25 Mar 2013 07:13
25 March 2013
Kolar Gold Ltd
Half year results for six months ended 31 December 2012
Kolar Gold Limited ("Kolar Gold" or the "Company"), the Indian focussed gold exploration and mine development company, today announces its unaudited results for the six months ended 31 December 2012.
The Company recorded a loss after tax for the period of £1,223,997 (2011: £1,205,337) and incurred £331,857 (2011: £420,857) in exploration expenditure. The Company had £6.5m in cash as at 31 December 2012 (2011: £9.6m).
Progress to date, market developments and strategy review
Upon its listing on the Alternative Investment Market in London in June 2011 Kolar Gold, under the contractual arrangements with Geomysore India (Private) Limited ('GMSI'), had one asset at South Kolar where it could undertake further exploration. Additional licenses were expected to be forthcoming under the arrangements with GMSI at North Kolar and East Kolar where further exploration would have been undertaken. In addition, the Company had developed an advantageous position in the context of the anticipated tender for the privatisation of Bharat Gold Mines Limited ('BGML').
The Board continues to believe that India possesses one of the most prospective geological gold systems in the world and offers a unique opportunity for gold exploration and development. The Company continues to seek ways to leverage its deep knowledge and understanding of the Indian gold environment and is actively working to secure additional prospective gold licences within India.
Whilst further licences have not been granted, progress has been made. The new Indian Mining Act that was expected to be passed has also been delayed and it is unclear when this will now be enacted with a General Election scheduled for mid 2014. The new act would have clarified mining regulations and licencing processes but Kolar Gold is advised that its activities would be unaffected and its rights are secure as Reconnaissance Permits have been granted and exploration work undertaken.
In light of the forgoing, the Board has undertaken a strategic review of its business plan given these delays experienced in the granting of Prospecting Licences and other permits required to operate and grow the business in India. The decision has been taken to reduce and prioritise exploration activities on the one granted license at South Kolar, and to reduce the Company's monthly cash burn to a minimum to preserve cash resources while at the same time continuing to pursue the grant of key licences. The Company has been encouraged by the exploration results to date and the mineralisation found at South Kolar. Management resources have also been focussed in Bangalore and the Brisbane office is being closed.
The granting of key licences is now the Company's principal focus, and is being undertaken in conjunction with GMSI and its local mining partners. While this has not as yet produced any new licences, there are clear signs that progress is being made and the Board is firmly of the opinion that these efforts are worth persevering with, given the gold potential within Kolar's portfolio of licence applications.
The Company is investigating a number of opportunities to acquire interests in additional Indian exploration and mining rights and the loss for the period includes £526,626 incurred in detailed technical, legal and financial due diligence work carried out on these prospective additional gold assets.
Regarding BGML, agreement was reached in the Supreme Court between the Government of India and the BGML employee societies to revive the historic BGML mine via the tender sale route. The court order to progress this process is still awaited and we are advised that it is scheduled to take place within the next few months.
Nick Spencer, Chief Executive Officer of Kolar Gold Limited, comments:
"The Company has an increased focus and effort with our partners on the granting of key licences and securing additional later stage gold assets. Our presence in India has been boosted by the shift of management resources to India to work more closely with GMSI and its local mining partners and to reduce our burn rate to preserve cash reserves."
For further information please contact:
Kolar Gold Limited |
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Nick Spencer / Chris Clowes | +61414874491 / +61417197288 |
N+1 Singer (Nomad and Joint Broker) | |
James Maxwell / Jenny Wyllie | +44 20 7496 3000 |
Ocean Equities Limited (Joint Broker) | |
Will Slack | +44 20 7786 4370 |
Tavistock Communications |
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Ed Portman / Jessica Fontaine | +44 20 7920 3150 |
About Kolar Gold Limited:
Kolar Gold is an Indian gold exploration and development company, listed on the AIM market (Ticker: KGLD) that has an experienced international board and strong local partners.
