TIDMKGLD
RNS Number : 7452A
Kolar Gold Limited
25 March 2013
25 March 2013
Kolar Gold Ltd
Half year results for six months ended 31 December 2012
Kolar Gold Limited ("Kolar Gold" or the "Company"), the Indian
focussed gold exploration and mine development company, today
announces its unaudited results for the six months ended 31
December 2012.
The Company recorded a loss after tax for the period of
GBP1,223,997 (2011: GBP1,205,337) and incurred GBP331,857 (2011:
GBP420,857) in exploration expenditure. The Company had GBP6.5m in
cash as at 31 December 2012 (2011: GBP9.6m).
Progress to date, market developments and strategy review
Upon its listing on the Alternative Investment Market in London
in June 2011 Kolar Gold, under the contractual arrangements with
Geomysore India (Private) Limited ('GMSI'), had one asset at South
Kolar where it could undertake further exploration. Additional
licenses were expected to be forthcoming under the arrangements
with GMSI at North Kolar and East Kolar where further exploration
would have been undertaken. In addition, the Company had developed
an advantageous position in the context of the anticipated tender
for the privatisation of Bharat Gold Mines Limited ('BGML').
The Board continues to believe that India possesses one of the
most prospective geological gold systems in the world and offers a
unique opportunity for gold exploration and development. The
Company continues to seek ways to leverage its deep knowledge and
understanding of the Indian gold environment and is actively
working to secure additional prospective gold licences within
India.
Whilst further licences have not been granted, progress has been
made. The new Indian Mining Act that was expected to be passed has
also been delayed and it is unclear when this will now be enacted
with a General Election scheduled for mid 2014. The new act would
have clarified mining regulations and licencing processes but Kolar
Gold is advised that its activities would be unaffected and its
rights are secure as Reconnaissance Permits have been granted and
exploration work undertaken.
In light of the forgoing, the Board has undertaken a strategic
review of its business plan given these delays experienced in the
granting of Prospecting Licences and other permits required to
operate and grow the business in India. The decision has been taken
to reduce and prioritise exploration activities on the one granted
license at South Kolar, and to reduce the Company's monthly cash
burn to a minimum to preserve cash resources while at the same time
continuing to pursue the grant of key licences. The Company has
been encouraged by the exploration results to date and the
mineralisation found at South Kolar. Management resources have also
been focussed in Bangalore and the Brisbane office is being
closed.
The granting of key licences is now the Company's principal
focus, and is being undertaken in conjunction with GMSI and its
local mining partners. While this has not as yet produced any new
licences, there are clear signs that progress is being made and the
Board is firmly of the opinion that these efforts are worth
persevering with, given the gold potential within Kolar's portfolio
of licence applications.
The Company is investigating a number of opportunities to
acquire interests in additional Indian exploration and mining
rights and the loss for the period includes GBP526,626 incurred in
detailed technical, legal and financial due diligence work carried
out on these prospective additional gold assets.
Regarding BGML, agreement was reached in the Supreme Court
between the Government of India and the BGML employee societies to
revive the historic BGML mine via the tender sale route. The court
order to progress this process is still awaited and we are advised
that it is scheduled to take place within the next few months.
Nick Spencer, Chief Executive Officer of Kolar Gold Limited,
comments:
"The Company has an increased focus and effort with our partners
on the granting of key licences and securing additional later stage
gold assets. Our presence in India has been boosted by the shift of
management resources to India to work more closely with GMSI and
its local mining partners and to reduce our burn rate to preserve
cash reserves."
For further information please contact:
Kolar Gold Limited
Nick Spencer / Chris Clowes +61414874491 / +61417197288
N+1 Singer (Nomad and Joint Broker)
James Maxwell / Jenny Wyllie +44 20 7496 3000
Ocean Equities Limited (Joint Broker)
Will Slack +44 20 7786 4370
Tavistock Communications
Ed Portman / Jessica Fontaine +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.
Kolar Gold 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 and Mr James Lally of Mining Associates Limited, the
Competent Persons, 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. Kolar Gold commenced exploration on the first
Prospecting Licence in South Kolar in February 2011.
