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Amur Minerals Corporation released its interim results for the first six months of 2023, reporting the completion of the sale of its wholly owned subsidiary AO Kun-Manie on 6 March 2023 for US$35 million, which resulted in the company becoming an AIM Rule 15 cash shell. The company subsequently paid a special dividend of 1.8 pence per ordinary share, totalling GBP25.1 million, and reported cash reserves of US$6.3 million as of 30 June 2023. Trading in Amur Minerals' shares on AIM was suspended on 7 September 2023, as the required reverse takeover or re-admission as an investing company was not completed within six months of becoming a cash shell.
| Date | 25 Sept 2023 |
| Time | 07:00:05 |
| Category | Results |
| ID | 4404N |
25 September 2023
AMUR MINERALS CORPORATION
(AIM: AMC)
Interim Results 2023
Chairman's Statement
On behalf of Amur Minerals Corporation ("Amur" or the "Company" or the "Group"), I take this opportunity to update shareholders on the Company's progress during the first six months of 2023.
On 6 March 2023, we were pleased to announce that the Company had completed the sale of its wholly owned Russian Federation ("RF") subsidiary AO Kun-Manie along with its fully controlled Detailed Exploration and Mine Planning Licence ("DEMP"). The transaction grossed the Group a total of US$35 million allowing us to have recaptured our RF sunk costs. As a result of the sale, the Company no longer holds any assets in, or conducts any business in, the RF. The effect of the disposal of our RF subsidiary was to divest the Company of all of its trading business, activities and assets such that on completion of the disposal, the Company became an AIM Rule 15 cash shell.
The terms of the transaction were:
· The total consideration for the Transaction was US$35 million to be paid upon completion of the Transaction in US$.
· The divesture price represented a premium of 119% to the Group's market capitalisation of 3 August 2022 (GBP13.2 million) and 44% to the current Kun-Manie book value of US$24.3 million as at 31 December 2021 in Amur's latest annual report. The closing share price on 3 August 2022 was 0.89 pence per share.
· The Group pledged to pay a one-time special dividend of 1.8 pence per ordinary share within 90 days of receipt of the completion payment.
Dividend payment
We are also pleased to report that we have paid a one-time special dividend from the US$35 million payment for the sale of AO Kun-Manie. Paid at 1.8p per ordinary share, a total of GBP25.1 million (US$31.7 million at an exchange rate of 1.26 US$ to the UK Pound Sterling) was allocated.
As at the time of this announcement, dividends totalling GBP0.4 million remain unclaimed by shareholders and we urge these shareholders to complete the necessary steps, as detailed in the Company's news announcement on 24 May 2023, in order to receive payment of their dividend. In summary:
- Ordinary Shareholders (Certificated) are instructed to register their UK bank/building society account details with Link Registrars to receive the cashless dividend. Periodically, Link Registrars conducts a review to identify registered shareholders with payment being completed at a later date.
- Depository Interest Shareholders (CREST) must undertake the necessary election in CREST either online at https://www.signalshares.com or by phone by calling Link Group on 0371 664 0300 (UK) or +44 371 664 0300 (overseas). As with the Ordinary Shareholders, Link Registrars will conduct periodic reviews to identify registered shareholders with payment being completed at a later date.
If a shareholder does not register their bank/building society account details and/or elect to receive the payment in CREST on a timely basis, the unclaimed dividend will be held securely until the shareholder has registered the appropriate information with Link Registrars (Link).
Future Strategy
With the Group's sale of its AO Kun-Manie asset on 6 March 2023 and receipt of the US$35 million payment on 14 March 2023, the Group became a cash shell in accordance with AIM Rule 15 of the AIM Rules. To continue as a listed Group, the Group is now required to complete an acquisition or acquisitions which constitute(s) a Reverse Takeover (RTO) under AIM Rule 14 or be re-admitted on AIM as an investing company under the AIM Rules on or before the date falling six months from 6 March 2023.
As neither a reverse takeover nor readmission to trading on AIM as an investing company was fully completed within that timeframe, trading in the Company's shares on AIM was suspended on 7 September 2023.
Trading will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at a General Meeting of the Company, or the Company is readmitted to trading on AIM as an investing company.
