TIDMMCC
RNS Number : 4035L
Mercom Capital Plc
30 September 2016
Mercom Capital Plc
("the Company")
Final Results
Mercom Capital Plc is pleased to announce its final results for
the year ended 31 March 2016. The full Report & Accounts have
been sent to shareholders and will be available on the Company's
website.
Chairman's Statement
I am pleased to present my Chairman's statement for Mercom
Capital Plc ("the Company") for the year ended 31 March 2016.
On 29 May 2014, the Company announced a range of investments
totalling GBP768,000, of which GBP400,000 was invested for a 30%
interest in Lion Natural Resources Limited, an unquoted company
which holds investments in two companies with projects in Sierra
Leone and Kenya; GBP300,000 was invested for a 35% interest in NWT
Coal Limited, an unquoted company with two coal concessions in
Vietnam; and a small investment of GBP68,000 was made in 7%
convertible debentures of Maverick Petroleum Ltd, an oil company
with a focus in the Republic of Chad. Subsequently this latter
investment was converted into 66,026 common shares in Maverick
Petroleum Ltd., representing a 2% interest. During the year ended
31 March 2016, the investments in Lion Natural Resources Limited
and Maverick Petroleum Ltd. were further impaired as detailed in
the Investment Report. Although no further investments have yet
been made, the Company is continuing the process of identifying
investment opportunities which match our strategy, and of
evaluating the potential profitability and risks associated with
them. Despite the challenging environment in the resources sector,
and particularly the current price of oil and gas, the Directors
continue to believe there are opportunities to create value for
shareholders.
During the year ended 31 March 2016 there were two issues of
equity, and on 4 March 2016 the Company announced that its name had
been changed to Mercom Capital Plc, reflecting the fact that its
strategic focus had shifted to investing in assets in the natural
resources and energy sectors, with a focus on oil and gas. The name
change had been approved by shareholder resolution at the AGM the
previous day.
The annual audited accounts accordingly show that the Group had
cash reserves of GBP592,698 at 31 March 2016, after corporate
expenses of GBP314,229 had been incurred during the year (2015:
GBP274,623). Net cash used in operations amounted to GBP16,752
(2015: GBP108,018). Our net asset value decreased to GBP0.06 per
share from GBP0.08 per share in the previous year. Net assets value
at 31 March 2016 was GBP1,058,697 compared to GBP1,428,492 as at 31
March 2015. The decrease was chiefly the result of the cash used in
operations and the impairment of investments totalling
GBP268,632.
Since the year end, the CEO has successfully negotiated the
raising of a total of GBP302,500 in equity before expenses, which
will be used to increase working capital and finance additional
investments. This achievement confirms the market's confidence in
our strategy and in the resources sector generally.
To end on a personal note, I have decided that it is time for me
to pass on the Chairman's responsibilities, and I shall not seek
reelection at the coming AGM.I have enjoyed the role ever since
Mercom Capital PLC (formerly Mercom Oil Sands PLC) was admitted to
AIM on 29 May 2012, a period which has been both turbulent and
exciting throughout the resources sector. However for the last few
years (since my 70(th) birthday) I have been gradually reducing my
portfolio of responsibilities and I think it is now time to bring a
fresh mind to the Mercom Board. I wish my successor and fellow
Directors every good fortune in the years ahead.
Dr Patrick Cross
Chairman
30 September 2016
Investment Report
Viet Energy Ltd (formerly NWT Coal Limited)
Viet Energy Ltd is an unquoted company with two coal concessions
in the Bac Giang Province of Northern Vietnam.
The concessions are based in the Quang Yen Basin, which
currently provides 80% of Vietnam's coal production and are just 10
kilometres apart, potentially meaning they could be linked into a
single exploration area.
The company believes an estimated coal resource for the larger
concession is roughly 80 million tonnes and for the smaller
concession around 10 million tonnes, but the company noted that
these estimates are not based on systematic exploration. To date
two shafts (inclined declines), two exploration audits and numerous
partially developed and semi mined parts of the concession have
been completed and visited. Construction on the first decline began
in February 2015 and since then an additional 9 declines are in the
process of development. Various parameters regarding, size,
morphology etc. of the geology and various coal seams were recorded
from one of the detailed plans of the main ore body and a rough
resource is being calculated (Non-JORC compliant). The exploration
program is being continued with high resolution magnetic survey
over the license area. The purpose of the survey was to acquire
high-resolution, geophysical data to map the magnetic anomalies and
geophysical characteristics of the geology and structure in an
effort to map and to explore the possibility that there may be
interesting magnetic showings in the adjoining ground. Hand-held
Overhauser effect magnetometer is intended to be used for the field
work. As of 20 August, 2015, 13200.5m of survey lines were
completed. Magnetic profiles were indicated in several areas of the
potential drill holes targets.
Coal samples were brought back to Canada and had been submitted
to one of the country's leading coal laboratories for coal quality
determination. The following specifications were requested for
analysis: Relative Density, Total moisture, Proximal analysis on
density fractions of 1.4, 1.6 and 1.8, CV, S and P% determination.
Ash fusion temperature was also requested.
First results indicated good suitability of coal to be
effectively converted into a diesel fuel.
Converting coal to a liquid fuel (CTL) - a process referred to
as coal liquefaction - allows coal to be utilised as an alternative
to oil. Company is experimenting with Indirect liquefaction where
gasified coal to form a 'syngas' (a mixture of hydrogen and carbon
monoxide). The syngas is then condensed over a catalyst - the
'Fischer-Tropsch' process - to produce high quality, ultra-clean
products.
Coal to liquids has a number of benefits:
-- Coal is affordable and available worldwide enabling countries
to access domestic coal reserves - and a well-supplied
international market - and decrease reliance on oil imports,
improving energy security;
-- Coal liquids can be used for transport, cooking, stationary
power generation, and in the chemicals industry;
-- Coal-derived fuels are sulphur-free, low in particulates, and
low in nitrogen oxides; and
-- Liquid fuels from coal provide ultra-clean cooking fuels,
alleviating health risks from indoor air pollution.
