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Blenheim Natural Res (BNR)

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Tuesday 16 May, 2017

Blenheim Natural Res

Final Results

RNS Number : 1996F
Blenheim Natural Resources PLC
16 May 2017
 

 

16 May 2017

 

 

BLENHEIM NATURAL RESOURCES PLC

 

("Blenheim" or the "Company)

 

Final Results for the period ended 31 March 2017

 

 

Blenheim is pleased to announce its final results for the period ended 31 March 2017.

 

Copies of the Company's annual report and financial statements for the period ended 31 March 2017 will shortly be sent to shareholders and will be available at the Company's website: www.blenheimnaturalresources.com

 

 

For further information please contact:

 

Chris Ells

Blenheim Natural Resources Plc

+44 (0) 1622 844601




Colin Aaronson/Jamie Barklem/ Daniel Bush

Grant Thornton UK LLP

+44 (0) 20 7383 5100




Nick Emerson

SI Capital Ltd

+44 (0)1483 413500

Lucy Williams / Duncan Vasey

Peterhouse Corporate Finance Limited

+44 (0) 20 7469 0932

Colin Rowbury

Cornhill Capital Limited

+44 (0) 20 7710 9610

        

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release.

                  

 

CHAIRMAN'S STATEMENT

 

The Company changed its accounting reference date to 31 March (as announced on 7 April 2017) in order to align the Company's balance sheet date with the common market practice of reporting to calendar quarter ends in the UK and to bring Blenheim's financial year-end in line with the end of the fiscal year.

 

The Company's financial results are for the eleven months ended 31 March 2017 and show a loss of £295,170 (loss of £234,588 for the year ended 30 April 2016.) Revenues of £2,534 and net realised gains of £30,053 from the disposal of financial assets at fair value through profit or loss were offset by administrative costs of £242,683, transaction costs of £41,995 and net interest costs of £43,079.

 

During the period covered by these results, Blenheim finalised or is still working on several strategic investments including:

 

1.            Further subscription of £120,000 to increase its investment in IGS (International Geoscience Services) Limited ("IGS") - Blenheim is the largest shareholder in IGS and currently holds a stake of 29.9%, a small reduction from 30.1% as a result of minor dilution since the investment took place.

 

2.            Grant of an option for £1 by TAM Mining ("TAM") to obtain 7.5% of the fully diluted issued share capital of TAM by 7 August 2017 if the Company utilises its expertise and contacts to assist TAM in raising a minimum of US$5 million.

 

3.            On 27 February 2017 Blenheim announced that, in addition to its ongoing discussions with Xantus Inc. ("Xantus") in respect of the Company's option to acquire a 30 per cent interest in the Dieba exploration permit in Southern Mali ("Dieba"), the Company was working to identify and appraise other lithium opportunities.

 

4.            On 30 March 2017, Blenheim announced that it had conditionally acquired a 30 per cent interest in Nashwan Holdings Ltd ("Nashwan") for a consideration of £200,000 in cash and 75,000,000 ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"). Nashwan currently holds two prospecting permits in Southern Mali and two exploration licence applications are pending over the same two areas. The payment of the consideration in respect of this transaction is conditional upon Nashwan successfully being granted exploration licences over both its Menianbala and Djidje projects within 90 days of the date of the share purchase agreement between the vendor and Blenheim, or by such other date agreed between the parties.

 

In addition to these significant developments in strategic investments, the Company has completed two successful share placings. Gross proceeds of £750,000 were raised in February 2017 and a further £1,000,000 raised shortly after the period end, in April 2017.

 

Borrowings of £275,000, represented by convertible loans, were fully repaid on 18 April 2017, after the period end. The Company is now free of any long-term debt. 

 

As an investment company with significant cash resources, I believe that Blenheim is now extremely well positioned to continue to take advantage of opportunities in the natural resources and agribusiness sectors, in line with its investing policy. The directors are currently considering a number of promising potential strategic investments including lithium opportunities in West Africa, in particular the Xantus option referred to earlier in this statement.

