TIDMMIO
RNS Number : 8760O
Minco PLC
24 August 2017
MINCO REPORTS INTERIM FINANCIAL RESULTS
FOR THE FIRST HALF OF 2017
Dublin, 24 August 2017 - Minco Plc (AIM - "MIO") ("Minco" or the
"Company") is pleased to announce its interim financial results for
the six-month period ended 30 June 2017.
This news release should be read in conjunction with the
Company's unaudited financial statements and the associated
management's discussion and analysis (MD&A) for the second
quarter and six months ended 30 June 2017 which are available on
the Company's website at www.mincoplc.com, under the "Financials"
section, or under the Company's profile on SEDAR
(www.sedar.com).
FINANCIAL RESULTS FOR FIRST HALF OF 2017
Minco recorded no revenue in the six-month periods ended June
30, 2017 or June 30, 2016.
For the six-month period ended June 30, 2017, the Company
recorded a loss of $360,000 compared to a loss of $513,000 for the
same period ended June 30, 2016. The loss for the six-month period
ended June 30, 2017 included a foreign exchange loss of $62,000,
compared to a foreign exchange loss of $98,000 for the same period
ended June 30, 2016.
For the three-month period ended June 30, 2017, the Company
recorded a loss of $141,000 compared to a loss of $87,000 for the
same quarter ended June 30, 2016. The loss for the three-month
period ended June 30, 2017 included a foreign exchange loss of
$30,000 compared to a foreign exchange gain of $61,000 for the same
period ended June 30, 2016.
During the period ended June 30, 2017, Minco invested $334,000
(2016- $264,000) on exploration of its mineral properties, of which
the largest amounts were expended on the Buchans zinc lead project
in central Newfoundland.
At June 30, 2017, Minco held $1,581,000 (2016- $2,351,000) in
cash and cash equivalents and had a working capital surplus of
$1,192,000, compared to a working capital surplus of $1,788,000 at
December 31, 2016.
BUCHANS BASE METAL EXPLORATION
___________________________________________________________________________________
Minco, through its wholly owned subsidiary Buchans Minerals,
continues to focus its exploration efforts on the Buchans zinc lead
project in central Newfoundland to explore for high-grade resources
that may positively impact open pit and underground development of
Buchan's Lundberg deposit.
During the first two quarters of 2017, the program of relogging
of historic archived drill cores to assess potential for discovery
of additional high-grade resources near the Lundberg deposit
continued. This program began in 2013 and to date has relogged 420
surface and underground drill holes totalling 58,431 metres of
archived drill core previously drilled within 1.5 kilometres of the
former Lucky Strike mine, and a further 51,893 metres in 165 holes
from other prospects located less than 4 kilometres from the
Lundberg deposit. Several target areas have been identified and are
undergoing further investigation by relogging and may be targeted
by follow-up diamond drilling later in 2017 or 2018.
In addition to relogging at Buchans, the Company undertook
limited relogging during the quarter to re-assess the Daniels Pond
deposit. This work included relogging 20 holes totalling 3,233
metres of core and may be expanded to include the Bobbys Pond
deposit during the second half of 2017. The work is being
undertaken in response to results generated by the metallurgical
research study completed jointly with Canadian Zinc in 2016 that
indicates selective zinc, lead and copper concentrates at
marketable grades can be produced from several deposits in the
district, including the Buchans's Daniels Pond and Bobbys Pond
deposits.
SALE OF CURRAGHINALT ROYALTY AND DEMERGER OF BUCHANS
On June 1, 2017 Minco announced, under Rule 2.5 of the Irish
Takeover Panel Act, Takeover Rules 2013, that Dalradian and Minco
had reached agreement on the terms of the acquisition of Minco's 2%
net smelter return royalty on the Curraghinalt gold deposit by
Dalradian (the "Royalty Disposal") in return for the issue of a
total of 15,490,666 new Dalradian Shares valued at
C$20,000,000.
The Royalty Disposal is structured as an offer by Dalradian for
the acquisition of the entire issued share capital of Minco (the
"Offer"). The Offer is being implemented by means of a scheme of
arrangement, under Section 450 of the Companies Act 2014 of Ireland
("Scheme"). As part of the Scheme, Minco will undertake a demerger
of its wholly owned subsidiary Buchans Resources Limited
("Buchans"), by way of a transfer in specie of the shares of
Buchans to Minco Shareholders (the "Demerger").
On 26 July 2017, Minco's shareholders voted to approve the
Scheme of Arrangement implementing the recommended Offer by
Dalradian for all of the share capital of Minco and the Demerger of
Buchans Resources Limited to Minco Shareholders.
The Court Hearing of the petition to sanction the Scheme is
scheduled to be heard on 28 August 2017.
Trading of Minco Shares on AIM has been suspended with effect
from 7.30 a.m. on 23 August 2017 and cancellation of Minco Shares
trading on AIM is expected to take effect from 7.00 a.m. on 31
August 2017.
Under the Scheme Minco shareholders will be issued 11,618,000
new Dalradian Shares which will represent 75% of the total shares
to be issued by Dalradian in connection with the Royalty
Disposal.
The balance of 3,872,666 new Dalradian Shares, being 25% of the
total, will be issued directly to Buchans, which would then be
wholly owned by Minco Shareholders.
Pursuant to the terms of the Offer each shareholder of Minco who
appears on the register of members of Minco at the Scheme Record
Time will be entitled to receive:
For each B Scheme Share: 0.0242982110 New Dalradian Shares
and as part of the Scheme, and upon the Demerger taking effect,
Scheme Shareholders will also be entitled to receive:
For each A Scheme Share: 0.02 Buchans Shares
(equivalent to 0.10 Buchans Shares for each Minco Share as at
the date of the Announcement).
