Unicorn Mineral Resources PLC on Thursday said its interim loss widened on higher expenses, as it appointed a new director and announced a £537,000 fundraise.

Shares in Unicorn Mineral Resources were trading 53% higher at 7.25 pence each in London on Thursday morning. However, they still were down 55% over the past 12 months.

Unicorn Mineral Resources is an mineral explorer, focused on exploration for carbonate-hosted copper, lead, zinc, and silver mineral deposits in the Irish Midlands ore field.

In the half-year ended September 30, Unicorn said its loss widened to €236,847 from €139,737 the year before. This consisted of salary costs of €145,282, as well as €59,831 in professional costs and administrative expenses of €31,735. Unicorn has no revenue.

Unicorn said a total of 1,537.2 metres of diamond drilling was completed in the interim period at its Killmalock project.

Separately on Thursday, Unicorn announced the appointment of Jason Brewer as executive director of the company. He will be replacing Richard O’Shea, who stepped down as chief executive officer and director at the company’s annual general meeting back in September.

Brewer is the current CEO of Marula Mining PLC, non-executive chair of Neo Energy Metals PLC and executive director of Shuka Minerals PLC.

Unicorn has yet to hire a new CEO.

Commenting on Brewer’s appointment, Chair Patrick Doherty said: ‘Jason brings a wealth of experience and contacts across the mining industry in general and in Africa in particular, thus providing the company with access to new opportunities to expand and enhance our portfolio of mineral rights and licences. We are confident that Jason’s knowledge and expertise will greatly contribute to the growth and success of the company.’

Unicorn also said it has raised £573,000 through the issue of shares and convertible loan notes. It issued 5.7 million new shares, representing around 20% of the current total, at 6p, worth £342,000. It raised a further £233,456 from convertible loan notes that convert into 2.3 million shares at 10p.

‘The funds raised today will assist in that programme as well as continuing the finance the development of our Kilmallock project, which we continue to believe should produce strong results,’ added Doherty.

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