RNS Number : 5409H
KimCor Diamonds plc
05 November 2008
KIMCOR DIAMONDS
(AIM:KIM)
FINAL RESULTS
FOR THE YEAR ENDING 30 JUNE 2008
KimCor Diamonds plc ('KimCor' or the 'Company'), the diamond producing and exploration company with properties in South Africa, is pleased to announce its final results for the period ending 30 June 2008.
Highlights
-
Commencement of an upgrade programme at SMI4 to increase monthly production from 50,000 tonnes per month ('tpm') to more than 150,000tpm generating a projected 13,500 carats per month post completion;
Commenting on today's results, Melissa Sturgess, Chairman of KimCor, said:
'I am delighted at KimCor's significant progress both in terms of new acquisitions and mining in the past years. New businesses acquired have provided the foundation to transform KimCor from a small-scale producer to a multi-mine operation that has the scope to become a mid-tier diamond producer. During the period diamond recovery has consistently exceeded expectations with grades that are more than fifty per cent higher than budget.
'Moving forward, we are taking steps to further improve efficiency and cut costs as well as placing emphasis on downturn-proof projects within the Company's portfolio. With the measures taken and the improvements made, I am confident that KimCor has the scope and ability to adapt to market conditions in these uncertain times.'
The full annual report will shortly be made available on the Company website at www.kimcordiamonds.com
Enquiries:
KimCor Diamonds plc Tel: 020 3178 6179
Martyn Churchouse
Strand Partners Tel: 020 7409 3494
Simon Raggett
Warren Pearce
Victoria Milne-Taylor
Bishopsgate Communications Ltd Tel: 020 7562 3350
Maxine Barnes
Nick Rome
Chairman's Statement
I am pleased to report to our shareholders on the progress made by KimCor Diamonds plc ('KimCor' or 'the Company') during the past financial period. As I write this note we are witnessing unprecedented volatility on stock markets worldwide and there is clear evidence that a global recession is underway. Your Board is of the opinion that the measures taken and the improvements made to mines in the Company's portfolio during the past financial period provides both the scope and flexibility to adapt to market conditions in these uncertain times.
New Acquisitions
The Company completed the acquisition in September 2007 of the diamond assets of Dwyka Resources Limited, a company listed on AIM (DWY) and the ASX, through the purchase of Dwyka Holdings Limited ('DDH') to form an 'Enlarged Group' that provided the foundation to transform KimCor from a small-scale producer into a multi-mine operation that has the scope to become a mid-tier producer of diamonds.
The past twelve months has seen KimCor pursuing a strategy for the development and re-organisation of the DDH assets specifically aimed at increasing diamond production through both the expansion of existing processing plants and improving their efficiency.
The most significant acquisition for the Group was made in March 2008 where KimCor, through its subsidiary Superkolong (Pty) Limited ('Superkolong') acquired a 26.4% interest in Nungu Trading 740 (Pty) Limited ('Nungu'). Nungu at the same time acquired 58.50 million tonnes of diamondiferous tailing mineral dumps in Kimberley, South Africa, from De Beers Consolidated Mines Limited ('De Beers'). Superkolong's 26.4% interest totals 15.45 million tonnes of measured resource to be processed through its upgraded SMI4 tailings processing plant. Diamond recovery at SMI4 has consistently exceeded expectations with grades that are more than 50% higher than budget. This exceptional recovery rate equates to an additional projected 450,000 carats over the life of mine. Once production levels reach the target rate of 150,000 tonnes per month, the estimated 160,000 carats produced per annum from this one project will underpin future production.
Mining and Production
During the period, processing rates and consequently diamond production have improved significantly at SMI4, Nooitgedacht and Newlands whilst extensive development work continued at Blaauwbosch mine. Based on the results achieved during the period under review, the Company expects to focus on certain of the projects in the portfolio with the aim of increasing production rates, whilst keeping operating costs to a minimum. In this regard, emphasis will be placed on further production rate increases at SMI4 where there is scope to benefit from the economies of scale naturally associated with a large dump processing project. The Company is also considering a move away from a static plant to a series of mobile production units at the Nooitgedacht alluvial mine, where an estimated 16 million tonnes of gravel indicated resource remain to be mined and processed.
