TIDMKGLD
RNS Number : 4436A
Kolar Gold Limited
30 March 2012
30 March 2012
Kolar Gold Ltd
Half year results for six months ended 31 December 2011
Kolar Gold Limited ("Kolar Gold" or the "Company" ), the Indian
focussed gold exploration and mine development company, announces
its unaudited results for the six months ended 31 December
2011.
Financial highlights
-- Cash deposits of GBP9.6m at period end.
o Majority has been earmarked to exercise the options over the
remaining tenements.
-- Loss after tax for the period was GBP1,205,337 (2010: GBP927,763).
Operational highlights
-- Core and RC drilling activities are well underway at South
Kolar Licence area and results to date have been encouraging.
-- The approval process for further licenses in North and East
Kolar is progressing and in final stages with the Government.
-- The corporate restructuring is complete and the Group's
operating policies, procedures and systems are in place and
operational.
Nick Spencer, Chief Executive Officer of Kolar Gold Limited,
comments:
"I am pleased to announce that Kolar Gold has made solid
progress during the last six months. The company has now
established operations in India and undertook nearly 6000m of
drilling in the prospective South Kolar Licence area during the
half year.
The revival process of Bharat Gold Mines Limited (BGML) is
continuing to move forward and we are now awaiting the Supreme
Court to direct the sale tender process to begin. Kolar continues
to work closely with our two Indian partners to build and expand
our gold business in India."
For further information please contact:
Kolar Gold Limited
Nick Spencer / Chris Clowes +617 3846 0211
Singer Capital Markets Ltd (Nomad and Joint Broker)
James Maxwell / Jenny Wyllie +44 20 3205 7500
Ocean Equities Limited (Joint Broker)
Will Slack +44 20 7786 4370
Tavistock Communications
Ed Portman / Lydia Eades +44 20 7920 3150
About Kolar Gold Limited:
Kolar Gold is an Indian gold exploration and development
company, listed on the AIM market (Ticker: KGLD) that has an
experienced international board and strong local partners.
KGL has rights to explore and develop one prospecting licence
and 13 further licence applications in the Kolar Gold Belt, an 80
kilometre long Archaean Greenstone Belt, in Southern India. The
Kolar Gold Belt is one of the most prospective underdeveloped
Archaean Greenstone Belts in the world and is regarded by Mr Andrew
J Vigar of Mining Associates Limited, the Competent Person, as
comparable to the Archaean Greenstone Belts of South Africa, Canada
and Western Australia which have similar geology, structure and
style of mineralisation. This project area includes 32 known
mineralised prospects and covers 568 square kilometres in the
southern states of Andhra Pradesh, Karnataka and Tamil Nadu. KGL
commenced exploration on the first Prospecting Licence in South
Kolar in February 2011.
KGL is also jointly pursuing, with the mine employee unions, the
acquisition and revival of the neighbouring historic Kolar Gold
Fields which has produced 25 million ounces of gold at 15.9 grams
per tonne over 120 years until closure in 2001.
Review of operations
Your Company has made good progress in the period establishing our
operations in India and mobilising two rigs for drilling targets in
the South Kolar block.
Steady progress is being made in the revival process of Bharat Gold
Mines Limited (BGML). We are awaiting the Supreme Court to direct that
the sale tender process should begin.
Kolar Gold continues to work closely with its two Indian partners,
SUN Mining and Geomysore India (Private) Limited ('GMSI'), to establish
Kolar Gold as a responsible leading player in the gold mining industry
in India.
Your company has made an encouraging start on the ground in India this
period.
Exploration Programme
Diamond drilling commenced in February 2011 in the South Kolar Licence
area and by December nearly 6000m of drilling had been completed on
several prospects. Drilling principally targeted known zones of mineralization
and extensions of auriferous lodes previously mined at the Chigargunta
mine in the south and the Bisanatham mine in the north.
Drilling at the Chigargunta NE deposit has validated historic drilling
results and provided valuable fresh geological data on the host rocks
and structural controls to mineralisation. Results included:
* KCN-02: 4.74m at 24.7g/t gold from 79.74m to 84.48m
* KCN-05: 0.50m at 160.2 g/t gold from 117.14m to
118.89m
* KCN-10: 1.00m at 12.1g/t gold from 45.65m to 46.65m
* KCN-14: 1.10m at 16.4g/t gold from 45.29m to 46.39m
* KCN-05: 3.65m at 4.6g/t gold from 20.54m to 24.19m
(HW lode)
* KCN-05: 2.60m at 6.0g/t gold from 134.04m to 136.64m
(FW lode)
The combined historic and current drilling results are being modeled
in preparation for the next campaign of drilling.
