Interim Results

Resmex plc 07 September 2005 7 September 2005 RESMEX PLC ('Resmex' or 'the Company') Interim Results for the period ended 30 June 2005 Resmex today announces its interim results for the period from incorporation, on 22 October 2004, to 30 June 2005. Chairman's Statement In March 2005 we floated on AIM, having raised cash of £885,000 (before expenses) and issued 88,500,000 new ordinary shares. The proceeds of the placing were to provide working capital and finance initial evaluations of potential investment opportunities. On 5 August 2005 we successfully acquired the entire share capital of Sermines de Mexico S.A. de C.V., a company which owns mineral exploration rights in the north of Senora Province in Mexico, for a consideration of US$150,000 in cash. Outlook Your board believes that the current high prices in the energy and mineral resources sectors are likely to continue for some time. Accordingly we are continuing to look for opportunities which may be suitable for Resmex to grow its resource assets. These opportunities can either be at the 'grass root' exploration stage as in our Mexican investment, they may be at the next stage of pre-feasibility study or indeed full feasibility may already have been completed. We have already evaluated several opportunities on your behalf which have been rejected. We have encountered no shortage of opportunities in the current environment and our mission remains to pursue resource based projects which we hope will increase the value of the Company. Robert J Annells, Chairman 7 September 2005 For further information, please contact: Sue Wickerson 020 8466 0406 Resmex plc INTERIM CONSOLIDATED RESULTS for the period to 30 June 2005 Period to 30 June 2005 (Unaudited) £ Income - Administrative expenses (21,928) ------------ Operating profit (21,928) Interest receivable 7,379 ------------ Loss on ordinary activities before taxation (14,549) Taxation - ------------ Retained loss for the period (14,549) ============ CONSOLIDATED BALANCE SHEET as at 30 June 2005 30 June 2005 (Unaudited) £ Current assets Debtors 1,000 Cash at bank 835,867 ------------ 836,867 Current liabilities Creditors - amounts falling due within one year (3,677) ------------ Net current assets 833,190 ------------ Total assets less current liabilities 833,190 Creditors - amounts falling due after more than one year - ------------ Net assets 833,190 ============ Capital and reserves Share capital 141,589 Share premium 706,150 Profit and loss account (14,549) ------------ 833,190 ============ GROUP CASH FLOW STATEMENT for the period to 30 June 2005 Period to 30 June 2005 (Unaudited) £ Net cash outflow from operating activities (Note 1) (19,251) ------------ Returns on investments and servicing of finance Interest received 7,379 ------------ Net cash inflow from returns on investments and servicing of finance 7,379 ------------ Cash outflow before financing (11,872) Financing Issue of ordinary share capital 938,089 Expenses of flotation (90,350) ------------ 847,739 ------------ Increase in cash in the period 835,867 ============ NOTES TO GROUP CASH FLOW STATEMENT 1. Net cash outflow from operating activities Period to 30 June 2005 (unaudited) £ Operating loss (21,928) Increase in debtors (1,000) Increase in creditors 3,677 ---------- (19,251) ---------- 2. Analysis of net debt At 30 June 2005 (unaudited) £ Cash at bank 835,867 NOTES 1. Basis of preparation The company was incorporated on 22 October 2004 and was admitted to trading on AIM on 29 March 2005. The company's year end is 31 December, and the results shown in the profit and loss account relate to the period from incorporation on 22 October 2004 to 30 June 2005, the group's interim accounting date. 2. Principal accounting policies 2.1 Accounting convention The interim financial information has been prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention modified to include the revaluation of certain fixed assets. The information is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. 3. Copies of report Copies of this report are available from the Company's registered office at 32 Lancaster Mews, London, W2 3QE. This information is provided by RNS The company news service from the London Stock Exchange
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