The board of Amur continues to review a number of reverse takeover opportunities. Geographically, these have been located in Canada, the US, Scandinavia, Spain, Brazil, Peru, Chile, Ghana, Mali, Kenya and Australia. Commodities have included potash, silica, alumina, copper, nickel, gold, silver, metallurgical coking coal, energy fuels substitutes, lime and lithium. A total of 17 opportunities have been considered.
During the course of our investigation, we have also been contacted by two non-mineral resource companies. Discussions with these more financially advanced entities indicate there is potential for us to move into Artificial Intelligence / Entertainment, Financial Services or other sectors. These warrant further investigation and we have therefore expanded our RTO investigation of opportunities beyond the mineral resource sector.
We shall continue to explore viable options for an RTO and will make further announcement in due course. We recognise it may be a source of frustration for shareholders that we cannot report on specific counterparties, the nature of our discussions, and the ongoing processes in more detail. This reflects the regulatory regime and the many confidentiality agreements that govern this activity. However, although there can be no guarantees, all Board members are engaged in contributing towards a successful outcome to this process, and we look forward to providing our shareholders with further updates as appropriate.
Financial Overview
As at 30 June 2023 the Group had cash reserves of US$6.3 million, up from US$5.3 million at the end of 2022, and has an additional US$1 million restricted cash, held in a mandatory short-term deposit with the Company's bank. Cash reserves as at 30 June 2023 also include an amount of US$1.9 million held in relation to unpaid shareholder dividends. The Company remains debt free.
Administration expenses for the first half of 2023 from continuing operations totalled US$2.0 million (H1 2022: US$1.7 million) which comprised of insurance costs of US$0.2 million (H1 2022: US$0.1 million), professional fees incurred in relation to the sale of AO Kun-Manie of US$0.7 million (H1 2022: US$0.6 million) and Directors fees of US$0.2 million (H1 2022: US$0.2 million).
The Group also recognised a loss from discontinued operations totalling US$7.2 million. Included in the loss from discontinued operations is a currency translation loss of US$17.9 million, comprised of accumulated foreign currency losses recognised since the acquisition of AO Kun-Manie, which are required to be reclassified to comprehensive income from the foreign currency translation reserve upon disposal of the subsidiary.
The Group also recognised a US$0.7 million gain on translation of foreign operations (H1 2022: translation loss of US$8.5 million), and expenditure on exploration was US$nil (H1 2022: US$0.3 million).
Mr. Robert Schafer
Chairman of the Board
22 September 2023
|
|
Note |
Unaudited 30 June 2023 |
|
Unaudited 30 June 2022 |
|
Audited 31 December 2022 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Other receivables |
|
469 |
|
36 |
|
63 |
|
|
Financial assets |
5 |
1,000 |
|
- |
|
- |
|
|
Cash and cash equivalents |
|
6,314 |
|
5,305 |
|
3,483 |
|
|
|
|
7,783 |
|
5,341 |
|
3,546 |
|
|
Non-current assets classified as held for sale |
7 |
- |
|
33,038 |
|
25,195 |
|
|
Total assets |
|
7,783 |
|
38,379 |
|
28,741 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade and other payables |
8 |
3,235 |
|
1,120 |
|
745 |
|
|
|
|
3,235 |
|
1,120 |
|
745 |
|
|
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
Rehabilitation provision |
|
- |
|
3 |
|
- |
|
|
Total non-current liabilities |
|
- |
|
3 |
|
- |
|
|
Liabilities directly associated with non-current assets classified as held for sale |
7 |
- |
|
262 |
|
176 |
|
|
Total liabilities |
|
3,235 |
|
1,386 |
|
921 |
|
|
Net assets |
|
4,548 |
|
36,993 |
|
27,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
10 |
80,794 |
|
80,794 |
|
80,794 |
|
|
Share premium |
|
4,278 |
|
4,278 |
|
4,278 |
|
|
Foreign currency translation reserve |
|
2 |
|
(9,124) |
( |
(17,235) |
|
|
Share options reserve |
|
512 |
|
512 |
|
512 |
|
|
Accumulated deficit |
|
(81,038) |
|
(39,467) |
|
(40,529) |
|
|
Total equity |
|
4,548 |
|
36,993 |
|
27,820 |
