17:00 Thu 30 Jun 2016
Half-year Report
--(BUSINESS WIRE)--
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED
AND UPDATE
- The directors of (the
“Directors”) are pleased to announce the Company’s unaudited half-yearly
results for the six months to , along with the following
update.:
CHIEF EXECUTIVE OFFICER’S REPORT
Since my last report to shareholders, published on
alongside ECR’s annual financial statements, the Company’s focus has
been on the Avoca and Bailieston gold projects in ,
of which ECR’s wholly owned Australian subsidiary (“MGA”) has agreed to acquire 100% ownership.
MGA is prioritising the Avoca project, where the potential to generate
relatively short-term cash flow from the reprocessing of historical
waste dumps to extract remnant gold is being evaluated. MGA is well
placed to act as the corporate vehicle for this activity, on the basis
of its estimated tax losses of approximately AUD 66M as at ,
which may be available, subject to certain conditions (as described in
the Company’s announcement of ), to reduce MGA’s future
taxable profits.
has become a more attractive operating environment for gold
projects following the substantial depreciation in the Australian dollar
against the US dollar which occurred during 2015. The Australian dollar
gold price is at close to record highs. In addition, fuel, labour,
consultants and other key mining inputs have fallen significantly in
price.
The acquisition of the Avoca and Bailieston projects represents a
strategic shift for ECR towards operations in through MGA, and
the plan to establish relatively short-term production at Avoca is a key
element of this strategy.
The consideration for the acquisition of the Avoca and Bailieston projects by MGA comprises up to AUD 250,000 in ECR shares (based on certain milestones), and a net profits interest royalty of 20% in respect of mine dumps and 10% in respect of other deposits (royalty capped at AUD 3.5M). The structure of the transaction has the effect of aligning the interests of the vendors with those of MGA/ECR.
The acquisition of the projects remains conditional on the necessary
Victorian government authorisations and registration of the transfer of
the projects to MGA, and on issuance of the Initial Consideration Shares
(as defined in the Company’s announcement).
COMPETENT PERSON’S REPORT AND EXPLORATION TARGETS
On , the Company released a JORC Code-compliant technical
report in relation to the Avoca and Bailieston projects (the “CPR”). The
CPR was prepared by Mr , BEng, FAusIMM CP (Min, Geo),
who is employed by , and has
sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the type of activity
being undertaken. The CPR described the history and potential of the two
projects in great detail, and determined Exploration Targets for the
projects, in accordance with the JORC Code.
The Exploration Targets are set out in Table 1 below and have been extracted from the CPR, which is available on the Company’s website (). ECR confirms it is not aware of any new information or data that materially affects the information included in the original announcement of the Exploration Targets and confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original announcement.www.ecrminerals.com
Table 1: Summary of JORC Exploration Targets* - Avoca and Bailieston
* The ranges of tonnage and grade stated above are conceptual in nature, are not estimates of a Mineral Resource or Ore Reserve, and pertain to mineralisation where there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The basis on which the above Exploration Targets have been determined is set out in the CPR.
** Conversion of the ranges of tonnage and grade for the “deep lead alluvial” and “waste dumps” Exploration Targets to ounces assumes a specific gravity of 1.5; figures in ounces are rounded to the nearest 500 oz.
AVOCA AND BAILIESTON PROJECT ACTIVITIES
Following finalisation of the CPR, MGA initiated a number of work programmes, including:
AVOCA PROJECT
* Completion of a mineral resource estimate for the dumps, entailing
additional augur sampling. The necessary sampling was completed in . Gold resource estimates encompassing four waste dumps within the
Avoca project area have been compiled in draft form, and are being
refined with additional data as it becomes available.
* Metallurgical testwork on samples from the dumps, with a focus on
gravity recovery options. A bulk sample for metallurgical testwork has
now been despatched to the laboratory, and testwork results are expected
during .
* Preparation of an economic study of the proposed reprocessing of the
dumps, setting out the capital requirements and projected returns from
the operation, and the timescale which would be required to reach
production. Completion of the study is targeted for .
BAILIESTON PROJECT
* Rock chip and soil sampling at various prospects within the Bailieston
Exploration Licence. A programme of rotary air blast (RAB) percussion
drilling at Bailieston had been planned to commence in late ,
but has now been deferred until later in the year in order to allow key
personnel to concentrate on the Avoca project.