Fuels produced from coal also have potential outside the
transportation sector. In Vietnam, health impacts and local air
quality concerns have driven calls for the use of clean cooking
fuels. Replacing traditional biomass or solid fuels with liquefied
petroleum gas (LPG) has been the focus of international aid
programmes. LPG however, is an oil derivative - and is thus
affected by the expense and price volatility of crude oil.
Coal-derived dimethyl ether (DME) is receiving particular attention
today as it is a product that holds out great promise as a domestic
fuel. DME is non-carcinogenic and non-toxic to handle and generates
less carbon monoxide and hydrocarbon air pollution than LPG. DME
can also be used as an alternative to diesel for transport, as well
as for on and off-grid power applications.
Subsequent to the year end, the Company was notified that the
project will be going in to production in the first quarter of
2017, and that Viet Energy intends to pay its shareholders a
dividend of 50% of its profits.
As at 31 March 2016, the Group measures this available for sale
financial asset at cost of GBP300,000.
Lion Natural Resources Limited
Lion Natural Resources Limited is an unquoted company which
holds investments in two companies, namely Askia Gold Limited and
Advance Gold Corp.
Lion's major asset was its interest in Askia Gold Limited
("Askia"). The company's original plan was to develop an alluvial
gold production project. Askia then converted its gold mining
assets into testing areas for its revolutionary gold washing
plants. Unfortunately, due to the difficult commodity markets
during the past couple years, Askia was unable to execute its
business plan, and on 21 June 2016 the company was dissolved.
Lion also has a minority interest in Advance Gold Corp. Advance
Gold Corp. is an exploration stage company engaged in the
evaluation and exploration of mineral property interests. Advance
Gold Corp. trades on the TSX Venture Exchange under the symbol
"AAX". It currently has interests in Kenya, East Africa. Like most
companies in the junior resource sector, Advance Gold Corp. has
struggled due to the depressed environment in the junior resource
sector. As at 29 February 2016, Advance Gold Corp had $7,128 in
current assets and $183,768 in current liabilities.
As at 31 March 2016, the Group recorded a full impairment of the
available for sale financial asset. The impairment was recorded
primarily as a result of (i) Askia being dissolved and (ii) the
uncertainty of the ability of Advance Gold Corp. to continue in
business.
Maverick Petroleum Ltd.
Maverick held an option to acquire the Sadiq Oil Concession
which is 100 sq. km located in Western Chad, 15 miles west of Lake
Chad and within the much larger Lake Chad concession block.
Due to the continuation of extremely low international oil
prices, Maverick returned the option to acquire the Sadiq Oil
Concession back to the Energy Ministry of the Government of Chad.
Maverick holds no other assets and liabilities at this time.
As at 31 March 2016, the Group recorded a full impairment of
this available for sale financial asset.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information, please contact:
Mercom Capital Plc
John Zorbas 001 416 504 3978
Northland Capital Partners
Limited
Nominated Adviser and
Broker
Edward Hutton / Matthew
Johnson +44 (0) 20 3861 6625
Beaufort Securities
Limited
Joint Broker
Elliot Hance +44 (0) 20 7382 8300
Consolidated Statement of Comprehensive Income
Group Note 2016 2015
----------------------------------------------------------------- ----- ---------- ----------
Continuing Operations GBP GBP
Expenses
General and administrative expenses 314,229 274,623
Exceptional item 5 268,632 200,000
----------------------------------------------------------------- ----- ---------- ----------
Group Loss from Operations (582,861) (474,623)
Other items
Investment revenue - 2,000
----------------------------------------------------------------- ----- ---------- ----------
Loss for the year before Taxation 4 (582,861) (472,623)
Taxation 7 - -
----------------------------------------------------------------- ----- ---------- ----------
Loss for the year attributable to equity holders of the Company (582,861) (472,623)
----------------------------------------------------------------- ----- ---------- ----------
Other comprehensive income - -
Total comprehensive loss for the year (582,861) (472,623)
----------------------------------------------------------------- ----- ---------- ----------
Loss per Ordinary share
Basic - continuing and total operations 14 (0.04) (0.04)
Diluted - continuing and total operations 14 (0.04) (0.04)
================================================================= ===== ========== ==========
Company
Loss for the year attributable to equity holders of the Company (582,220) (465,390)
----------------------------------------------------------------- ----- ---------- ----------
Other comprehensive income - -
Total comprehensive loss for the year (582,220) (465,390)
================================================================= ===== ========== ==========
Consolidated Statement of Financial Position
Note 2016 2015
------------------------------------- --------- ------------ ------------
GBP GBP
Non-current assets
Available for sale financial assets 9 300,000 568,632
------------------------------------- --------- ------------ ------------
Total non-current assets 300,000 568,632
------------------------------------- --------- ------------ ------------
Current assets
Cash and cash equivalents 592,698 609,450
Trade and other receivables 10 432,109 499,900
Total current assets 1,024,807 1,109,350
------------------------------------- --------- ------------ ------------
TOTAL ASSETS 1,324,807 1,677,982
------------------------------------- --------- ------------ ------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 11 266,110 249,490
------------------------------------- --------- ------------ ------------
Total current liabilities 266,110 249,490
------------------------------------- --------- ------------ ------------
Equity
Share capital 13 578,028 553,213
Share premium 4,255,348 3,067,097
Shares to be issued reserve - 1,000,000
Warrant reserve - 62,000
Accumulated deficit (3,774,679) (3,253,818)
------------------------------------- --------- ------------ ------------
Total equity 1,058,697 1,428,492
------------------------------------- --------- ------------ ------------
TOTAL EQUITY AND LIABILITIES 1,324,807 1,677,982
------------------------------------- ---------
Company Statement of Financial Position
Note 2016 2015
-------------------------------------- ----- ------------ ------------
GBP GBP
Non-current assets
Investment in subsidiary undertaking 9 - -
Available for sale financial assets 300,000 568,632
-------------------------------------- ----- ------------ ------------
Total non-current assets 300,000 568,632
-------------------------------------- ----- ------------ ------------
Current assets
Cash and cash equivalents 578,702 606,570
Trade and other receivables 10 453,943 509,977
Total current assets 1,032,645 1,116,547
-------------------------------------- ----- ------------ ------------
TOTAL ASSETS 1,332,645 1,685,179