 

 

Chris Ells

Chairman           

 

15 May 2017

 

 

                                                                                                        

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MARCH 2017

 


 



Period ended


Year ended



31 March 2017


30 April 2016


Notes

£


£






CONTINUING OPERATIONS










REVENUE


2,534


6,196






Administrative expenses


(242,683)


(175,227)

Transaction costs


(41,995)


-

Impairment of available for sale financial assets


-


(82,345)

Other gains/(losses) - net

2

30,053


51,954






OPERATING LOSS


(252,091)


(199,442)






Finance income


25


315

Finance costs


(43,104)


(35,481)






LOSS BEFORE INCOME TAX


(295,170)


(234,588)






Income tax expense


-


-






LOSS FOR THE PERIOD


(295,170)


(234,588)






OTHER COMPREHENSIVE INCOME


-


-






TOTAL COMPREHENSIVE INCOME FOR THE PERIOD


(295,170)


(234,588)






EARNINGS PER SHARE





(expressed in pence per share)





Basic and diluted

3

(0.13)


(0.23)











 

 

 

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

 


                                                                                                                                                                                                        



31 March 2017


30 April 2016


Notes

£


£






ASSETS





NON-CURRENT ASSETS





Available for sale financial assets

4

1,022,963


260,463






CURRENT ASSETS





Other receivables and prepayments


32,780


22,490

Financial assets at fair value through profit or loss

5

231,225


297,378

Other financial assets


25,000


-

Cash and cash equivalents

6

598,445


207,503








887,450


527,371






TOTAL ASSETS


1,910,413


787,834






EQUITY





Share capital

7

1,564,331


1,350,045

Share premium

7

1,836,406


1,383,432

Other reserves

8

965,905


501,582

Retained deficit


(3,042,032)


(2,746,862)






TOTAL EQUITY


1,324,610


488,197






LIABILITIES





CURRENT LIABILITIES





Borrowings

9

275,000


245,476

Trade and other payables


310,803


54,161






TOTAL LIABILITIES


585,803


299,637






TOTAL EQUITY AND LIABILITIES


1,910,413


787,834

 

 

 

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2017

 


 



Share
capital

 
Share premium

Other
reserves

Retained
earnings

Total



£

£

£

£

£








Balance at 1 May 2015


1,238,545

801,614

493,419

(2,512,274)

 

21,304

 

Loss for the year


-

-

-

(234,588)

(234,588)

Total comprehensive income for the year


-

-

-

(234,588)

(234,588)

Issue of share capital


111,500

670,250

-

-

781,750

Issue costs


-

(88,432)

-

-

(88,43)

Grant of share options and warrants


-

-

8,163

8,163

Total transactions with owners, recognised directly in equity


111,500

581,818

8,163

701,481








Balance at 30 April 2016


1,350,045

1,383,432

501,582

(2,746,862)

488,197














Balance at 1 May 2016


1,350,045

1,383,432

501,582

(2,746,862)

488,197

Loss for the year


-

-

-

(295,170)

(295,170)

Total comprehensive income for the year


-

-

-

(295,170)

(295,170)

Issue of share capital


214,286

535,714

-

-

750,000

Issue costs


-

(82,740)

-

-

(82,740)

Grant of share options and warrants


-

-

21,823

-

21,823

Shares to be issued


-

-

442,500

-

442,500

Total transactions with owners, recognised directly in equity


214,286

452,974

464,323

-

1,131,583








Balance at 31 March 2017


1,564,331

1,836,406

965,905

(3,042,032)

1,324,610







 

 

 

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2017

 


 



Period ended


Year ended



31 March 2017


30 April 2016



£


£

Cash flows from operating activities





Loss before income tax


(295,170)


(234,588)

Finance costs


43,104


35,481

Finance income


(25)


(315)

Gain on disposal of trade investments


(30,053)


(51,954)

Impairment of available for sale financial assets


-


82,345

Share based payments


21,823


8,163

Increase in trade and other receivables


(10,290)


(8,786)

Increase in trade and other payables


256,642


21,166






Net cash used in operating activities


(13,969)


(148,488)











