 million
tonnes of gold ore at a grade of 1.0 and 1.3 g/t Au for Sanankoro
estimated by SRK Consulting (UK) Limited, ("SRK")
-- SRK's report confirmed that Sanankoro has the potential to
delineate up to two million ounces to a vertical depth of 100m
o Potential for significant upside remains at depth
-- Wardell Armstrong International appointed to undertake
preliminary metallurgical test work programme
o Preliminary results, announced post period end, demonstrate
potential for coarse ore gold recoveries of up to 97% achievable
through cyanide leach extraction
-- First reconnaissance drill programme completed at the highly
prospective Tekeledougou Gold project
Dr Jonathan Forster, Cora's CEO commented, "In 2018 we
successfully achieved our objective of determining the scale and
potential of the Sanankoro Gold Discovery. The Exploration Target
established by SRK of 1.0-2.0 Moz was a key milestone towards this
as it confirmed Sanankoro's standalone potential. We were delighted
to appoint Wardell Armstrong and their initial findings that, with
minimal crushing, Cora can achieve excellent gold recoveries of
potentially up to 97% and that a straightforward, cost-effective
processing route can be utilised, is both encouraging and
supportive of Sanankoro's economic potential.
"Work undertaken in 2018 has enabled the Company to continue to
advance the Sanankoro Gold Discovery and we are looking forward to
commencing a 6,000m drilling campaign with the objective of
establishing a maiden gold oxide mineral resource estimate by Q4
2019 ahead of the delivery of a Scoping Study. Following our recent
fundraise of GBP1.35 million, which was supported by existing
shareholders and various board members, we are well funded to
complete this work. I look forward to updating shareholders with
our progress in the upcoming months."
Annual General Meeting
The Company hereby announces that its annual general meeting
("AGM") will be held at the offices of SP Angel Corporate Finance
LLP, situated at Prince Frederick House, 35-39 Maddox Street
London, W1S 2PP, on 11 June 2019 at 12.00 p.m.
The Company's Annual Report and Financial Statements for the
year ended 31 December 2018, including the notice of AGM, will be
posted to shareholders today and will be available thereafter on
the Company's website http://www.coragold.com
**S **
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
Ewan Leggat / Charlie +44 (0) 20 3470
Bouverat SP Angel (Nomad & Broker) 0470
Gaby Jenner/Melissa St Brides Partners (Financial +44 (0) 20 7236
Hancock PR) 1177
Chairman's Statement
I am pleased to present the Annual Report of Cora Gold Limited
('Cora Gold', 'Cora' or the 'Company' and together with its
subsidiaries the 'Group') for the year ended 31 December 2018.
Cora Gold is a gold exploration company focused on two world
class gold regions in Mali and Senegal in West Africa, known as the
Kenieba Window (west Mali / east Senegal) and the Yanfolila Gold
Belt (south Mali).
Cora Gold commenced exploration in 2014, with the majority of
the permits having undergone little previous exploration. Cora Gold
conducted sufficient work programmes across the various permits to
enable it to review the prospectivity of each and reduce its land
holding to the permits that subsequently formed the basis for an
amalgamation of exploration permits with Hummingbird Resources plc
(AIM: HUM; 'Hummingbird') in 2017. Subsequently on 9 October 2017
the Company's ordinary shares were admitted to trading on AIM with
an implied market capitalisation on Admission of GBPGBP9.07
million.
In January 2018 the Company announced impressive gold grades in
multiple drilling intersections from its initial drill programme at
the Group's flagship Sanankoro project on the Yanfolila Gold Belt.
In addition, during Q1 2018 the Company completed the first
reconnaissance drill programme at the highly prospective
Tekeledougou Gold Project in southern Mali. Work continued
throughout 2018 across both Sanankoro and Tekeledougou plus a
number of other permits in Cora Gold's portfolio.
In October 2018 Cora Gold announced that independent consultants
SRK Consulting (UK) Limited ('SRK') had estimated an initial
Exploration Target of between 30 and 50 million tonnes of gold ore
at a grade of between 1.0 and 1.3 g/t Au for its Sanankoro Gold
Discovery. SRK's report confirms the Company's internal expectation
that Sanankoro has the potential to delineate 1.0-2.0 million
ounces to a vertical depth of 100m. The depth of oxidation ranges
from approximately 50m to in excess of 100m, suggesting significant
upside remains at depth.
We are pleased that our strategy of first defining the scale
potential of Sanankoro has been vindicated before reverting to more
focused drilling to identify areas of higher-grade mineralisation,
which might be suitable as 'starter pits' for any future standalone
gold mine. In addition, large tonnages of oxide ore, which in many
places is represented by soft saprolitic ore, might be anticipated
to be amenable to low cost mining and processing which could also
be beneficial for the early stages of mine development.
In January 2019 Cora Gold announced the appointment of Wardell
Armstrong International ('WAI') as independent consultants to
undertake a preliminary metallurgical test work programme designed
to assess the amenability for cyanide leach extraction of gold from
oxide mineralisation at the Company's Sanankoro Gold Discovery. The
test work, which will consider both cyanide-in-leach ('CIL') and
heap leach gold extraction methods, is being conducted at WAI's
laboratory facilities in the United Kingdom and will use two
composite samples that have been collected from core holes drilled
at the Zone A and Selin prospect areas at Sanankoro. Results are
expected during Q2 2019.
Meanwhile Cora Gold's field teams are continuing with work
across a number of permits in the Group's three Project Areas,
being the Sanankoro and Yanfolila Project Areas (both in the
Yanfolila Gold Belt of southern Mali), and the Diangounte Project
Area (in the prolific Kedougou-Kenieba Inlier gold belt of western
Mali and eastern Senegal). These activities are all aimed at
expediting future work programmes.
Given the momentum generated in 2018, we are very much looking
forward to 2019, with a busy schedule of exploration programmes
planned once again.
We look forward to being able to report back to you during the
year on our developments.