|
|
|
|
|
|
|
|
|
|
|
Note |
Unaudited 6 Months ended 30 June 2023 |
|
Unaudited 6 Months ended 30 June 2022 |
|
Audited Year ended 31 December 2022 |
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
(1,969) |
|
(1,714) |
|
(2,605) |
|
|
|
|
|
|
|
|
|
Operating loss |
|
(1,969) |
|
(1,714) |
|
(2,605) |
|
|
|
|
|
|
|
|
|
Profit/(Loss) before tax |
|
(1,969) |
|
(1,714) |
|
(2,605) |
|
|
|
|
|
|
|
|
|
Tax expense |
|
- |
|
- |
|
- |
|
Loss for the year from continuing operations |
|
(1,969) |
|
(1,714) |
|
(2,605) |
|
Loss from discontinued operations - assets sold |
7 |
(7,256) |
|
- |
|
- |
|
Loss from discontinued operations - assets held for sale |
7 |
- |
|
(237) |
|
(408) |
|
|
|
|
|
|
|
|
|
Profit/ (Loss) for the period / year attributable to owners of the parent |
|
(9,225) |
|
(1,951) |
|
(3,013) |
|
|
|
|
|
|
|
|
|
Other Comprehensive (loss) / income: |
|
|
|
|
|
|
|
Items that could be reclassified to profit or loss |
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
(724) |
|
8,488 |
|
377 |
|
Exchange differences reclassified to profit or loss on disposal of foreign subsidiaries |
|
17,961 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) / income for the period / year attributable to owners of the parent |
|
8,012 |
|
6,537 |
|
(2,636) |
|
|
|
|
|
|
|
|
|
Loss per share (cents) from continuing operations attributable to owners of the Parent - Basic & Diluted
|
4
|
US (0.14) |
|
US (0.12) |
|
US (0.19) |
|
Earnings per share (cents) from discontinued operations attributable to owners of the Parent - Basic & Diluted |
4 |
US (0.52) |
|
US (0.02) |
|
US (0.03) |
|
|
|
|
|
|
|
|
|
|
|
Unaudited 6 Months ended 30 June 2023 |
|
Unaudited 6 Months ended 30 June 2022 |
|
Audited Year ended 31 December 2022 |
|
Cash flows used in operating activities: |
|
|
|
|
|
|
|
Payments to suppliers and employees |
|
(9,132) |
|
(1,433) |
|
(3,358) |
|
Loss on sale of investments |
|
7,003 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Net cash outflow from operating activities |
|
(2,129) |
|
(1,433) |
|
(3,358) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow used in investing activities: |
|
|
|
|
|
|
|
Payments for exploration expenditure |
|
- |
|
(327) |
|
(327) |
|
Cash held with available for sale financial assets |
|
- |
|
- |
|
141 |
|
Cash held on deposit |
|
(1,000) |
|
|
|
|
|
Sale of investments in subsidiaries |
|
35,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
34,000 |
|
(327) |
|
(186) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
|
|
Cash received on issue of shares, net of issue costs |
|
- |
|
345 |
|
345 |
|
Dividends paid |
|
(29,293) |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Net cash generated from financing activities |
|
(29,293) |
|
345 |
|
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
|
2,578 |
|
(1,415) |
|
(3,199) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period / year |
|
3,667 |
|
6,682 |
|
6,682 |
|
Effect of foreign exchange rates |
|
69 |
|
38 |
|
- |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period / year |
|
6,314 |
|
5,305 |
|
3,483 |
|
|
|
|
|
|
|
|
|
|
Share capital |
Share premium |
Foreign currency translation reserve |
Share options reserve |
Accumulated deficit |
Total |
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
80,794 |
4,278 |
(17,235) |
512 |
(40,529) |
27,820 |
|
Loss for the period |
- |
- |
- |
- |
(9,225) |
(9,225) |
|
Exchange differences on translation of foreign operations |
- |
- |
(724) |
- |
- |
(724) |
|
Exchange differences reclassified to profit or loss on disposal of foreign subsidiaries |
- |
- |
17,961 |
- |
- |
17,961 |
|
Total comprehensive income for the period |
- |
- |
17,237 |
- |
(9,225) |
8,012 |
|
Dividends declared |
- |
- |
- |
- |
(31,284) |
(31,284) |
|
|
|
|
|
|
|
|
|
At 30 June 2023 (unaudited) |
80,794 |
4,278 |
2 |
512 |
(81,038) |
4,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
80,449 |
4,278 |
(17,612) |
512 |
(37,516) |
30,111 |
|
Profit for the period |
- |
- |
- |
- |
- |
- |
|
Exchange differences on translation of foreign operations |
- |
- |
8,488 |
- |
(1,951) |
6,537 |
|
Total comprehensive income for the period |
- |
- |
8,488 |
- |
(1,951) |
6,537 |
|
Issue of share capital |
345 |
- |
- |
- |
- |
345 |
|