-------------------------------------- ----- ------------ ------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 11 266,110 249,490
-------------------------------------- ----- ------------ ------------
Total current liabilities 266,110 249,490
-------------------------------------- ----- ------------ ------------
Equity
Share capital 13 578,028 553,213
Share premium 4,255,348 3,067,097
Shares to be issued reserve - 1,000,000
Warrant reserve - 62,000
Accumulated deficit (3,766,841) (3,246,621)
-------------------------------------- ----- ------------ ------------
Total equity 1,066,535 1,435,689
-------------------------------------- ----- ------------ ------------
TOTAL EQUITY AND LIABILITIES 1,332,645 1,685,179
-------------------------------------- -----
Consolidated Statement of Cash Flows
2016 2015
---------------------------------------------------------- ---------- ----------
GBP GBP
Cash flow from operating activities
Loss for the period before tax (582,861) (472,623)
Adjustments for:
Impairment of available for sale financial assets 268,632 200,000
Shares issued for services rendered - 82,250
Shares issued as settlement of debt 213,066 -
Decrease in trade and other receivables 67,791 38,560
Increase in trade and other payables 16,620 43,795
---------------------------------------------------------- ---------- ----------
Cash used in operations (16,752) (108,018)
---------------------------------------------------------- ---------- ----------
Cash flow from investing activities
Purchase of available for sale financial assets - (700,000)
Net cash used in investing activities - (700,000)
---------------------------------------------------------- ---------- ----------
Decrease in cash and cash equivalents (16,752) (808,018)
Cash and cash equivalents at the beginning of the period 609,450 1,417,468
---------------------------------------------------------- ---------- ----------
Cash and cash equivalents at the end of the period 592,698 609,450
---------------------------------------------------------- ---------- ----------
Company Statement of Cash Flows
2016 2015
---------------------------------------------------------- ---------- ----------
GBP GBP
Cash flow from operating activities
Loss for the period before tax (582,220) (465,390)
Adjustments for:
Impairment of investments 268,632 200,000
Shares issued for services rendered - 82,250
Shares issued as settlement of debt 213,066 -
Decrease in trade and other receivables 56,034 445,207
Increase in trade and other payables 16,620 43,795
---------------------------------------------------------- ---------- ----------
Cash (used in)/ generated from operations (27,868) 305,862
---------------------------------------------------------- ---------- ----------
Cash flow from investing activities
Purchase of available for sale financial assets - (700,000)
---------------------------------------------------------- ---------- ----------
Net cash used in investing activities - (700,000)
---------------------------------------------------------- ---------- ----------
Decrease in cash and cash equivalents (27,868) (394,138)
Cash and cash equivalents at the beginning of the period 606,570 1,000,708
---------------------------------------------------------- ---------- ----------
Cash and cash equivalents at the end of the period 578,702 606,570
---------------------------------------------------------- ---------- ----------
Consolidated and Company Statements of Changes in Equity
Group Share capital Share premium Shares to be issued Warrant reserve Retained earnings Total
GBP GBP GBP GBP GBP GBP
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2014 551,840 2,986,120 1,000,000 62,270 (2,781,365) 1,818,865
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
Shares issued in
year 1,373 80,977 - - (100) 82,250
Warrants expired
in year - - - (270) 270 -
Total comprehensive
loss for the year - - - - (472,623) (472,623)
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2015 553,213 3,067,097 1,000,000 62,000 (3,253,818) 1,428,492
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
Shares issued in
year 14,817 1,198,249 (1,000,000) - - 213,066
Share
reclassification* 9,998 (9,998) - - - -
Warrants expired
in year - - - (62,000) 62,000 -
Total comprehensive
loss for the year - - - - (582,861) (582,861)
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2016 578,028 4,255,348 - - (3,774,679) 1,058,697
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
Company Share Share premium Shares to be issued Warrant Retained earnings Total
capital reserve
GBP GBP GBP GBP GBP GBP
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2014 551,840 2,986,120 1,000,000 62,270 (2,781,401) 1,818,829
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
Shares issued in
year 1,373 80,977 - - (100) 82,250
Warrants expired
in year - - - (270) 270 -
Total comprehensive
loss for the year - - - - (465,390) (465,390)
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2015 553,213 3,067,097 1,000,000 62,000 (3,246,621) 1,435,689
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
Shares issued in
year 14,817 1,198,249 (1,000,000) - - 213,066
Share
reclassification* 9,998 (9,998) - - - -
Warrants expired
in year - - - (62,000) 62,000 -
Total comprehensive
loss for the year - - - - (582,220) (582,220)
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
As at 31 March 2016 578,028 4,255,348 - - (3,766,841) 1,066,535
-------------------- ------------- ------------- ------------------- --------------- ----------------- ---------
* The reclassification is to correct the allocation between
share capital and share premium for shares issued in prior years.
This has no effect on the number of shares in issue and is not
considered that a prior period adjustment is required.
Notes to the Consolidated Financial Statements
1. BASIS OF PRESENTATION
Basis of presentation and statement of compliance
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by
the International Accounting Standards Board ("IASB") and as
adopted by the European Union.
Basis of consolidation
The Group financial statements include the financial statements
of the Company and its subsidiary undertaking Mercom Oil Sands
Canada Inc., a company incorporated in Canada. The results of
subsidiary undertakings sold or acquired are included in the
Consolidated Statement of Comprehensive Income up to, or from the
date control passes. Intra group sales and profits are eliminated
fully on consolidation.
Functional currency
The presentational and functional currency of the Group and
Company is U.K Sterling.
Significant accounting estimates and judgments
The preparation of these financial statements requires
management to make judgments and estimates that affect the reported
amounts of assets and liabilities at the date of the financial
statements and reported amounts of expenses during the reporting
period. Actual outcomes could differ from these judgments and
estimates. The financial statements include judgments and estimates
which, by their nature, are uncertain. The impacts of such
judgments and estimates are pervasive throughout the financial
statements, and may require accounting adjustments based on future
occurrences. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and the revision
affects both current and future periods.