Geoffrey McNamara
Independent Non-Executive Director and Chairman
20 May 2019
Financial Statements
Consolidated Statement of Financial Position
as at 31 December 2018
All amounts stated in thousands of United States dollars
2018 2017
Note US$'000 US$'000
Non-current assets
------ --------- ---------
Intangible assets 9 9,814 7,342
________ ________
------ --------- ---------
Current assets
------ --------- ---------
Trade and other receivables 10 104 124
------ --------- ---------
Cash and cash equivalents 11 823 3,406
________ ________
------ --------- ---------
927 3,530
________ ________
------ --------- ---------
Total assets 10,741 10,872
________ ________
------ --------- ---------
Current liabilities
------ --------- ---------
Trade and other payables 12 (192) (171)
________ ________
------ --------- ---------
Total liabilities (192) (171)
________ ________
------ --------- ---------
Net current assets 735 3,359
________ ________
------ --------- ---------
Net assets 10,549 10,701
________ ________
------ --------- ---------
Equity and reserves
------ --------- ---------
Share capital 14 8,617 7,936
------ --------- ---------
Retained earnings 1,932 2,765
________ ________
------ --------- ---------
Total equity 10,549 10,701
________ ________
------ --------- ---------
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2018
All amounts stated in thousands of United States dollars
2018 2017
Note(s) US$'000 US$'000
Overhead costs 6 (837) (394)
--------- ---------- ----------
Aborted transaction costs - (177)
--------- ---------- ----------
Gain on business combination 16 - 2,105
--------- ---------- ----------
Related party balances forgiven 10, - 2,038
12 ________ ________
--------- ---------- ----------
(Loss) / profit before income tax (837) 3,572
--------- ---------- ----------
Income tax 7 - -
________ ________
--------- ---------- ----------
(Loss) / profit for the year (837) 3,572
--------- ---------- ----------
Other comprehensive income - -
________ ________
--------- ---------- ----------
Total comprehensive (loss) / income (837) 3,572
for the year ________ ________
--------- ---------- ----------
Earnings per share from continuing
operations attributable to owners
of the parent
--------- ---------- ----------
Basic earnings per share
(United States dollar) 8 (0.0150) 0.1114
________ ________
--------- ---------- ----------
Fully diluted earnings per share
(United States dollar) 8 (0.0150) 0.1114
________ ________
--------- ---------- ----------
Consolidated Statement of Changes in Equity
for the year ended 31 December 2018
All amounts stated in thousands of United States dollars
Retained
Share earnings Total
capital (deficit) equity
US$'000 US$'000 US$'000
As at 1 January 2017 207 (807) (600)
________ ________ ________
Profit for the year - 3,572 3,572
________ ________ ________
---------- ---------- ----------
Total comprehensive income for - 3,572 3,572
the year ________ ________ ________
---------- ---------- ----------
Issue of shares related to business
combination 3,050 - 3,050
---------- ---------- ----------
Proceeds from shares issued 5,168 - 5,168
---------- ---------- ----------
Issue costs (706) - (706)
---------- ---------- ----------
Share based payments 217 - 217
________ ________ ________
---------- ---------- ----------
Total transactions with owners,
recognised directly in equity 7,729 - 7,729
________ ________ ________
---------- ---------- ----------
As at 31 December 2017 7,936 2,765 10,701
________ ________ ________
---------- ---------- ----------
As at 1 January 2018 7,936 2,765 10,701
________ ________ ________
Loss for the year - (837) (837)
________ ________ ________
---------- ---------- ----------
Total comprehensive loss for - (837) (837)
the year ________ ________ ________
---------- ---------- ----------
Proceeds from shares issued 694 - 694
---------- ---------- ----------
Issue costs (30) - (30)
---------- ---------- ----------
Settlement of costs and fees 17 - 17
---------- ---------- ----------
Share based payments - share - 4 4
options ________ ________ ________
---------- ---------- ----------
Total transactions with owners,
recognised directly in equity 681 4 685
________ ________ ________
---------- ---------- ----------
As at 31 December 2018 8,617 1,932 10,549
________ ________ ________
---------- ---------- ----------
Consolidated Statement of Cash Flows
for the year ended 31 December 2017
All amounts stated in thousands of United States dollars
2018 2017
Note(s) US$'000 US$'000
Cash flows from operating activities
--------- --------- ---------
(Loss) / profit for the year (837) 3,572
--------- --------- ---------
Adjustments for:
--------- --------- ---------
Share based payments 21 217
--------- --------- ---------
Gain on business combination 16 - (2,105)
--------- --------- ---------
10,
Related party balances forgiven 12 - (2,038)
--------- --------- ---------
Decrease / (increase) in trade and
other receivables 20 (121)
--------- --------- ---------
Increase in trade and other payables 21 171
________ ________
--------- --------- ---------
Net cash used in operating activities (775) (304)
________ ________
--------- --------- ---------
Cash flows from investing activities
--------- --------- ---------
Additions to intangible assets 9 (2,472) (752)
________ ________
--------- --------- ---------
Net cash used in investing activities (2,472) (752)
________ ________
--------- --------- ---------
Cash flows from financing activities
--------- --------- ---------
Proceeds from shares issued 14 694 5,168
--------- --------- ---------
Issue costs 14 (30) (706)
________ ________
--------- --------- ---------
Net cash generated from financing activities 664 4,462
________ ________
--------- --------- ---------
Net (decrease) / increase in cash and
cash equivalents (2,583) 3,406
--------- --------- ---------
Cash and cash equivalents at beginning 11 3,406 -
of year ________ ________
--------- --------- ---------
Cash and cash equivalents at end of 11 823 3,406
year ________ ________
--------- --------- ---------
Notes to the Financial Statements
for the year ended 31 December 2018
All tabulated amounts stated in thousands of United States
dollars (unless otherwise stated)
1. General information
The principal activity of Cora Gold Limited (the 'Company') and
its subsidiaries (together the 'Group') is the exploration and
development of mineral projects, with a primary focus in West
Africa. The Company is incorporated and domiciled in the British
Virgin Islands. The address of its registered office is Rodus
Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola,
VG1110, British Virgin Islands.
2. Accounting policies
The principal accounting policies applied in the preparation of
financial statements are set out below ('Accounting Policies' or
'Policies'). These Policies have been consistently applied to all
the periods presented, unless otherwise stated.