Kolar Gold 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
During the last six months the Company has been carrying out detailed exploration
in the granted South Kolar PL area. This program has entailed detailed structural
mapping, trenching, topography and DGPS surveying, multi element bedrock
geochemical sampling, IP geophysical survey, ground magnetics and channel
sampling.
Evidence of quartz veining, intense hydrothermal alteration, shearing and
development of mylonitic fabric indicate that gold mineralisation is persistent
over long strike lengths in the South Kolar PL. A number of old workings
and Geological Survey of India data also indicate a number of mineralised
prospects that require further detailed exploration and potentially follow
up shallow drilling
The exploration program in South Kolar PL was predominantly confined to
the non-forest areas, whilst approval is still awaited for second phase
drilling in forested areas (Mallappakonda and Chigargunta) to the south.
As part of the program in the lease area over 1,320m of trenching and 15
km(2) of topographic surveys and detailed geological mapping have been completed
Previous IP geophysical surveys comprising over 40 line km indicated well
defined, cohesive IP anomalies that warranted further investigation. As
a follow up to this finding, a multi-element geochemical survey was undertaken
in Chigargunta, Chinnapartikunta and the Sanganapalli-C.Gollapalli Blocks.
The objective was to establish possible primary dispersion haloes in the
studied area and also to define drill targets in the non forest area.
Samples were collected at an interval of 40m along the previously surveyed
IP lines. Soil cover was removed to reach the C-horizon / bedrock and 2.5
to 3.5 kg of weathered rock collected from each location. All the samples
were analysed for Au, Ag, As, Cr, Cu, Fe, Mo, Ni, Pb, W, Zn. The total coverage
of the survey was 5.5 km and each profile was spaced at 400 m interval.
This was followed by infill sampling at 200 m spacing along four lines.
Analytical data was treated statistically to arrive at background, threshold
and anomaly levelsBased on this analysis the data was processed to generate
contour plots and anomaly patterns. The maps generated highlighted three
broad based discontinuous Au anomalies. Similar contour plots were also
generated for Cu, Fe, Zn, Pb, Ni, Cr, As. Combined study of all these plots
indicated co-incident weak Cu, Cr, Zn anomalies with Au.
There are several promising prospects in the non forest area such as Peddapartikunta,
Sanganapalli and Kudithanapalli. As a result of the current exploration
program new zones have been identified through an integrated study of IP
and geochemistry results. Identified were four discontinuous anomalies worth
further exploration. These zones were designated as Zones I to IV.
1. Zone I has been inferred for a length of 5.5 kms of which 1.6 kms towards
south falls outside the PL area.
2. Zone II located 250 m west of Zone I has been traced for a length of
2.3 km with a possibility of extending to strike length of 5.1 km.
3. Zone III defined based on IP and Geochemical anomalies is traced for
4.6 km strike length. This is located 500 m west of Zone II.
4. Zone IV is the western most with an inferred length of 4.5 km.
The geochemical sampling, trenching and geological mapping carried out has
clearly indicated that Zone II is the most prospective and drill targets
have been identified. The remaining three zones are also considered promising,
but are still in the process of being tested to the same extent as Zone
II. They are currently undergoing detailed mapping, trenching and further
geochemical bedrock sampling to confirm.
Within the forestry area the company has applied to the forestry department
for a 160 drill hole programme which includes a number of high priority
targets including NE Chigargunta, the Eastern Lodes and Mallappakonda. This
forestry approval will allow us to drill selected holes as needed and will
be utilised to further define extensions and resource definition of existing
deposits and mineralised areas for both the Chigargunta and Mallappakonda
projects.
The company also has plans to re-open the adits at the Mallappakonda mine
to further define the existing JORC compliant gold resource for Mallappakonda,
announced last year, of 3.46 million tonnes at an average grade of 1.76
g/t gold containing 195,000 oz of gold. Applications have been submitted
with the Director of Mines Safety for the re-opening the adits.
Kolar Gold Projects
The granting of licenses is critical to the Company's success and the Company
is working closely with GMSI and its Indian partners in pursuing the key
gold licenses identified by the Board. The Company is ready to apply its
cash reserves to the implementation of a drilling program, working alongside
its Indian partners, as and when these licenses are granted.