NEW EXPLORATION LICENCE APPLICATIONS,
Two new Exploration Licences (ELs) have been applied for in by
MGA. One EL application is in the vicinity of the Avoca project, and the
other is in the vicinity of the Bailieston project. Both EL applications
have been accepted by the Victorian government, and issuance of the ELs,
if granted, is expected in the second half of 2016.
The EL application in the vicinity of Avoca contains a number of
significant historical waste dumps originating from ‘deep lead’ alluvial
gold mining activities, as is the case within EL5387 (the EL which
currently comprises the Avoca project). Historical production from the
main alluvial mines within the area of the new application is reported
by the to have exceeded 272,000oz gold.
MGA’s intention is to assess the suitability of the resulting waste dumps for reprocessing in order to extract remnant gold, and the new EL application can be considered an enlargement of the Avoca project. The Exploration Target in Table 1 above does not take account of the new EL which has been applied for.
The EL application near Bailieston is intended to expand MGA’s exploration footprint in the district, which currently hosts two significant producing gold mines (Costerfield and Fosterville) within approximately 30km of the Bailieston project.
DANGLAY GOLD PROJECT,
As announced on ,
(“Cordillera Tiger”), the holder of the Exploration Permit (the “EP”)
comprising the Danglay project, was recently invited by the (MGB) to sign the renewed EP in
quadruplicate. All signed copies have been returned to the MGB, and ECR
expects the final renewed EP to be issued in due course.
An announcement regarding ECR’s intentions for further exploration at Danglay will be made at or around the time the final renewed EP is received by Cordillera Tiger.
SLM GOLD PROJECT,
It remains the preference of the Directors for the SLM project to be advanced in partnership with a local group, and discussions in this regard are taking place under confidentiality.
FINANCIAL RESULTS
For the six months ended the financial statements of the
Company as consolidated with its subsidiaries (the “Group”) record a
total comprehensive expense of £533,170, the largest component of which
is other administrative expenses of £296,286, which relate primarily to
the development of the Company’s projects. The Group reported a total
comprehensive expense of £896,320 for the six months ended .
The Group’s net assets were £1,907,983 at compared with
£4,515,381 at , primarily reflecting the decision at 30
to make an impairment provision against the carrying
value of the MGA deferred tax asset. Exploration assets at
were £2,224,024, versus £1,766,779 at , reflecting the
investments made in the Company’s projects.
Chief Executive Officer
Review of announcement by Qualified Person
This announcement has been reviewed by (Hons),
FAusIMM, FSEG, ECR’s Non-Executive Chairman. is a geologist
with 49 years of experience in the minerals industry, and is a Qualified
Person as that term is defined by the AIM Note for Mining,
Companies.
ABOUT ECR
ECR is a mineral exploration and development company. ECR’s wholly owned
Australian subsidiary Mercator Gold Australia (MGA) has agreed to
acquire 100% ownership of the Avoca and Bailieston gold projects in
. Mercator Gold Australia is estimated to have tax
losses of approximately AUD 66M as at , which may be
available, subject to certain conditions (as described in ECR’s
announcement dated ), to reduce MGA’s future taxable
profits. This is considered particularly significant in view of an
opportunity which may exist at Avoca to establish relatively near term
gold production from the reprocessing of historical mine dumps, with the
potential for sale of gravel and sand by-products. A competent person’s
report in relation to the Avoca and Bailieston projects is available for
download from ECR’s website.
ECR has the right to earn a 50% interest in the Danglay epithermal gold
project in . Danglay is an advanced exploration project
located in a prolific gold and copper mining district in the north of
. An NI43-101 technical report was completed in respect
of the Danglay project in , and is available for download
from ECR’s website.
ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the
SLM gold project in , . Exploration at SLM has
focused on identifying small tonnage mesothermal gold deposits which may
be suitable for relatively near term production.
FOR FURTHER INFORMATION, PLEASE CONTACT:
plc Tel: +44 (0)20 7929 1010
, Non-Executive Chairman
, Director & CEO
, Finance Director
, Non-Executive Technical Director
Email:info@ecrminerals.com
Website:www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7148 7900
Nominated Adviser
/
Vicarage Capital Ltd Tel: +44 (0)20 3651 2910
Broker
/
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
/
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.
