IMC EXPLORATION GROUP PLC
LSE : IMCP

March 31, 2014 02:00 ET

Half Yearly Report

31 March 2014

IMC Exploration Group Plc
("IMC" or the "Company")

Unaudited Consolidated Interim Results for the six months ended 31st December 2013

Statement by the Board

Dear Shareholder,

The directors of IMC Exploration Group Plc are pleased to present the Unaudited Consolidated Interim Financial Results for ('IMC') for the six months to 31st 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

/T/

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" Ordinary    Ordinary       Share                        
                       Share       Share Premium 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
                ------------------------------------------------------------

/T/

Accounting policies

Basis of Preparation

The financial statements have been prepared on a historical cost basis. The financial statements are presented in Euro. 

(a) 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: 

/T/

                                                                            
                                     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
                        ----------------------------------------------------

/T/

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.

/T/

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
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              -
                               ---------------------------------------------

/T/

"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 
con.casey@lhmcaseymcgrath.ie 

Contact Information

  • IMC EXPLORATION GROUP PLC