2.1. Basis of preparation
The consolidated financial statements of Cora Gold Limited have
been prepared in accordance with International Financial Reporting
Standards ('IFRS') and IFRS Interpretations Committee ('IFRS IC')
as adopted by the European Union. The consolidated financial
statements have been prepared under the historical cost
convention.
The financial statements are presented in United States dollar
(currency symbol: USD or US$), rounded to the nearest thousand,
which is the Group's functional and presentational currency.
The preparation of financial statements in conformity with IFRSs
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Group's accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the financial
statements are disclosed in Note 4.
(a) New and amended standards mandatory for the first time for
the financial period beginning 1 January 2018
A number of new standards and amendments to standards and
interpretations are effective for the financial period beginning on
or after 1 January 2018 and have been applied in preparing these
financial statements. The adoption of these standards and
amendments did not have any impact on the financial position or
performance of the Group.
- Annual improvements to IFRSs 2014-2016 Cycle
- Amendments to IFRS 2: Classification and Measurement of Share-based Payment Transactions
- IFRS 9: Financial Instruments
- IFRS 15: Revenue from Contracts with Customers
There are no other new standards and amendments to standards and
interpretations effective for the financial period beginning on or
after 1 January 2018 that are material to the Group and therefore
not applied in preparing these financial statements.
(b) New standards, amendments and interpretations in issue but
not yet effective or not yet endorsed and not early adopted
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the financial statements
are listed below. The Group intends to adopt these standards, if
applicable, when they become effective.
Standard Impact on initial application Effective date
-------------------- --------------------------------------- -------------------
IFRS 3 (Amendments) Business Combinations * To be determined
IFRS 16 Leases 1 January 2019
IFRIC 23 Uncertainty over Income Tax Treatments 1 January 2019
IAS 28 (Amendments) Long-term Interests in Associates 1 January 2019
and Joint Ventures
Annual Improvements 2015-2017 Cycle 1 January 2019
IAS 1 and IAS 8 Definition of Material * To be determined
(Amendments)
(*) Subject to EU endorsement
The Group is evaluating the impact of the new and amended
standards above. The directors believe that these new and amended
standards are not expected to have a material impact on the Group's
results or shareholders' funds.
2.2. Basis of consolidation
The consolidated financial statements incorporate those of the
Company and its subsidiary undertakings for all periods
presented.
Subsidiaries are entities over which the Group has control. The
Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated
from the date that control ceases.
The Group applies the acquisition method of accounting to
account for business combinations. The consideration transferred
for the acquisition of a subsidiary is the fair values of the
assets transferred, the liabilities incurred to the former owners
of the acquiree and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset or
liability resulting from a contingent consideration arrangement.
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date.
Acquisition-related costs are expensed as incurred unless they
result from the issuance of shares, in which case they are offset
against the premium on those shares within equity.
Where necessary, adjustments are made to the financial
information of subsidiaries to bring the accounting policies used
into line with those used by other members of the Group. All
intercompany transactions and balances between Group entities are
eliminated on consolidation.
In late 2013 the shareholders of KG Congo Ltd (registered in the
Republic of Mauritius) and the Company conditionally agreed to
merge their business interests in the Republic of Congo
(Brazzaville) and the Republic of Mali respectively. On 30 April
2014 the merger was formally completed by way of a share exchange
such that immediately post-completion the Company became a wholly
owned subsidiary of Kola Gold Limited ('Kola Gold').
During 2016 Kola Gold and Hummingbird Resources plc (AIM: HUM)
('Hummingbird') entered into a Memorandum of Understanding with a
view to amalgamating certain of Hummingbird's non-core gold
exploration permits in Mali together with a number of Kola Gold's
permits in West Africa.
On 2 February 2017 Kola Gold, Hummingbird and Glenwick plc (AIM:
GWIK; delisted 6 March 2017) ('Glenwick') entered into a
non-binding heads of terms wherein Glenwick provisionally agreed to
acquire 100% of the shares of the Company (the 'Reverse
Takeover').
On 21 March 2017 the Kola Gold group was split in two with:
-- Kola Gold continuing to hold permits in the Republic of Congo (Brazzaville); and
-- the Company continuing to hold permits in Mali and Senegal in West Africa.
This re-organisation was completed by an in specie distribution
of all the shares in the Company held by Kola Gold to the
shareholders of Kola Gold.
On 28 April 2017 the amalgamation of certain of Hummingbird's
non-core gold exploration permits in Mali together with a number of
the Company's permits in Mali and Senegal was completed (the
'business combination') and as a result the Company acquired:
-- a 100% shareholding in Hummingbird Exploration Mali SARL
(registered in the Republic of Mali; on 3 July 2017 Hummingbird
Exploration Mali SARL was renamed Cora Exploration Mali SARL);
and
-- a 95% shareholding in Sankarani Ressources SARL (registered in the Republic of Mali).
On 17 July 2017 the Company, Hummingbird and Glenwick mutually
agreed to cancel the Reverse Takeover and, therefore, terminate the
aforementioned non-binding heads of terms.
As at 31 December 2018 and 2017 the Company held:
-- a 100% shareholding in Cora Gold Mali SARL (registered in the
Republic of Mali; the address of its registered office is Rue 224
Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);
-- a 100% shareholding in Cora Exploration Mali SARL (the
address of its registered office is Rue 224 Porte 1279, Hippodrome
1, BP 2788, Bamako, Republic of Mali); and
-- a 95% shareholding in Sankarani Ressources SARL (the address
of its registered office is Rue 841 Porte 202, Faladie SEMA, BP
366, Bamako, Republic of Mali).
The remaining 5% of Sankarani Ressources SARL can be purchased
from a third party for US$1,000,000.
In addition as at 31 December 2018 Cora Resources Mali SARL
(registered in the Republic of Mali; the address of its registered
office is Rue 841 Porte 202, Faladie SEMA, BP 366, Bamako, Republic
of Mali) was a wholly owned subsidiary of Sankarani Ressources
SARL.