Notes to the Condensed Half-Yearly Financial Statements
For the six months ended
1.Basis of preparation
The condensed consolidated half-yearly financial statements incorporate
the financial statements of the Company and its subsidiaries (the
“Group”) made up to . The results of the subsidiaries are
consolidated from the date of acquisition, being the date on which the
Company obtains control, and continues to be consolidated until the date
such control ceases.
These condensed half-yearly consolidated financial statements 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 for the year ended .
They have been prepared in accordance with the accounting policies
adopted in the last annual financial statements for the year to 30
. The report of the auditors on those accounts was
unqualified and did not contain a statement under section 498(2) or (3)
of the Companies Act 2006, but did include a reference to matters which
the auditors drew attention to by way of emphasis without qualifying
their report.
The accounting policies have been applied consistently throughout the Group for the purpose of preparation of these consolidated half-yearly financial statements.
The financial information in this statement does not constitute full
statutory accounts within the meaning of Section 434 of the Companies
Act 2006. The financial information for the six months ended and is unaudited. The comparative figures for the
period ended were derived from the Group’s audited
financial statements for that period as filed with the Registrar of
Companies. They do not constitute the financial statements for that
period.
2.Going concern
The Directors are satisfied that the Company has sufficient resources to continue its operations and to meet its commitments for the immediate future. The Group therefore continues to adopt the going concern basis in preparing its condensed half-yearly financial statements.
3.Cash and cash equivalents
Cash includes petty cash and cash held in bank current accounts. Cash equivalents include short-term investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
4.Loss per share
The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion of share options decreases the basic loss per share thus being anti-dilutive.
5.Income tax
No charge to tax arises on the results and no deferred tax provision arises or deferred tax asset is identified.
6.Related party transactions
The Directors are the only key management.
Directors’ remuneration during the period was as follows:
There were no other related party transactions during the period.
7.Share issues during the period
On the Company announced the issue of 124,095,238
ordinary shares of 0.001p each in the Company following the partial
conversion of a convertible loan amounting to at a price of
£0.000525 () per share, with an additional 20,908,800
ordinary shares issued at the same price in settlement of accrued
interest on the convertible loan.
On the Company announced the issue of 186,309,751
ordinary shares of 0.001p each in the Company following the partial
conversion of a convertible loan amounting to at a price of
£0.000523 () per share, with an additional 715,430 ordinary
shares issued at the same price in settlement of accrued interest on the
convertible loan.
On the Company announced the issue of 244,293,785
ordinary shares of 0.001p each in the Company following the partial
conversion of a convertible loan amounting to at a price of
£0.000531 () per share, with an additional 20,330,132
ordinary shares issued at the same price in settlement of accrued
interest on the convertible loan.
On the Company announced it had received firm
commitments in respect of a placing and subscription of 1,250,000,000
new ordinary shares of the Company of 0.001p at a price of 0.02p each to
raise gross proceeds of £250,000. Subscribers in the placing were issued
one warrant per placing share (the “Warrants”). Each Warrant will
entitle the holder to subscribe for one ordinary share of 0.001p in the
Company at a price of 0.04p per ordinary share (the “Exercise Price”).
Each Warrant shall be valid for three years from the date the
corresponding placing shares were admitted to trading on AIM. In the
event the Company announces that the total mineral resources estimated
at the Danglay gold project in have exceeded 500,000oz
contained gold equivalent in accordance with a Standard, the Exercise
Price of the Warrants shall be increased to 0.06p per ordinary share.
The term “Standard” is defined by the AIM Note for Mining and Oil & Gas
Companies.
On the Company announced the issue of 455,907,336
ordinary shares of 0.001p each in the Company following the partial
conversion of a convertible loan amounting to at a price of
£0.000227 () per share, with an additional 58,039,184
ordinary shares issued at the same price in settlement of accrued
interest on the convertible loan.
On the Company announced the issue of 537,618,001
ordinary shares of 0.001p each in the Company following the partial
conversion of a convertible loan amounting to at a price of
£0.000193 () per share, with an additional 2,945,868
ordinary shares issued at the same price in settlement of accrued
interest on the convertible loan.
On the Company announced the issue of 323,904,939 ordinary
shares of 0.001p each in the Company following the partial conversion of
a convertible loan amounting to at a price of £0.000215
() per share, with an additional 4,880,775 ordinary shares
issued at the same price in settlement of accrued interest on the
convertible loan.
