TIDMKGLD
RNS Number : 8511I
Kolar Gold Limited
30 March 2015
30 March 2015
Kolar Gold Ltd
Half year results for six months ended 31 December 2014
Kolar Gold Limited ("Kolar Gold" or the "Company"), the Indian
focussed gold exploration and mine development company, announces
its unaudited results for the six months ended 31 December
2014.
The Company recorded a loss after tax for the period of
GBP568,074, (2013: loss after tax of GBP1,378,434) including a gain
on the accretion of investment in an associate of GBP86,618 (2013:
loss on dilution of GBP909,622). The Company had GBP2.4m in cash
and term deposits as at 31 December 2014 (2013: GBP4.0m).
The Company has, at the date of this report, the following
interests:
-- a shareholding in Geomysore Mining Services (India) Private
Limited ("GMSI") of 25.9% ; following the finalisation (expected
quarter 3 2015) of the drilling program by Thriveni Earth Movers
Private Limited ('Thriveni'), Thriveni will be awarded up to
100,192 shares in GMSI, reducing our shareholding to 23.77%;
-- the Company has the right, but not the obligation, until 25th
November 2015, to subscribe for up to an additional 88,681 shares,
at INR 1444.50 each (a total investment of circa GBP1.3m). If all
subscriptions are made this would increase the Company's stake in
GMSI from 23.77% to 30.2%;
-- a Right of First Refusal, in association with the Cooperative
Societies of Bharat Gold Mines Limited ("BGML") ex-employees, to
acquire the BGML mining assets through a tender process to be held
by the owner, the Government of India; and
-- cash balances of GBP1.97m.
GMSI
In November 2014, the Company announced that it had entered into
a Shareholders Agreement and a Share Subscription Agreement with
GMSI and its other major shareholders to fund GMSI operations
through to July this year, including an exploration drilling
campaign totalling 15,800 metres of resource drilling at Jonnagiri,
where GMSI had secured one of the few gold mining leases ever to be
granted in India in the last few decades.
Pursuant to the above agreements the Company has invested
GBP302,000 giving it an equity holding of 25.9% and in total the
major shareholders have invested GBP915,000.
There are two further tranches of investments planned in April
and May 2015, under which the Company may invest a further
GBP207,000.
The invested funds and future investments are being applied to
the funding of GMSI's operations in general, and particularly the
drilling programme at Jonnagiri. Since January 2015, two core
drilling rigs have been operational at Jonnagiri to upgrade and
extend the 710koz JORC resource. A third rig began operating
earlier this month to further accelerate this drilling programme.
Results from the assay laboratory are expected over the next few
months. The Board expects that this drilling programme will
increase and upgrade the defined gold resource inventory and,
subject to feasibility studies, hopes that Jonnagiri will become a
commercially viable operating gold mine.
GMSI and Deccan Gold Mines ("DGM"), the only gold exploration
company listed on the Bombay Stock Exchange, continue to review the
proposal to amalgamate the two companies, their respective projects
and resources, by way of a scheme of arrangement and for the
combined group to be listed on the Bombay Stock Exchange (BSE). The
expected timing and likelihood of this is later in this calendar
year, following the current DGM fund raising via a rights issue.
There are also alternative strategies available to GMSI for listing
on the BSE.
As at 31 December 2014 the Company valued its investment in GMSI
at GBP2.83million (30 June 2014: GBP2.50 million).
BGML Tender
Kolar Gold continues to pursue jointly with the BGML mine
employee united unions the proposed acquisition and revival of the
historic BGML gold mine in the Kolar Gold Fields in Karnataka. The
parties have a Right of First Refusal when the tender proceeds. In
2013 a Supreme Court ordered the Government of India to proceed
with BGML sale tender and revival. With the election pending in May
2014 this did not happen. The new government is showing support for
development projects such as this, which will attract foreign
direct investment into India and develop a gold mining industry
that is in its infancy. However, making progress requires support
from the new government executive and we are working to achieve
this in Delhi and at the state levels. However, competition from
numerous projects and industries seeking government attention is
high.
Cash Balances
The Company's overheads for the period were GBP593,000 (2013:
GBP605,000), and the Company continues to utilise its working
capital to invest in GMSI.
As at 31 December 2014, the Company's cash balances were GBP2.4m
and at the date of this report were GBP1.97m.