Costs of issue |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
At 30 June 2022 (unaudited) |
80,794 |
4,278 |
(9,124) |
512 |
(39,467) |
36,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
80,449 |
4,278 |
(17,612) |
512 |
(37,516) |
30,111 |
|
Loss for the year |
- |
- |
- |
- |
(3,013) |
(3,013) |
|
Exchange differences on translation of foreign operations |
- |
- |
377 |
- |
- |
377 |
|
Total comprehensive loss for the period |
- |
- |
377 |
- |
(3,013) |
(2,636) |
|
Exercise of warrants |
345 |
- |
- |
- |
- |
345 |
|
|
|
|
|
|
|
|
|
At 31 December 2022 (audited) |
80,794 |
4,278 |
(17,235) |
512 |
(40,529) |
27,820 |
(Amounts in thousands of US Dollars)
Amur Minerals Corporation (the "Company" or the "Group") is a company domiciled in the British Virgin Islands. The consolidated interim financial information as at and for the six months ended 30 June 2023 comprise the results of the Company and its subsidiaries (together referred to as the "Group").
The consolidated financial statements of the Group for the year ended 31 December 2022 are available upon request from the Company's registered office at Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands or at www.amurminerals.com.
2. BASIS OF PREPARATION
The financial information set out in this report is based on the consolidated financial information of Amur Minerals Corporation and its subsidiary companies. The financial information of the Group for the 6 months ended 30 June 2023 was approved and authorised for issue by the Board on 22 September 2023. The interim results have not been audited. This financial information has been prepared in accordance with the accounting policies that are expected to be applied in the Report and Accounts of Amur Minerals Corporation for the year ended 31 December 2022 and are consistent with the recognition and measurement requirements of IFRS as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). The auditor's report on the Group accounts to 31 December 2022 was issued with a clean audit opinion with an emphasis of matter. The comparative information for the full year ended 31 December 2022 is not the Group's full annual accounts for that period but has been derived from the annual financial statements for that period.
The consolidated financial information incorporates the results of Amur Minerals Corporation and its subsidiaries undertakings as at 30 June 2023. The corresponding amounts are for the year ended 31 December 2022 and for the 6 month period ended 30 June 2022.
The Group financial information is presented in US Dollars ('US$') and values are rounded to the nearest thousand Dollars.
The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2023, and will be adopted in the 2023 annual financial statements.
A number of new standards, amendments and became effective on 1 January 2023 and have been adopted by the Group. None of these standards have materially affected the Group.
3. GOING CONCERN
On 6 March 2023 the Company completed the sale of its wholly owned subsidiary AO Kun-Manie for cash consideration of US$35 million and on 14 June 2023, the Company paid a Special Dividend of 1.8p (GBP) per share to its shareholders. The Company retained sufficient funds from to the sale proceeds, plus pre-existing funds to be used to acquire another project via an RTO.
The Group is currently assessing a number of suitable RTO opportunities, however, as neither a reverse takeover nor readmission to trading on AIM as an investing company was completed by 6 September 2023, trading in the Company's shares on AIM suspended on 7 September 2023. Should an RTO not be completed within six months from suspension, the Company will be delisted on 8 March 2024.
The Directors have reviewed the Group's cash flow forecast for the period to 30 June 2024 and believe the Group has sufficient cash resources to cover planned and committed expenditures over the period. The Directors also believe that the Group has sufficient cash reserves to successfully complete an RTO within the required timeframe.
The Directors are confident that throughout the going concern forecast period the Group will have sufficient funds to meet obligations as they fall due, and thus, the Directors continue to prepare the consolidated financial statements on a going concern basis.