Cash flows from investing activities





Purchase of available for sale financial assets


(320,000)


(260,463)

Purchase of financial assets at fair value through profit or loss


(343,485)


(210,757)

Purchase of other financial assets


(25,000)


-

Proceeds from disposal of financial assets at fair value through profit or loss


439,691


106,950






Net cash used in investing activities


(248,794)


(364,270)
















Cash flows from financing activities





Proceeds from the issue of share capital


750,000


781,750

Share issue expenses paid


(82,740)


(84,832)

Interest paid


(13,580)


(16,518)

Interest received


25


32











Net cash generated from financing activities


653,705


680,432






 Increase/(decrease) in cash and cash equivalents


390,942


167,674






Cash and cash equivalents at the beginning of the year


207,503


39,829






Cash and cash equivalents at the end of the year


598,445


207,503

 

Significant non-cash transactions in the period include the shares to be issued in relation to the Nashwan transaction.

 

NOTES TO THE FINAL RESULTS

                                                                                                        

 


1.               ACCOUNTING POLICIES

 

General information

 

Blenheim Natural Resources Plc is a public limited company incorporated in England and Wales under the Companies Act (registered number 02956279). The Company is domiciled in the United Kingdom and its registered address is Hyde Park House, 5 Manfred Road, London, SW15 2RS. The principal activity of the Company is to establish strategic and portfolio investments in listed and unlisted shares, as well as in projects in the natural resource sector which encompasses the mining, oil and gas and agricultural sectors. The Company's shares are traded on the AIM market of the London Stock Exchange.

 

Summary of significant accounting policies

 

The principal Accounting Policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

 

Basis of preparation

 

These Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRIC) interpretations as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS. The Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets and financial assets at fair value through profit or loss. The company is an investment entity and has therefore prepared its financial statements on this basis.

 

The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Financial Statements are disclosed in Note 3 of the published annual report.

 

The financial information set out in this announcement does not constitute the Company's statutory accounts for the period ended 31 March 2017 or the year ended 30 April 2016 under the meaning of Section 434 the Companies Act 2006 but is derived from those accounts. The annual report for the period ended 31 March 2017 was approved by the Board of Directors on 15 May 2017 along with this announcement, but has not yet been delivered to the Registrar of Companies. The auditor's report on the statutory accounts for the period ended 31 March 2017 is unqualified. The annual report and financial statements will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Going concern

 

The Financial Statements have been prepared assuming the Company will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations.

 

The Directors have prepared cash flow forecasts for the Company. It is envisaged by the Directors that the cash flow existing as at the date of the Statement of Financial Position together with those received post period end provide adequate funds for the Company for at least 12 months from the date on which these Financial Statements were signed.

 

The company raised gross proceeds of £1,000,000 by way of a share placing and issue of shares on 3 May 2017. These funds will complement the company's existing cash resources and will be used for further investment opportunities. The Directors will retain sufficient cash resources to fund ongoing operations.      

 

On this basis, the Directors have formed a judgement, at the time of approving the Financial Statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors have adopted the going concern basis in preparing the Financial Statements.

 

2.   OTHER GAINS/(LOSSES) - NET

                  

 



31 March 2017


30 April 2016



£


£

Fair value gains/(losses) on financial assets at fair value through profit or loss


30,053


51,954

 

 

3.                  EARNINGS PER SHARE

 

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

 

Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares.

 

Reconciliations are set out below.





31 March 2017







Weighted







average







number


Per-share



Earnings


of


amount



£


shares


pence

Basic EPS







Earnings attributable to ordinary shareholders


(295,170)


223,251,939


(0.13)

Effect of dilutive securities


-


-


-








Diluted EPS







Adjusted earnings


(295,170)


223,251,939


(0.13)















 





30 April 2016







Weighted







average







number


Per-share



Earnings


of


amount



£


shares


pence

Basic EPS







Earnings attributable to ordinary shareholders


(234,588)


102,397,288


(0.23)

Effect of dilutive securities


-


-


-








Diluted EPS







Adjusted earnings


(234,588)


102,397,288


(0.23)








In accordance with IAS 33 the share options in issue do not have a dilutive impact on the earnings per share for the period ended 31 March 2017 and the year ended 30 April 2016. The total number of potentially dilutive securities are 272,500,000 (2016: 22,500,000). 