Scout diamond drilling, with six holes, was carried out on the Chigargunta
Eastern Lodes namely E2, E3 and E4 lodes. These holes have confirmed
the extension of the lodes mined in the historic Chigargunta mines.
Five of the six holes intersected encouraging gold values including:
* KCE 01 - 0.5m @ 4.90g/t from 41.55m & 1.0m @ 3.36g/t
from 43.55m
* KCE 02 - 11.5m @ 1.21g/t from 82.84m incl. 1.5m @
4.74g/t from 92.84m
* KCE 06 - 2.0m @ 3.04g/t from 14.3m and 3.0m @ 3.1g/t
from 28.3m
Confirmation drilling has also been carried out at the Mallapakonda
deposit which has a previous resource of 61,527 oz gold. This drilling
has provided a good understanding of the controls to mineralisation
at this priority target deposit. Modeling is been carried out to give
a detailed interpretation of potential ore shoots and their continuity
to depth. A resource update is also being computed.
Planning is underway to re-open one of the Mallapakonda adits to provide
suitable underground drilling platforms. Difficult terrain hinders
surface drilling at this deposit.
Drilling in this part of the South Kolar Licence area is in a forestry
area, and ongoing foresty approval is required to drill additional
surface holes in the area. An application for a 160 hole drill programme
has been submitted to the State Forestry Department for approval.
IP Survey
To assist identification of priority targets at South Kolar, we undertook
40 line km of detailed Induced Polarisation ('IP') Surveys. The IP
survey confirmed the continuity of auriferous structures previously
mined at the Chigargunta and Old Bisanatham mines. A number of significant
anomalies also exist along the north-south trend of the greenstone
belt indicating a number of good target areas for drilling.
An RC drill rig was deployed in November to investigate the anomalies
identified by the abovementioned IP surveys. This RC programme of 2,750m
was completed in February with 30 shallow holes. Results are being
interpreted to plan further follow up diamond and RC drilling going
forward.
Exploration Review
Over the last year, the company has generated a large database comprising
ground magnetics, IP surveys, mapping, RC and diamond drilling. An
exploration review is currently underway to combine and interpret all
these data sets. A further programme of detailed mapping is also being
undertaken with the valuable knowledge gained from the drilling and
in particular the controls to mineralisation within the different rock
units with an emphasis on structure and alteration characteristics.
This review will allow better targeting of drill holes to identify
zones most likely to host mineralisation.
Kolar Gold Projects
We continue to work closely with GMSI and SUN Mining to progress the
North and East Kolar tenement approvals which are in the final stages
with the Government. The Company has retained cash balances for the
acquisition of these rights. These license approvals remain with the
relevant mining department for approval and management are confident
they will be granted in due course. The process of granting of licences
has been slower than the Company planned.
BGML acquisition
The Company and advisors have made solid progress via dialogue with
the Government of India and recent agreement in the Supreme Court to
proceed with the sale and revival by tender process. We now await the
court order and the issue of the sale tender documents which have been
drafted by Ernst & Young.
Key financials
The Company had GBP9.6m in cash deposits at period end. The bulk of
these funds have been earmarked as consideration for the exercise of
the options over the remaining tenements (GBP4.7m) and undertaking
the Group's exploration activities (GBP3.2m) on these tenements during
2012.
The loss after tax for the period was GBP1,205,337, compared to GBP927,763
for the six months to 31 December 2010 and GBP3,256,290 for the year
to June 2011.
Going concern
Careful attention is being paid to the profile of expenditure at South
Kolar. An increase in exploration expenditure is anticipated when the
grant of the North and East Kolar tenements are approved by the Government.
The Group has operated within the cashflows it anticipated at the time
of the IPO in June 2011 and accordingly will need to raise finance
during 2012 if all options are exercised over the tenements and exploration
is to take place as planned. These matters are described in detail
in Note 4 to the financial statements. If such finance is not obtained
then, the Group will have sufficient funds to exercise its options
over the tenements but will need to slow down or defer its exploration
activities in order to have sufficient cash to see it through the next
12 months. However, we remain well funded for our planned 2012 activities
at this stage.
We have a number of activities and initiatives underway and we foresee
2012 will be a year of growth and expansion for the company.