Significant assumptions about the future and other sources of
judgments and estimates that management has made at the statement
of financial position date, that could result in a material
adjustment to the carrying amounts of assets and liabilities, in
the event that actual results differ from assumptions made, relate
to, but are not limited to, the following:
-- The accounting treatment of the available for sale financial assets;
-- The valuation of available for sale financial assets;
-- The valuation of trade and other receivables; and
-- The judgment that significant influence is not exercised by
the Group over any of the investments as detailed in note 9.
Going concern
These financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") applicable to
a going concern, which assume that the Group will be able to
realise its assets and discharge its liabilities in the normal
course of operations. The Group has no current source of operating
revenues and its capacity to operate as a going concern in the
near-term will likely depend on its ability to continue raising
equity or debt financing. There can be no assurance that the Group
will be able to continue to raise funds in which case the Group may
be unable to meet its obligations. Should the Group be unable to
realise on its assets and discharge its liabilities in the normal
course of business, the net realisable value of its assets may be
materially less than the amounts recorded in the Consolidated and
Company Statements of Financial Position.
The Directors consider that given the level of expenses the
Group expects to incur and the significant cash reserves held by
the Group will be sufficient to continue in operation and meet its
liabilities as they fall due for a period of no less than twelve
months from the date of approval of these financial statements.
The financial statements do not include adjustments to amounts
and classifications of assets and liabilities that might be
necessary should the Group be unable to continue in operation.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments
Investments in subsidiaries, associates and joint ventures, and
other investments are presented in the Parent Company financial
statements at cost, less any necessary provision for
impairment.
Associates
Associates are entities over which the Group exercises
significant influence but does not exercise control. Investments in
associates are accounted for using the equity method of accounting
and are initially recognised at cost, which includes goodwill
identified on acquisition, net of any accumulated impairment loss.
The Group's share of its associate's profits or losses after
acquisition of its interest is recognised in profit or loss and
cumulative post-acquisition movements are adjusted against the
carrying amount of the investment. Where the Group's share of
losses of an associate equals or exceeds the carrying amount of the
investment, the Group only recognises further losses where it has
incurred obligations or made payments on behalf of the
associate.
Entities where the Group has a holding of 20% or more but does
not exercise significant influence are accounted for as available
for sale financial assets. Significant influence is not therefore
considered to be exercised
In respect of the available for sale financial assets detailed
in note 9 in all cases the Company has no right to appoint
directors and has no ability to influence the strategic and
operational decisions taken.
Financial assets
Available for sale financial assets consist of equity
investments in other companies or limited partnerships where the
Group does not exercise either control or significant
influence.
Available for sale financial assets are shown at fair value at
each reporting date with changes in fair value being shown in Other
Comprehensive Income, or at cost less any necessary provision for
impairment where a reliable estimate of fair value is not able to
be determined. In cases where the Group can reliably estimate fair
value of the available for sale financial assets, fair value is
determined in reference to practical completion of each development
project.
All assets for which fair value is measured or disclosed in the
financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:
-- Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities.
-- Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is directly
or indirectly observable.
-- Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.
The valuation technique applied to the available for sale
financial assets in the current period is a Level 3 technique.
Corporation tax
Corporation tax on the profit or loss for the period presented
comprises current and deferred tax. Corporation tax is recognised
in profit or loss except to the extent that it relates to items
recognised directly in equity, in which case it is recognised in
equity.
Current tax expense is the expected tax payable on the taxable
income for the period, using tax rates enacted or substantively
enacted at the period end.
Deferred tax is recorded using the asset and liability method,
providing for temporary differences, between the carrying amounts
of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes. The following temporary
differences are not provided for: goodwill not-deductible for tax
purposes; the initial recognition of assets or liabilities that
affect neither accounting or taxable loss; and differences relating
to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of
deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at
the period end date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised. To the extent that the Group does
not consider it probable that a future tax asset will be recovered,
the tax asset is not recognised.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
Cash and cash equivalents
Cash and cash equivalents consist of cash on deposit with banks
and short-term interest-bearing investments with maturities of 90
days or less from the original date of acquisition. Cash and cash
equivalents are recorded at fair value and changes in fair value
would be reflected in the Consolidated Statement of Comprehensive
Income.
Warrants
Warrants issued are accounted for using the fair value method
and result in share issue costs and a credit to the warrants
reserve when the warrants are issued. When warrants are exercised,
the corresponding warrant fair value and the proceeds received by
the Group are credited to share capital. When warrants expire, the
corresponding fair value is credited to the accumulated
deficit.
Loss per share
Basic loss per share is calculated using the weighted average
number of shares outstanding. Diluted loss per share assumes that
any proceeds from the exercise of dilutive stock options and
warrants would be used to repurchase Ordinary shares at the average
market price during the period, with the incremental number of
shares being included in the denominator of the diluted earnings
per share calculation.
During the year ended 31 March 2016, all issued and outstanding
warrants and options were anti-dilutive and were excluded from the
diluted loss per share calculations.
Foreign currency translation
The functional and presentational currency of the Group is U.K
Sterling. Transactions in currencies other than the functional
currency are recorded at the rates of exchange prevailing on dates
of transactions. At each period end date monetary assets and
liabilities denominated in foreign currencies at the reporting date
are translated to U.K Sterling at the exchange rate at that date.
Foreign exchange differences arising on translation are recognised
in the Consolidated Statement of Comprehensive Income. Non-monetary
assets and liabilities that are measured at historical cost are
translated using the exchange rate at the date of the
transaction.
Impairment of assets
At each period end date, assets are reviewed for impairment if
there is any indication that the carrying amount may not be
recoverable. If any such indication is present, the recoverable
amount of the asset is estimated in order to determine whether
impairment exists. Where the asset does not generate cash flows
that are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the asset
belongs. Any intangible asset with an indefinite useful life is
tested for impairment annually and whenever there is an indication
that the asset may be impaired.