BGML acquisition
The Government of India and the BGML ex-employee society have agreed in
the Supreme Court to the sale tender route for the revival of the historic
BGML mine. The long awaited and very significant milestone towards the
revival of the mine namely the court order for the tender process to begin
is expected to occur shortly.
Key financials
The Company had GBP6.5m in cash deposits at period end. The bulk of these
funds will be applied the acquisition of mining tenements in India and
conducting exploration activities on those tenements.
The loss after tax for the period was GBP1,223,997, compared to GBP1,205,337
for the six months to 31 December 2011 and GBP2,329,598 for the year to
June 2012.
Going concern
The Company has implemented a number of strategic changes to reduce its
overheads and to maximise the amount of funds available for the acquisition
of tenement rights and exploration activities.
The Group has used GBP1,402,051 (2011: GBP1,582,057) in operating activities
during the six months to December, including the aforementioned due diligence
costs. As anticipated at the time of the IPO in June 2011, the Company
will need to raise finance if and when 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, the Group will still 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 beyond the next 12 months. However, the Company remains sufficiently
well funded for its budgeted 2013 activities at this stage.
_____________________
The Board
Condensed consolidated statement of financial position (unaudited)
as at 31 December 2011
31 December 31 December 30 June
2012 2011 2012
GBP GBP GBP
Note (unaudited) (unaudited) (audited)
Non-current assets
Plant and equipment 22,556 26,215 25,238
Exploration and evaluation
assets 7 5,807,365 4,961,887 5,496,153
Total non-current assets 5,829,921 4,988,102 5,521,391
------------- ------------- --------------
Current assets
Prepayments and other current
assets 58,628 68,111 54,824
Trade and other receivables 260,422 74,059 50,687
Cash and cash equivalents 6,452,196 9,645,300 8,131,892
Total current assets 6,771,246 9,787,470 8,237,403
------------- ------------- --------------
Total assets 12,601,167 14,775,572 13,758,794
------------- ------------- --------------
Current liabilities
Trade and other payables 369,534 495,903 423,513
Employee benefits 175,972 100,856 178,956
Total current liabilities 545,506 596,759 602,469
------------- ------------- --------------
Non-current liabilities
Employee benefits 3,850 55,656 2,992
------------- ------------- --------------
Total non-current liabilities 3,850 55,656 2,992
------------- ------------- --------------
Total liabilities 549,356 652,415 605,461
------------- ------------- --------------
Net assets 12,051,811 14,123,157 13,153,333
============= ============= ==============
Equity
Share capital 8 7,236,388 7,010,625 7,010,625
Share premium reserve 8 15,803,741 15,700,535 15,700,535
Reserves 3,889,304 3,941,361 4,095,798
Accumulated losses (14,877,622) (12,529,364) (13,653,625)
------------- ------------- --------------
Total equity 12,051,811 14,123,157 13,153,333
============= ============= ==============
These financial statements were approved by the Board of Directors
on 22 March 2013 and were signed on its behalf by:
________________________
Stephen Coe
Director
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Condensed consolidated statement of comprehensive income (unaudited)
for the six months ended 31 December
Six months Six months Year ended
ended ended
31 December 31 December 30 June
2012
2012 2011 (audited)
(unaudited) (unaudited)
GBP GBP
GBP
SUN Mining warrants issued for
services (52,287) (610,930) (571,391)
Options issued to directors (20,421) - -
Administrative expenses (682,695) (797,718) (1,905,009)
Due diligence - prospective -
gold assets (526,626) -
Unrealised foreign exchange -
gains - 133,116
Loss from operating activities (1,282,029) (1,275,532) (2,476,400)
------------- -------------- ------------
Finance income 58,520 75,201 147,889
Finance costs (488) (782) (1,087)
------------- -------------- ------------
Net finance costs 58,032 74,419 146,802
------------- -------------- ------------
Loss before tax (1,223,997) (1,201,113) (2,329,598)
Income tax expense - (4,224) -
------------- -------------- ------------
Loss for the period (1,223,997) (1,205,337) (2,329,598)
Other comprehensive income
Foreign exchange translation
