Source - RNS
RNS Number : 6080K
Equatorial Mining & Exploration PLC
22 September 2016
 

EQUATORIAL MINING AND EXPLORATION PLC

 

("EME" OR THE "COMPANY")

 

CHAIRMAN'S STATEMENT

 

Interim Results for the six months ended 30th June 2016

 

I have pleasure in announcing our interim figures for the six months ended 30 June 2016.

In our last statement at the time of the AGM, we announced that efforts were still underway to secure additional funding for exploration of the coal licences which we control.  We have had only partial success, and I'm pleased to report that our warrant holders, including me, are in the process of exercising, thus bringing a small amount of vital funding into the company. 

In terms of coal exploration, with limited available funding we have been unable to progress to undertake a reasonable core drilling programme, and therefore have no operational results to  report. It remains unproven whether we have commercially viable coal within our tenements, which requires further exploration to determine. Without this knowledge, we have come to the realisation that investor sentiment is not positive on the region or sector.

Accordingly, the board is considering other minerals and other countries which might be of greater interest and has started early exploratory talks with a range of parties. The minerals in discussion include gold, anthracite, diamonds and specialist metals.

Notwithstanding the above activity, we remain close to the ground in Nigeria and committed to finding opportunities to the benefit of EME. This includes other sites with clear evidence of commercial coal.

We shall keep shareholders carefully apprised of developments.

 

22nd September 2016

 

Enquiries:

Equatorial Mining & Exploration Plc:
Nicholas Nelson, Executive Chairman

 

[email protected]

ISDX Adviser and Broker

Alexander David Securities

James Dewhurst

 

+44 (0) 207 448 9820

 

 

The Directors take responsibility for this announcement.

 

 

 

 

EQUATORIAL MINING AND EXPLORATION PLC

 

UNAUDITED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2016

 

 


6 Months to

30 June 2016

6 Months to

30 June 2015

Year to

31 December 2015


GBP'000

GBP'000

GBP'000





Administrative expenses

(132)

(316)

(746)





Share-based compensation

-

-

(63)


────────

────────

────────

Profit/(loss) from operations

(132)

(316)

(809)





Investment income (expense)

(7)

-

(2)


────────

────────

────────

Profit/(loss) before taxation

(139)

(316)

(811)





Taxation

-

-

-


────────

────────

────────

Profit/(loss) from continuing operations

(139)

(316)

(811)


═══════

═══════

═══════





Earnings/(loss) per share (note 3)








Basic and diluted (pence)

(0.003)

(0.009)

(0.020)


═══════

═══════

═══════





 

 

 

 EQUATORIAL MINING AND EXPLORATION PLC

 

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED

30 JUNE 2016

 


6 Months to

30 June 2016

6 Months to

30 June 2015

Year to

31 December 2015


GBP'000

GBP'000

GBP'000





Profit/(loss) for the period

(139)

(316)

(811)


═══════

═══════

═══════









Total comprehensive income

(139)

(316)

(811)


═══════

═══════

═══════

 



 

EQUATORIAL MINING AND EXPLORATION PLC

 

UNAUDITED STATEMENT OF CHANGES FOR THE SIX MONTHS ENDED

30 JUNE 2016

 

 


 

Share

capital

 

Share

premium

 

Retained

earnings

Share-based

compensation

reserve

Investments in own

shares

 

 

Total


GBP'000

GBP'000

GBP'000

GBP'000

GBP'000

GBP'000








Balance as at 1 January 2016

 

476

 

1,204

 

(2,244)

 

71

 

(79)

 

(572)








Total recognised income and expense for the period

 

-

 

-

 

(139)

 

-

 

-

 

(139)


───────

───────

───────

───────

───────

───────

Balance at 30 June 2016

476

1,204

(2,383)

71

(79)

(711)


══════

══════

══════

══════

══════

══════















Balance as at 1 January 2015

 

273

 

1,638

 

(1,586)

 

198

 

-

 

523








Total recognised income and expense for the period

 

-

 

-

 

(316)

 

-

 

-

 

(316)








Cancellation of share-based compensation

 

-

 

-

 

-

 

(37)

 

-

 

(37)