In view of the current state of the global economy, the Board will consider the merits of each individual mine in terms of the size, quality and value of diamonds each of these producing units recovers. Should the downturn continue it is likely that demand for smaller lower value diamonds will decrease but the Company anticipates that demand will remain strong for the high value stones recovered. As a result, emphasis is likely to be placed on alluvial operations where generally larger stones are recovered and on the SMI4 project where the Board remains confident that further cost cutting can be achieved without compromising recovery rates and the overall total number of diamonds produced annually.
Future outlook
Initiatives have been taken to ensure that the Company can continue to produce diamonds during potentially turbulent times ahead and it is fortuitous that much of the upgrade and expansion work has already been completed and that these improvements will be reflected in better efficiency and in parallel reduced operating costs. The directors are confident that the Company has the scope and ability to adapt to any changes in demand that may arise in the near future.
Finally, I would like to thank all the staff of the Company for their commitment to the implementation of the new corporate structure and for the successful completion of the first step in our acquisition strategy.
Melissa Sturgess
Chairman
Review of Operations
KimCor has made considerable progress during the year, completing a reverse takeover of the diamond assets of Dwyka Diamonds Holdings Limited ('Dwyka'), raising finance and progressing with the upgrade and expansion of a number of new and existing diamond mines.
The Company set itself a target of producing, annualised, in excess of 150,000 carats from its mines for the year. Whilst this target was not achieved, the Company has been able to make considerable advance on the development of its mining operations and in particular, the purchase of approximately 15.5 million tonnes of diamondiferous tailings dumps from De Beers Consolidated Mines Limited ('De Beers') in February 2008.
SMI4 Superkolong Tailings Project
The conclusion of a sale and purchase agreement with De Beers for 15.5 million tonnes of diamondiferous tailings dumps located in Kimberley, South Africa, saw the Company move away from the previous mining contract agreement with De Beers to one of direct ownership of the dumps. The purchase enabled the Company to commit funds to the expansion and upgrade of the SMI4 Superkolong Tailings Project ('SMI4') with a view to processing in excess of 150,000 tpm through the plant.
The plant was modified and the facility initially run at a reduced throughput rate in order to test the new design criteria and provide valuable information required to effect the second stage of expansion. The impact of the new design was immediately noticeable with an average recoverable grade of 12.0 carats cpht being achieved during May and June 2008 from the first 64,912 tonnes mined and processed.
The Company's financial modelling of SMI4 assumes an average recoverable grade of 6cpht and the actual achieved grades to date at double this estimate bode well for the future of the project. Based on available information, the Company is confident that over a ten year life of mine, an average recoverable grade of 9cpht can be achieved.
Blaauwbosch Underground Mine
The Blaauwbosch Underground Mine ('Blaauwbosch') required a considerable amount of underground development work to enable the Company to firstly access the kimberlite orebody safely and secondly, to create a series of new access points to the ore body to allow preliminary mining to begin and thereby an assessment of the deposit.
Based on historical data and an independent assessment of the measured and indicated resource, the mine is reported to contain approximately 1.08 million tonnes of kimberlite at an average grade of 30cpht.
During the period April to December 2007, the Company mined and processed a total of 21,710 tonnes of heavily diluted kimberlite ore generated during development work and recovered 2,100 carats at an average recoverable grade of 9.7cpht. As expected, the recoverable grade was under budget owing to the high level of dilution, but the mine continued to process kimberlite that was being hoisted from underground as part of the development programme. During the period between January and June 2008, no further kimberlite mining was possible as the bulk of the mine's work program was focussed on completion of the development programme. A total of approximately 500 metres of horizontal development including approximately 25 cross cuts, together with 35 raises and 2 ore passes were completed during the period under review.
Whilst kimberlite mining and processing was suspended, the mine continued to treat tailings from the estimated 900,000 tonnes of stockpiled material located at surface. A total of 45,343 tonnes of tailings were processed generating 2,694.29 carats at an average recoverable grade of 6cpht. The dump processing operation provided some income to the mine and allowed mine management to review plant design and recommend a capital programme for the expansion and upgrade of the plant once underground kimberlite mining recommenced.