8.Consolidated Cash Flow Statement
The figure s in this note for interest paid on convertible loans include the deemed cost of warrants issued with each convertible loan tranche, as well as implementation fees paid in respect of each tranche.
9.Post period end events
On the Company announced the publication of a JORC
Code-compliant technical report prepared in relation to the Avoca and
Bailieston gold projects in .
On the Company announced details of immediate plans to
advance the Avoca and Bailieston gold projects in .
On the Company announced the appointment of
Brown as Finance Director with immediate effect.
On the Company announced the issue of 415,402,731 ordinary
shares of 0.001p each in the Company as follows (i) 61,163,435 ordinary
shares at a price of per share in settlement of
consulting fees payable by the Company totaling £13,800 and (ii)
348,510,371 ordinary shares following the partial conversion of a
convertible loan amounting to at a price of £0.000198875
() per share. An additional 5,728,925 ordinary shares
were issued at a price of £0.000198875 () per share in
settlement of accrued interest on the convertible loan.
On , the Company announced an update on activities which
included details of applications for two new Exploration Licences by its
wholly owned Australian subsidiary
View source version on :businesswire.comhttp://www.businesswire.com/news/home/20160629005927/en/
Source:
Project | Target style | Tonnage | Grade | Troy ounces** | |||||||||||
From | To | From | To | From | To | ||||||||||
Avoca | Waste dumps | 0.20 Mt | 0.25 Mt | 0.5 g/m3 | 1.5 g/m3 | 2,000 oz | 8,000 oz | ||||||||
Deep lead alluvial | 10 Mt | 20 Mt | 0.14 g/m3 | 0.20 g/m3 | 30,000 oz | 85,500 oz | |||||||||
Gravel and sand | 0.1 Mt | 0.5 Mt | |||||||||||||
Mesothermal qtz vein | 0.03 Mt | 0.5 Mt | 10 g/t | 30 g/t | 9,500 oz | 482,500 oz | |||||||||
Bailieston | Epithermal ‘Carlin’ | 1 Mt | 5 Mt | 1 g/t | 4 g/t | 32,000 oz | 643,000 oz | ||||||||
Totals | 74,000 oz | 1,219,000 oz |
Consolidated Income Statement | |||||||||
For the six months ended | |||||||||
Six months ended | Six months ended | Year ended | |||||||
Continuing operations | £ | £ | £ | ||||||
Exploration expenses | – | – | (65,990) | ||||||
Other administrative expenses | (296,286) | (629,183) | (941,359) | ||||||
Currency exchange differences | (95) | 18,542 | (22,356) | ||||||
Impairment of other current assets | (780) | – | – | ||||||
Total administrative expenses | (297,161) | (610,641) | (1,029,705) | ||||||
Operating loss | (297,161) | (610,641) | (1,029,705) | ||||||
Loss on disposal of available for sale financial assets | (609) | (138,590) | (137,131) | ||||||
Reclassification of fair value movements on disposal of available for sale assets | – | (88,381) | (14,750) | ||||||
(297,770) | (837,612) | (1,181,586) | |||||||
Finance income | 21 | 19 | 28 | ||||||
Finance costs | (135,370) | (166,150) | (321,180) | ||||||
Finance income and costs | (135,349) | (166,131) | (321,152) | ||||||
Loss for the period before taxation | (433,119) | (1,003,743) | (1,502,738) | ||||||
Income tax | – | – | (3,217,484) | ||||||
Loss for the period | (433,119) | (1,003,743) | (4,720,222) | ||||||
Loss attributable to: | |||||||||
Owners of the parent | (433,119) | (1,003,743) | (4,720,222) | ||||||
Loss per share – basic and diluted | (0.01)p | (0.03)p | (0.13)p |
Consolidated Statement of Comprehensive Income | |||||||
For the six months ended | |||||||
Six months ended | Six months ended | Year ended | |||||
£ | £ | £ | |||||
Loss for the period | (433,119) | (1,003,743) | (4,720,222) | ||||
Items that may be reclassified subsequently to profit or loss | |||||||
Reclassification of fair value movements to Income Statement on disposal of available for sale assets | – | 88,381 | 14,750 | ||||