Kolar Gold has rights to explore and develop one prospecting licence and 13 further licence applications in the Kolar Gold Belt, an 80 kilometre long Archaean Greenstone Belt, in Southern India. The Kolar Gold Belt is one of the most prospective underdeveloped Archaean Greenstone Belts in the world and is regarded by Mr Andrew J Vigar and Mr James Lally of Mining Associates Limited, the Competent Persons, as comparable to the Archaean Greenstone Belts of South Africa, Canada and Western Australia which have similar geology, structure and style of mineralisation. This project area includes 32 known mineralised prospects and covers 568 square kilometres in the southern states of Andhra Pradesh, Karnataka and Tamil Nadu. Kolar Gold commenced exploration on the first Prospecting Licence in South Kolar in February 2011.
Kolar Gold is also jointly pursuing, with the mine employee unions, the acquisition and revival of the neighbouring historic Kolar Gold Fields which has produced 25 million ounces of gold at 15.9 grams per tonne over 120 years until closure in 2001.
Review of operations
During the last six months the Company has been carrying out detailed exploration in the granted South Kolar PL area. This program has entailed detailed structural mapping, trenching, topography and DGPS surveying, multi element bedrock geochemical sampling, IP geophysical survey, ground magnetics and channel sampling.
Evidence of quartz veining, intense hydrothermal alteration, shearing and development of mylonitic fabric indicate that gold mineralisation is persistent over long strike lengths in the South Kolar PL. A number of old workings and Geological Survey of India data also indicate a number of mineralised prospects that require further detailed exploration and potentially follow up shallow drilling
The exploration program in South Kolar PL was predominantly confined to the non-forest areas, whilst approval is still awaited for second phase drilling in forested areas (Mallappakonda and Chigargunta) to the south. As part of the program in the lease area over 1,320m of trenching and 15 km2 of topographic surveys and detailed geological mapping have been completed
Previous IP geophysical surveys comprising over 40 line km indicated well defined, cohesive IP anomalies that warranted further investigation. As a follow up to this finding, a multi-element geochemical survey was undertaken in Chigargunta, Chinnapartikunta and the Sanganapalli-C.Gollapalli Blocks. The objective was to establish possible primary dispersion haloes in the studied area and also to define drill targets in the non forest area.
Samples were collected at an interval of 40m along the previously surveyed IP lines. Soil cover was removed to reach the C-horizon / bedrock and 2.5 to 3.5 kg of weathered rock collected from each location. All the samples were analysed for Au, Ag, As, Cr, Cu, Fe, Mo, Ni, Pb, W, Zn. The total coverage of the survey was 5.5 km and each profile was spaced at 400 m interval. This was followed by infill sampling at 200 m spacing along four lines.
Analytical data was treated statistically to arrive at background, threshold and anomaly levelsBased on this analysis the data was processed to generate contour plots and anomaly patterns. The maps generated highlighted three broad based discontinuous Au anomalies. Similar contour plots were also generated for Cu, Fe, Zn, Pb, Ni, Cr, As. Combined study of all these plots indicated co-incident weak Cu, Cr, Zn anomalies with Au.
There are several promising prospects in the non forest area such as Peddapartikunta, Sanganapalli and Kudithanapalli. As a result of the current exploration program new zones have been identified through an integrated study of IP and geochemistry results. Identified were four discontinuous anomalies worth further exploration. These zones were designated as Zones I to IV.
1. Zone I has been inferred for a length of 5.5 kms of which 1.6 kms towards south falls outside the PL area. 2. Zone II located 250 m west of Zone I has been traced for a length of 2.3 km with a possibility of extending to strike length of 5.1 km. 3. Zone III defined based on IP and Geochemical anomalies is traced for 4.6 km strike length. This is located 500 m west of Zone II. 4. Zone IV is the western most with an inferred length of 4.5 km.
