(Alliance News) - AIM cash shell Richland Resources Ltd said Tuesday its loss for 2019 widened on higher costs, as it continues to search for an acquisition opportunity in the mining sector.
For the year, Richland reported a pretax loss of USD482,000, widened from USD83,000 the year before, due to a net finance cost of USD417,000 compared to income of USD269,000, which more than offset a drop in operating expenses to USD84,000 from USD426,000.
In December 2019, Richland completed the sale of the Capricorn Sapphire mine to Fura Gems Inc for USD1.3 million.
"The company is focussed on identifying a suitable reverse takeover transaction in the mining sector and the net proceeds from the 2020 equity fundraisings, together with the company's existing funds, will be utilised to actively pursue this strategy, with a particular focus on precious metals projects, as well as providing financing to meet the company's general corporate working capital requirements," Richland stated.
Shares in Richland Resources closed 14% lower at 0.22 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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