TIDMIMCP
01 April 2014
("IMC" or the "Company")
Statement by the Board
Interim Financial Results IMC Exploration Group Plc ('IMC') for the six
months to 31(st) December 2013
Dear Shareholder,
The directors of IMC Exploration Group plc, are pleased to present the
Interim Financial Results for ('IMC') for the six months to 31(st)
December 2013.
IMC continued its exploration activities having identified gold and
base metal drill targets in its Avoca Licences in Co. Wicklow and gold
targets in its licence in Co. Wexford, Ireland as previously announced
by the Company in 2013.
IMC recently concluded a convertible loan note funding arrangement,
providing the Company with access to immediate working capital to enable
it to continue its activities and the Company recently announced the
completion of a share for share exchange agreement with Global Resource
Investment Trust Plc ("GRIT"). GRIT has been established to exploit
investment opportunities in the junior mining and natural resource
sectors worldwide with an investment objective to generate medium and
long term capital growth.
Your board anticipates that 2014 will be a significant year in the
development of your company, as our independent commissioned works
programmes progress. Over the coming months we will continue to build on
the significant work already carried out to date.
Liam McGrattan
Chairman
Unaudited Consolidated Statement of Comprehensive
Income
for the period ended 31 December 2013
Six Months Six Months Year Ended
Notes 31-Dec-13 31-Dec-12 30-Jun13
Euro Euro Euro
Continuing Operations
Revenue - - -
Other Income 1,017 5,193 11,699
Administrative Expenses (80,387) (170,235) (357,492)
(Loss) before tax (79,369) (165,042) (345,793)
Income tax expense - - (11,011)
(Loss) for period from continuing operations (79,369) (165,042) (356,804)
Other Comprehensive income - - -
Loss for the period and total comprehensive loss for
the period (79,369) (165,042) (356,804)
Earnings per share (all continuing)
Loss per ordinary share - basic & diluted 1 (0.001) (0.003) (0.007)
Unaudited Consolidated Statement of Financial Position
As At 31st December 2013
31-Dec-13 31-Dec-12 30-Jun-13
Note Euro Euro Euro
Non Current Assets 2 531,763 511,029 532,375
Current assets
Debtors 134,296 135,233 154,033
Cash and cash equivalents 2,033 303,414 52,991
Total assets 668,091 949,676 739,399
Equity and liabilities
Equity
"A" Ordinary Share Capital 3 38,093 38,093 38,093
Ordinary Share Capital 3 53,309 53,309 53,309
Share Premium - Ord Shares 3 1,308,102 1,308,102 1,308,102
Retained Earnings (823,455) (502,545) (744,086)
Equity attributable to the owners of the
Company 576,049 896,959 655,418
Current Liabilities
Trade & Other Payables 92,043 52,717 83,981
Total liabilities 92,043 52,717 83,981
Total equity and liabilities 668,091 949,676 739,399
Unaudited Consolidated Statement of Changes
in Equity
for the period ended 31 December 2013
"A" Share
Ordinary Ordinary Premium
Share Share Ord Retained
Capital Capital Shares losses Total
Euro Euro Euro Euro Euro
Balance at 30 June
2012 38,093 53,309 1,308,102 (387,282) 1,012,222
Loss for the
Period - - - (356,804) (356,804)
Other
comprehensive loss
for the period - - - - -
Total
Comprehensive
loss for the
period 38,093 53,309 1,308,102 (744,086) 655,418
Issue of share
capital - - - - -
Balance at 30 June
2013 38,093 53,309 1,308,102 (744,086) 655,418
Loss for the
Period - - - (79,369) (79,369)
Other
comprehensive loss
for the period - - - - -
Total
Comprehensive
loss for the
period - - - (79,369) (79,369)
Issue of share
capital - - - - -
Share Issue costs - - - - -
Balance at
31 December 2013 38,093 53,309 1,308,102 (823,455) 576,049
Accounting policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated unaudited interim financial statements of IMC
Exploration Group Plc and its subsidiary have not been reviewed by the
auditor and have been prepared in accordance with International
Financial Reporting Standards ('IFRS') as adopted by the European Union
('EU'). In addition to complying with its legal obligation to comply
with IFRS as adopted for use in the EU, the Group has also complied with
IFRS as issued by the International Accounting Standards Board ('IASB').