2.3. Interest in jointly controlled entities
Joint venture arrangements that involve the establishment of a
separate entity in which each venturer has joint control are
referred to as jointly controlled entities. The results and assets
and liabilities of jointly controlled entities are included in
these financial statements for the period using the equity method
of accounting.
2.4. Going concern
The financial statements have been prepared on a going concern
basis. The directors have prepared cash flow forecasts for the
period ending 31 December 2019. The forecasts include the costs of
progressing the Group's projects and the corporate and operational
overheads of the Group. The forecasts demonstrate that the Group
has sufficient cash resources available to allow it to continue as
a going concern and meet its contracted and committed liabilities
as they fall due. Additional funds will however be required in
order to undertake all planned exploration and evaluation
activities during the going concern period. The directors are
confident in the ability of the Group to raise additional funding
when required from the issue of equity or the sale of assets. Any
delays in the timing and / or quantum of raising additional funds
can be accommodated by deferring discretionary exploration and
evaluation expenditure.
The directors have a reasonable expectation that the Group will
have adequate resources to continue in operational existence for
the foreseeable future. Thus they continue to adopt the going
concern basis of accounting in preparing the financial
statements.
2.5. Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the board of directors that makes
strategic decisions.
2.6. Foreign currencies
(i) Functional and presentation currency
Items included in the financial statements of the Group's
entities are measured using the currency of the primary economic
environment in which the entity operates (the 'functional
currency'). The financial statements are presented in United States
dollar, rounded to the nearest thousand, which is the Company's and
Group's functional currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where such items are re-measured. Foreign
exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies
are recognised in profit or loss.
2.7. Investments
Investments in subsidiary companies are stated at cost less
provision for impairment in value, which is recognised as an
expense in the period in which the impairment is identified in the
Company accounts. These investments are consolidated in the Group
consolidated accounts.
2.8. Intangible assets
The Group has adopted the provisions of IFRS 6 Exploration for
and Evaluation of Mineral Resources.
The Group capitalises expenditure as project costs, categorised
as intangible assets, when it determines that those costs will be
successful in finding specific mineral resources. Expenditure
included in the initial measurement of project costs and which are
classified as intangible assets relate to the acquisition of rights
to explore, topographical, geological, geochemical and geophysical
studies, exploratory drilling, trenching, sampling and activities
to evaluate the technical feasibility and commercial viability of
extracting a mineral resource. Capitalisation of pre-production
expenditure ceases when the mining property is capable of
commercial production. Project costs are recorded and held at cost.
An annual review is undertaken of each area of interest to
determine the appropriateness of continuing to capitalise and carry
forward project costs in relation to that area of interest.
Accumulated capitalised project costs in relation to (i) an expired
permit, (ii) an abandoned area of interest and / or (iii) a joint
venture over an area of interest which is now ceased, will be
written off in full as an impairment to profit or loss in the year
in which (i) the permit expired, (ii) the area of interest was
abandoned and / or (iii) the joint venture ceased.
Exploration and evaluation costs are assessed for impairment
when facts and circumstances suggest that the carrying amount of an
asset may exceed it recoverable amount.
2.9. Financial assets
Classification
The Group's financial assets consist of loans and receivables.
The classification depends on the purpose for which the financial
assets were acquired. Management determines the classification of
its financial assets at initial recognition.
Loans and receivables
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities
greater than 12 months after the balance sheet date. These are
classified as non-current assets. The Group's loans and receivables
comprise trade and other current assets and cash and cash
equivalents at the year-end.
Recognition and measurement
Regular purchases and sales of financial assets are recognised
on the trade date - the date on which the Group commits to
purchasing or selling the asset. Financial assets are initially
measured at fair value plus transaction costs. Financial assets are
de-recognised when the rights to receive cash flows from the assets
have expired or have been transferred, and the Group has
transferred substantially all of the risks and rewards of
ownership.
Loans and receivables are subsequently carried at amortised cost
using the effective interest method.
Impairment of financial assets
The Group assesses at the end of each reporting period whether
there is objective evidence that a financial asset, or a group of
financial assets, is impaired. A financial asset, or a group of
financial assets, is impaired and impairment losses are incurred,
only if there is objective evidence of impairment as a result of
one or more events that occurred after the initial recognition of
the assets (a 'loss event'), and that loss event (or events) has an
impact on the estimated future cash flows of the financial asset,
or group of financial assets, that can be reliably estimated.
The criteria that the Group uses to determine that there is
objective evidence of an impairment loss include:
-- significant financial difficulty of the issuer or obligor;
-- a breach of contract, such as a default or delinquency in interest or principal repayments;
-- the Group, for economic or legal reasons relating to the
borrower's financial difficulty, granting to the borrower a
concession that the lender would not otherwise consider;
-- it becomes probable that the borrower will enter bankruptcy or other financial reorganisation.
The Group first assesses whether objective evidence of
impairment exists.
The amount of the loss is measured as the difference between the
asset's carrying amount and the present value of estimated future
cash flows (excluding future credit losses that have not been
incurred), discounted at the financial asset's original effective
interest rate. The asset's carrying amount is reduced and the loss
is recognised in profit or loss.
If, in a subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event
occurring after the impairment was recognised (such as an
improvement in the debtor's credit rating), the reversal of the
previously recognised impairment loss is recognised in profit or
loss.
2.10. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, and
are subject to an insignificant risk of changes in value.
2.11. Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
2.12. Reserves
Retained earnings / (deficit) - the retained earnings /
(deficit) reserve includes all current and prior periods retained
profit and losses.
2.13. Financial liabilities
Trade payables are obligations to pay for goods or services that
have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are
presented as non-current liabilities.
Trade payables are recognised initially at fair value, and
subsequently measured at amortised cost using the effective
interest method.
Other financial liabilities are initially measured at fair
value. They are subsequently measured at amortised cost using the
effective interest method.
Financial liabilities are de-recognised when the Group's
contractual obligations expire or are discharged or cancelled.
2.14. Provisions
The Group provides for the costs of restoring a site where a
legal or constructive obligation exists. The estimated future costs
for known restoration requirements are determined on a site-by-site
basis and are calculated based on the present value of estimated
future costs. All provisions are discounted to their present
value.