Diamond sales from kimberlite ore for the period totalled 4,777.52 carats (including production generated prior to April 2007 but only sold later in the year) returned an average sales value of US$119 per carat against a budget estimate of US$95 per carat. Diamond sales for tailings operations returned an average sales value of US$40 per carat, against an estimated sales value of US$75 per carat.
Newlands Underground Mine
When first acquired, the Newlands Underground Mine ('Newlands') represented a highly prospective resource with 5 known kimberlite blows linked by fissures with only Blow No 2 being accessible via a vertical shaft system (shaft No 2).
The Company focussed on the urgent underground development work required to provide access to evaluate the potential of Blows 1, 3, 4 and 5 and thereby determine a sequence of priorities in terms of new capital projects to provide both underground horizontal development as well as new shaft infrastructure to access the 5 ore bodies.
To this end, substantial development was completed during the period under review that included a new shaft (No 3 Shaft) sunk 30 metres to access Blow 3, completion of ring drives around Blows 2, 3 and 5 together with more than 250 metres of horizontal drives connecting Blows 2, 3, 4 and 5 and the commencement of a 200 metre long drive to connect between Shaft No 2 and Blow 1 on the 120 metre level.
Exploration work was undertaken simultaneously with underground development within the confines of the licence area which resulted in the discovery of two new blows, No's 6 and 7 located approximately 150 to 200 metres west of Blow 4. During the process of excavating a fissure drive to connect up Blows 3 and 5, a further blow was intersected bringing the total number of kimberlite structures to 8.
The discovery of three new kimberlite structures will require the Company to rethink its original development plans. In the interim, development and mining will continue on Blows 2 and 3 whilst a new long-term plan is devised.
During the period under review, a total of 53,569 tonnes of kimberlite was mined and processed returning a total of 6,576.59 carats at an average recoverable grade of 12.3cpht. In addition, a total of 16,281 tonnes of tailings derived from the prior processing (secondary processing) of the underground kimberlite ore was processed returning a total of 1,458.09 carats at an average recoverable grade of 9.0cpht. The current plant design at Newlands does not allow for the crushing of kimberlite ores down to what is considered an optimum size fraction of -8mm. As a result, kimberlite is initially only crushed down to -16mm (primary processing) size which will result in some diamonds remaining locked up in coarse kimberlite fragments. The budgeted average recoverable grade for Newlands for kimberlite ore is 18 to 21cpht. Combining the recovered grade from primary ore processing of 12.3cpht with the recovered grade from secondary ore processing of 9.0cpht the kimberlite ore returns an average grade of 19.3cpht, in line with budget.
Sales values for rough diamonds recovered from kimberlite processing averaged US$77 per carat, against a budget of US$85 per carat. Tailings diamond production returned an average sales value of US$66.5 per carat. To these values should be added the cash generated from the cutting and polishing of rough diamonds from Newlands. A total of 58.32 carats were processed and sold for US$51,941 or US$890.62 per carat. Added back into rough diamond sales, the total average sales price for stones derived from kimberlite mining and processing rises to US$84.84, in line with the budget estimate of US$85 per carat.
Results from the processing of mixed kimberlite and waste rock during the initial stages of excavation of the No 3 shaft to access Blow 3 returned an average recoverable grade of 6.45cpht from a total of 1,684 tonnes mined and processed during the period under review. The tonnage sampled cannot be considered a representative sample nor is the sample large enough to be meaningful. Nevertheless, the surficial material at surface above Blow 3 is clearly diamondiferous and the Company is eager to see the results of future mining of Blow 3 once the shaft has been sunk further to allow access to uncontaminated kimberlite.
A considerable amount of work is required during the next 6 months to determine the preferred development programme needed to achieve the maximum production rate at Newlands and the scale of the capital programme needed to achieve a sustainable production rate. One factor working in the mine's favour is the fact that with the exception of Blow 2 which has been mined down to the 120 metre level and Blow 1, a blow that does not outcrop at surface, the remaining 6 blows all outcrop or occur near to surface implying that potentially a number of years of production can be achieved without recourse to costly and time consuming deep shaft development and all subsequent deepening of shafts and new horizontal development can be undertaken ahead of the current production level.