4. PROFIT/(LOSS) PER SHARE
Basic and diluted profit/(loss) per share is calculated and set out below. The effects of warrants and share options outstanding at the period end are anti-dilutive as they will serve to reduce the profit/(loss) per share. A total of 4.1 million potential ordinary shares have therefore been excluded from the following calculations:
|
|
Unaudited 6 Months ended 30 June 2023 |
|
Unaudited 6 Months ended 30 June 2022 |
|
Audited Year ended 31 December 2022 |
|
|
|
|
|
|
|
|
Net loss for the year from continued operations attributable to equity shareholders |
(1,969) |
|
(1,714) |
|
(2,605) |
|
|
|
|
|
|
|
|
Weighted average number of shares for the period/year |
1,391,636,698 |
|
1,390,380,602 |
|
1,391,636,698 |
|
|
|
|
|
|
|
|
Basic profit/(loss) per share for continued operations (expressed in cents) |
US (0.14) |
|
US (0.12) |
|
US (0.19) |
|
Net loss for the year from discontinued operations attributable to equity shareholders |
(7,256) |
|
(237) |
|
(408) |
|
|
|
|
|
|
|
|
Weighted average number of shares for the period/year |
1,391,636,698 |
|
1,390,380,602 |
|
1,391,636,698 |
|
|
|
|
|
|
|
|
Basic profit/(loss) per share for discontinued operations (expressed in cents) |
US (0.52) |
|
US (0.02) |
|
US (0.03) |
Included in financial assets is US$1,000,000 held as a mandatory short-term deposit with the Company's bank. The funds become unrestricted and available for use on 6 March 2024.
On 6 March 2023, Amur sold its wholly owned RF subsidiary AO Kun-Manie for total cash consideration of US$35 million. The Group derecognized the assets and liabilities of AO Kun-Manie as at this date and recognized a loss on the sale of its subsidiary of US$7,002,937 which can be further broken down as follows:
|
|
US$'000 |
|
Cash consideration |
35,000 |
|
FV of net assets at date of sale |
(24,640) |
|
Cumulative translation losses crystalised upon disposal |
(17,363) |
|
Loss on sale of subsidiary |
(7,003) |
Included in the net assets of AO Kun-Manie was a loan owing to Amur of US$28,630,000 which was settled in full upon sale.
AO Kun-Manie recorded a loss for the period to 6 March 2023 of US$253,000 which has been included in discontinued operations.
The financial performance and cash flow information of the discontinued operation is shown in Note 6.
As at 31 December 2022 and 30 June 2022, the Directors determined that AO Kun-Manie should be classified as an asset held for sale in accordance with IFRS 5.
The Directors undertook an impairment assessment of the disposal group's assets in accordance with IFRS 5 and concluded that the asset's fair value less costs to sell was in excess of their carrying value. As such, no impairment has been recognised.
The financial performance and cash flow information of the discontinued operation is as follows;
|
|
Unaudited 6 Months ended 30 June 2023 |
Unaudited 6 Months ended 30 June 2022 |
Audited Year ended 31 December 2022 |
||
|
Administration expenses |
(253) |
(236) |
(403) |
||
|
Loss on sale of subsidiary |
(7,003) |
- |
- |
||
|
Loss before tax from discontinued operations |
(7,256) |
(236) |
(403) |
||
|
Taxation |
- |
(1) |
(5) |
||
|
Loss from discontinued operations |
(7,256) |
(237) |
(408) |
||
|
|
|
|
|
||
|
Net cash flows used in operating activities Net cash flows from financing activities Net cash flows from investment activities |
(45) - 34,912 |
(69) - (327) |
(18) 623 (511) |
||
|
Net decrease in cash used in disposal group |
34,867 |
(396) |
94 |
||
The following assets were reclassified as held for sale in relation to the discontinued operation:
|
|
Unaudited 6 Months ended 30 June 2023 |
Unaudited 6 Months ended 30 June 2022 |
Audited Year ended 31 December 2022 |
|
Plant and machinery |
62 |
143 |
109 |
|
Exploration |
24,654 |
32,773 |
24,915 |
|
Cash |
66 |
75 |
141 |
|
Inventory |
16 |
41 |
24 |
|
Trade and other debtors |
18 |
6 |
6 |
|
Disposal of subsidiary |
(24,816) |
- |
- |
|
Total assets of disposal group held for sale |
- |
33,038 |
25,195 |
The following liabilities were reclassified as held for sale in relation to the discontinued operation:
|
|
Unaudited 6 Months ended 30 June 2023 |
Unaudited 6 Months ended 30 June 2022 |
Audited Year ended 31 December 2022 |
|
Provisions |
113 |
156 |
119 |
|
Trade payables |
- |
23 |
- |
|
Accruals |
55 |
62 |
55 |
|
Other payables |
8 |
21 |
2 |
|
Disposal of subsidiary |
(176) |
- |
- |
|
Total liabilities of disposal group held for sale |
- |
262 |
176 |
|
|
Unaudited 6 Months ended 30 June 2023 |
Unaudited 6 Months ended 30 June 2022 |
Audited Year ended 31 December 2021 |
|
Trade payables |
377 |
191 |
131 |
|
Accruals |
866 |
519 |
614 |
|
Other payables |
1,992 |
410 |
- |
|
Total liabilities of disposal group held for sale |
3,235 |
1,120 |
745 |
Other payables as at 30 June 2023 includes an amount of US$1.9 million in relation to unpaid shareholder dividends.