The Board
Condensed consolidated statement of financial position (unaudited)
as at 31 December 2011
31 December 31 December 30 June
2011 2010 2011
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
Non-current assets
Plant and equipment 26,215 19,302 21,859
Exploration and evaluation assets 7 4,961,887 2,429,100 4,496,933
Total non-current assets 4,988,102 2,448,402 4,518,792
------------- ------------- --------------
Current assets
Prepayments and other current
assets 68,111 273,449 37,751
Trade and other receivables 74,059 38,263 59,642
Cash and cash equivalents 9,645,300 1,515,247 11,544,630
Total current assets 9,787,470 1,826,959 11,642,023
------------- ------------- --------------
Total assets 14,775,572 4,275,361 16,160,815
------------- ------------- --------------
Current liabilities
Trade and other payables 495,903 803,171 1,085,852
Employee benefits 100,856 59,284 113,416
Total current liabilities 596,759 862,455 1,199,268
------------- ------------- --------------
Non-current liabilities
Employee benefits 55,656 31,907 43,457
------------- ------------- --------------
Total non-current liabilities 55,656 31,907 43,457
------------- ------------- --------------
Total liabilities 652,415 894,362 1,242,725
------------- ------------- --------------
Net assets/(liabilities) 14,123,157 3,380,999 14,918,090
============= ============= ==============
Equity
Share capital 8 7,010,625 4,639,624 7,001,696
Share premium reserve 8 15,700,535 6,900,846 15,663,226
Reserves 3,941,361 836,029 3,577,195
Accumulated losses (12,529,364) (8,995,500) (11,324,027)
------------- ------------- --------------
Total equity 14,123,157 3,380,999 14,918,090
============= ============= ==============
These financial statements were approved by the Board of Directors
on 30 March 2012 and were signed on its behalf by:
________________________
Stephen Coe
Director
The condensed notes on pages 9 to 14 are an integral part of the
condensed consolidated interim financial statements.
Condensed consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2011
2011 2010 (audited)
(unaudited) (unaudited)
GBP GBP
GBP
SUN Mining warrants issued for
services (610,930) - (547,006)
Broker warrants issued for services - - (492,510)
Shares and options issued by
Kolar Gold Plc to employees
and consultants - - (294,241)
Options to directors - - (374,975)
Administrative expenses (797,718) (875,543) (1,492,185)
Unrealised foreign exchange
gains 133,116 (50,981) (22,950)
Loss from operating activities (1,275,532) (926,524) (3,223,867)
------------- -------------- ------------
Finance income 75,201 3 530
Finance costs (782) (1,242) (32,953)
------------- -------------- ------------
Net finance costs 74,419 (1,239) (32,423)
------------- -------------- ------------
Loss before tax (1,201,113) (927,763) (3,256,290)
Income tax expense (4,224) - -
------------- -------------- ------------
Loss for the period (1,205,337) (927,763) (3,256,290)
Other comprehensive income
Foreign exchange translation
variances (246,764) 124,171 142,231
------------- -------------- ------------
Total comprehensive income for
the period (1,452,101) (803,592) (3,114,059)
============= ============== ============
Basic loss per share (p) 1.2 2.0 5.7
Diluted loss per share (p) 1.2 2.0 5.7
The condensed notes on pages 9 to 14 are an integral part of the
condensed consolidated interim financial statements.
