THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FINAL RESULTS FOR
THE YEAR 1ST JULY 2018 TO
30TH JUNE 2019
IMC Exploration
Group Public Limited Company
Chairman’s
Statement for the year ended 30th June 2019
The Directors of IMC Exploration Group plc (“IMC” or the
“Group”) are pleased to present the audited financial results for
IMC for the twelve months to 30th June 2019. The
consolidated financial statements appearing below (which do not
form the full statutory Report and Accounts of the Group) are taken
from the Directors’ Report and Financial Statements for the year
ended 30th June 2019 being
posted to shareholders, a copy of which is available from IMC’s
website at https://www.imcexploration.com/.
Highlights of year ended 30th June 2019
During the year under review, the Group continued the drilling
programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold
Mine River project on PL 3857 located on the Gold Mine River in
Co. Wicklow and the drilling
programme on the North Wexford gold project on PL 2551. IMC was
pleased to
have been in the financial position to carry out a six-month long
drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued
on the Group’s previously-announced application for the admission
of its share capital to the standard segment of the United Kingdom
Official List and to trading on the main market of the London Stock
Exchange.
Resulting from its activities during the financial year ended
30th June 2019, including
the preparation by CSA Global of a Mineral Resource Estimate on the
historic Avoca mine site project in Co.
Wicklow and the drilling carried out at the North Wexford
gold project, a number of significant achievements have
crystallised in the first months of the current financial year,
ending 30th June 2020.
These are detailed below under “Post-Balance Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30th
June 2019 and previous periods has
led, during the first half to date of the current year, to some of
the most positive and exciting developments for IMC since its
incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted
to the standard segment of the Official List of the Financial
Conduct Authority and to trading on the Main Market of the London
Stock Exchange. The admission of the Group to trading on the London
Stock Exchange, one of the most influential and prestigious global
stock exchanges, significantly enhances the status and profile of
the Group.
Since the end of the financial year ended 30th
June 2019, IMC has received the
Mineral Resource Estimate in accordance with the JORC Code (2012)
on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for
the Avoca spoils and tailings is hugely significant. There is
further potential to increase the tonnage and grade, not only on
this site, but also on the other spoils’ heaps within IMC’s licence
area and, to this end, the Group is progressing its exploration
work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling
programme on PL 3849 in Avoca, Co.
Wicklow.
In County Wexford, IMC has,
since the end of the financial year 30th June 2019, been awarded two additional
prospecting licences, PL 1200 and PL 1199, by the Department of
Communications, Climate Action and Environment. IMC was delighted
to have been granted these licences as they adjoin its existing PL
2551 licence, where IMC had previously encountered high gold grades
yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04.
The award of the new licences means the Group now holds three
abutting exploration licence areas in Co.
Wexford, which it believes should significantly enhance the
Group’s North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of
the London Stock Exchange are excellent developments. The Directors
believe the scale and potential of the spoils and tailings project
at Avoca, along with the Mineral Resource Estimate in accordance
with the JORC Code (2012), to be truly transformational for IMC and
its shareholders. I look forward to informing shareholders of
further progress in the Group and with the projects within its
licence areas as and when it arises. I wish to thank my fellow
Directors and management team for their contributions to the
Group’s progress and look forward to further successes for IMC and
its shareholders during the current financial year.
Eamon O’Brien,
Chairman
IMC Exploration
Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the
year ended 30th June
2019
Continuing
Operations
|
2019 |
2018 |
Administrative expenses |
(366,816) |
(921,757) |
|
|
|
Operating Loss for the period |
(366,816) |
(921,757) |
|
|
|
Finance Income |
- |
- |
Amount written off Intangible Assets |
|
(284,088) |
Amount written off investment |
- |
- |
|
__________ |
_________ |
|
|
|
Loss for period before tax |
(366,816) |
(1,205,845) |
|
|
|
Income tax expenses |
(2,047) |
10,991 |
|
_________ |
_________ |
Total comprehensive loss for the
period |
(368,863) |
(1,194,854) |
|
========= |
========= |
|
|
|
Loss attributable to: |
|
|
Equity holders of the Company |
(368,863) |
(1,194,854) |
|
========= |
========= |
|
|
|
Total Comprehensive Loss attributable
to: |
|
|
Equity holders of the Company |
(368,863) |
(1,194,854) |
|
========= |
========= |
Earnings per share |
|
|
From continuing operations |
|
|
Basic and Diluted loss per share (cent) |
0.1 |
0.5 |
All activities derived from continuing operations. All losses
and total comprehensive losses for the period are attributable to
the owners of the Company.
The Company has no recognised gains or losses other than those
dealt with in the statement of comprehensive income.