Issue of new shares

154

-

-

-

-

154








Arising on cancellation of shares issued in 2014

 

(36)

 

(469)

 

-

 

-

 

36

 

(469)


───────

───────

───────

───────

───────

───────

Balance at 30 June 2015

391

1,169

(1,902)

161

36

(145)


══════

══════

══════

══════

══════

══════






















 



 

EQUATORIAL MINING AND EXPLORATION PLC

 

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

 

 


As at

30 June 2016

As at

30 June 2015

As at

31 December 2015


GBP'000

GBP'000

GBP'000

Assets




Current assets








Trade and other receivables

81

58

21

Cash and cash equivalents

46

26

24


────────

────────

────────

Total assets

127

84

45


═══════

═══════

═══════

Equity and liabilities








Share capital

476

391

476

Investment in own shares

(79)

36

(79)

Share premium account

1,204

1,169

1,204

Share-based compensation reserve

71

161

71

Retained earnings

(2,383)

(1,902)

(2,244)


────────

────────

────────

Total equity

(711)

(145)

(572)





Current liabilities




Trade and other payables

478

229

617





Long term liabilities




Convertible loan

360

-

-






────────

────────

────────

Total equity and liabilities

127

84

45


═══════

═══════

═══════





 



 

EQUATORIAL MINING AND EXPLORATION PLC

 

UNAUDITED STATEMENT OF CASH FLOWS FOR SIX MONTHS ENDED

30 JUNE 2016

 

 

 


6 Months to

30 June 2016

6 Months to

30 June 2015

Year to

31 December 2015


GBP'000

GBP'000

GBP'000





Cash flows from operating activities








Profit/(Loss) before income tax

(139)

(316)

(811)





Share-based compensation

-

-

(132)





Finance income (cost)

7

-

2


────────

────────

────────

Operating cash flows before movement in working capital and provisions

 

(132)

 

(316)

 

(941)





(increase)/decrease in trade and other receivables

(60)

42

45





(Decrease)/increase in trade and other payables

(139)

102

513


────────

────────

────────

Net cash used in operating activities

(331)

(172)

(383)


────────

────────

────────





Cash flows from investing activities



-

Interest received

2

-

-

Interest paid

(9)

-

(2)

Investment in own issued share capital

-


79


────────

────────

────────

Net cash generated from investing activities

(7)

-

77


────────

────────

────────





Cash flows from financing activities




Increase in shareholder loans

360

-

-

Issue of new shares

-

140

272


────────

────────

────────


360

140

272


────────

────────

────────





Net decrease in cash and cash equivalents

22

(32)

(34)





Net cash and cash equivalents at beginning of period

 

24

 

58

 

58


────────

────────

────────

Net cash and cash equivalents at end of period

46

26

24


═══════

═══════

═══════





 



 

EQUATORIAL MINING AND EXPLORATION PLC

 

NOTES TO THE ACCOUNTS

 

FOR SIX MONTHS ENDED 30 JUNE 2016

 

 

 

1.   Basis of preparation of interim report

 

      The financial information for the period ended 30 June 2016 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months ended 31 December 2015.  A copy of the statutory accounts for the period has been delivered to the Registrar of Companies.  The auditor's report on those accounts was unqualified and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.

 

2.   Going concern

     

      The Directors are of the opinion that the financial information should be prepared on a going concern basis.

.

 

3.   Earnings/(loss) per share

 

      Basic earnings/(loss) per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

 

      For diluted earnings/(loss) per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.

 

      The calculation of basic and diluted earnings/(loss) per share is based on the following figures.

 

 


6 Months to

30 June

2016

6 Months to

30 June 2015

Year to

31 December 2015


GBP'000

GBP'000

GBP'000





Total profit/(loss) for the period

(139)

(316)

(811)






Number

Number

Number





Weighted average number of shares

- basic

 

4,756,941,670

 

3,490,566,557

 

4,030,228,807





Basic earnings/(loss) per shares

(0.003p)

(0.009p)

(0.020p)





Diluted earnings/(loss) per share

(0.003p)

(0.009p)

(0.020p)





 

4.   Reports

 

      Copies of this announcement will be available for members of the public at the Company's registered office: Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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