Infinity Energy has reported a loss of £309,799 for the 12 months ended 31 December 2016, compared to a loss off £189,058 for the previous financial year.
Total net income was £5,849 (2015: £5,218) and operating costs for the period amounted to £312,899 (2015: £191,910).
The Company added that during the period, the Company was extended a loan facility of £400k by Gerwyn Llewellyn Williams a Director/Shareholder of the Company. The terms of this loan and the basis on which it has been advanced are disclosed in the notes to these financial statements.
Post Balance Sheet events:
On 16 March 2017, the Company raised £500,000 (before expenses) by way of a placing of 555,558,200 new ordinary shares at a price of £0.0009 per share.
On 5 April 2017, Gerwyn Llewellyn Williams, Company Director and Chief Executive Officer, converted his convertible loan totalling £480,000 into new ordinary shares in the Company at a conversion rate of £0.0013, equating to 369,230,769 new ordinary shares. Following this conversion, Mr Williams held 472,003,497 ordinary shares in the Company.
On 10 April 2017, the Company raised £600,000 (before expenses) by way of a placing of 461,542,700 new ordinary shares at a price of £0.0013 per share.
At a board meeting of the Company held on 12 April 2017, it was decided that the Company should cease its investment activities and instead focus on completing a suitable reverse takeover transaction as soon as possible.
The Company is investigating a number of potential reverse takeover candidates in the oil and gas sector.
The Company has now become an AIM Rule 15 cash shell, which means that the Company must make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules by 12 October 2017, otherwise the trading of the Company's shares on AIM will be suspended.
If the Company has not made an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules within six months of such suspension, the admission of the Company's shares to trading on AIM will be cancelled.
At 1:26pm: (LON:INFT) Infinity Energy S.a. share price was +0p at 0.12p