An asset's recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value,
using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to
the asset for which estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset or cash generating unit is
estimated to be less than its carrying amount, the carrying amount
is reduced to the recoverable amount. Impairment is recognised
immediately as additional depreciation. Where an impairment
subsequently reverses, the carrying amount is increased to the
revised estimate of recoverable amount but only to the extent that
this does not exceed the carrying value that would have been
determined if no impairment had previously been recognised. A
reversal is recognised as a reduction in the depreciation charge
for the period.
Share issue costs
Costs incurred for the issue of Ordinary shares are deducted
from the share premium arising on that issue.
Revenue recognition
Revenue from the sale of petroleum and natural gas is recognised
when the risks and rewards of ownership pass to the purchaser,
including delivery of the product, the selling price is fixed or
determinable and collection is reasonably assured. Oil and natural
gas royalty revenue is recognised when received.
Financial Instruments
Financial assets
The Group classifies its financial assets into one of the
following categories, depending on the purpose for which the asset
was acquired. The Group's accounting policy for each category is as
follows:
Fair value through profit or loss - This category comprises
derivatives, or assets acquired or incurred principally for the
purpose of selling or repurchasing it in the near term. They are
carried in the Consolidated and Company Statements of Financial
Position at fair value with changes in fair value recognised in the
Consolidated Statement of Comprehensive Income.
Loans and receivables - These assets are non-derivative
financial assets with fixed or determinable payments that are not
quoted in an active market. They are carried at cost less any
provision for impairment. Individually significant receivables are
considered for impairment when they are past due or when other
objective evidence is received that a specific counterparty will
default.
Held-to-maturity investments - These assets are non-derivative
financial assets with fixed or determinable payments and fixed
maturities that the Group's management has the positive intention
and ability to hold to maturity. These assets are measured at
amortised cost using the effective interest method. If there is
objective evidence that the investment is impaired, determined by
reference to external credit ratings and other relevant indicators,
the financial asset is measured at the present value of estimated
future cash flows. Any changes to the carrying amount of the
investment, including impairment losses, are recognised in the
Consolidated Statement of Comprehensive Income.
Available-for-sale - Non-derivative financial assets not
included in the above categories are classified as
available-for-sale. They are carried at fair value with changes in
fair value recognised directly in equity. Where a decline in the
fair value of an available-for-sale financial asset constitutes
objective evidence of impairment, the amount of the loss is removed
from equity and recognised in profit or loss.
All financial assets except for those at fair value through
profit or loss are subject to review for impairment at least at
each reporting date. Financial assets are impaired when there is
any objective evidence that a financial asset or a group of
financial assets is impaired. Different criteria to determine
impairment are applied for each category of financial assets, which
are described above.
Financial liabilities
The Group classifies its financial liabilities into one of two
categories, depending on the purpose for which the asset was
acquired. The Group's accounting policy for each category is as
follows:
Fair value through profit or loss - This category comprises
derivatives, or liabilities acquired or incurred principally for
the purpose of selling or repurchasing it in the near term. They
are carried in the Consolidated and Company Statements of Financial
Position at fair value with changes in fair value recognised in the
Consolidated Statement of Income.
Other financial liabilities - This category includes promissory
notes, amounts due to related parties and accounts payables and
accrued liabilities, all of which are recognised at amortised
cost.
The Group's financial instruments consist of the following:
Financial assets: Classification:
Cash and cash equivalents Loans and receivables
Other receivables Loans and receivables
Financial liabilities: Classification:
Accounts payable and accrued liabilities Other financial
liabilities
During the year ended 31 March 2016 the Group adopted a number
of new IFRS standards, interpretations, amendments and improvements
to existing standards. These new standards and changes did not have
any material impact on the Company's financial statements.
The following new standards, amendments to standards or
interpretations are mandatory for the Group for the first time for
the financial year beginning 1 April 2016, but are not currently
considered to be relevant to the Group (although they may affect
the accounting for future transactions and events):
-- IAS16 (Amended), 'Property, Plant and Equipment' and IAS 38
(Amended), 'Intangible Assets', issued in May 2014 and effective
from 1 April 2016. These amendments clarify that a depreciation
method that is based on revenue that is generated by an activity
that includes the use of an asset is not appropriate for property,
plant and equipment. There is also a rebuttable presumption that an
amortisation method that is based on the revenue generated by an
activity that includes the use of an intangible asset is
inappropriate.
-- IFRS11 (Amended), 'Joint Arrangements', effective for periods
beginning on or after 1 April 2016 requires an acquirer of an
interest in a joint operation in which the activity constitutes a
business to apply all of the business combinations accounting
principles in IFRS3 and all other IFRSs.
-- IAS27 (Amended), 'Separate Financial Instruments', issued in
August 2014 and effective 1 April 2016 permits investments in
subsidiaries, joint ventures and associates to be optionally
accounted using the equity method in separate financial
statements.
The following new standards, amendments to standards and
interpretations have been issued, but are not effective for the
financial year beginning 1April 2016 and have not been early
adopted:
-- IFRS9, 'Financial Instruments', effective for periods
commencing on or after 1 January 2018 but not yet adopted by the
EU. This is final version of the project to replace IAS39
'Financial Instruments: Recognition and Measurement'.
-- IFRS15, 'Revenue from Contracts with Customers', effective
for periods commencing on or after 1 January 2018 but not yet
adopted by the EU. This standard focuses on a principles based
model which is to be applied to all contracts with customers.
-- IFRS16, 'Leases', effective for periods commencing on or
after 1 January 2019 but not yet adopted by the EU. The standard
provides a single lessee accounting model, requiring lessees to
recognise assets unless the lease term is twelve months or less or
the underlying asset has a low value.
-- IAS12 (Amended), 'Income Taxes', effective for periods
commencing on or after 1 January 2017 but not yet adopted by the
EU. This amendment relates to the recognition of deferred tax
assets for unrealised losses and clarifies that estimations for
future taxable profits exclude tax deductions arising from the
reversal of temporary differences.
3. CAPITAL AND FINANCIAL RISK MANAGEMENT
The capital of the Group consists of shareholders' equity. The
Group's objectives when managing capital are to safeguard the
Group's ability to continue as a going concern in order to pursue
the development of its financial assets and to maintain optimal
returns to shareholders and benefits for other stakeholders.
