LONDON (Alliance News) - Nova Resources Ltd Thursday said it plans to raise funds later this year after narrowing its losses in 2013.
Last week the company said its shares have been temporarily suspended from trading on AIM due to a delay in the publication of its 2013 audited results.
Bermuda-based Nova Resources Thursday posted a pretax loss of GBP311,287 for 2013 compared with a GBP2.9 million loss a year earlier. The company benefited from a GBP47,115 fain on investments during the year.
Overall, Nova Resource said its total losses totalled GBP1.1 million compared with GBP3.2 million loss a year earlier. This improved performance attributed to the expiry of a coal transportation contract in Nova Trans LLC, a company Nova Resources owns, it said.
Nova, which focuses on acquiring quoted and unquoted natural resource related businesses, said it was active in the market during the year and disposed off European Islamic Investment Bank PLC for GBP663,892. It also entered into two investment agreements with Upside Management SAL and Consiliou Growth Fund. Under these facilities, each Investor will provide the Company with a facility of up to GBP500,000 until December 2018.
Looking ahead, the company said it intends to raise funds during the second-half of 2013, in order to fund working capital requirements and new investments.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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