 

4.                            AVAILABLE FOR SALE FINANCIAL ASSETS

 



2017


2016



£


£






At 1 May


260,463


82,345

Additions


762,500


260,463

Impairment


-


(82,345)






At 30 April


1,022,963


260,463






 

A brief description of the three strategic holdings is as follows:

 

As at 31 March 2017, the carrying value of the Company's 29.9 per cent investment in IGS (International Geoscience Services) Limited ("IGS") is based on its acquisition cost of £380,463. The Directors consider this carrying value to equate to the fair value of this investment as revenue and costs of the geoconsultancy and IGS Xplore, the technology business, cannot be forecast accurately beyond the near future given the fluidity in both market places.

 

On 26 March 2017, Blenheim conditionally acquired a 30 per cent interest in Nashwan Holdings Ltd ("Nashwan") for a consideration of £200,000 in cash and 75,000,000 ordinary shares of 0.1 pence each in the capital of the Company. The shares have been included at a value of £442,500 and included in other reserves in shares to be issued. Nashwan currently holds two prospecting permits in Southern Mali and two exploration licence applications pending over the same two areas.

 

The carrying value of the Company's investment in Nashwan is based on its acquisition cost of £642,500. The Directors consider that this carrying value equates to the fair value of this investment given the proximity of the transaction to the reporting date. 

 

Completion of the Company's investment in Nashwan was conditional at the period end on shareholders granting the directors the authority to allot and issue the share based consideration. This authority was granted by shareholders at a general meeting held on 28 April 2017, and completion of the Company's investment has taken place. 

 

Pursuant to the terms of the acquisition, the payment of consideration to the vendor remains conditional on Nashwan successfully being granted with exploration licences over both its Menianbala and Djidje projects within 90 days of the date of completion, or by such other date agreed between the parties.

 

On 7 August 2016, the Company entered into an option agreement with TAM Mining Limited ("TAM"). The Company paid a nominal option fee of £1 and was granted the option to be issued with ordinary shares in TAM equal to 7.5% of its entire issued share capital, on a fully diluted basis (the "Option"). As consideration for this interest, Blenheim agreed to use its skills and contacts to assist TAM in raising a minimum of US$5 million (the "Funding Condition"). This Option is exercisable, inter alia, by Blenheim within 12 months from the date of the Agreement, subject to successfully meeting the Funding Condition. The Company continues to assist in identifying relevant sources of finance and provides technical and commercial support to TAM.

 

5.                            FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

 



2017


2016



£


£






Equity securities - held for trading


231,225


297,378






 

Financial assets at fair value through profit or loss are presented within 'operating activities' as part of changes in working capital in the Statement of Cash Flows.

 

Changes in fair values of financial assets at fair value through profit or loss are recorded in 'other (losses)/gains - net' in the Income Statement.

 

The fair value of all equity securities is based on their current bid prices in an active market.

 

 

6.            CASH AND CASH EQUIVALENTS

 

 



2017


2016



£


£






Cash at bank


578,434


207,079

Cash held in investment portfolio


20,011


424








598,445


207,503

 

7.                            SHARE CAPITAL

 



Number of shares

Ordinary shares

Deferred shares

Share premium

Total



No.

£

£

£

£








At 1 May 2015


727,909

72,835

1,165,710

801,614

2,040,159

Sub division of shares


72,062,991

-

-

-

-

Issue of shares


111,500,000

111,500

-

670,250

781,750

Share issue costs


-

-

-

(88,432)

(88,432)








At 30 April 2016


184,290,900

184,335

1,165,710

1,383,432

2,733,477















At 1 May 2016


184,290,900

184,335

1,165,710

1,383,432

2,733,477








Issue of shares


214,285,714

214,286

-

535,714

750,000

Share issue costs


-

-

-

(82,740)

(82,740)








At 31 March 2017


398,576,614

398,621

1,165,710

1,836,406

3,400,737








On 07 February 2017, 214,285,714 Ordinary shares of 0.10 pence each were allotted as fully paid at a premium of 0.25 pence per share during the year.