The Group manages its capital structure and makes adjustments to
it in light of changes in economic conditions and the risk
characteristics of the underlying assets. To maintain or adjust its
capital structure, the Group may attempt to issue new shares or
debt, dispose of assets, or adjust the amount of cash and cash
equivalents.
Management reviews its capital management approach on an ongoing
basis and believes that this approach, given the relative size of
the Group, is reasonable. There were no changes in the Group's
approach to capital management during the year ended 31 March 2016.
The Group is not subject to externally imposed capital
requirements.
Credit risk
All the Group's cash and cash equivalents are held with
well-known and established financial institutions. As such,
management considers credit risk related to these financial assets
to be minimal. The Group's maximum credit risk exposure is limited
to the carrying value of its cash and subscriptions receivable. At
31 March 2016 the Group had no material amounts deemed to be
uncollectible.
Commodity price risk
Commodity price risk is the risk that the fair value of future
cash flows will fluctuate as a result of changes in oil and natural
gas commodity prices. The nature of the Group's operations will
result in exposure to fluctuations in commodity prices. The Group
is currently in its development stage and as such the exposure to
fluctuations in commodity prices is not actively managed. In the
future, the Group may use commodity price contracts to manage
exposure to fluctuations in pricing.
Interest rate risk
Interest rate risk is the risk that future cash flows will
fluctuate as a result of changes in market interest rates. The
Group does not have a material exposure to this risk as there are
no outstanding debt facilities.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they come fall. The Group
ensures, as far as possible, that it will have sufficient liquidity
to meet its liabilities when due, without incurring unacceptable
losses or harm to the Group's reputation.
The Group utilises authorisation for expenditures to further
manage capital expenditures and attempts to match its payment cycle
with available cash resources.
Foreign currency risk
The Group is exposed to foreign currency fluctuations on its
cash which is denominated in U.K. Sterling and Canadian
Dollars.
4. LOSS FOR THE YEAR BEFORE TAXATION
2016 2015
GBP GBP
Loss for the year before
taxation is stated after
charging:
Shares issued for services
and settlement of debt 213,066 82,250
Foreign exchange
gain (284) (80)
------------------------------------- -------- -------
Fees payable to the Company's
auditors for:
- the audit of the Company's
annual accounts 18,615 17,250
Total audit
fees 18,615 17,250
------------------------------------- -------- -------
Fees payable to the Company's
auditors for:
- taxation compliance
services 1,385 1,345
- other services - -
-------------------------------- -------- -------
Total other
fees 1,385 1,345
------------------------------------- -------- -------
5. EXCEPTIONAL ITEM
2016 2015
GBP GBP
Impairment of available
for sale financial assets 268,632 200,000
------------------------------- -------- --------
The exceptional item in the year relates to an impairment of the
Group's investments in Lion Natural Resources Limited of GBP200,000
(2015: GBP200,000) and Maverick Petroleum Ltd of GBP68,632 (2015:
GBPnil).
The impairment of the investment in Lion Natural Resources
Limited in the year is a result of (i) Askia Gold Limited being
dissolved and (ii) the uncertainty of the ability of Advance Gold
Corp. to continue in business, both being underlying investments of
Lion Natural Resources Limited. The impairment of Maverick
Petroleum Ltd is due to Maverick returning the option to acquire
the Sadiq Oil Concession.
6. EMPLOYEES
2016 2015
Number Number
The average weekly number of employees
(including Directors) during the
year was:
Management 3 3
---------------------------------------------------------------- -------- --------
There were no staff costs in the year except
for those described below in respect of the
Directors.
Key management personnel are those persons having
the authority and responsibility for planning,
controlling and directing the activities of
the Group. In the opinion of the Board, the
Group's key management personnel are the Directors
of the Company and information regarding their
remuneration is provided below.
Remuneration in respect of the
Directors was as follows: 2016 2015
GBP GBP
Aggregate emoluments (including
benefits in kind) - -
Fees 180,000 176,500
------------------------------------------------------ --- --- -------- --------
180,000 176,500
----------------------------------------- ------ --- --- --- -------- --------
Remuneration for each Director
(including benefits in kind) 2016 2015
GBP GBP
K.Appleby 36,000 24,000
Dr P.H.Cross 24,000 24,000
A.E. Taubi (resigned
16 May 2014) - 7,500
J.Zorbas 120,000 121,000
180,000 176,500
--- ------- --- --- -------- --------
On 23 May 2012 Dr P.H. Cross entered into a
letter of appointment with the Company under
which
Dr P.H. Cross agreed to act as non-executive
Chairman for a fee of GBP2,000 per month for
an initial period of three years.
On 29 May 2012 K. Appleby and CFO Advantage
Inc. entered into a consultancy agreement with
the Company under which CFO Advantage Inc. agreed
to provide the services of K. Appleby as Finance
Director for a fee of GBP2,000 per month for
an initial period of three years.
On 29 May 2012 A.E. Taubi entered into a letter
of appointment with the Company under which
A.E. Taubi agreed to act as a non-executive
Director for a fee of GBP1,250 per month for
an initial period of three years. On
16 May 2014 A.E. Taubi resigned as a Director.
On 19 April 2013 J. Zorbas and Zorpcorp Capital
Holdings Inc. entered into an agreement with
the Company under which Zorpcorp Capital Holdings
Inc. agreed to provide the services of J. Zorbas
as Chief Executive Officer. On 1 April 2014
the Board agreed to commence paying Zorpcorp
Capital Holdings Inc. a fee of GBP10,000 per
month for these services.
In the current year the Company was charged
an additional GBP12,000 fee by CFO Advantage
Inc. for services provided by K. Appleby. The
time spent on matters was beyond normal expectations
of Board members and compensation was measured
at the value the Company would have had to pay
other individuals or entities in order to obtain
these services.
