2017 Annual Report & Financial Statements

RNS Number : 3662M

Asiamet Resources Limited

27 April 2018

 

For Immediate Release                       London AIM

27 April 2018                                          Symbol: ARS

2017 Annual Report & Financial Statements

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its audited financial statements for the 12 months ended 31 December 2017 ("Financial Statements") as extracted from the Company's 2017 Annual Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy.  The Financial Statements should be read in conjunction with the 2017 Annual Report which contains the notes to the Financial Statements.

All dollars in the report are US$ unless otherwise stated. 

Financial highlights include:

·     2017 net loss $7.5 million (2016: net loss 3.8 million)

·     Closing cash as at 31 December $3.079 million (2016: $1.748 million)

·     The Company has no debt.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact:

 

-Ends-

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: [phone]
Email: [e-mail]

Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: [phone]
Email: [e-mail]

FlowComms Limited

Sasha Sethi

Telephone: [phone]

Email: [e-mail]
 

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: [phone]

Email: [e-mail] / [e-mail] 

Liberum
Neil Elliot, Clayton Bush, Kane Collings                

Telephone: [phone]

Email: [e-mail]

Optiva Securities Limited
Christian Dennis

Telephone: [phone]

Email: [e-mail]

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements.   Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices.  There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

 

Consolidated Statement of Financial Position

As at 31 December 2017

			2017	2016
			$'000	$'000
ASSETS
Current assets
	Cash		3,079	1,748
	Receivables and other assets		586	254
	Share subscription receivable		-	802
			3,665	2,804
Non-current assets
	Equipment		41	37
	Security deposit		74	94
			115	131
TOTAL ASSETS			3,780	2,935
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade and other payables		1,054	1,017
	Related party borrowings		-	233
			1,054	1,250
Non-current liabilities
	Provision for employee service entitlements		156	102
			1,210	1,352
Equity
	Share capital		8,528	7,060
	Equity reserves		40,354	33,323
	Other comprehensive loss		(12)	(2)
	Accumulated Deficit		(46,293)	(38,791)
	Parent entity interest		2,577	1,590
	Non-controlling interest		(7)	(7)
			2,570	1,583
TOTAL LIABILITIES AND EQUITY			3,780	2,935

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2017

			2017	2016
			$'000	$'000
Expenses
	Accounting and audit		(109)	(100)
	Consultants		(668)	(730)
	Exploration and evaluation		(4,628)	(1,401)
	Legal and Company Secretarial		(139)	(115)
	General and administrative		(249)	(68)
	Depreciation		(24)	(79)
	Employee benefits		(1,561)	(1,121)
	Share-based compensation		(914)	(300)
			(8,292)	(3,914)
Other items
	Taxation expense		-	(7)
	Foreign exchange gain		81	25
	Gain on sale of subsidiary		708	100
	Interest income		1	2
			790	120
Net loss			(7,502)	(3,794)
Items that may not be reclassified subsequently to profit or loss:
	Actuarial loss on employee service entitlements		(10)	(2)
Total comprehensive loss for the year			(7,512)	(3,796)
Net loss attributable to:
	Equity holders of the parent		(7,244)	(3,794)
	Non-controlling interests		(258)	-
Total comprehensive loss attributable to:
	Equity holders of the parent		(7,254)	(3,794)
	Non-controlling interests		(258)	-
Basic and diluted loss per common share			(0.01)	(0.01)
Weighted average number of shares outstanding (thousands)			772,537	609,750

 

Consolidated Statement of Cash Flows         

For the year ended 31 December 2017

			2017	2016
			$'000	$'000
Cash provided from (used for):
Operating activities
Loss for the year			(7,512)	(3,794)
Adjustment for:
	Depreciation		24	79
	Share-based compensation		914	300
	Unrealised foreign exchange gain		-	(4)
	Gain on sale of subsidiary		(708)	-
Changes in non-cash working capital:
	Receivables and other assets		(93)	24
	Value Added Tax ("VAT")		(242)	(178)
	Trade and other payables		61	667
	Provision for employee service entitlements		59	59
			(7,497)	(2,847)
Investing activities
	Purchase of equipment		(26)	(24)
	Proceeds on sale of subsidiary, net of cash sold		699	-
			673	(24)
Financing activities
	(Repayment of) Proceeds from related party loans		(233)	233
	Proceeds from share subscription		802	-
	Proceeds from equity raising		8,018	3,831
	Equity raising costs		(432)	(224)
			8,155	3,840
Increase in cash			1,331	969
Cash at beginning of the year			1,748	779
Cash at end of the year			3,079	1,748

Consolidated Statement of Changes in Equity

For the year ended 31 December 2017

			Attributable to equity holders of the parent
		Number of shares	Share capital	Equity reserves	Other Comprehensive Loss	Accumulated Deficit	Total	Non-Controlling Interests	Total
		'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 1 January 2016		574,597	5,707	29,968	-	(34,997)	678	(7)	671
	Equity raising	135,344	1,353	3,280	-	-	4,633	-	4,633
	Warrant issues - brokers	-	-	165	-	-	165	-	165
	Equity raising costs	-	-	(390)	-	-	(390)	-	(390)
	Share based compensation	-	-	300	-	-	300	-	300
	Loss for the year	-	-	-	-	(3,794)	(3,794)	-	(3,794)
	Actuarial loss on employee service entitlements	-	-	-	(2)	-	(2)	-	(2)
Balance at 31 December 2016		709,941	7,060	33,323	(2)	(38,791)	1,590	(7)	1,583
	Equity raising	144,952	1,395	6,346	-	-	7,741	-	7,741
	Warrant exercises - brokers	1,874	73	203	-	-	276	-	276
	Equity raising costs	-	-	(432)	-	-	(432)	-	(432)
	Share based compensation	-	-	914	-	-	914	-	914
	Cancelled shares	(3)	-	-	-	-	-	-	-
	Loss for the year	-	-	-	-	(7,244)	(7,244)	(258)	(7,502)
	Actuarial loss on employee service entitlements	-	-	-	(10)	-	(10)	-	(10)
	Contribution by parent in NCI	-	-	-	-	(258)	(258)	258	-
Balance at 31 December 2017		856,764	8,528	40,354	(12)	(46,293)	2,577	(7)	2,570

 

END

 

 

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