 

 

8.               OTHER RESERVES

            


Shares to be issued

Share option reserve

Merger reserve

Total






At 1 May 2015

76,135

-

417,284

493,419

Issue of share options and warrants

-

8,163

-

8,163






At 30 April 2016

76,135

8,163

417,284

501,582






Issue of share options and warrants

-

21,823

-

21,823

Shares to be issued

442,500

-

-

442,500






At 31 March 2017

518,635

29,986

417,284

965,905

                               

Merger relief reserve of £417,284 arose in the period ended 31 December 1995 and relates to shares that were issued on a share for share basis in relation to the Langdon (Coffee & Tea) Limited transaction.

 

Shares to be issued comprise the equity component of the compound financial instruments. Shares to be issued also includes £442,500 in respect of deferred share consideration for the Nashwan transaction.

 

Share option reserve comprises the cumulative fair value of share options and warrants.

 

9.

BORROWINGS

 



2017


2016



£


£

Current:





Convertible loan notes


275,000


245,476






Terms and debt repayment schedule:







£


£

Less than 1 year


275,000


245,476






 

Borrowings represent convertible loan notes redeemable on or before 18 April 2017.

 

The carrying amounts and the fair value of borrowings are as follows:

 




Carrying amount


Fair value




2017

2016


2017

2016




£

£


£

£









Convertible loan notes

275,000

245,476


275,000

275,000









                                                                                                                                                                                                         

The carrying amounts of the Company's borrowings are denominated in UK sterling.

 

The convertible bond recognised at the year-end is calculated as follows:



2017


2016



£


£






Face value of convertible loan notes issued


275,000


275,000

Equity component


(76,135)


(76,135)






Liability component on initial recognition


198,865


198,865

Interest expense


139,666


94,778

Interest paid


(63,531)


(48,167)








275,000


245,476

                                                                                                                                                                                                        

The fair value has been calculated using discounted cash flows at a rate of 15% per annum.

 

10.       SHARE-BASED PAYMENT TRANSACTIONS

 

The measurement requirements of IFRS 2 have been implemented in respect of share options and warrants granted. The expense recognised for share based payments during the period is £21,823 (2016: £8,163).

 

247,500,000 options or warrants were issued during the financial period ended 31 March 2017, with an average exercise price of 0.64 pence.

 

Movement in issued share options during the period

 

The table illustrates the number and weighted average exercise price (WAEP) of, and movements in, share options and warrants during the period as follows:

 


No of options

     No of options

WAEP

 

Outstanding at the beginning of the period

28,500,000

0.96p

Granted during the year



247,500,000

0.64p

Forfeited/cancelled during the period



(3,500,000)

1.25p






Outstanding at the end of the period



272,500,000

0.67p

Exercisable at the end of the period



272,500,000

         0.67p

 

The fair value of the options and warrants granted in the period have been calculated using the Black Scholes model assuming the inputs shown below:

 

- Grant date         

7 February 2017

7 February 2017

23 March 2017

- Number of options/warrants granted

214,285,714

10,714,286

22,500,000

- Share price at grant date

0.475p

0.475p

0.625p

- Exercise price at grant date

0.65p

0.35p

0.65p

- Risk free rate

2.75%

2.75%

2.75%

- Option life

2 years

3 years

3 years

- Expected volatility

10.81%

10.81%

10.81%

- Expected dividend yield

0%

0%

0%

- Fair value of option/warrant

£0.003

£0.0004

£0.0013

 

Share options and warrants outstanding at the end of the period have the following expiry dates:

 

Grant date

Exercise date

Number of shares

30 October 2015

15 October 2018

10,000,000

30 October 2015

15 April 2017

9,000,000

16 December 2015

10 December 2017

6,000,000

7 February 2017

18 January 2019

214,285,714

7 February 2017

18 January 2020

10,714,286

23 March 2017

7 February 2020

22,500,000




 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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