The geochemical sampling, trenching and geological mapping carried out has clearly indicated that Zone II is the most prospective and drill targets have been identified. The remaining three zones are also considered promising, but are still in the process of being tested to the same extent as Zone II. They are currently undergoing detailed mapping, trenching and further geochemical bedrock sampling to confirm. Within the forestry area the company has applied to the forestry department for a 160 drill hole programme which includes a number of high priority targets including NE Chigargunta, the Eastern Lodes and Mallappakonda. This forestry approval will allow us to drill selected holes as needed and will be utilised to further define extensions and resource definition of existing deposits and mineralised areas for both the Chigargunta and Mallappakonda projects.
The company also has plans to re-open the adits at the Mallappakonda mine to further define the existing JORC compliant gold resource for Mallappakonda, announced last year, of 3.46 million tonnes at an average grade of 1.76 g/t gold containing 195,000 oz of gold. Applications have been submitted with the Director of Mines Safety for the re-opening the adits.
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Kolar Gold Projects
The granting of licenses is critical to the Company's success and the Company is working closely with GMSI and its Indian partners in pursuing the key gold licenses identified by the Board. The Company is ready to apply its cash reserves to the implementation of a drilling program, working alongside its Indian partners, as and when these licenses are granted. |
BGML acquisition
The Government of India and the BGML ex-employee society have agreed in the Supreme Court to the sale tender route for the revival of the historic BGML mine. The long awaited and very significant milestone towards the revival of the mine namely the court order for the tender process to begin is expected to occur shortly.
Key financials
The Company had £6.5m in cash deposits at period end. The bulk of these funds will be applied the acquisition of mining tenements in India and conducting exploration activities on those tenements.
The loss after tax for the period was £1,223,997, compared to £1,205,337 for the six months to 31 December 2011 and £2,329,598 for the year to June 2012. |
Going concern
The Company has implemented a number of strategic changes to reduce its overheads and to maximise the amount of funds available for the acquisition of tenement rights and exploration activities.
The Group has used £1,402,051 (2011: £1,582,057) in operating activities during the six months to December, including the aforementioned due diligence costs. As anticipated at the time of the IPO in June 2011, the Company will need to raise finance if and when all options are exercised over the tenements and exploration is to take place as planned. These matters are described in detail in Note 4 to the financial statements. If such finance is not obtained, the Group will still have sufficient funds to exercise its options over the tenements but will need to slow down or defer its exploration activities in order to have sufficient cash to see it through beyond the next 12 months. However, the Company remains sufficiently well funded for its budgeted 2013 activities at this stage.
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_____________________
The Board |
Condensed consolidated statement of financial position (unaudited) as at 31 December 2011 |
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Note | 31 December 2012 £ (unaudited) | 31 December 2011 £ (unaudited) | 30 June 2012 £ (audited) | ||
Non-current assets | |||||
Plant and equipment | 22,556 | 26,215 | 25,238 | ||
Exploration and evaluation assets | 7 | 5,807,365 | 4,961,887 | 5,496,153 | |
Total non-current assets | 5,829,921 | 4,988,102 | 5,521,391 | ||
Current assets | |||||
Prepayments and other current assets | 58,628 | 68,111 | 54,824 | ||
Trade and other receivables | 260,422 | 74,059 | 50,687 | ||
Cash and cash equivalents | 6,452,196 | 9,645,300 | 8,131,892 | ||
Total current assets | 6,771,246 | 9,787,470 | 8,237,403 | ||
Total assets | 12,601,167 | 14,775,572 | 13,758,794 | ||
Current liabilities | |||||
Trade and other payables | 369,534 | 495,903 | 423,513 | ||
Employee benefits | 175,972 | 100,856 | 178,956 | ||
Total current liabilities | 545,506 | 596,759 | 602,469 | ||
Non-current liabilities | |||||
Employee benefits | 3,850 | 55,656 | 2,992 | ||
Total non-current liabilities | 3,850 | 55,656 | 2,992 | ||
Total liabilities | 549,356 | 652,415 | 605,461 | ||
Net assets | 12,051,811 | 14,123,157 | 13,153,333 | ||
Equity | |||||
Share capital | 8 | 7,236,388 | 7,010,625 | 7,010,625 | |
Share premium reserve | 8 | 15,803,741 | 15,700,535 | 15,700,535 | |
Reserves | 3,889,304 | 3,941,361 | 4,095,798 | ||
Accumulated losses | (14,877,622) | (12,529,364) | (13,653,625) | ||
Total equity | 12,051,811 | 14,123,157 | 13,153,333 | ||
These financial statements were approved by the Board of Directors on 22 March 2013 and were signed on its behalf by:
________________________ Stephen Coe Director | |||||
The condensed notes are an integral part of the condensed consolidated interim financial statements.