Gain/(losses) on exchange translation | (100,051) | 19,042 | 22,193 | ||||
Other comprehensive income/(expense) for the period | (100,051) | 107,423 | 36,943 | ||||
Total comprehensive expense for the period | (533,170) | (896,320) | (4,683,279) | ||||
Attributable to: | |||||||
Owners of the parent | (533,170) | (896,320) | (4,683,279) |
Consolidated Statement of Financial Position | |||||||
At | |||||||
As at | As at | As at | |||||
Assets | £ | £ | £ | ||||
Non–current assets | |||||||
Property, plant and equipment | 6,237 | 9,360 | 7,705 | ||||
Exploration assets | 2,224,024 | 1,766,779 | 2,132,224 | ||||
Deferred tax asset | – | 3,218,173 | – | ||||
Total non-current assets | 2,230,261 | 4,994,312 | 2,139,929 | ||||
Current assets | |||||||
Trade and other receivables | 4,712 | 135,491 | 74,233 | ||||
Available for sale financial assets | 39,277 | 48,296 | 39,277 | ||||
Taxation | 36,282 | 2,691 | 2,514 | ||||
Other current assets | 2,672 | 2,672 | 2,672 | ||||
Cash and cash equivalents | 103,883 | 302,754 | 90,398 | ||||
186,826 | 491,904 | 209,094 | |||||
Total assets | 2,417,087 | 5,486,216 | 2,349,023 | ||||
Current liabilities | |||||||
Trade and other payables | 409,886 | 247,932 | 351,850 | ||||
Interest bearing borrowings | 99,218 | 722,903 | 451,104 | ||||
Total liabilities | 509,104 | 970,835 | 802,954 | ||||
Net assets | 1,907,983 | 4,515,381 | 1,546,069 | ||||
Equity attributable to owners of the parent | |||||||
Share capital | 11,103,901 | 10,782,878 | 11,071,602 | ||||
Share premium | 41,443,507 | 40,297,903 | 40,802,469 | ||||
Exchange reserve | (169,700) | (72,800) | (69,649) | ||||
Other reserves | 1,067,423 | 821,320 | 845,677 | ||||
Retained losses | (51,537,149) | (47,313,920) | (51,104,030) | ||||
Total equity | 1,907,983 | 4,515,381 | 1,546,069 |
Consolidated statement of changes in equity |
For the six months ended 31March 2016 |
Share capital | Share premium | Exchange reserves | Other reserves | Retained reserves | Total Equity | ||||||||
£ | £ | £ | £ | £ | £ | ||||||||
At | 10,483,166 | 40,131,118 | (91,842) | 485,160 | (46,398,558) | 4,609,044 | |||||||
Loss for the period | – | – | – | – | (1,003,743) | (1,003,743) | |||||||
Gain on disposal of available for sale assets | – | – | – | – | 88,381 | 88,381 | |||||||
Gain on exchange translation | – | – | 19,042 | – | – | 19,042 | |||||||
Total comprehensive income/(expense) | – | – | 19,042 | – | (915,362) | (896,320) | |||||||
Conversion of loan notes | 274,741 | 153,130 | – | – | – | 427,871 | |||||||
Share based payments | – | – | – | 288,831 | – | 288,831 | |||||||
Warrants issued in lieu of finance cost | – | – | – | 47,329 | – | 47,329 | |||||||
Shares issued in payment of creditors | 24,971 | 13,655 | – | – | – | 38,626 | |||||||
At | 10,782,878 | 40,297,903 | (72,800) | 821,320 | (47,313,920) | 4,515,381 | |||||||
Loss for the period | – | – | – | – | (3,716,479) | (3,716,479) | |||||||
Reclassification of fair value movements to Income Statement | – | – | – | – | 14,750 | 14,750 | |||||||
Gain on exchange translation | – | – | 3,151 | – | – | 3,151 | |||||||
Total comprehensive expense | – | – | 3,151 | – | (3,701,729) | (3,698,578) | |||||||
Conversion of loan notes | 273,803 | 203,925 | – | – | – | 477,728 | |||||||
Shares issued | 6,556 | 288,444 | – | – | – | 295,000 | |||||||
Warrants issued in lieu of finance cost | – | – | – | 24,357 | – | 24,357 | |||||||
Shares issued in payment of creditors | 8,365 | 12,197 | – | – | – | 20,562 | |||||||
Gain on disposal of available for sale assets | – | – | – | – | (88,381) | (88,381) | |||||||
At | 11,071,602 | 40,802,469 | (69,649) | 845,677 | (51,104,030) | 1,546,069 | |||||||
| |||||||||||||
Loss for the period | – | – | – | – | (433,119) | (433,119) | |||||||
