RE: Urgency from ministry for development of coal28 Mar 2024 07:32
£173,000 (31 December 2022: £277,000).
On 1 February 2024, the Company issued 30,303,040 Ordinary Shares by way of subscription at a price of 1.65p per share, raising £0.5m before expenses. As previously announced, the Company will need to raise further funds in the coming weeks in order to strengthen its financial position and to meet its immediate working capital requirements; although there can be no guarantee of such, the directors remain confident that sufficient funding will be obtained as required. Accordingly, the financial statements have been prepared on a going concern basis, however there is material uncertainty due to the need for additional near-term funding. Please refer to the accounting policy note on going concern (Note 1 to the Financial Statements) for further information.