Condensed consolidated statement of comprehensive income (unaudited) for the six months ended 31 December | ||||
Six months ended 31 December 2012 (unaudited)£ | Six months ended 31 December 2011(unaudited) £ | Year ended 30 June 2012 (audited)
£ | ||
SUN Mining warrants issued for services | (52,287) | (610,930) | (571,391) | |
Options issued to directors | (20,421) | - | - | |
Administrative expenses | (682,695) | (797,718) | (1,905,009) | |
Due diligence - prospective gold assets | (526,626) | - | - | |
Unrealised foreign exchange gains | - | 133,116 | - | |
Loss from operating activities | (1,282,029) | (1,275,532) | (2,476,400) | |
Finance income | 58,520 | 75,201 | 147,889 | |
Finance costs | (488) | (782) | (1,087) | |
Net finance costs | 58,032 | 74,419 | 146,802 | |
Loss before tax | (1,223,997) | (1,201,113) | (2,329,598) | |
Income tax expense | - | (4,224) | - | |
Loss for the period | (1,223,997) | (1,205,337) | (2,329,598) | |
Other comprehensive income Foreign exchange translation losses | (5,775) | (246,764) | (52,788) | |
Total comprehensive income for the period | (1,229,772) | (1,452,101) | (2,382,386) | |
Basic and diluted loss per share (p) | 1.2 | 1.2 | 2.33 | |
The condensed notes are an integral part of the condensed consolidated interim financial statements.
Condensed consolidated statement of changes in equity for the six months ended 31 December | ||||||
Share capital
| Share premium reserve | Options reserves | Foreign currency translation reserve | Accumulated losses | Total equity | |
(Unaudited) | £ | £ | £ | £ | £ | £ |
Balance at 1 July 2012 | 7,010,625 | 15,700,535 | 4,081,682 | 14,116 | (13,653,625) | 13,153,333 |
Total comprehensive income for the period | ||||||
Loss for the period | - | - | - | - | (1,223,997) | (1,223,997) |
Other comprehensive income - foreign exchange translation variances | - | - | - | (5,775) | - | (5,775) |
Total comprehensive income for the period: | - | - | - | (5,775) | (1,223,997) | (1,229,772) |
Contributions by and distributions to owners: | ||||||
Issue of ordinary shares | 204,159 | 69,268 | (273,427) | - | - | - |
Equity-settled transactions for the period | 21,604 | 33,938 | 72,708 | - | - | 128,250 |
Total contributions by and distributions to owners: | 225,763 | 103,206 | (200,719) | - | - | 128,250 |
Balance at 31 December 2012 | 7,236,388 | 15,803,741 | 3,880,963 | 8,341 | (14,877,622) | 12,051,811 |
(Audited) | ||||||
Balance at 1 July 2011 | 7,001,696 | 15,663,226 | 3,510,291 | 66,904 | (11,324,027) | 14,918,090 |
Total comprehensive income for the period | ||||||
Loss for the period | - | - | - | - | (2,329,598) | (2,329,598) |
Other comprehensive income - foreign exchange translation variances | - | - | - | (52,788) | - | (52,788) |
Total comprehensive income for the period: | - | - | - | (52,788) | (2,329,598) | (2,382,386) |
Contributions by and distributions to owners: | ||||||
Issue of ordinary shares | 8,929 | 37,309 | - | - | - | 46,238 |
Equity-settled transactions for the period | - | - | 571,391 | - | - | 571,391 |
Total contributions by and distributions to owners: | 8,929 | 37,309 | 571,391 | - | - | 617,629 |
Balance at 30 June 2012 | 7,010,625 | 15,700,535 | 4,081,682 | 14,116 | (13,653,625) | 13,153,333 |
The condensed notes on are an integral part of the condensed consolidated interim financial statements.