Condensed consolidated statement of changes in equity
for the six months ended 31 December
Share Share premium Options Foreign Accumulated Total equity
capital reserve reserves currency losses
translation
reserve
(Unaudited) GBP GBP GBP GBP GBP GBP
Balance at 1 July
2011 7,001,696 15,663,226 3,510,291 66,904 (11,324,027) 14,918,090
Total comprehensive
income for the period
Loss for the period - - - - (1,205,337) (1,205,337)
Other comprehensive
income - foreign exchange
translation variances - - - (246,764) - (246,764)
---------- -------------- ---------- ------------- ------------- -------------
Total comprehensive
income for the period: - - - (246,764) (1,205,337) (1,452,101)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Issue of ordinary
shares 8,929 37,309 - - - 46,238
Equity-settled transactions
for the period - - 610,930 - - 610,930
---------- -------------- ---------- ------------- ------------- -------------
Total contributions
by and distributions
to owners: 8,929 37,309 610,930 - - 657,168
---------- -------------- ---------- ------------- ------------- -------------
Balance at 31 December
2011 7,010,625 15,700,535 4,121,221 (179,860) (12,529,364) 14,123,157
========== ============== ========== ============= ============= =============
(Audited)
Balance at 1 July
2010 3,544,336 3,715,557 696,321 (75,327) (8,067,737) (186,850)
Total comprehensive
income for the period
Loss for the period - - - - (3,256,290) (3,256,290)
Other comprehensive
income - foreign exchange
translation variances - - - 142,231 - 142,231
Total comprehensive
income for the period: - - - 142,231 (3,256,290) (3,114,059)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Issue of ordinary
shares 3,735,150 13,816,568 - - - 17,551,718
Cancellation of shares (277,790) 277,790 - - - -
Share issue costs - (2,146,689) - - - (2,146,689)
Equity-settled transactions
for the period - - 2,813,970 - - 2,813,970
---------- -------------- ---------- ------------- ------------- -------------
Total contributions
by and distributions
to owners: 3,457,360 11,947,669 2,813,970 - - 18,218,000
---------- -------------- ---------- ------------- ------------- -------------
Balance at 30 June
2011 7,001,696 15,663,226 3,510,291 66,904 (11,324,027) 14,918,090
========== ============== ========== ============= ============= =============
The condensed notes on pages 9 to 14 are an integral part of the
condensed consolidated interim financial statements.
Condensed consolidated Statement of Cash Flows
for the six months ended 31 December
Six months Six months Year ended
ended ended
31 December 31 December 30 June 2011
2011 2010 (audited)
(unaudited) (unaudited)
GBP GBP GBP
Cash flows from operating activities
Loss for the period (1,205,337) (927,763) (3,256,290)
Adjustments for:
Depreciation 2,898 1,757 4,439
Net finance costs/(income) (74,419) 1,240 1,945
Unrealised foreign exchange gains (185,303) (105,670) (60,846)
Costs in relation to planned initial
public offering - (202,994) -
Equity-settled share-based payment
transactions 610,930 322,769 1,708,732
Operating loss before changes in
working capital and provisions (851,231) (910,661) (1,602,020)
Change in trade and other receivables (14,417) (21,779) (24,140)
Change in other current assets (30,360) (2,920) (33,099)
Change in trade and other payables (685,688) 276,536 794,308
Change in employee benefits (361) 1,564 79,424
------------- -------------- --------------
Cash used in operating activities (1,582,057) (657,260) (785,527)
Interest and finance costs paid (782) (1,242) (2,475)
------------- -------------- --------------
Net cash used in operating activities (1,582,839) (658,502) (788,002)
------------- -------------- --------------
Cash flows from investing activities
Interest received 75,201 2 530
Payments for mineral exploration
activities (420,857) - -
Payments for acquisition of mineral
exploration rights - (1,893,551) (2,189,930)
Payments for plant and equipment (7,732) (2,415) (7,577)
------------- -------------- --------------
Net cash used in investing activities (353,388) (1,895,964) (2,196,977)
------------- -------------- --------------
Cash flows from financing activities
Proceeds from issues of convertible
notes - 250,000 250,000
Proceeds from issues of equity
securities 46,238 3,000,000 15,645,000
Payments for share issue costs - (24,314) (2,108,630)
-------------------------------- ------------- --------------
Net cash from financing
activities 46,238 3,225,686 13,786,370
-------------------------------- ------------- --------------
Net increase/(decrease) in
cash
and cash equivalents (1,889,989) 671,220 10,801,391
Foreign exchange gain/(loss)
on
closing cash balances (9,341) 104,617 3,829
Cash and cash equivalents at
1 July 11,544,630 739,410 739,410
-------------------------------- ------------- --------------
Cash and cash equivalents at
31
December 9,645,300 1,515,247 11,544,630
================================ ============= ==============
The condensed notes on pages 9 to 14 are an integral part of the
condensed consolidated interim financial statements.
Kolar Gold Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 31 December 2011
1 Reporting entity
Kolar Gold Limited (the 'Company') is a company incorporated
and registered in Guernsey. The Company's shares were admitted
to trading on AIM in London on 17 June 2011, following the successful
completion of an Initial Public Offering raising gross funds
of GBP12 million. The condensed consolidated interim financial
statements of the Company as at and for the six months ended
31 December 2011 comprises the Company and its subsidiaries (together
referred to as the "Group"). The Group primarily is involved
in and also acquiring, exploring and developing the rights to
mining assets in the Kolar Belt and the potential acquisition
of the mining assets of Bharat Gold Mines Limited ("BGML") from
the Government of India.