Nooitgedacht Alluvial mine
The Nooitgedacht alluvial mine ('Nooitgedacht') has in recent times been operated as a small scale enterprise in tandem with the Company's aggregate production business used to supply raw materials to Supermix Mining (Pty) Limited for aggregate sales, Superkolong Cement (Pty) Limited for concrete production and Superkolong Bricks (Pty) Limited for the production of bricks and paving.
The Nooitgedacht project covers a large licence area totalling approximately 4,761 hectares containing an estimated 16 million tonnes of alluvial material occurring as gravel layers of variable thickness located at or near the surface.
During the period under review, a total of 88,738 tonnes of alluvial gravel has been mined and processed recovering 672.54 carats at an average recoverable grade of 0.85cpht. Rough diamond production has achieved an average sales value of US$504 per carat, against a budget estimate of US$500 per carat.
The proportion of larger high value stones recovered was disappointing, but this reflects the fact that the mining operation remains small-scale at present and therefore the probability of recovering larger stones is greatly reduced.
The Board of KimCor remains of the opinion that the long-term potential for Nooitgedacht will require a capital commitment to mobile diamond recovery pans capable of easy relocation across the licence area rather than reliance on a static plant such as that being used at present.
A sub-contractor has been engaged using mobile plant and equipment and the exercise is providing useful information relating to operating costs and plant efficiencies which will provide the basis for any future capital programme to be implemented.
Bellsbank Dump Processing Project
The Bellsbank Dump Processing Project ('Bellsbank') was temporarily shut down owing to a shortage of water that prevented the mine from operating on a full-time basis and to plant capacity. Negotiations are under way to secure a new water supply and the Company is confident that the mine will be reopened before the end of 2008.
Tanzania Joint Venture
The Tanzanian Joint Venture ('Tanzania JV') comprises two known kimberlite pipes provisionally delineated by the De Beers Group. The two pipes Itanana and Mahene have surface areas of 2.3 and 7 hectares respectively and in the opinion of KimCor represent the medium - term growth for the Company.
Historical exploration work has proven both pipes to be diamondiferous and microdiamond analysis indicates grades possibly as high as 25cpht.
In order to assess the potential of both pipes, the Company initiated a programme of shaft sinking on both structures to provide access to kimberlite and for the development of a series of horizontal drives through the ore bodies on various levels in order to collect sufficient kimberlite samples to undertake a bulk sampling programme.
During the period under review, a total of four shafts have been sunk on both pipes to depths ranging from 5.0 to 15.0 metres. At Itanana, kimberlite was first intersected at approximately 3.0 metres depth and at Mahene kimberlite is expected to be intersected at approximately 20 to 25 metres depth.
As on 30 June 2008, in excess of 5,000 tonnes of kimberlite had been hoisted and stockpiled from Itanana.
The two bulk samples will be processed separately through a bulk sampling plant to test for grade. The bulk sample plant has been constructed on site and is ready to begin processing as soon as sufficient sample has been stockpiled to permit a continuous programme of processing. The Company intends engaging the services of an independent group specialising in the audit of bulk sampling programmes to oversee the exercise.
Exploration
A limited amount of exploration has taken place on the Bosele licence, located close to Bellsbank the emphasis has been on production. Further work is scheduled to take place during the early part of 2009. Similarly, sufficient work has been undertaken on the Koffiefontein licence to maintain title in good standing and no further work is anticipated in the short-term.