2.15. Taxation
Tax is recognised in the Income Statement, except to the extent
that it relates to items recognised in other comprehensive income
or directly in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity, respectively.
Current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting end date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised.
2.16. Share based payments
Equity-settled share based payments with employees and others
providing services are measured at the fair value of the equity
instruments at the grant date. Fair value is measured by use of an
appropriate pricing model. The Company has adopted the
Black-Scholes Model for this purpose.
Equity-settled share based payment transactions with other
parties are measured at the fair value of the goods and services,
except where the fair value cannot be estimated reliably in which
case they are valued at the fair value of the equity instrument
granted.
2.17. Exceptional items
Items are disclosed separately in the financial statements where
it is necessary to do so to provide further understanding of the
financial performance of the Group. They are items that are
material, either because of their size or nature, or that are
non-recurring. The aborted transaction costs, gain on business
combination and gain on related party balances forgiven have been
categorised as exceptional items.
3. Financial risk management
3.1. Financial risk factors
The Group's activities expose it to a variety of financial
risks: market risk, credit risk and liquidity risk. The Group's
overall risk management programme focuses on the unpredictability
of financial markets and seeks to minimise potential adverse
effects on the Group's financial performance.
Risk management is carried out by the management team under
policies approved by the board of directors.
(i) Market risk
The Group is exposed to market risk, primarily relating to
interest rate, foreign exchange and commodity prices. The Group
does not hedge against market risks as the exposure is not deemed
sufficient to enter into forward contracts. The Group has not
sensitised the figures for fluctuations in interest rates, foreign
exchange or commodity prices as the directors are of the opinion
that these fluctuations would not have a significant impact on the
financial statements of the Group at the present time. The
directors will continue to assess the effect of movements in market
risks on the Group's financial operations and initiate suitable
risk management measures where necessary.
(ii) Credit risk
Credit risk arises from cash and cash equivalents as well as
outstanding receivables. To manage this risk, the Group
periodically assesses the financial reliability of customers and
counterparties.
The amount of exposure to any individual counterparty is subject
to a limit, which is assessed by the board of directors.
The Group considers the credit ratings of banks in which it
holds funds in order to reduce exposure to credit risk.
(iii)Liquidity risk
Cash flow and working capital forecasting is performed for all
entities in the Group for regular reporting to the board of
directors. The directors monitor these reports and forecasts to
ensure the Group has sufficient cash to meet its operational
needs.
3.2. Capital risk management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern, in order to
enable the Group to continue its exploration and evaluation
activities, and to maintain an optimal capital structure to reduce
the cost of capital.
The Group defines capital based on the total equity of the
Company. The Group monitors its level of cash resources available
against future planned operational activities and may issue new
shares in order to raise further funds from time to time.
4. Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with
IFRSs requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amount of expenses during the
year. Actual results may vary from the estimates used to produce
these financial statements.
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
Significant items subject to such estimates and assumptions
include, but are not limited to:
(i) Intangible assets (see Note 9)
An annual review is undertaken of each area of interest to
determine the appropriateness of continuing to capitalise and carry
forward project costs in relation to that area of interest.
Accumulated capitalised project costs in relation to (i) an expired
permit, (ii) an abandoned area of interest and / or (iii) a joint
venture over an area of interest which is now ceased, will be
written off in full as an impairment to the statement of income in
the year in which (i) the permit expired, (ii) the area of interest
was abandoned and / or (iii) the joint venture ceased.
Each exploration project is subject to review by a senior Group
geologist to determine if the exploration results returned to date
warrant further exploration expenditure and have the potential to
result in an economic discovery. This review takes into
consideration long-term metal prices, anticipated resource volumes
and grades, permitting and infrastructure. The directors have
reviewed each project with reference to these criteria and do not
consider any impairment necessary.
5. Segmental analysis
The Group operates principally in the UK and West Africa, with
operations managed on a project by project basis. Activities in the
UK are administrative in nature whilst the activities in West
Africa relate to exploration and evaluation.
An analysis of the Group's overhead costs, and reportable
segment assets and liabilities is as follows:
UK Africa Total
US$'000 US$'000 US$'000
Year ended 31 December 2017
-------- -------- --------
Overhead costs 358 36 394
_______ _______ _______
-------- -------- --------
Loss from operations per reportable 358 36 394
segment _______ _______ _______
-------- -------- --------
As at 31 December 2017
-------- -------- --------
Reportable segment assets 3,495 7,377 10,872
-------- -------- --------
Reportable segment liabilities (171) - (171)
_______ _______ _______
-------- -------- --------
Year ended 31 December 2018
-------- -------- --------
Overhead costs 800 37 837
_______ _______ _______
-------- -------- --------
Loss from operations per reportable 800 37 837
segment _______ _______ _______
-------- -------- --------
As at 31 December 2018
-------- -------- --------
Reportable segment assets 844 9,897 10,741
-------- -------- --------
Reportable segment liabilities (45) (147) (192)
_______ _______ _______
-------- -------- --------
6. Expenses by nature
2018 2017
US$'000 US$'000
Consultants 4 -
-------- --------
Employees' and directors' remuneration
(see below) 361 81
-------- --------
General administration 56 38
-------- --------
Travel 37 36
-------- --------
Legal and professional 164 170
-------- --------
Investor relations and conferences 135 102
-------- --------
Auditor's remuneration (see below) 32 34
-------- --------
Share based payments - share options 4 -
-------- --------
Foreign exchange loss / (gain) 44 (67)
_______ _______
-------- --------
Overhead costs 837 394
_______ _______
-------- --------
Employees' and directors' remuneration
The average monthly number of employees and directors was as
follows:
2018 2017
Non-executive directors 4 4
-------- --------
Employees 30 10
_______ _______
-------- --------
Total average number of employees 34 14
and directors _______ _______
-------- --------
Employees' and directors' remuneration comprised:
2018 2017
US$'000 US$'000
Non-executive directors' fees 88 22
-------- --------
Wages and salaries 808 234
-------- --------
Social security costs 103 38
_______ _______
-------- --------
Total employees' and directors'
remuneration 999 294
-------- --------
Capitalised to project costs (intangible (638) (213)
assets) _______ _______
-------- --------
Employees' and directors' remuneration 361 81
expensed _______ _______
-------- --------
Auditor's remuneration
Expenditures relating to the Company's auditor, PKF Littlejohn
LLP, in respect of both audit and non-audit services were as
follows:
2018 2017
US$'000 US$'000
Audit fees: audit of the Group and
Company's financial statements 32 34
--------- ---------
Non-audit fees in relation to the
Company's Admission to trade on AIM - 61
_______ _______
--------- ---------
32 95
------------------------------------- --------- ---------
Capitalised to share capital (issue - (61)
costs) _______ _______
--------- ---------
Auditor's remuneration expensed 32 34
_______ _______
--------- ---------
7. Income tax
No current or deferred tax arose in either year.