The Company is continuously monitoring the rate of cash usage to
ensure a balance between investment and achieving major milestones
and having sufficient working capital to remain a going concern.
The Company is also investigating ways of raising further capital
to support our stated gold objectives in India.
Allowing for the Company's budgeted run rate there are
sufficient funds to continue operations until the third quarter in
the 2016 calendar year and to make the investments in GMSI in March
and May 2015 identified above. However these cash flow projections
would not enable the exercising of the GMSI option, which is at the
discretion of the Company. It will therefore be necessary to raise
additional funds in order to exercise this option.
Harvinder Hungin, Chairman of Kolar Gold Limited, commented:
"The agreement reached amongst the major shareholders of GMSI at
the end of 2014 was a key milestone. Extensive exploration drilling
is underway at Jonnagiri and we are eagerly awaiting the results
over the next few months. Jonnagiri has the potential to be a
producing gold mine and if this can be achieved it would be a major
step forward for GMSI and Kolar Gold. In the meantime we are
continuing to explore with GMSI ways of achieving an Indian listing
of its shares including a possible amalgamation with Deccan Gold.
Finally, whilst we remain excited about BGML there is again work to
be done to rebuild momentum behind the tender process following the
election of the new government. We are hopeful that discussions and
lobbying will lead to the tender process proceeding this year.
The Company's cash resources are finite and we have a clear
strategy to implement our mandate to be an Indian gold exploration
and mining company. This has never been an easy task and continues
to be challenging but we are making progress towards what remains a
large international gold opportunity, the level of which in due
course will determine what level of further cash resources we may
need to raise to support our activities."
Nick Spencer, Chief Executive Officer of Kolar Gold Limited,
commented:
"Our three objectives remain:
Firstly to support and assist the resource drilling at the GMSI
Jonnagiri gold mining lease. There are now 3 drill rigs operating
in order to upgrade and extend the current gold resource with the
aim to develop India's first private gold mine operation.
Secondly we are increasing our efforts to engage with the new
Government of India to explain the urgent need for India to develop
domestic gold mines and therefore to issue the BGML mine sale
tender and revival.
Lastly, discussions are continuing between GMSI and DGM to
amalgamate the two companies, their respective projects and
resources, by way of a scheme of arrangement, and for the combined
group to be listed on the Bombay Stock Exchange. GMSI is also
considering alternative strategies for listing on the BSE.
Achieving any of these objectives will enable a significant gold
mining asset to be developed in India."
For further information please contact:
Kolar Gold Limited
+614 1487 4491 / +614 1719
Nick Spencer / Chris Clowes 7288
N+1 Singer (Nomad and Joint Broker)
James Maxwell / Jen Boorer +44 20 3205 7500
Ocean Equities Limited (Joint Broker)
Will Slack +44 20 7786 4370
Tavistock
Ed Portman / Nuala Gallagher +44 20 7920 3150
About Kolar Gold Limited:
Kolar Gold is a partner and investor in an Indian gold
exploration and mine development company and is also pursuing a
number of gold projects in India. The company is traded on the AIM
market (Ticker: KGLD) and has an experienced international board
and management and strong local partners.
Kolar Gold is an investor in GMSI, an Indian gold exploration
and development company with a significant portfolio of gold
permits and rights across India. GMSI has rights to 32 known gold
mineralised project areas including 22 granted Reconnaissance
Permits, 2 Prospecting Licences and 1 mining lease area covering a
total of 12,568 square kilometres in the states of Andhra Pradesh,
Karnataka. Madra Pradesh and Tamil Nadu. The main gold asset is the
gold mining lease at Jonnagiri which was granted in October 2013
and has a 710,000 ounce JORC gold resource defined to date.
Kolar Gold is also jointly pursuing, with the BGML mine employee
unions, the acquisition and revival of the historic BGML gold mine
in the Kolar Goldfields in Karnataka. The BGML gold mine has
produced 25 million ounces of gold at 15.9 grams per tonne over 120
years until its closure in 2001. The Kolar Goldfields is one of the
most prospective underdeveloped Archaean Greenstone Belts in the
world and is regarded by Mr Andrew J Vigar of Mining Associates
Limited, the Competent Person, as comparable to the Archaean
Greenstone Belts of South Africa, Canada and Western Australia
which have similar geology, structure and style of
mineralisation.
Review of operations
GMSI partnership
In November 2014 the Company entered into a Shareholders Agreement
and a Share Subscription Agreement with GMSI and its other major shareholders.