Condensed consolidated Statement of Cash Flows for the six months ended 31 December | |||||
Six months ended 31 December 2012 (unaudited) | Six months ended 31 December 2011(unaudited) | Year ended 30 June 2012 (audited)
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£ | £ | £ |
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Cash flows from operating activities |
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Loss for the period | (1,223,997) | (1,205,337) | (2,329,598) |
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Adjustments for: |
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Depreciation | 3,332 | 2,898 | 6,720 |
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Net finance costs/(income) | (58,032) | (74,419) | (144,045) |
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Unrealised foreign exchange (gains)/losses | (1,483) | (185,303) | (16,930) |
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Equity-settled share-based payment transactions | 80,000 | 610,930 | 571,391 |
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Operating loss before changes in working capital and provisions | (1,200,180) | (851,231) | (1,912,462) |
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Change in trade and other receivables | (206,719) | (14,417) | 25,049 |
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Change in other current assets | (7,942) | (30,360) | (12,936) |
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Change in trade and other payables | 14,916 | (685,688) | (712,646) |
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Change in employee benefits | (2,126) | (361) | 25,075 |
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Cash used in operating activities | (1,402,051) | (1,582,057) | (2,587,920) |
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Interest and finance costs paid | (488) | (782) | (1,087) |
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Net cash used in operating activities | (1,402,539) | (1,582,839) | (2,589,007) |
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Cash flows from investing activities |
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Interest received | 59,641 | 75,201 | 124,900 |
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Payments for exploration and evaluation assets | (331,857) | (420,857) | (948,912) |
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Payments for plant and equipment | (650) | (7,732) | (11,292) |
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Net cash used in investing activities | (272,866) | (353,388) | (835,304) |
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Cash flows from financing activities |
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| Proceeds from issues of equity securities | - | 46,238 | 46,238 |
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| Net cash from financing activities | - | 46,238 | 46,238 |
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| Net increase/(decrease) in cash and cash equivalents | (1,675,405) | (1,889,989) | (3,378,073) |
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| Foreign exchange gain/(loss) on closing cash balances | (4,291) | (9,341) | (34,665) |
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Cash and cash equivalents at 1 July | 8,131,892 | 11,544,630 | 11,544,630 |
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Cash and cash equivalents at 31 December | 6,452,196 | 9,645,300 | 8,131,892 |
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The condensed notes are an integral part of the condensed consolidated interim financial statements.