The tax on the Group's (loss) / profit before tax differs from
the theoretical amount that would arise as follows:
2018 2017
US$'000 US$'000
(Loss) / profit before tax (837) 3,572
_______ _______
-------- --------
Tax at standard rate of 19% (2017: 19.25%) (159) 688
-------- --------
Effects of:
-------- --------
Non-taxable income - (797)
-------- --------
Expenses not deductible for tax - 34
-------- --------
Losses carried forward not recognised 159 75
as a deferred tax asset _______ _______
-------- --------
Income tax - -
_______ _______
-------- --------
8. Earnings per share
The calculation of the basic and fully diluted earnings per
share attributable to the equity shareholders is based on the
following data:
2018 2017
US$'000 US$'000
Net (loss) / profit attributable to equity (837) 3,572
shareholders _______ _______
---------- ---------
Weighted average number of shares for
the purpose of basic earnings per share 55,802 32,083
(000's) _______ _______
---------- ---------
Weighted average number of shares for
the purpose of fully diluted earnings 55,802 32,083
per share (000's) _______ _______
---------- ---------
Basic earnings per share
(United States dollar) (0.0150) 0.1114
_______ _______
---------- ---------
Fully diluted earnings per share
(United States dollar) (0.0150) 0.1114
_______ _______
---------- ---------
As at 31 December 2018 the Company's issued and outstanding
capital structure comprised a number of ordinary shares, warrants
and share options (see Note 14). As at 31 December 2017 the
Company's issued and outstanding capital structure comprised a
number of ordinary shares and warrants (see Note 14).
On 15 September 2017 each share in issue was sub-divided into
300 ordinary shares. The earnings per share has been consistently
calculated based on the weighted average number of shares in issue
in 2017 multiplied by the sub-division ratio.
9. Intangible assets
Intangible assets relate to exploration and evaluation project
costs capitalised as at 31 December 2018 and 2017, less
impairment.
2018 2017
US$'000 US$'000
As at 1 January 7,342 1,435
-------- --------
Acquisition of subsidiaries (see
Note 16) - 5,210
-------- --------
Additions 2,472 697
-------- --------
Impairment - -
_______ _______
-------- --------
As at 31 December 9,814 7,342
_______ _______
-------- --------
Additions to project costs during the years ended 31 December
2018 and 2017 were in the following geographical areas:
2018 2017
US$'000 US$'000
Mali 2,442 5,907
-------- --------
Senegal 30 -
_______ _______
-------- --------
Additions to projects costs 2,472 5,907
_______ _______
-------- --------
Project costs capitalised as at 31 December 2018 and 2017
related to the following geographical areas:
2018 2017
US$'000 US$'000
Mali 9,784 7,342
-------- --------
Senegal 30 -
_______ _______
-------- --------
Project costs as at 31 December 9,814 7,342
_______ _______
-------- --------
10. Trade and other receivables
2018 2017
US$'000 US$'000
Other receivables 80 95
-------- --------
Prepayments 24 29
_______ _______
-------- --------
104 124
_______ _______
------------------ -------- --------
Following the re-organisation of the Kola Gold group on 21 March
2017, in accordance with an agreement dated 15 September 2017
between the Company, Kola Gold and KG Congo Ltd balances, being
amounts loaned to Cora Gold from Kola Gold (US$2,098,436) and
amounts loaned from Cora Gold to KG Congo Ltd (US$60,546), were
forgiven. The net amount of US$2,037,890 was recognised under the
heading 'Related party balances forgiven' in the consolidated
statement of comprehensive income for the year ended 31 December
2017.
11. Cash and cash equivalents
Cash and cash equivalents held as at 31 December 2018 and 2017
were in the following currencies:
2018 2017
US$'000 US$'000
British pound sterling (GBPGBP) 806 3,371
-------- --------
Euro (EUREUR) 13 -
-------- --------
CFA Franc (XOF) 3 35
-------- --------
United States dollar (US$) 1 -
_______ _______
-------- --------
823 3,406
_______ _______
-------------------------------- -------- --------
12. Trade and other payables
2018 2017
US$'000 US$'000
Trade payables 62 47
-------- --------
Other taxes 62 61
-------- --------
Accruals 68 63
_______ _______
-------- --------
192 171
_______ _______
--------------- -------- --------
Following the re-organisation of the Kola Gold group on 21 March
2017, in accordance with an agreement dated 15 September 2017
between the Company, Kola Gold and KG Congo Ltd balances, being
amounts loaned to Cora Gold from Kola Gold (US$2,098,436) and
amounts loaned from Cora Gold to KG Congo Ltd (US$60,546), were
forgiven. The net amount of US$2,037,890 was recognised under the
heading 'Related party balances forgiven' in the consolidated
statement of comprehensive income for the year ended 31 December
2017.
13. Financial instruments
2018 2017
US$'000 US$'000
Loans and receivables
-------- --------
Trade and other receivables 80 95
-------- --------
Cash and cash equivalents 823 3,406
_______ _______
-------- --------
903 3,501
_______ _______
---------------------------- -------- --------
2018 2017
US$'000 US$'000
Financial liabilities at amortised
cost
-------- --------
Trade and other payables 130 110
_______ _______
-------- --------
130 110
_______ _______
-------- --------
14. Share capital
The Company is authorised to issue an unlimited number of no par
value shares of a single class.