This agreement sets out the terms under which the major shareholders
in GMSI, including Kolar Gold may subscribe to additional shares in
GMSI. These terms include:
* GMSI Shareholders can subscribe to a total of 109,535
shares at INR 1444.50 each, total value of INR 158.2m
(GBP1.63m).
* The Company has the option to take up a portion of
the subscriptions not taken up by the other
shareholders, of which GBP56,000 has been taken up as
at the date of this report. The Company has the
option to take up another GBP47,000 in the final two
tranches.
* The Company expects to acquire up to 36,110 shares,
including subscriptions taken up as at the date of
this announcement, increasing our equity in GMSI to
26.26%.
* The share subscriptions will be in four tranches
between November 2014 and May 2015.
* GMSI has now executed a drilling contract for up to
15,800m to increase and upgrade the gold resource at
the Jonnagiri mining lease area over the next 6
months, at a total drill cost of up to INR 144.7
million (GBP1.49 million), to also be funded by the
subscription by Thriveni for up to 100,192 shares in
GMSI at INR 1444.50 per share.
* The Company has the right, but not the obligation,
until November 2015 to subscribe for up to an
additional 88,681 shares, also at INR 1444.50 each (a
total investment of up to GBP1.32m). This enables the
Company to increase its stake in GMSI to 30.2% within
the next 12 months.
These subscriptions will provide GMSI with access to working capital
for the first three quarters of 2015 and enable it to take the next
steps in determining the viability of the Jonnagiri deposit as a producing
mine. The financing structure allows GMSI's shareholders to support
and review the drilling on an ongoing basis.
BGML acquisition
In July 2013 the Supreme Court of India instructed the Government of
India ('GoI') to proceed with the tender sale and mine revival of the
historic Bharat Gold Mines Limited ('BGML') gold mines at Kolar Gold
Fields, in line with the Board's expectations.
Then in 2014 the pro-business, Modi led, BJP government was elected
with a mandate to increase the development of India through investment
and clearer, simpler processes. This fits well with the long awaited
BGML mine revival tender which the Board believes is drafted and ready
to issue. KG will focus its efforts in Delhi, including submitting
and presenting BGML revival plans to the Prime Minister's Office and
the Mines Ministry with support from our partners. The Board hopes
the tender will be issued this calendar year and the Company, with
its local partners, is planning to be in a position to prepare a right
of first refusal matching bid and associated funding that meets the
requirements of the tender process.
Key financials
The Company had GBP2.4m in cash deposits at period end.
The loss after tax for the period was GBP568,074, compared to GBP1,378,434
for the six months to 31 December 2013 and GBP5,621,538 for the year
to June 2014.
Going concern
These condensed consolidated interim financial statements have been
prepared on the basis of accounting principles applicable to Kolar
Gold being a "going concern" which assumes the Group will continue
in operation for at least 12 months from the date of these interim
financial statements and will be able to realise its assets and discharge
its liabilities in the normal course of operations.
Allowing for the Company's budgeted run rate there are sufficient funds
to continue operations until the third quarter in the 2016 calendar
year and to make the investments in GMSI in March and May 2015 identified
above. However these cash flow projections would not enable the exercising
of the GMSI option, which is at the discretion of the Company.
Kolar Gold will have to raise additional funds in the event that:
* the Company's tender offer for the BGML assets is
successful, or
* the Company substantially increases its Indian
investments, whether by exercising the GMSI option or
further investment in their drilling activities or
for supporting a BSE listing process.