The amounts above include remuneration
in respect of the highest paid Director
as follows:
2016 2015
GBP GBP
Fees 120,000 121,000
-------------------------------------------------- --- ------- -------- --------
7. TAXATION
Taxation 2016 2015
GBP GBP
(a) Analysis
of charge in
year
Current tax:
Corporation tax - -
--------------------------------- ---------- ----------
Total current
tax - -
------------------------------- ---------- ----------
(b) Factors affecting the tax
charge for the year
The tax assessed for the year is lower than
the standard rate of corporation tax in the
UK of 20% (2015: 21%).
The differences are
explained below:
2016 2015
GBP GBP
Loss on ordinary activities
before tax (582,861) (472,623)
--------------------------------- ---------- ----------
Loss on ordinary activities multiplied by the
standard rate of corporation tax of
20% (2015:21%) (116,572) (99,251)
Effects of:
Expenses not deductible
for tax purposes 53,854 56,476
Loss carried
forward 62,718 42,775
Current tax charge
for the year - -
--------------------------------- ---------- ----------
(c) Factors that may affect future tax charges
No deferred tax asset has been recognised on
losses carried forward in the Company due to
the uncertainty of the timing of taxable profits.
8. LOSS OF THE PARENT COMPANY
As permitted by section 408 of the Companies
Act 2006, the profit or loss element of the
Parent Company Statement of Comprehensive Income
is not presented as part of these financial
statements. The Group loss for the financial
period of GBP582,861 (2015 - GBP472,623) includes
a loss of GBP582,220 (2015 - GBP465,390), which
was dealt with in the financial statements of
the Company.
9. INVESTMENTS
Group
a) Available for sale financial assets
GBP
Cost
At 1 April 2015 768,632
Additions -
31 March 2016 768,632
---------------------- -------
Impairment
At 1 April 2015 200,000
Impairment in year 268,632
At 31 March 2016 468,632
---------------------- -------
Net book value
31 March 2016 300,000
---------------------- -------
31 March 2015 586,632
---------------------- -------
The cost represents investments in the following companies:
County Holding Proportion Nature of business
of Incorporation held
Lion Natural England Ordinary 30% Direct exploration
Resources & Wales and development
Limited of natural resources
NWT Coal Limited Cyprus Ordinary 35% Direct exploration
and development
of natural resources
Maverick Petroleum Republic Ordinary 2% Direct and indirect
Ltd. of Seychelles exploration and
development of
natural resources
The impairment in the year is in respect of Lion Natural
Resources Limited and Maverick Petroleum Ltd., as detailed in note
5.
The accounting treatment of the investments in Lion Natural
Resources Limited and NWT Coal Limited as available for sale
financial assets and not as associates is detailed in note 1. These
investments are measured at cost less impairment as also detailed
in note 1 as it is not possible to reliably measure a fair
value.
Company
b) Available for sale financial
assets
GBP
Cost
At 1 April 2015 768,632
Additions -
31 March 2016 768,632
----------------------------------- --------
Impairment
At 1 April 2015 200,000
Impairment in year 268,632
At 31 March 2016 468,632
----------------------------------- --------
Net book value
31 March 2016 300,000
----------------------------------- --------
31 March 2015 568,632
----------------------------------- --------
The above investments represent the investments as detailed in
the Group note a) as detailed above.
c) Investment in subsidiary
undertakings
The Company has a shareholding in the following
company incorporated in Canada:
Subsidiary undertakings Holding Proportion
held Nature
of Business
Mercom Oil Sands Canada Common shares 100% Investment
Inc. (Nil Par company
Value)
10. TRADE AND OTHER RECEIVABLES
Group Group Company Company
2016 2015 2016 2015
GBP GBP GBP GBP
Amounts owed by group
undertakings - - 453,943 509,977
Other receivables 432,109 499,900 - -
-------- -------- -------- --------
432,109 499,900 453,943 509,977
======== ======== ======== ========
On 10 January 2013, the Group entered in to a
contract to purchase 20,000 cubic meters of Gasoil
at a price of US$775 per cubic meter. On entering
the contract the Group paid a refundable deposit
of GBP499,900. If the Group chooses not to perform
on the contract, the deposit will be refunded.
The contractor, at their sole discretion, has
the right to impose a 2.25% fee for any amounts
refunded for non-performance.
The contract was extended to 1 July 2016 and the
deposit was refunded in full in August 2016 less
the non-performance fee.
11. TRADE AND OTHER PAYABLES
Group Group Company Company
2016 2015 2016 2015
GBP GBP GBP GBP
Trade payables 124,110 178,990 124,110 178,990
Accruals and deferred
income 142,000 70,500 142,000 70,500
-------- -------- -------- --------
266,110 249,490 266,110 249,490
======== ======== ======== ========
12. RELATED PARTY TRANSACTIONS AND BALANCES
The Group's and Company's related parties, as
defined by International Accounting Standard
24 (revised), the nature of the relationship
and the amount of transactions with them during
the year ended 31 March 2016 were as follows:
The Group and Company were charged GBP36,000
(2015: GBP24,000) in consulting fees by CFO Advantage
Inc., a company that is controlled by K. Appleby
(Finance Director). As at 31 March 2016 the Group
and Company owed CFO Advantage Inc. GBP28,396
(2015: GBP12,000).
The Group and Company were charged GBPnil (2015:
GBP7,500) in consulting fees by AT Investments
SA, a company of which A.E. Taubi (former Non-executive
Director) was a director. At 31 March 2016 the
Group and Company owed AT Investments SA GBPnil
(2015: GBPnil). E. E. Taubi resigned on 16 May
2014.
The Group and Company were charged GBP24,000
(2015: GBP24,000) in consulting fees by Dr P.H.
Cross (Non-executive Chairman). As at 31 March
2016, the Group and Company owed Dr. P.H. Cross
GBP16,000 (2015: GBP16,363).
The Group and Company were charged GBP121,000
(2015: GBP120,000) in consulting fees by J. Zorbas
(Chief Executive Officer and incurred expenses
on behalf of the Group of GBPnil (2015 - GBP1,150).
As at 31 March 2016, the Group and the Company
owed J. Zorbas GBP114,000 (2015: GBPnil).