NOTES TO AND FORMING PART OF THE INTERIM FINANCIAL
STATEMENTS
1. Loss per share
Basic loss per Ordinary Share amounts are calculated
by dividing net loss for the period
attributable to ordinary equity holders of the parent
by the weighted average number of Ordinary
Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used
in the calculation of basic and diluted
earnings per share is as follows:
31-Dec-13 31-Dec-12 30-Jun-13
Euro Euro Euro
Loss for the period attributable to equity holders
of the parent 79,369 165,042 356,804
Weighted average number of ordinary shares for the
purposes of basic earnings per share 53,128,507 45,560,330 53,128,507
Basic (loss) per ordinary share (0.001) (0.003) (0.007)
2. Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Cost Euro Euro Euro Euro
At 30 June 2012 357,802 4,925 - 362,727
Additions 166,922 1,200 38,738 206,861
At 30th June 2013 524,724 6,125 38,738 569,588
Additions - - - -
At 31 December 2013 524,724 6,125 38,738 569,588
Provision for diminution in
value
At 30 June 2012 - (985) - (985)
Charge for period - (1,225) (35,002) (36,227)
At 30th June 2013 - (2,210) (35,002) (37,212)
Charge for period - (613) - (613)
At 31 December 2013 - (2,823) (35,002) (37,825)
Net book value
At 31 December 2013 524,724 3,302 3,736 531,763
Expenditure on exploration activities is deferred
on areas of interest until a reasonable assessment
can be determined of the existence or otherwise of
economically recoverable reserves. No amortisation
has been charged in the period. The directors have
reviewed the carrying value of the exploration and
evaluation assets and consider it to be fairly stated
and not impaired at 31 December 2013. The recoverability
of the exploration and evaluation assets is dependent
on the successful development of the group's licence
areas.
3. Share capital - Group and
Company 31-Dec-13 31-Dec-12 30-Jun-13
Authorised equity Euro Euro Euro
200,000,000 Ordinary shares of
Euro 0.001 each 200,000 200,000 200,000
50,000 "A" Ordinary of one euro 50,000 50,000 50,000
250,000 250,000 250,000
Issued, called up and fully
paid: Number of Share
shares Capital Premium
Euro 0.001 Ordinary Shares Euro Euro
At 30 June 2012 53,308,507 53,309 1,308,102
(MORE TO FOLLOW) Dow Jones Newswires
April 01, 2014 11:00 ET (15:00 GMT)
Issued in period - - -
As at 30 June 2013 53,308,507 53,309 1,308,102
Issued in period - - -
As at 31 December 2013 53,308,507 53,309 1,308,102
Issued, called up and partly
paid: Number of Share Share
shares Capital Premium
One Euro A Ordinary Shares Euro Euro
At 30 June 2012 38,093 38,093 -
Issued in period - - -
As at 30 June 2013 38,093 38,093 -
Issued in period - - -
As at 31 December 2013 38,093 38,093 -
"A" Ordinary Shares have the right to receive notice
of and attend but not to vote at general
meetings, no right to a dividend, right to return
of capital but no further right to participate in
a distribution of assets of the
company.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
LHM Casey McGrath
Mr. Con Casey
Tel. Ireland: +353 1 495 9200
This email address is being protected from spambots. You need JavaScript enabled to view it.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: IMC Exploration Group Plc via Globenewswire
HUG#1773369
http://www.imcexploration.com
(END) Dow Jones Newswires
April 01, 2014 11:00 ET (15:00 GMT)