_____________________
The Board
Condensed consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December 2014
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2014
2014 2013 (audited)
(unaudited) (unaudited)
GBP GBP
Note GBP
Options issued to directors - (21,723) (21,723)
Administrative expenses (592,883) (605,413) (1,281,450)
Advisory and due diligence
- GMSI and other prospective
gold assets - (19,260) (52,963)
Accretion/(Dilution) of investment
in associate 7 86,618 (909,622) (1,326,888)
Impairment of investment in
associate - - (2,865,325)
Foreign exchange gains 1,549 8,752 -
Loss from operating activities (504,716) (1,547,266) (5,548,349)
------------- -------------- ------------
Finance income 6 10,682 230,798 54,250
Finance costs (63) (497) (501)
------------- -------------- ------------
Net finance costs 10,619 230,301 53,749
------------- -------------- ------------
Share of loss of associate 7 (73,977) (61,469) (126,938)
------------- -------------- ------------
Loss before tax (568,074) (1,378,434) (5,621,538)
------------- -------------- ------------
Income tax expense - - -
------------- -------------- ------------
Loss for the period (568,074) (1,378,434) (5,621,538)
Other comprehensive income
Foreign exchange translation
gains/(losses) 6,176 (35,417) (9,942)
------------- -------------- ------------
Total comprehensive income
for the period (561,898) (1,413,851) (5,631,480)
============= ============== ============
Basic and diluted loss per
share (p) 0.53 1.33 5.29
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Condensed consolidated statement of financial position (unaudited)
as at 31 December 2014
31 December 31 December 30 June
2014 2013 2014
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
Non-current assets
Plant and equipment 11,152 18,807 13,403
Investment in associate 7 2,830,412 5,851,077 2,503,017
Other financial asset - 200,000 -
Total non-current assets 2,841,564 6,069,884 2,516,420
-------------- -------------- -------------
Current assets
Prepayments and other current
assets 19,377 33,209 24,707
Trade and other receivables 12,037 5,597 9,235
Term deposits 928,765 2,350,207 2,060,236
Cash and cash equivalents 1,482,746 1,633,685 1,370,181
Total current assets 2,442,925 4,022,698 3,464,359
-------------- -------------- -------------
Total assets 5,284,489 10,092,582 5,980,779
-------------- -------------- -------------
Current liabilities
Trade and other payables 230,454 256,744 336,040
Employee benefits 113,199 116,416 142,325
Total current liabilities 343,653 373,160 478,365
-------------- -------------- -------------
Non-current liabilities
Employee benefits 3,864 2,923 3,544
-------------- -------------- -------------
Total non-current liabilities 3,864 2,923 3,544
-------------- -------------- -------------
Total liabilities 347,517 376,083 481,909
-------------- -------------- -------------
Net assets 4,936,972 9,716,499 5,498,870
============== ============== =============
Equity
Share capital 8 7,440,546 7,440,546 7,440,546
Share premium reserve 15,690,724 15,690,724 15,690,724
Reserves 3,842,867 3,811,216 3,836,691
Accumulated losses (22,037,165) (17,225,987) (21,469,091)
-------------- -------------- -------------
Total equity 4,936,972 9,716,499 5,498,870
============== ============== =============
These financial statements were approved by the Board of Directors
2015 and were signed on its behalf by:
____
Stephen Coe
Director
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Condensed consolidated statement of changes in equity (unaudited)
for the six months ended 31 December 2014
Share Share premium Options Foreign Accumulated Total equity
capital reserve reserves currency losses
translation
reserve
(Unaudited) GBP GBP GBP GBP GBP GBP
Balance at 1 July
2014 7,440,546 15,690,724 3,838,027 (1,336) (21,469,091) 5,498,870
Total comprehensive
income for the period
Loss for the period - - - - (568,074) (568,074)
Other comprehensive
income - foreign exchange
translation variances - - - 6,176 - 6,176
---------- -------------- ---------- ------------- ------------- -------------
Total comprehensive
income for the period: - - - 6,176 (568,074) (561,898)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Issue of ordinary
shares - - - - - -
Equity-settled transactions
for the period - - - - - -
---------- -------------- ---------- ------------- ------------- -------------
Total contributions
by and distributions
to owners: - - - - - -
---------- -------------- ---------- ------------- ------------- -------------
Balance at 31 December
2014 7,440,546 15,690,724 3,838,027 4,840 (22,037,165) 4,936,972
(Audited)
Balance at 1 July
2013 7,440,546 15,690,724 3,816,304 8,606 (15,847,553) 11,108,627
Total comprehensive
loss for the year
Loss for the year - - - - (5,621,538) (5,621,538)
Other comprehensive
income - foreign exchange
translation variances - - - (9,942) - (9,942)
---------- -------------- ---------- ------------- ------------- -------------
Total comprehensive
loss for the period: - - - (9,942) (5,621,538) (5,631,480)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Equity-settled transactions
for the period - - 21,723 - - 21,723
---------- -------------- ---------- ------------- ------------- -------------
Total contributions
by and distributions
to owners: - - 21,723 - - 21,723