The Financial statements were approved by the Board of Directors
on 29th October 2019 and
signed on its behalf by:
On behalf of the board
Eamon
O’Brien
Andrew Laz Fleming
Director
Director
IMC Exploration
Group Public Limited Company
Consolidated Statement of Financial Position
for the
year ended 30th June
2019
|
2019 |
2018 |
Assets |
|
|
Intangible assets |
471,117 |
332,127 |
Property, plant and equipment |
1,723 |
- |
Investments |
- |
- |
|
__________ |
__________ |
Total Non-Current Assets |
472,840 |
332,127 |
|
__________ |
__________ |
|
|
|
Current Assets |
|
|
Trade and other receivables |
39,373 |
- |
Cash and cash equivalents |
(30,403) |
212,410 |
|
__________ |
__________ |
Total Current Assets |
8,970 |
212,410 |
|
__________ |
__________ |
|
|
|
Total Assets |
481,810 |
544,537 |
|
========= |
========= |
|
|
|
Equity |
|
|
Share Capital |
293,107 |
278,107 |
Share premium |
3,645,171 |
3,490,942 |
Retained deficit |
(3,649,179) |
(3,280,316) |
|
__________ |
_________ |
Attributable to owners of the Company |
289,099 |
488,733 |
|
__________ |
__________ |
Total Equity |
289,099 |
488,733 |
|
__________ |
__________ |
|
|
|
Liabilities – Current |
|
|
Trade and other payables |
190,664 |
55,804 |
Current tax liabilities |
2,047 |
- |
|
__________ |
__________ |
Total Liabilities |
192,711 |
55,804 |
|
__________ |
__________ |
Total Equity and Liabilities |
481,810 |
544,537 |
The Financial statements were approved by the Board of Directors
on 29th October 2019 and
signed on its behalf by:
On behalf of the board
Eamon
O’Brien
Andrew Laz Fleming
Director
Director
IMC Exploration
Group Public Limited Company
Consolidated Statement of Changes in Equity
for the
year ended 30th June
2019
|
Share
Capital € |
Share
Premium € |
Retained
Losses € |
Total
€ |
Balance at 30 June 2017 |
166,610 |
2,489,137 |
(2,085,462) |
570,285 |
|
___________ |
__________ |
_________ |
_______ |
Total comprehensive income for the
period |
|
|
|
|
Loss for the period |
- |
- |
(1,194,854) |
(1,194,854) |
|
__________ |
___________ |
__________ |
_________ |
|
|
|
|
|
Total comprehensive income for the period |
- |
|
(1,194,854) |
(1,194,854) |
Transactions with owners, recorded directly in
equity |
|
|
|
|
contributions by and distributions to
owners |
|
|
|
|
Shares issued |
111,497 |
1,058,515 |
- |
1,170,012 |
Share issue costs |
- |
(56,710) |
- |
(56,710) |
|
__________ |
___________ |
__________ |
_________ |
Total transactions with owners |
111,497 |
1,001,805 |
- |
1,113,302 |
|
__________ |
___________ |
__________ |
_________ |
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2018 |
278,107 |
3,490,942 |
(3,280,316) |
488,733 |
|
__________ |
___________ |
__________ |
_________ |
|
|
|
|
|
Total comprehensive income for the
period |
|
|
|
|
Loss for the period |
- |
- |
(368,863) |
(368,863) |
|
__________ |
___________ |
__________ |
_________ |
|
|
|
|
|
Total comprehensive income for the period |
- |
|
(368,863) |
(368,863) |
Transactions with owners, recorded directly in
equity |
|
|
|
|
contributions by and distributions to
owners |
|
|
|
|
Shares issued |
15,000 |
165,781 |
- |
180,781 |
Share issue costs |
- |
(11,552) |
- |
(11,552) |
|
__________ |
___________ |
__________ |
_________ |
Balance at 30 June 2019 |
293,107 |
3,645,171 |
(3,649,179) |
289,099 |
|
__________ |
___________ |
__________ |
_________ |
Net equity is attributable to the holder of the ordinary shares
in the Group.
The financial statements were approved by the board of Directors
on 29th October 2019 and
signed on its behalf by:
On behalf of the board
Eamon
O’Brien
Andrew Laz Fleming
Director
Director
IMC Exploration
Group Public Limited Company
Consolidated Statement of Cash Flows
for the
year ended 30th June
2019
|
2019 |
2018 |
Cash flows from operating
activities |
|
|
|
|
|
Loss for the year |
(368,863) |
(1,194,854) |
|
|
|
Adjustments for: |
|
|
Intangible Assets Write Off |
- |
284,088 |
Income Tax recognised in profit and
loss |
2,047 |
(10,991) |
Depreciation |
431 |
- |
|
________ |
________ |
|
|
|
Cash from operations before
changes in working capital |
(366,385) |
(921,757) |
|
|
|
Movement in trade and other
receivables |
(39,373) |
81,017 |
Movement in trade and other
payables |
134,859 |
(12,138) |
|
_________ |
_______ |
|
|
|
Net cash flow from operating
activities |
(270,899) |
(852,878) |
|
|
|
Cash flows from investing
activities |
|
|
Interest received |
- |
- |
Proceeds from sale of
investments |
- |
- |
Taxation |
- |
- |
Acquisitions and disposals |
(141,143) |
(28,550) |
|
_________ |
________ |
|
|
|
Net cash (used in) investing
activities |
(141,143) |
(28,550) |
|
_________ |
________ |
Cash flows from financing
activities |
|
|
Proceeds from the issue of new
shares |
169,229 |
1,113,302 |
Finance income/(expense) |
- |
- |
|
_________ |
________ |
|
|
|
Net cash generated by financing
activities |
169,229 |
1,113,302 |
|
_________ |
________ |
|
|
|
Movement in cash and cash
equivalents |
(242,813) |
231,874 |
|
|
|
Cash and cash equivalents at
beginning of year |
212,410 |
(19,464) |
|
_________ |
________ |
Cash and cash equivalents at end
of year |
(30,403) |
212,410 |
The financial statements were approved by the Board of Directors
on 29th October 2019 and
signed on its behalf by:
On behalf of the board
Eamon
O’Brien
Andrew Laz Fleming
Director
Director
The Directors of IMC, after due and
careful enquiry, accept responsibility for the contents of this
announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464
4091 / +971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 /
Brinsley.Holman@kbrl.co.uk