The consolidated annual financial report of the Group as at and
for the year ended 30 June 2011 is available upon request from
the Company's registered office at Frances House, Sir William
Place, St. Peter Port, Guernsey GY1 4HQ.
2 Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 Interim Financial Reporting.
They do not include all of the information required for full
annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group as at
and for the year ended 30 June 2011.
These condensed interim consolidated financial statements were
approved by the Board of Directors on 30 March 2012.
3 Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are the same as those
applied by the Group in its consolidated financial statements
as at and for the year ended 30 June 2011, except as set out
below.
The Company's functional and presentation currency is British
pounds (GBP) and the functional currencies for its subsidiaries
are GBP, Australian dollars and Indian Rupees respectively.
Assets and liabilities denominated in a currency other than British
pounds are translated into British poundsat exchange rates prevailing
at the reporting date. Items of income and expense are translated
to British pounds at exchange rates prevailing at the dates of
transactions or where appropriate at average monthly foreign
exchange rates.
4 Going concern
These condensed consolidated interim financial statements have
been prepared on the basis of accounting principles applicable
to Kolar Gold being a "going concern" which assumes the Group
will continue in operation for at least 12 months from the date
of these interim financial statements and will be able to realise
its assets and discharge its liabilities in the normal course
of operations.
As an explorer, the Group currently has no source of operating
cash inflows, other than interest income, and has incurred net
operating cash outflows for the six months ended 31 December
2011 of GBP1,582,839 (2010: GBP658,502). During this period,
the Company received net financing inflows of GBP46,238 (2010:
GBP3,225,686) and applied GBP420,857 (2010: nil) to mineral exploration
activities at the South Kolar PL area. At 31 December 2011 the
Group had cash balances of GBP9,645,300 (30 June 2011: GBP11,544,630)
and a surplus in net working capital (current assets less current
liabilities) of GBP9,190,711 (June 2011: GBP10,442,755).
4 Going concern (cont'd)
The Directors have prepared forecasts which include cash outflows
in respect of the Group's agreement with GMSI to exercise the
options on further mineral exploration rights adjacent to BGML
and subsequent exploration activities. These outlays will only
proceed if and when the mineral exploration rights have been
approved by the Government of India. In the event that the Government
of India approves all of the mineral exploration rights specified
in the agreement with GMSI and as set out in the IPO prospectus
in June 2011, the Group is committed to exercising its options
over the remaining tenements for consideration of approximately
GBP4.7m and has budgeted for additional exploration expenditure
of approximately GBP3.2m to December 2012. The bulk of the Group's
current cash reserves will be applied to these purposes.
In order for the Group to continue its exploration and development
programme beyond December 2012, at current planned levels, it
will need to raise additional finance and the Directors are
in the process of determining the likely timing and amount of
such a fund raising with their advisors.
If additional finance is not obtained during 2012, the Group
will have sufficient cash to exercise its options over the tenements,
but will need to slow down or defer its exploration activities
in order to have sufficient cash for the period to at least
March 2013, and to allow the Group more time to raise additional
funding.
There can be no assurance that the Group will be successful
in its efforts to arrange additional financing, if needed, on
terms satisfactory to the Group. However, the directors, having
taken advice and having reviewed the exploration results and
prospects for the Group, are confident that additional funding
will be received and, consequently, the directors consider that
the Group will have adequate resources to continue its operations
for at least 12 months from the date of these interim financial
statements. Notwithstanding the above, there can be no certainty
in this matter and the financial statements do not include any
adjustments that would be necessary should the going concern
basis not be appropriate.
5 Estimates
The preparation of interim financial statements requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts
of assets, liabilities, income and expense. Actual results may
differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources
of estimation uncertainty were the same as those that applied
to the consolidated financial statements as at and for the year
ended 30 June 2011.
6 Capital commitments
In 2010 the Group entered into a contract to acquire the rights
to mining assets in the North Kolar, South Kolar and East Kolar
regions of India. The mining assets comprise mineral exploration
rights in these regions. The Group is committed to acquire the
rights when, and only when, they have been approved by the Government
of India.
As at balance date the total commitments to acquire these rights
totalled GBP4,716,981 (2010: GBP4,716,981).