---------- -------------- ---------- ------------- ------------- -------------
Balance at 30 June
2014 7,440,546 15,690,724 3,838,027 (1,336) (21,469,091) 5,498,870
========== ============== ========== ============= ============= =============
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Condensed consolidated Statement of Cash Flows (unaudited)
for the six months ended 31 December 2014
Six months Six months Year ended
ended ended
31 December 31 December 30 June 2014
2014 2013 (audited)
(unaudited) (unaudited)
GBP GBP GBP
Cash flows from operating activities
Loss for the period (568,074) (1,378,434) (5,621,538)
Adjustments for:
Depreciation 2,251 2,181 8,299
Share of loss of associate 73,977 61,469 126,938
(Accretion)/Dilution of investment
in associate (86,618) 909,622 1,326,888
Impairment of investment in associate - - 2,865,325
Net finance costs/(income) (10,619) (230,301) (53,749)
Unrealised foreign exchange (gains)/losses 8,234 (49,584) 21,718
Equity-settled share-based payment
transactions - 21,723 21,723
------------- -------------- --------------
Operating loss before changes in
working capital and provisions (580,849) (663,324) (1,304,396)
Change in trade and other receivables (2,802) 8,220 4,582
Change in other current assets 5,330 (5,703) 2,799
Change in trade and other payables (105,586) (64,706) 14,590
Change in employee benefits (28,806) (20,027) 6,503
------------- -------------- --------------
Cash used in operating activities (712,713) (745,540) (1,275,922)
Interest and finance costs paid (63) (497) (501)
------------- -------------- --------------
Net cash used in operating activities (712,776) (746,037) (1,276,423)
------------- -------------- --------------
Cash flows from investing activities
Interest received 10,682 46,525 61,479
Funds (placed on)/taken off term
deposit 1,131,471 2,321,527 2,611,498
Payments for investment in associate (314,754) (700,000) (700,000)
Payments for plant and equipment - (1,314) (2,028)
------------- -------------- --------------
Net cash used in investing activities 827,399 1,666,738 1,970,949
------------- -------------- --------------
Cash flows from financing activities
Proceeds from issues of equity securities - - -
Net cash from financing activities - - -
------------- -------------- --------------
Net increase/(decrease) in cash
and cash equivalents 114,623 920,701 694,526
Foreign exchange gain/(loss) on
closing cash balances (2,058) 14,167 (23,162)
Cash and cash equivalents at 1 July 1,370,181 698,817 698,817
------------- -------------- --------------
Cash and cash equivalents at 31
December 1,482,746 1,633,685 1,370,181
============= ============== ==============
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Kolar Gold Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 31 December 2014
1 Reporting entity
Kolar Gold Limited (the 'Company') is a company incorporated and registered
in Guernsey and its shares are traded on AIM in London. The condensed
consolidated interim financial statements of the Company as at and
for the six months ended 31 December 2014 comprises the Company and
its subsidiaries (together referred to as the "Group"). The Group
primarily is involved in the exploration and development of mining
assets in the Kolar Belt with GMSI, its Indian partner, and the potential
acquisition of the mining assets of BGML from the GoI.
The consolidated annual financial report of the Group as at and for
the year ended 30 June 2014 is available upon request from the Company's
registered office at Frances House, Sir William Place, St. Peter Port,
Guernsey GY1 4HQ.
2 Statement of compliance
These condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting. They
do not include all of the information required for full annual financial
statements and should be read in conjunction with the consolidated
financial statements of the Group as at and for the year ended 30
June 2014.
These condensed interim consolidated financial statements were approved
by the Board of Directors on 16 March 2015.
3 Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated
interim financial statements are the same as those applied by the
Group in its consolidated financial statements as at and for the year
ended 30 June 2014.
4 Going concern
These condensed consolidated interim financial statements have been
prepared on the basis of accounting principles applicable to Kolar
Gold being a "going concern" which assumes the Group will continue
in operation for at least 12 months from the date of these interim
financial statements and will be able to realise its assets and discharge
its liabilities in the normal course of operations.
Allowing for the Company's budgeted run rate there are sufficient
funds to continue operations until quarter 3 2016 and to make the
investments in GMSI in March and May 2015 identified above. However
these cash flow projections would not enable the exercising of the
GMSI option, which is at the discretion of the Company.
Kolar Gold will have to raise additional funds in the event that:
* the Company's tender offer for the BGML assets is
successful, or
* the Company substantially increases its Indian
investments, whether by exercising the GMSI option or
further investment in their drilling activities or
for supporting a BSE listing process.