Loss on exchange translation | – | – | (100,051) | – | – | (100,051) | |||||||
Total comprehensive income /(expense) | – | – | (100,051) | – | (433,119) | (533,170) | |||||||
Conversion of loan | 18,721 | 550,480 | – | – | – | 569,201 | |||||||
Share issue costs | – | (4,500) | – | – | – | (4,500) | |||||||
Shares issued | 12,500 | 59,197 | – | – | – | 71,697 | |||||||
Warrants issued | – | – | – | 178,303 | – | 178,303 | |||||||
Share based payments | – | – | – | 43,443 | – | 43,443 | |||||||
Shares issued in payment of creditors | 1,078 | 35,861 | – | – | – | 36,939 | |||||||
At | 11,103,901 | 41,443,507 | (169,700) | 1,067,423 | (51,537,149) | 1,907,983 |
Consolidated Cash Flow Statement | |||||||
For the six months ended | |||||||
Six months ended | Six months ended | Year ended | |||||
£ | £ | £ | |||||
Net cash flow used in operations | (202,513) | (400,151) | (654,704) | ||||
Investing activities | |||||||
Increase in exploration assets | (191,851) | (331,393) | (719,108) | ||||
Investment in available for sale asset | – | (39,276) | (39,276) | ||||
Proceeds from sale of available for sale financial assets | – | 119,974 | 68,022 | ||||
Cash introduced on regaining control of subsidiary | – | 10,218 | 10,125 | ||||
Interest received | 21 | 19 | 28 | ||||
Net cash generated in investing activities | (191,830) | (240,458) | (680,209) | ||||
Financing activities | |||||||
Proceeds from issue of shares and warrants | 250,000 | – | 295,000 | ||||
Proceeds from convertible loan | 174,801 | 300,623 | 494,774 | ||||
Finance costs on fundraising | (4,500) | – | (38,956) | ||||
Interest paid and other financing costs | (12,222) | – | (1,384) | ||||
Net cash from financing activities | 408,079 | 300,623 | 749,434 | ||||
Net change in cash and cash equivalents | 13,736 | (339,986) | (585,479) | ||||
Cash and cash equivalents at beginning of the period | 90,398 | 642,056 | 642,056 | ||||
Effect of change in exchange rates | (251) | 684 | 33,821 | ||||
Cash and cash equivalents at end of the period | 103,883 | 302,754 | 90,398 |
Six months ended | Six months ended | Year ended 30 September 2015 | |||||
Weighted number of shares in issue during the year | 6,540,043,560 | 3,414,964,925 | 3,744,400,803 | ||||
£ | £ | £ | |||||
Loss for the period attributable to owners of the parent | (433,119) | (1,003,743) | (4,720,222) |
Six months ended 31 March 2016 | Six months ended 31 March 2015 | Year ended 30 September 2015 | |||||
£ | £ | £ | |||||
Directors’ emoluments | 106,500 | 114,139 | 226,200 | ||||
Share-based payments | – | 182,697 | 182,697 | ||||
Total emoluments | 106,500 | 296,836 | 408,897 |
Six months ended 31 March 2016 | Six months ended 31 March 2015 | Year ended 30 September 2015 | |||||
£ | £ | £ | |||||
Operating activities | |||||||
Loss for the period, before tax | (433,119) | (1,003,743) | (1,502,738) | ||||
Adjustments: Depreciation expense, property, plant and equipment | 1,468 | 1,469 | 3,111 | ||||
Provision and impairment of investment and loans | – | 88,381 | 14,750 | ||||
(Gain)/loss on available for sale financial assets | – | (135,590) | 137,131 | ||||
Interest income | (21) | (19) | (28) | ||||
Interest on convertible loans | 135,118 | 166,094 | 319,796 | ||||
Interest expense – other | 252 | 56 | 1,384 | ||||
Share based payments | – | 288,831 | 288,831 | ||||
Shares issued in lieu of expense payments | – | – | 8,874 | ||||
(Increase) /decrease in accounts receivable | 69,521 | (46,469) | 6,539 | ||||
Increase/(Decrease) in accounts payable | 58,036 | (38,030) | 67,103 | ||||
(Increase)/decrease in taxation | (33,768) | (311) | 543 | ||||
Net cash flow used in operations | (202,513) | (400,151) | (654,704) |
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