7 Exploration and evaluation assets
Six months Year ended
ended
31 December 30 June 2011
2011
(unaudited) (audited)
GBP GBP
Balance at beginning of period 4,496,933 -
Transfer from investments - 984,046
Exploration expenditure 516,596 303,978
Payment to SUN Mining by the issue of shares - 1,749,936
Foreign exchange translation adjustment (51,642) 241,377
Acquisition of tenement rights - 1,217,596
-------------- --------------
Balance at end of period 4,961,887 4,496,933
============== ==============
Tenement rights will be accounted for in accordance with the
Group's accounting policy for exploration and evaluation expenditure
and the recoverability of the carrying amounts of exploration
and evaluation assets is dependent on the succcessful development
and commercial exploitation or sale of the respective area of
interest.
8 Share capital and share premium
Issuance of ordinary shares
Ordinary shares (7p
each)
Six months Year ended
ended 30 June
2011
31 December (audited)
2011
(unaudited) '000
'000
Opening balance 100,024 -
Reorganisation of share
capital approved by
shareholders and completed
on 8 April 2011 - 62,312
Issued for cash 30,000
Issued as settlement
of debt 128 7,712
Closing balance 100,152 100,024
================ =============
(i) On 27 July 2011 Kolar Gold Limited issued 82,784 shares
with a par value of 7p per share, at 40p per share, to directors
and former directors of Kolar Gold (UK) Limited, for settlement
of debt.
(ii) On 19 December 2011 Kolar Gold Limited issued 44,777 shares
with a par value of 7p per share, at 29.31p per share, to a
director as part payment of directors' fees. The share issue
price is the volume weighted average price for the period covered.
(iii) All shares issued by the Company are 'ordinary' shares
and rank equally in all respects, including for dividends, shareholder
attendance and voter rights at meetings, on a return of capital
and in a winding-up.
Dividends
No dividends were declared nor paid during the six months ended
31 December 2011 (2010: nil).
9 Share-based payments
a) Options
The Company has issued options to directors, employees and long-term
consultants to compensate them for services rendered and incentivise
them to add value to the Group's longer term share value. They
comprise Reward Options in exchange for the provision of services
and Bonus Options, which are only receivable upon the Company's
shares being admitted to trading on a stock exchange.
No options were issued during the period and no options were
exercised during the period.
4,850,000 options expired on 1 December 2011.
The following unexpired options existed as at 31 December 2011.
Name Date of Ordinary Shares Expiry Date Exercise
Grant under option Price
GBP
Nicholas Taylor Spencer 01.12.10 500,000 01.12.13 0.30
Non-Directors 5.5.10 150,000 05.05.13 0.30
Non-Directors 1.12.10 350,000 01.12.13 0.30
Norman Coldham-Fussell 17.6.11 675,000 17.06.14 0.40
Nicholas Taylor Spencer 17.6.11 1,350,000 17.06.14 0.40
Richard Johnson 17.6.11 675,000 17.06.14 0.40
Harvinder Hungin
* 10.6.11 450,000 10.06.16 0.40
Stephen Coe 10.6.11 350,000 10.06.16 0.40
Stephen Oke 10.6.11 350,000 10.06.16 0.40
4,850,000
================
* SG Hambros Trust Company (Channel Islands) Limited holds
200,000 options, as trustee of the Carlyle Settlement, in which
Harvinder Hungin and his family have an interest.
Each option entitles the holder to subscribe for one ordinary
share in the Company. Options do not confer any voting rights
on the holder.
a) Warrants
No warrants were issued during the period.
No warrants expired and no warrants were exercised during the
period.
The following unexercised warrants existed as at 31 December
2011:
Name Date Ordinary Expiry Exercise
of Grant Shares under Date Price
option GBP
Investor warrants 30.6.10 3,664,000 1.3.12 0.30
Investor warrants 20.7.10 1,000,000 1.3.12 0.30
Broker warrants Series 1 5.5.11 1,300,000 17.6.14 0.40
Broker warrants Series 2 17.6.11 1,500,000 17.6.14 0.60
SUN Mining initial warrants 24.2.11 2,916,559 24.2.12 Nil
Series 1
SUN Mining initial warrants 24.2.11 2,916,559 24.2.13 Nil
Series 2
SUN Mining initial additional 24.2.11 3,499,871 24.2.13 VWAP
warrants
--------------
16,796,989
==============
Each warrant entitles the holder to subscribe for one ordinary
share in the Company. Warrants do not confer any voting rights
on the holder.
10 Operating segments
The Group currently has one operating segment, being the exploration
for gold in India.
11 Subsequent events
There have been no significant events subsequent to the balance
sheet date to report that would alter the financial statements
as at 31 December 2011 or require disclosure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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