Options:
No options were granted during the period ended 30 June 2023 or 30 June 2022.
At 30 June 2023 the following options were outstanding at the beginning and end of the period:
|
Outstanding at 1 January 2023 |
30,000,000 |
|
Granted |
- |
|
Exercised |
- |
|
Expired |
(30,000,000) |
|
Vesting |
- |
|
Outstanding at 30 June 2023 |
- |
The fair value of the options is estimated at the grant date using a Black-Scholes model, taking into account the terms and conditions on which the options were granted. This uses inputs for share price, exercise price, expected volatility, option life, expected dividends and risk-free rate.
The share price is the price at which the shares can be sold in an arm's length transaction between knowledgeable, willing parties and is based on the mid-market price on the grant date. The expected volatility is based on the historic performance of Amur Minerals shares on the Alternative Investment Market of the London Stock Exchange. The option life represents the period over which the options granted are expected to be outstanding and is equal to the contractual life of the options. The risk-free interest rate used is equal to the yield available on the principal portion of US Treasury Bills with a life similar to the expected term of the options at the date of measurement.
The total charge arising from outstanding options for the period was US$nil (H1 2022: US$nil; December 2022: US$nil).
Warrants:
No warrants were granted during the period ended 30 June 2022 or 30 June 2021.
At 30 June 2023 the following warrants were outstanding at the beginning and end of the period:
|
Outstanding at 1 January 2023 |
8,829,270 |
|
Granted |
- |
|
Exercised |
- |
|
Expired |
(4,723,776) |
|
|
|
|
Outstanding at 30 June 2023 |
4,105,494 |
There was no charge arising from outstanding warrants for the period (H1 2022: nil; December 2022: nil).
|
|
Unaudited 30 June 2023 |
|
Unaudited 30 June 2022 |
|
Audited 31 December 2022 |
|
Number of Shares (no par value): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorised |
2,000,000,000 |
|
2,000,000,000 |
|
2,000,000,000 |
|
|
|
|
|
|
|
|
Total issued |
1,392,872,315 |
|
1,392,872,315 |
|
1,379,872,315 |
For the purposes of these financial statements, entities are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 "Related Party Disclosures". In addition, other parties are considered to be related if they are under common control. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.
Details of transactions between the Group and related parties are disclosed below.
Compensation of Key Management Personnel
Key management personnel are considered to be the Directors and senior management of the Group:
|
|
Unaudited 6 Months ended 30 June 2023 |
|
Unaudited 6 Months ended 30 June 2022 |
|
Audited Year ended 31 December 2022 |
|
|
|
|
|
|
|
|
Salaries and fees |
237 |
|
249 |
|
486 |
|
Share-based payments |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
237 |
|
249 |
|
486 |
Following the disposal of the Company's AO Kun-Manie subsidiary, Amur became classified as an AIM Rule 15 cash shell from that date, and as such was required to make an acquisition or acquisitions which would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies, or be re-admitted on AIM as an investing company under the AIM Rules on or before the date falling six months from 6 March 2023.
As neither a reverse takeover nor readmission to trading on AIM as an investing company had been completed by 7 September 2023, trading in the Company's shares on AIM was suspended.
Copies of this interim report for the six months ended 30 June 2023 will be available from the Company's website www.amurminerals.com.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Enquiries:
|
Company Amur Minerals Corp. |
Nomad and Broker S.P. Angel Corporate Finance LLP |
Public Relations BlytheRay |
|
Robin Young CEO |
Richard Morrison Adam Cowl |
Megan Ray Tim Blythe |
|
+1 (925) 408-4621 |
+44(0)20 3470 0470 |
+44 (0) 20 7138 3203 |