Consolidated income statement for the year ended 30 June 2008
|
|
|
|
Year
ended
30 June
2008
|
Year ended
30 June
2007
|
|
|
|
|
£
|
£
|
|
|
|
|
|
|
|
Revenue
|
|
|
3,385,574
|
3,380,370
|
|
Cost of sales
|
|
|
(4,198,514)
|
(3,592,226)
|
|
Gross loss
|
|
|
(812,940)
|
(211,856)
|
|
|
|
|
|
|
|
Impairment of assets
|
|
|
(4,915,096)
|
(7,512,522)
|
|
Other administrative expenses
|
|
|
(4,293,621)
|
(2,681,866)
|
|
Administrative expenses
|
|
|
(9,208,717)
|
(10,194,388)
|
|
Other operating income
|
|
|
89,429
|
825,308
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(9,932,228)
|
(9,580,936)
|
|
|
|
|
|
|
|
Finance expense
|
|
|
(201,923)
|
(172,624)
|
|
Finance income
|
|
|
80,825
|
14,422
|
|
|
|
|
|
|
|
Loss for the year before taxation
|
|
|
(10,053,326)
|
(9,739,138)
|
|
|
|
|
|
|
|
Tax
|
|
|
684,351
|
-
|
|
|
|
|
|
|
|
Loss for the year after taxation attributable to
equity holders of the parent
|
|
|
(9,368,975)
|
(9,739,138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share
|
|
|
(3.93)p
|
(7.25)p
|
|
|
|
|
|
|
Consolidated Balance sheet as at 30 June 2008
|
|
|
As at 30 June 2008
|
|
As at 30 June 2007
|
|
|
|
£
|
|
£
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Non - current assets
|
|
|
|
|
|
Property, plant and equipment
|
|
3,402,861
|
|
2,456,018
|
|
Other non-current receivables
|
|
256,779
|
|
145,327
|
|
|
|
|
|
|
|
|
|
3,659,640
|
|
2,601,345
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Inventories
|
|
453,559
|
|
193,573
|
|
Trade and other receivables
|
|
320,288
|
|
310,588
|
|
Cash and cash equivalents
|
|
657,368
|
|
181,145
|
|
|
|
|
|
|
|
|
|
1,431,215
|
|
685,306
|
|
|
|
|
|
|
|
Total assets
|
|
5,090,855
|
|
3,286,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
776,575
|
|
738,459
|
|
Borrowings
|
|
530,623
|
|
40,602
|
|
Accruals
|
|
88,227
|
|
-
|
|
Provisions
|
|
333,318
|
|
304,516
|
|
|
|
|
|
|
|
|
|
1,728,743
|
|
1,083,577
|
|
|
|
|
|
|
|
Non-Current liabilities
|
|
|
|
|
|
Borrowings
|
|
1,601,772
|
|
12,110,824
|
|
Deferred tax liability
|
|
22,872
|
|
-
|
|
|
|
|
|
|
|
|
|
1,624,644
|
|
12,110,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
3,353,387
|
|
13,194,401
|
|
|
|
|
|
|
|
Total net assets
|
|
1,737,468
|
|
(9,907,750)
|
Consolidated Balance sheet as at 30 June 2008 (continued)
|
|
|
As at 30 June 2008
|
|
As at 30 June 2007
|
|
Equity attributable to equity holders of the parent
|
|
£
|
|
£
|
|
|
|
|
|
|
|
Share capital
|
|
1,341,328
|
|
1
|
|
Share premium reserve
|
|
7,584,795
|
|
-
|
|
Merger reserve
|
|
8,063,023
|
|
-
|
|
Foreign exchange reserve
|
|
495,945
|
|
(168,613)
|
|
Warrant reserve
|
|
53,653
|
|
-
|
|
Reverse takeover reserve
|
|
(8,646,921)
|
|
-
|
|
Other reserve
|
|
11,822,473
|
|
-
|
|
Retained earnings
|
|
(18,976,828)
|
|
(9,739,138)
|
|
|
|
|
|
|
|
Total equity
|
|
1,737,468
|
|
(9,907,750)
|
|
Consolidated Statement of Changes in Equity for the year ended 30 June 2008
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
Share premium
|
Warrant reserve
|
Merger reserve
|
Foreign exchange reserve
|
Reverse takeover reserve
|
Other reserve
|
Retained earnings
|
Total equity attributable to shareholders of the parent
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Balance on incorporation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Foreign exchange on
translation of
foreign operations
|
-
|
-
|
-
|
-
|
(168,613)
|
-
|
-
|
-
|
(168,613)
|
|
Net loss recognised directly in equity
|
-
|
-
|
-
|
-
|
(168,613)