Kolar Gold Limited Notes to the condensed consolidated interim financial statements for the six months ended 31 December 2012 | |||
1 | Reporting entity | ||
Kolar Gold Limited (the 'Company') is a company incorporated and registered in Guernsey and its shares are traded on AIM in London. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 December 2012 comprises the Company and its subsidiaries (together referred to as the "Group"). The Group primarily is involved in and also acquiring, exploring and developing the rights to mining assets in the Kolar Belt and the potential acquisition of the mining assets of Bharat Gold Mines Limited ("BGML") from the Government of India. The consolidated annual financial report of the Group as at and for the year ended 30 June 2012 is available upon request from the Company's registered office at Frances House, Sir William Place, St. Peter Port, Guernsey GY1 4HQ. | |||
2 | Statement of compliance | ||
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 June 2012. These condensed interim consolidated financial statements were approved by the Board of Directors on 22 March 2013. | |||
3 | Significant accounting policies | ||
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2012. | |||
4 | Going concern | ||
These condensed consolidated interim financial statements have been prepared on the basis of accounting principles applicable to Kolar Gold being a "going concern" which assumes the Group will continue in operation for at least 12 months from the date of these interim financial statements and will be able to realise its assets and discharge its liabilities in the normal course of operations. As an explorer, the Group currently has no source of operating cash inflows, other than interest income, and has incurred net operating cash outflows for the six months ended 31 December 2012 of £1,402,051 (2011: £1,582,057). During this period, the Company received no net financing inflows (2011: £46,238) and applied £331,857 (2011: £420,857) to mineral exploration activities at the South Kolar PL area. At 31 December 2012 the Group had cash balances of £6,452,196 (30 June 2012: £8,131,892) and a surplus in net working capital (current assets less current liabilities) of £6,225,740 (June 2012: £7,634,934 ). The Directors have prepared forecasts which include cash outflows in respect of the Group's agreement with GMSI to exercise the options on further mineral exploration rights adjacent to BGML and subsequent exploration activities. These outlays will only proceed if and when the mineral exploration rights have been approved by the Government of India. In the event that the Government of India grants the two main licenses that are now in their final stage of approval, the Group is committed, but not obligated, to exercising its options over these key tenements for consideration of approximately £3.8m and has budgeted for additional exploration expenditure of approximately £1.0m to April 2014. The bulk of the Group's current cash reserves will be applied to these purposes.
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In the event that the Company is successful in obtaining further licenses or rights then it is likely that it will be necessary to obtain additional finance in order to explore and exploit them.
The directors consider that the Group has adequate resources to continue its operations for at least 12 months from the date of these interim financial statements. Notwithstanding the above, there can be no certainty in this matter and the financial statements do not include any adjustments that would be necessary should the going concern basis not be appropriate. |
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5 | Estimates |
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The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2012. |
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6 | Capital commitments |
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In 2010 the Group entered into a contract to acquire the rights to gold assets in the North Kolar, South Kolar and East Kolar permit areas of India. The mining assets comprise mineral exploration rights in these permit areas. The Group is committed, but not obligated, to acquire the rights when, and only when, they have been approved by the Government of India. As at balance date the total commitments to acquire these rights totalled £4,716,981 (June 2012: £4,716,981). |
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7 | Exploration and evaluation assets | ||||||
Six months ended 31 December 2012(unaudited) | Year ended 30 June 2012(audited) | ||||||
£ | £ | ||||||
Balance at beginning of period | 5,496,153 | 4,496,933 | |||||
Exploration expenditure | 311,212 | 999,220 | |||||
Balance at end of period | 5,807,365 | 5,496,153 | |||||
Tenement rights will be accounted for in accordance with the Group's accounting policy for exploration and evaluation expenditure and the recoverability of the carrying amounts of exploration and evaluation assets is dependent on the succcessful development and commercial exploitation or sale of the respective area of interest. | |||||||
8 | Share capital and share premium |
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Issuance of ordinary shares |
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Ordinary shares (7p each) |
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Six months ended 31 December 2012 (unaudited)'000 | Year ended 30 June 2012 (audited)'000 |
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Opening balance | 100,152 | 100,024 |
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Issued upon the exercise of warrants | 2,917 | - |
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Issued as settlement of debt | 309 | 128 |
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Closing balance | 103,378 | 100,152 |
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(i) On 31 December 2012 Kolar Gold Limited issued 75,000 shares with a par value of 7p per share, at 40p per share, to a former director of Kolar Gold Limited, for settlement of debt.
(ii) On 31 December 2012 Kolar Gold Limited issued 192,662 shares with a par value of 7p per share, at 9.84p per share, to a director as part payment of directors' fees. The share issue price is the volume weighted average price for the period covered.
(iii) On 31 December 2012 Kolar Gold Limited issued 40,961 shares with a par value of 7p per share, at 16.071p per share, to a consultant as part payment of consultant's fees. The share issue price is the volume weighted average price for the period covered.