Completion of the Offer and Demerger remains subject to
satisfaction or waiver of the other Conditions set out in the
Scheme Document including the sanction by the Court of the Scheme
at the Court Hearing.
ABOUT MINCO PLC
Minco Plc, incorporated in the Republic of Ireland and listed on
the AIM Market of the London Stock Exchange ("MIO"), is an
exploration and development company currently engaged in zinc-lead
exploration in Canada, the United Kingdom and Ireland, and is also
evaluating its Woodstock manganese project in New Brunswick,
Canada.
Minco also holds an approximate 26% shareholding in Xtierra
Inc., (TSXV:"XAG"), which holds mineral properties in Mexico, and a
2% NSR royalty on the Curraghinalt gold property in Northern
Ireland, currently being developed by Dalradian Resources Inc.
(TSX:"DNA").
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements
relating to, but not limited to, the Company's expectations,
intentions, plans and beliefs. Forward-looking information can
often be identified by forward-looking words such as "anticipate",
"believe", "expect", "goal", "plan", "intend", "estimate", "may"
and "will" or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Forward-looking
information may include reserve and resource estimates, estimates
of future production, unit costs, costs of capital projects and
timing of commencement of operations, and is based on current
expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not
limited to, failure to establish estimated resources and reserves
the grade and recovery of ore which is mined varying from
estimates, capital and operating costs varying significantly from
estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, delays in
the development of projects changes in exchange rates, fluctuations
in commodity prices, inflation and other factors. Forward-looking
statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from expected
results. Shareholders and prospective investors should be aware
that these statements are subject to known and unknown risks
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements. Shareholders are cautioned not to place undue reliance
on forward-looking information. By its nature, forward-looking
information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and
various future events will not occur. The Company undertakes no
obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Enquiries: info@mincoplc.com
John F. Kearney: Chairman & Chief Executive +1 416 362
6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606
034
Peter McParland: Director - Ireland +353 (0) 46 907 3709
Davy Corporate Finance (Financial advisor to Minco) +353 (0) 1
6796363
John Frain
Daragh O'Reilly
Important Notices
The Minco Directors accept responsibility for the information
contained in this announcement. To the best of the knowledge and
belief of the Minco Directors (who have taken all reasonable care
to ensure that such is the case) the information contained in this
announcement for which they are responsible is in accordance with
the facts and does not omit anything likely to affect the import of
such information.
Davy Corporate Finance, which is authorised and regulated in
Ireland by the Central Bank of Ireland, is acting for Minco and no
one else in relation to the Offer and the Demerger and will not be
responsible to anyone other than Minco for providing the
protections afforded to clients of Davy Corporate Finance nor for
providing advice in relation to the Offer and the Demerger or any
other matter referred to herein.
This announcement is not intended to, and does not, constitute
an offer or an invitation to purchase or subscribe for any
securities or the solicitation of an offer to purchase any
securities, pursuant to the Offer, the Demerger or otherwise.
The distribution of this announcement in or into certain
jurisdictions may be restricted by the laws of those jurisdictions.
Accordingly, copies of this announcement and all other documents
relating to the Offer, the Demerger and/or the Scheme are not
being, and must not be, released, published, mailed or otherwise
forwarded, distributed or sent in, into or from any Restricted
Jurisdiction. Persons receiving such documents (including, without
limitation, nominees, trustees and custodians) should observe these
restrictions. Failure to do so may constitute a violation of the
securities laws of any such jurisdiction.
Shareholders are advised to read the Scheme Document because it
contains important information relating to the Offer and the
Demerger. Any response in relation to the Offer and the Demerger
should be made only on the basis of the information contained in
the Scheme Document or any document by which the Offer, the
Demerger and/or the Scheme are made.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Irish Takeover Panel
Act, 1997, Takeover Rules 2013 (the "Takeover Rules"), if any
person is, or becomes, 'interested' (directly or indirectly) in, 1%
or more of any class of 'relevant securities' of Minco or
Dalradian, all 'dealings' in any 'relevant securities' of Minco or
Dalradian (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be
publicly disclosed by not later than 3:30 pm (Irish time) on the
'business' day following the date of the relevant transaction. This
requirement will continue until the date on which the Scheme
becomes effective or on which the 'offer period' otherwise ends. If
two or more persons co-operate on the basis of any agreement,
either express or tacit, either oral or written, to acquire an
'interest' in 'relevant securities' of Minco or Dalradian, they
will be deemed to be a single person for the purpose of Rule 8.3 of
the Takeover Rules.
Under the provisions of Rule 8.1 of the Takeover Rules, all
'dealings' in 'relevant securities' of Minco by Dalradian or
'relevant securities' of Dalradian by Minco, or by any party acting
in concert with either of them, must also be disclosed by no later
than 12 noon (Irish time) on the 'business' day following the date
of the relevant transaction.
A disclosure table, giving details of the companies in whose
'relevant securities' 'dealings' should be disclosed, can be found
on the website of the Irish Takeover Panel (the "Panel") at
www.irishtakeoverpanel.ie.
'Interests in securities' arise, in summary, when a person has
long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated
as having an 'interest' by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities.
Terms in quotation marks are defined in the Takeover Rules,
which can also be found on the Panel's website. If you are in any
doubt as to whether or not you are required to disclose a dealing
under Rule 8, please consult the Panel's website at
www.irishtakeoverpanel.ie or contact the Panel on telephone number
+353 1 678 9020 or fax number +353 1 678 9289.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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