|
-
|
-
|
-
|
(168,613)
|
|
Loss for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,739,138)
|
(9,739,138)
|
|
Total recognised income and expense for the year
|
-
|
-
|
-
|
-
|
(168,613)
|
-
|
-
|
(9,739,138)
|
(9,907,751)
|
|
Issue of share capital
|
1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
|
Balance as of 1
July 2007
|
1
|
-
|
-
|
-
|
(168,613)
|
-
|
-
|
(9,739,138)
|
(9,907,750)
|
|
Foreign exchange on
translation of
foreign operations
|
-
|
-
|
-
|
-
|
664,558
|
-
|
-
|
-
|
664,558
|
|
Net gain recognised directly in equity
|
-
|
-
|
-
|
-
|
664,558
|
-
|
-
|
-
|
664,558
|
|
Loss for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,368,975)
|
(9,368,975)
|
|
Total recognised income and expense for the year
|
-
|
-
|
-
|
-
|
664,558
|
-
|
-
|
(9,368,975)
|
(8,704,417)
|
|
Issue of share capital
|
333,450
|
4,001,400
|
-
|
-
|
-
|
-
|
-
|
-
|
4,334,850
|
|
Issue costs
|
-
|
(224,044)
|
-
|
-
|
-
|
-
|
-
|
-
|
(224,044)
|
|
Issue of warrants
|
-
|
-
|
53,653
|
-
|
-
|
-
|
-
|
-
|
53,653
|
|
Equity settled share-
based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
131,285
|
131,285
|
|
Capital contribution
|
-
|
-
|
-
|
-
|
-
|
-
|
11,822,473
|
-
|
11,822,473
|
|
Reverse acquisition
|
1,007,877
|
3,807,439
|
-
|
8,063,023
|
-
|
(8,646,921)
|
-
|
-
|
4,231,418
|
|
Balance as of 30
June 2008
|
1,341,328
|
7,584,795
|
53,653
|
8,063,023
|
495,945
|
(8,646,921)
|
11,822,473
|
(18,976,828)
|
1,737,468
|
Consolidated Cash flow statement for the year ended 30 June 2008
|
|
|
Year ended 30 June 2008
|
Year ended 30 June 2007
|
|
|
|
£
|
£
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
Loss before tax
|
|
(10,053,326)
|
(9,739,138)
|
|
Adjustments for:
|
|
|
|
|
Finance expense
|
|
201,923
|
172,624
|
|
Finance income
|
|
(80,825)
|
(14,422)
|
|
Depreciation
|
|
478,853
|
513,574
|
|
Impairment losses
|
|
4,915,096
|
2,274,028
|
|
Equity settled share-based payment expense
|
|
131,285
|
-
|
|
Foreign exchange difference
|
|
536,046
|
(174,816)
|
|
Net cash from operating activities
|
|
(3,870,948)
|
(6,968,150)
|
|
before changes in working capital
|
|
|
|
|
|
|
|
Increase in trade and other payables
|
|
126,344
|
738,459
|
|
Increase in trade and other receivables
|
|
(121,152)
|
(455,915)
|
|
Increase in inventories
|
|
(259,986)
|
(193,573)
|
|
Increase in provisions
|
|
28,803
|
304,515
|
|
Taxation
|
|
684,351
|
-
|
|
Net cash flow from operating activities
|
|
(3,412,588)
|
(6,574,664)
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
Interest received
|
|
80,825
|
14,422
|
|
Purchase of property, plant and equipment
|
|
(675,322)
|
(5,243,620)
|
|
Cash held in subsidiary at the date of acquisition
|
|
84,991
|
-
|
|
Net cash flow from investing activities
|
|
(509,506)
|
(5,229,198)
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
Proceeds from issue of ordinary shares
|
|
4,334,850
|
1
|
|
Issue costs
|
|
(224,044)
|
-
|
|
Proceeds from loans raised
|
|
530,623
|
12,151,426
|
|
Re-payment of loan
|
|
(40,602)
|
-
|
|
Interest paid
|
|
(185,878)
|
(166,420)
|
|
Net cash from financing activities
|
|
4,414,949
|
11,985,007
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
492,855
|
181,145
|
|
Cash and cash equivalents at the beginning of the year
|
|
181,145
|
-
|
|
Exchange losses on cash and cash equivalents
|
|
(16,632)
|
-
|
|
Cash and cash equivalents at the end of the year
|
|
657,368
|
181,145
|
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FKPKKABDDBDK