5 Estimates
The preparation of interim financial statements requires management
to make judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities,
income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements,
the significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the consolidated financial
statements as at and for the year ended 30 June 2014.
6 Net finance income
Six months
ended )Year ended
Six months
31 December ended 30 June 2014
31 December
2014 2013 (audited
(unaudited) (unaudited)
GBP GBP GBP
Interest income 10,682 30,798 54,250
Net gain on financial instruments - 200,000 -
designated as fair value
------------- -------------- --------------
10,682 230,798 54,250
============= ============== ==============
7 Investment in associates
As at 30 June 2014 the Company held a 24.15% equity interest in GMSI,
with a carrying value of GBP2,503,017. The Company invested an additional
GBP314,754 in GMSI during the reporting period and held a 25.5% interest
in GMSI at the half year balance sheet date. Investments by the Company
and the other major GMSI shareholders during the period resulted in
a partial reversal of the dilution of the Company's investment from
prior periods. This accretion totalled GBP86,618 and was offset by
loss of GBP73,977, being the Company's share of GMSI's losses for
the period.
As a result of the Agreement entered into in November 2014 GMSI raised
sufficient monies to fund operations and implement a 15,000 metre
drilling programme. On the basis of GMSI's budgets and projections
it has funding for this programme which should be completed by the
end of quarter 3, 2015. GMSI will then need to raise further funds
if it wishes to extend this drilling programme, prepare mining feasibility
studies and manage ongoing operations. If GMSI failed to raise such
funds then the value of our investment in GMSI could be adversely
affected.
The Board has reviewed the impact of the above factors on the carrying
value of this investment and resolved that there has been no impairment
to this investment during the period.
GMSI will continue to be accounted for as an associate because, while
the Group has significant influence over GMSI, it does not have control,
and it will be accounted for on an equity accounting basis.
The carrying value of the investment in an associate is determined
as follows:
Investment in an associate GBP
Carrying value as at 30 June 2014 2,503,017
Additional investments during the
period 314,754
Accretion of investment 86,618
Share of loss of associate (73,977)
-------------
Carrying value as at 31 December
2014 2,830,412
=============
8 Share capital
Ordinary shares
(Nominal value 7p per share)
Six months Year ended 30
ended June 2014
31 December (audited)
2014
(unaudited) '000
'000
Opening balance 106,294 106,294
Issued during the year - -
Closing balance 106,294 106,294
============== ==================
No shares were issued during the period.
All shares issued by the Company are 'ordinary' shares and rank
equally in all respects, including for dividends, shareholder
attendance and voter rights at meetings, on a return of capital
and in a winding-up.
Dividends
No dividends were declared nor paid during the six months ended
31 December 2014 (2013: nil).
9 Share-based payments
a) Options
The Company has issued options to directors to compensate them
for services rendered and incentivise them to add value to the
Group's longer term share value.
No options were issued and no options expired during the reporting
period.
The following unexpired options existed as at 31 December 2014.
Name Date of Ordinary Shares Expiry Date Exercise
Grant under option Price
GBP
Harvinder Hungin 10.6.11 450,000 10.06.16 0.40
Stephen Coe 10.6.11 350,000 10.06.16 0.40
Stephen Oke 10.6.11 350,000 10.06.16 0.40
Harvinder Hungin 31.12.12 150,000 31.12.17 0.0838
Stephen Coe 31.12.12 125,000 31.12.17 0.0838
Stephen Oke 31.12.12 125,000 31.12.17 0.0838
Harvinder Hungin 27.11.13 150,000 27.11.18 0.0638
Stephen Coe 27.11.13 125,000 27.11.18 0.0638
Stephen Oke 27.11.13 125,000 27.11.18 0.0638
1,950,000
================
b) Warrants
No warrants were issued during the period.
There were no unexercised warrants existed as at 31 December
2014 (2013: nil).
10 Operating segments
The Group currently has one operating segment, being the exploration
for gold in India.
11 Subsequent events
Since the balance sheet date the Company has acquired 10,331
shares in GMSI, at a cost of GBP160,000. Other shareholders
in GMSI have acquired 18,838 shares in GMSI, at a cost of GBP291,000.
The Company held a 25.9% equity interest in GMSI as at the date
of this report.
There have been no other significant events subsequent to the
balance sheet date to report that would alter the financial
statements as at 31 December 2014 or require disclosure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BGGDXLDXBGUG
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