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(iv) On 31 December 2012 Kolar Gold Limited issued 2,916,559 shares with a par value of 7p per share, at nil cost, to SUN Mining, upon the exercise of 2,916,559 warrants issued to SUN Mining in February 2011.
All shares issued by the Company are 'ordinary' shares and rank equally in all respects, including for dividends, shareholder attendance and voter rights at meetings, on a return of capital and in a winding-up. Dividends No dividends were declared nor paid during the six months ended 31 December 2012 (2011: nil). | ||||||||
9 | Share-based payments | |||||||
a) Options | ||||||||
The Company has issued options to directors, employees and long-term consultants to compensate them for services rendered and incentivise them to add value to the Group's longer term share value. They comprise Reward Options in exchange for the provision of services and Bonus Options, which are only receivable upon the Company's shares being admitted to trading on a stock exchange. On 31 December 2012, in line with their letters of appointment, 400,000 options were issued to non-executive directors with an exercise price of 8.38p and a term of 5 years. The following unexpired options existed as at 31 December 2012. | ||||||||
Name | Date of Grant | Ordinary Shares under option | Expiry Date | Exercise Price £ |
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Nicholas Taylor Spencer | 01.12.10 | 500,000 | 01.12.13 | 0.30 |
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Richard Johnson | 01.12.10 | 500,000 | 01.12.13 | 0.30 |
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Non-Directors | 5.5.10 | 150,000 | 05.05.13 | 0.30 |
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Non-Directors | 1.12.10 | 350,000 | 01.12.13 | 0.30 |
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Norman Coldham-Fussell | 17.6.11 | 675,000 | 17.06.14 | 0.40 |
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Nicholas Taylor Spencer | 17.6.11 | 1,350,000 | 17.06.14 | 0.40 |
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Richard Johnson | 17.6.11 | 675,000 | 17.06.14 | 0.40 |
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Harvinder Hungin * | 10.6.11 | 450,000 | 10.06.16 | 0.40 |
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Stephen Coe | 10.6.11 | 350,000 | 10.06.16 | 0.40 |
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Stephen Oke | 10.6.11 | 350,000 | 10.06.16 | 0.40 |
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Harvinder Hungin | 31.12.12 | 150,000 | 31.12.17 | 0.0838 |
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Stephen Coe | 31.12.12 | 125,000 | 31.12.17 | 0.0838 |
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Stephen Oke | 31.12.12 | 125,000 | 31.12.17 | 0.0838 |
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5,750,000 |
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| * SG Hambros Trust Company (Channel Islands) Limited holds 200,000 options, as trustee of the Carlyle Settlement, in which Harvinder Hungin and his family have an interest.
Each option entitles the holder to subscribe for one ordinary share in the Company. Options do not confer any voting rights on the holder. |
b) Warrants |
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No warrants were issued during the period.
On 31 December 2012 SUN Mining exercised the initial warrants Series 1 (nil exercise price).
4,664,000 Investor warrants expired during the period.
The following unexercised warrants existed as at 31 December 2012: |
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Name | Date of Grant | Ordinary Shares under option | Expiry Date | Exercise Price £ | |||
Broker warrants Series 1 | 5.5.11 | 1,300,000 | 17.6.14 | 0.40 | |||
Broker warrants Series 2 | 17.6.11 | 1,500,000 | 17.6.14 | 0.60 | |||
SUN Mining initial warrants Series 2 | 24.2.11 | 2,916,559 | 24.2.13 | Nil | |||
SUN Mining initial additional warrants | 24.2.11 | 3,499,871 | 24.2.13 | VWAP | |||
9,216,430 | |||||||
Each warrant entitles the holder to subscribe for one ordinary share in the Company. The holder must exercise the warrants no later than 30 days after the expiry date. Warrants do not confer any voting rights on the holder. | |||||||
10 | Operating segments |
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The Group currently has one operating segment, being the exploration for gold in India. |
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11 | Subsequent events |
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There have been no significant events subsequent to the balance sheet date to report that would alter the financial statements as at 31 December 2012 or require disclosure. |
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