As at 31 December 2016 the Company's issued and outstanding
capital structure comprised 50,000 no par value shares and there
were no other securities on issue and outstanding.
On 28 April 2017 as a result of the business combination (see
Note 2.2) 50,000 shares in the Company were issued to Trochilidae
Resources Ltd, a subsidiary of Hummingbird, in consideration for an
aggregate price of US$3,050,000.
On 30 May 2017 the Company closed a non-brokered private
placement of 7,937 shares at a price of US$61 per share for total
gross proceeds of US$484,157. Certain directors of the Company
participated in this placement.
On 17 July 2017 in full and final settlement of costs totalling
US$176,750 incurred by Glenwick in connection with the cancelled
Reverse Takeover (see Note 2.2) the Company issued 2,897 shares to
Glenwick at a price of US$61 per share.
On 31 August 2017 the Company:
-- closed a non-brokered private placement of 2,014 shares at a
price of US$61 per share for total gross proceeds of US$122,854.
Certain directors of the Company participated in this placement;
and
-- issued 491 shares at a price of US$61 per share to
Hummingbird in full and final settlement of an invoice for
US$30,000 from Hummingbird in relation to accounting and
administration costs incurred during 2017 in relation to the
business combination.
On 15 September 2017 each share was sub-divided into 300
ordinary shares such that immediately post this sub-division the
Company's issued and outstanding capital structure comprised
34,001,700 ordinary shares.
In October 2017 the Company:
-- closed a placing and subscription for 20,928,240 ordinary
shares at a price of 16.5 pence (British pound sterling) per share
for total gross proceeds of GBPGBP3,453,160. Certain directors of
the Company participated in this subscription;
-- issued 45,454 ordinary shares at a price of 16.5 pence per
share to St Brides Partners Limited in full and final settlement of
an initial float fee of GBPGBP7,500, being one-half of a total
initial float fee of GBPGBP15,000, for public relations consultancy
services; and
-- issued warrants to brokers of the Placing to subscribe for
320,575 ordinary shares at a price of 16.5 pence per ordinary share
expiring on 9 October 2020.
At the Company's annual general meeting held on 12 June
2018:
-- it was approved by the shareholders that the Company issue
80,000 ordinary shares at a price of 16 pence per share to S3
Consortium Pty Ltd for a total gross value of GBPGBP12,800 as part
of a service agreement dated 30 October 2017 with S3 Consortium Pty
Ltd to assist with the Company's digital marketing strategy;
and
-- it was approved by the shareholders that on 18 December 2017
the board of directors adopted and approved a share option plan,
and granted and approved share options over 2,550,000 ordinary
shares in the capital of the Company exercisable at 16.5 pence per
ordinary share and expiring on 18 December 2022. 25% of such share
options vested on 12 June 2018 and a further 25% shall vest on each
of 12 December 2018, 12 June 2019 and 12 December 2019.
In November 2018 share options over 325,000 ordinary shares in
the capital of the Company exercisable at 16.5 pence per ordinary
share and expiring on 18 December 2022 were cancelled following
termination of a contract with a service provider.
On 6 December 2018 the Company closed a placing and subscription
for 10,984,900 ordinary shares at a price of 5 pence (British pound
sterling) per share for total gross proceeds of GBPGBP549,245.
Certain directors of the Company participated in this subscription
(see Note 19).
The fair value of share options has been calculated using the
Black-Scholes Model, the inputs into which were as follows:
-- strike price 16.5 pence;
-- share price 12.25 pence;
-- volatility 9.1%;
-- expiry date 18 December 2022;
-- risk free rate 1.5%; and
-- dividend yield 0.0%.
The cost of share based payments relating to share options has
been recognised in the consolidated statement of comprehensive
income and in retained earnings.
As at 31 December 2018 the Company's issued and outstanding
capital structure comprised:
-- 66,040,294 ordinary shares;
-- warrants to subscribe for 320,575 ordinary shares at a price
of 16.5 pence per share expiring 9 October 2020; and
-- share options over 2,225,000 ordinary shares in the capital
of the Company exercisable at 16.5 pence per ordinary share and
expiring on 18 December 2022.
Movements in capital during the years ended 31 December 2018 and
2017 were as follows:
Number Number Number of Proceeds
of shares of warrants share options US$'000
(restated)
As at 1 January 2017 15,000,000 - - 207
----------- ------------ -------------- --------
Business combination 15,000,000 - - 3,050
----------- ------------ -------------- --------
Non-brokered private
placements 2,985,300 - - 607
----------- ------------ -------------- --------
Aborted transaction costs 869,100 - - 177
----------- ------------ -------------- --------
Settlement of costs and
fees 192,754 - - 40
----------- ------------ -------------- --------
Placing and subscription 20,928,240 - - 4,561
----------- ------------ -------------- --------
Issued to brokers of
the placing - 320,575 - -
----------- ------------ -------------- --------
Issue costs - - - (706)
__________ _________ _________ _______
----------- ------------ -------------- --------
As at 31 December 2017 54,975,394 320,575 - 7,936
----------- ------------ -------------- --------
Settlement of costs and
fees 80,000 - - 17
----------- ------------ -------------- --------
Granting of share options - - 2,550,000 -
----------- ------------ -------------- --------
Cancellation of share
options - - (325,000) -
----------- ------------ -------------- --------
Placing and subscription 10,984,900 - - 694
----------- ------------ -------------- --------
Issue costs - - - (30)
__________ _________ _________ _______
----------- ------------ -------------- --------
As at 31 December 2018 66,040,294 320,575 2,225,000 8,617
__________ _________ _________ _______
----------- ------------ -------------- --------
15. Ultimate controlling party
The Company does not have an ultimate controlling party.
As at 31 December 2018 the Company's largest shareholder was
Hummingbird which held 18,610,127 ordinary shares (including shares
held by Hummingbird's subsidiary, Trochilidae Resources Ltd) (being
28.18% of the total number of ordinary shares in issue and
outstanding).