losses (5,775) (246,764) (52,788)
------------- -------------- ------------
Total comprehensive income for
the period (1,229,772) (1,452,101) (2,382,386)
============= ============== ============
Basic and diluted loss per share
(p) 1.2 1.2 2.33
The condensed notes 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
2012 7,010,625 15,700,535 4,081,682 14,116 (13,653,625) 13,153,333
Total comprehensive
income for the period
Loss for the period - - - - (1,223,997) (1,223,997)
Other comprehensive
income - foreign exchange
translation variances - - - (5,775) - (5,775)
---------- -------------- ---------- ------------- ------------- -------------
Total comprehensive
income for the period: - - - (5,775) (1,223,997) (1,229,772)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Issue of ordinary
shares 204,159 69,268 (273,427) - - -
Equity-settled transactions
for the period 21,604 33,938 72,708 - - 128,250
Total contributions
by and distributions
to owners: 225,763 103,206 (200,719) - - 128,250
---------- -------------- ---------- ------------- ------------- -------------
Balance at 31 December
2012 7,236,388 15,803,741 3,880,963 8,341 (14,877,622) 12,051,811
========== ============== ========== ============= ============= =============
(Audited)
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 - - - - (2,329,598) (2,329,598)
Other comprehensive
income - foreign exchange
translation variances - - - (52,788) - (52,788)
---------- -------------- ---------- ------------- ------------- -------------
Total comprehensive
income for the period: - - - (52,788) (2,329,598) (2,382,386)
---------- -------------- ---------- ------------- ------------- -------------
Contributions by and
distributions to owners:
Issue of ordinary
shares 8,929 37,309 - - - 46,238
Equity-settled transactions
for the period - - 571,391 - - 571,391
---------- -------------- ---------- ------------- ------------- -------------
Total contributions
by and distributions
to owners: 8,929 37,309 571,391 - - 617,629
---------- -------------- ---------- ------------- ------------- -------------
Balance at 30 June
2012 7,010,625 15,700,535 4,081,682 14,116 (13,653,625) 13,153,333
========== ============== ========== ============= ============= =============
The condensed notes on 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 2012
2012 2011 (audited)
(unaudited) (unaudited)
GBP GBP GBP
Cash flows from operating activities
Loss for the period (1,223,997) (1,205,337) (2,329,598)
Adjustments for:
Depreciation 3,332 2,898 6,720
Net finance costs/(income) (58,032) (74,419) (144,045)
Unrealised foreign exchange (gains)/losses (1,483) (185,303) (16,930)
Equity-settled share-based payment
transactions 80,000 610,930 571,391
Operating loss before changes in
working capital and provisions (1,200,180) (851,231) (1,912,462)
Change in trade and other receivables (206,719) (14,417) 25,049
Change in other current assets (7,942) (30,360) (12,936)
Change in trade and other payables 14,916 (685,688) (712,646)
Change in employee benefits (2,126) (361) 25,075
------------- -------------- --------------
Cash used in operating activities (1,402,051) (1,582,057) (2,587,920)
Interest and finance costs paid (488) (782) (1,087)
------------- -------------- --------------
Net cash used in operating activities (1,402,539) (1,582,839) (2,589,007)
------------- -------------- --------------
Cash flows from investing activities
Interest received 59,641 75,201 124,900
Payments for exploration and evaluation
assets (331,857) (420,857) (948,912)
Payments for plant and equipment (650) (7,732) (11,292)
------------- -------------- --------------
Net cash used in investing activities (272,866) (353,388) (835,304)
------------- -------------- --------------
Cash flows from financing activities
Proceeds from issues of equity securities - 46,238 46,238
Net cash from financing activities - 46,238 46,238
------------- -------------- --------------
Net increase/(decrease) in cash
and cash equivalents (1,675,405) (1,889,989) (3,378,073)
Foreign exchange gain/(loss) on
closing cash balances (4,291) (9,341) (34,665)
Cash and cash equivalents at 1 July 8,131,892 11,544,630 11,544,630
------------- -------------- --------------
Cash and cash equivalents at 31
December 6,452,196 9,645,300 8,131,892
============= ============== ==============
The condensed notes are an integral part of the condensed
consolidated interim financial statements.