13. SHARE CAPITAL
a) Shares authorised
On 16 July 2014 the Company consolidated its
share capital so that every 50 Ordinary shares
of GBP0.001 in the issued share capital of
the Company was consolidated into one Ordinary
share of GBP0.05 (New Ordinary share). Each
New Ordinary share would have the same rights
and would be subject to the same restrictions
as an Ordinary share. Following the consolidation
the New Ordinary shares were sub divided into
one Ordinary share of GBP0.001 and one Deferred
share of GBP0.049.
b) Ordinary shares issued
Called up, allotted and fully paid:
2016 2015
GBP GBP
17,526,773 (2015 - 12,509,593)
Ordinary shares of GBP0.001 17,527 12,510
11,438,797 (2015 - 11,238,797)
Deferred shares of GBP0.049 560,501 540,703
-------------------------------------- --------- --------
578,028 553,213
The Company issued shares in the year as follows:
(i) On 6 May 2015, the Company issued 3,034,886
Ordinary shares of GBP0.001 each at GBP0.04625
to settle fees owed Dr P.H. Cross and J Zorbas.
(ii) On 15 October 2015, the Company issued
1,258,879 Ordinary shares of GBP0.001 each
at GBP0.03904 to settle fees owed to certain
consultants.
(iii) On 15 October 2015, the Company issued
523,415 Ordinary shares of GBP0.001 each at
GBP0.03904 to settle fees owed to K. Appleby.
The 200,000 Ordinary shares of GBP0.001 each
and 200,000 Deferred shares of GBP0.049p each
held in the shares to be issued reserve were
issued on 28 January 2016.
c) Share purchase warrants
The following summarises the share purchase
warrants as at 31 March 2016:
Warrants Value
outstanding GBP
--------------------------- ------------- -------------
Balance at 31 March 2014 160,000 62,270
Expired 15 February 2015 (140,000) (270)
--------------------------- ------------- -------------
Balance at 31 March 2015 20,000 62,000
--------------------------- ------------- -------------
Expired 29 May 2016 (20,000) (62,000)
Balance at 31 March 2016 - -
The fair value of the warrants issued during the year ended 31
March 2014, was estimated at GBP62,000 using the Black-Scholes
option pricing model with the following assumptions:
Risk free interest rate 1.08 %
Expected dividend yield nil
Expected volatility 100 %
Expected life 3 years
The exercise price of these warrants was GBP0.10; the warrants
expired on 29 May 2015. No warrants were issued during the year
ended 31 March 2016.
All the warrants in issue have expired during the year ended 31
March 2016 as detailed above.
d) Share options
On 16 July 2014 the Company granted an option to J. Zorbas, the
Company's Chief Executive Officer, to subscribe at any time during
a 10 year period from the date of grant for 100,049
(pre-consolidation) Ordinary shares at an exercise price of 0.1p
per share (pre consolidation price). J. Zorbas exercised this
option and 100,049 Ordinary shares were issued on 16 July 2014 by
the Company credited as fully paid.
The fair value of these options issued during the year ended 31
March 2015, was estimated at GBPnil using the Black-Scholes option
pricing model with the following assumptions:
Risk free interest rate 2.20 %
Expected dividend yield nil
Expected volatility 100 %
Expected life 0 years
Option pricing models require the input of subjective
assumptions regarding the expected volatility. Volatility is
difficult to ascertain given that the company is still in the
development stage, therefore it has been set at 100%. Changes in
assumptions can materially affect the estimate of fair value, and
therefore, the use of the Black-Scholes option pricing model, as
required by IFRS, may not provide a realistic measure of the fair
value of the Company's warrants and share options at the date of
issue.
14. LOSS PER ORDINARY SHARE
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of Ordinary shares in issue during the year.
2016 2015
Loss attributable to equity holders of the Company GBP (582,861) GBP (472,623)
Weighted average number of Ordinary shares in issue 16,208,363 11,474,777
----------------------------------------------------- -------------- --------------
Basic loss per share GBP (0.04) GBP (0.04)
----------------------------------------------------- -------------- --------------
Diluted loss per share is calculated by adjusting the weighted
average number of Ordinary shares in issue to assume the conversion
of all dilutive potential ordinary shares at the start of the
period. The Company's dilutive potential Ordinary shares arise from
warrants. In respect of the warrants a calculation is performed to
determine the number of shares that could have been acquired at
fair value, based upon the monetary value of the subscription
rights attached to the outstanding warrants. The number of shares
calculated as above is compared with the number of shares that
would have been issued assuming the exercise of the warrants.
2016 2015
Loss attributable to equity holders of the Company GBP(582,220) GBP(465,390)
Weighted average number of Ordinary shares in issue 16,208,363 11,474,777
Dilutive warrants - -
------------------------------------------------------------------------------------- ------------- -------------
Weighted average number of Ordinary shares used to determine diluted loss per share 16,208,363 11,474,777
Diluted loss per share GBP (0.04) GBP (0.04)
------------------------------------------------------------------------------------- ------------- -------------
There were no potentially dilutive warrants as the exercise
price exceeded the average market price of the Ordinary shares
during the period. Any potentially dilutive Ordinary shares would
have been anti-dilutive because the Group was loss-making.
15. ULTIMATE CONTROLLING PARTY
In the opinion of the Directors there is no ultimate controlling
party.
16. SUBSEQUENT EVENTS
On 20 July 2016 the Company closed a financing of GBP227,500
before expenses through the placing of 9,100,000 Ordinary Shares of
0.1p each (the "Placing Shares") at a price of 2.5p per Placing
Share (the "Placing") with new shareholders, together with the
issue of warrants over Ordinary Shares on the basis of one warrant
for every two Placing Shares exercisable at a price of 5p per share
for a period of six months from admission of the Placing Shares to
trading on AIM.
In addition, two directors of the Company, J. Zorbas and K.
Appleby, subscribed for a total of 3,000,000 Ordinary shares on the
same terms. These shares have not been issued at the date of
signing of these financial statements
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SDWFISFMSEFU
(END) Dow Jones Newswires
September 30, 2016 11:24 ET (15:24 GMT)
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