16. Business combination
On 28 April 2017 the Group acquired 100% of the share capital of
Cora Exploration Mali SARL and 95% of the share capital of
Sankarani Ressources SARL. 50,000 shares in the Company were issued
to Trochilidae Resources Ltd, a subsidiary of Hummingbird, in
consideration for an aggregate price of US$3,050,000. In addition
the Group acquired the right to purchase the remaining 5% of
Sankarani Ressources SARL from a third party for US$1,000,000. The
primary reason for the business combination was to increase the
asset base of the Group.
As part of the business combination the following intra group
balances were assigned to the Company from Hummingbird:
-- from Cora Exploration Mali SARL, being CFA Franc
4,394,468,854 (currency symbol XOF; equivalent to US$7,654,982);
and
-- from Sankarani Ressources SARL, being CFA Franc 1,388,262,844
(currency symbol XOF; equivalent to US$2,418,296).
The following table summarises the consideration paid for Cora
Exploration Mali SARL and Sankarani Ressources SARL and the fair
values of the assets and liabilities assumed at the acquisition
date:
US$'000
Total consideration
--------
Shares issued 3,050
_______
--------
3,050
_______
--------
Recognised amounts of assets acquired and liabilities
assumed
--------
Intangible assets - exploration and evaluation
project costs 5,210
--------
Trade and other payables (55)
_______
--------
Total identifiable net assets 5,155
--------
Total consideration (3,050)
_______
--------
Gain on business combination 2,105
_______
--------
The business combination had no impact on the consolidated
statement of comprehensive income other than the gain arising on
business combination. The business combination resulted in a gain
due to the value of the total identifiable net assets being greater
than the value of the consideration paid.
17. Contingent liabilities
The Group subsidiaries Cora Gold Exploration Mali SARL and
Sankarani Ressources SARL may be subject to potential tax
liabilities of approximately US$92,500.
The Operational Review section of the Strategic Report contains
details of potential net smelter royalty obligations by project
area, together with options to buy out the royalty. At the current
stage of development, it is not considered that the outcome of
these contingent liabilities can be considered probable or
reasonably estimable and hence no provision has been recognised in
the financial statements.
18. Capital commitments
On 13 December 2018 the Group entered into a drilling contract
with Target Drilling SARL for a total of 3,250 metres of drilling
at the Sanankoro Gold Discovery (Sanankoro Permit, Sanankoro
Project Area in southern Mali) for a total contract value of
approximately EUREUR100,000 plus ancillary costs. As at 31 December
2018 under the terms of the contract the Group had incurred
expenditure of EUREUR20,452 for a total of 203.2 metres of
drilling. This drilling contract was fully satisfied in early
2019.
19. Related party transactions
During the year ended 31 December 2018:
-- in relation to the services of Geoffrey McNamara, Independent
Non-Executive Director and Chairman of the Company, fees totalling
GBPGBP24,000 were paid to Tanamera Resources Pte Ltd ('Tanamera'),
a company wholly owned by Geoffrey McNamara;
-- in accordance with a Relationship Agreement dated 3 October
2017, in relation to the services of Robert Monro, Non-Executive
Director of the Company, fees totalling GBPGBP14,000 were paid to
Hummingbird; and
-- on 6 December 2018 the Company closed a placing and
subscription for 10,984,900 ordinary shares at a price of 5 pence
(British pound sterling) per share for total gross proceeds of
GBPGBP549,245. The following directors of the Company participated
in this subscription:
-- Key Ventures Holding Ltd, the sole shareholder of which is
First Island Trust Company Limited as Trustee of The Sunnega Trust
of which Paul Quirk (Non-Executive Director) is a beneficiary,
subscribed for 780,000 ordinary shares for total gross proceeds of
GBPGBP39,000;
-- Tanamera, a company wholly owned by Geoffrey McNamara
(Independent Non-Executive Director and Chairman), subscribed for
780,000 ordinary shares for total gross proceeds of GBPGBP39,000;
and
-- Jonathan Forster, Chief Executive Officer and Director,
subscribed for 100,000 ordinary shares for total gross proceeds of
GBPGBP5,000.
During the year ended 31 December 2017:
-- in relation to the services of Geoffrey McNamara fees
totalling GBPGBP6,000 were paid to Tanamera;
-- in accordance with a Relationship Agreement dated 3 October
2017, in relation to the services of Robert Monro:
-- fees totalling GBPGBP3,500 were paid to Hummingbird; and
-- share options over 275,000 ordinary shares in the capital of
the Company exercisable at 16.5 pence per ordinary share and
expiring on 18 December 2022 were awarded to Hummingbird;
-- Craig Banfield, the Company's Chief Financial Officer and
Company Secretary, received retainer fees from the Company
totalling GBPGBP35,625 in respect of the period to 30 September
2017. With effect from the date of the Company's Admission to trade
on AIM, being 9 October 2017, Craig Banfield's remuneration as
Chief Financial Officer of the Company has been determined in
accordance with his Service Agreement. Immediately prior to
Admission on AIM the Group had no employees. In addition prior to
Admission to trade on AIM, during the year ended 31 December 2017
the Company's subsidiary Cora Gold Mali SARL advanced sums to Craig
Banfield totalling EUREUR80,000 in order for him to settle costs
and fees of UK-related suppliers and creditors for and on behalf of
the Group. All such advanced sums have been fully accounted for and
as at 31 December 2017 the balance of advanced sums held by Craig
Banfield was EUREURnil.
20. Events after the balance sheet date
On 30 April 2019 the Company closed a placing and subscription
for 35,064,845 ordinary shares at a price of 3.85 pence (British
pound sterling) per share for total gross proceeds of
GBPGBP1,349,996.53. Certain directors of the Company participated
in this subscription. Immediately upon closing of this fundraise
the total number of ordinary shares on issue was 101,105,139 and
the Company's largest shareholder was Hummingbird which held
18,610,127 ordinary shares (including shares held by Hummingbird's
subsidiary, Trochilidae Resources Ltd) (being 18.41% of the total
number of ordinary shares on issue and outstanding).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR AMMLTMBBTMLL
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