Kolar Gold Limited
Notes to the condensed consolidated interim financial statements
for the six months ended 31 December 2012
1 Reporting entity
Kolar Gold Limited (the 'Company') is a company incorporated
and registered in Guernsey and its shares are traded on AIM in
London. The condensed consolidated interim financial statements
of the Company as at and for the six months ended 31 December
2012 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 2012 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 2012.
These condensed interim consolidated financial statements were
approved by the Board of Directors on 22 March 2013.
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 2012.
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
2012 of GBP1,402,051 (2011: GBP1,582,057). During this period,
the Company received no net financing inflows (2011: GBP46,238)
and applied GBP331,857 (2011: GBP420,857) to mineral exploration
activities at the South Kolar PL area. At 31 December 2012 the
Group had cash balances of GBP6,452,196 (30 June 2012: GBP8,131,892)
and a surplus in net working capital (current assets less current
liabilities) of GBP6,225,740 (June 2012: GBP7,634,934 ).
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 grants the two main licenses that are now in their final
stage of approval, the Group is committed, but not obligated,
to exercising its options over these key tenements for consideration
of approximately GBP3.8m and has budgeted for additional exploration
expenditure of approximately GBP1.0m to April 2014. The bulk
of the Group's current cash reserves will be applied to these
purposes.
In the event that the Company is successful in obtaining further
licenses or rights then it is likely that it will be necessary
to obtain additional finance in order to explore and exploit
them.
The directors consider that the Group has 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 2012.
6 Capital commitments
In 2010 the Group entered into a contract to acquire the rights
to gold assets in the North Kolar, South Kolar and East Kolar
permit areas of India. The mining assets comprise mineral exploration
rights in these permit areas. The Group is committed, but not
obligated, 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 (June 2012: GBP4,716,981).
7 Exploration and evaluation assets
Six months Year ended
ended
31 December 30 June 2012
2012
(unaudited) (audited)
GBP GBP
Balance at beginning of period 5,496,153 4,496,933
Exploration expenditure 311,212 999,220
Balance at end of period 5,807,365 5,496,153
============== ================
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
2012
31 December (audited)
2012
(unaudited) '000
'000
Opening balance 100,152 100,024
Issued upon the exercise
of warrants 2,917 -
Issued as settlement of
debt 309 128
Closing balance 103,378 100,152
============== ============
(i) On 31 December 2012 Kolar Gold Limited issued 75,000 shares
with a par value of 7p per share, at 40p per share, to a former
director of Kolar Gold Limited, for settlement of debt.
(ii) On 31 December 2012 Kolar Gold Limited issued 192,662 shares
with a par value of 7p per share, at 9.84p 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) On 31 December 2012 Kolar Gold Limited issued 40,961 shares
with a par value of 7p per share, at 16.071p per share, to a
consultant as part payment of consultant's fees. The share issue
price is the volume weighted average price for the period covered.
(iv) On 31 December 2012 Kolar Gold Limited issued 2,916,559
shares with a par value of 7p per share, at nil cost, to SUN
Mining, upon the exercise of 2,916,559 warrants issued to SUN
Mining in February 2011.
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 2012 (2011: 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.
On 31 December 2012, in line with their letters of appointment,
400,000 options were issued to non-executive directors with
an exercise price of 8.38p and a term of 5 years.
The following unexpired options existed as at 31 December 2012.
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
Richard Johnson 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
Harvinder Hungin 31.12.12 150,000 31.12.17 0.0838
Stephen Coe 31.12.12 125,000 31.12.17 0.0838
Stephen Oke 31.12.12 125,000 31.12.17 0.0838
----------------
5,750,000
================
* 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.
b) Warrants
No warrants were issued during the period.
On 31 December 2012 SUN Mining exercised the initial warrants
Series 1 (nil exercise price).
4,664,000 Investor warrants expired during the period.
The following unexercised warrants existed as at 31 December
2012:
Name Date Ordinary Expiry Exercise
of Grant Shares under Date Price
option GBP
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 24.2.13 Nil
Series 2
SUN Mining initial additional 24.2.11 3,499,871 24.2.13 VWAP
warrants
--------------
9,216,430
==============
Each warrant entitles the holder to subscribe for one ordinary
share in the Company. The holder must exercise the warrants
no later than 30 days after the expiry date. 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 2012 or require disclosure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GRGDXBBDBGXU
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