PR Newswire
London, March 30
Imperial X Plc
("Imperial" or the "Company")
Unaudited interim report for the six months to 31 December 2020
Dear Shareholder,
I am pleased to present the unaudited financial results for Imperial X plc for the six months ended 31 December 2020.
During the period, the Company entered into a number of heads of agreement to acquire a platform of mineral assets, equity positions and royalty positions. The acquisitions will initiate the establishment of the Company as a new, growth-focused diversified project generator and natural resource royalty business. As the acquisitions are expected to constitute a reverse takeover, the Company’s shares were suspended from trading on AQSE. The Company entered into acquisition agreements to acquire these assets, equity positions and royalty positions on February 15, 2021. The Company also announced its intention to apply for its ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities.
In addition, the Company completed the first tranche of a non-brokered private placement by placing 14,739,737 shares of 0.1p each at a price of 2.5p per share for a total value of £340,725 net of expenses. Each placee also received one warrant for every two placing shares, resulting in 7,369,868 warrants issued which are exercisable at 5.0p per share at any time until 30 November 2022. The second tranche was completed after the period end.
Financial Position
The Group’s Statement of Financial Position as at 31 December 2020 and comparatives at 31 December 2019 and 30 June 2020 are summarised below:
| 31 Dec 2020 £ |
31 Dec 2019 £ |
30 June 2020 £ |
|
| Current assets | 206,327 | 209,348 | 74,448 |
| Total assets | 206,327 | 209,348 | 74,448 |
| Current liabilities | 140,911 | 129,743 | 110,024 |
| Total liabilities | 140,911 | 129,743 | 110,024 |
| Net assets | 65,416 | 79,605 | (35,576) |
Kyler Hardy
Chief Executive Officer
Imperial X plc –March 25, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2020
| 6 months to 31 Dec 2020 Unaudited £ |
6 months to 31 Dec 2019 Unaudited £ |
Year ended 30 June 2020 Audited £ |
|
| Continuing operations | |||
| Administrative expenses | (240,063) | (191,891) | (370,963) |
| Loss before taxation | (240,063) | (191,891) | (370,963) |
| Finance income – interest receivable | 330 | - | 1,010 |
| Income tax | - | - | - |
| Loss for the year attributable to the equity | |||
| shareholders of the parent | (239,733) | (191,891) | (369,953) |
| Other comprehensive income | |||
| Items that may be subsequently reclassified to | |||
| profit or loss | - | - | - |
| Other comprehensive income for the year, net | |||
| of tax | - | - | - |
| Total comprehensive income for the period/year attributable to the equity shareholders of the parent | (239,733) | (191,891) | (369,953) |
| Loss per share | |||
| Basic and diluted loss per share attributable to the equity shareholders of the parent (pence) | (0.41p) | (0.47p) | (0.81p) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020
| As at 31 Dec 2020 Unaudited |
As at 31 Dec 2019 Unaudited |
As at 30 June2020 Audited |
| £ | £ | £ | |
| ASSETS Total non-current assets Current assets |
- | - | - |
| Trade and other receivables | 95,674 | 30,034 | 40,018 |
| Cash and cash equivalents | 110,653 | 179,314 | 34,430 |
| Total current assets | 206,327 | 209,348 | 74,448 |
| TOTAL ASSETS | 206,327 | 209,348 | 74,448 |
| LIABILITIES | |||
| Current Liabilities | |||
| Trade and other payables | 140,911 | 129,743 | 110,024 |
| Total current liabilities | 140,911 | 129,743 | 110,024 |
| TOTAL LIABILITIES | 140,911 | 129,743 | 110,024 |
| NET ASSETS | 65,416 | 79,605 | (35,576) |
| EQUITY ATTRIBUTABLE TO OWNERS | |||
| OF THE COMPANY | |||
| Share capital | 242,326 | 221,703 | 227,586 |
| Share premium | 1,654,479 | 1,258,931 | 1,328,494 |
| Equity to be issued | 15,200 | 27,765 | 15,200 |
| Other reserve | 112,406 | 161,753 | 112,406 |
| Retained losses | (1,958,995) | (1,590,547) | (1,719,262) |
| TOTAL EQUITY | 65,416 | 79,605 | (35,576) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2020
| Share capital £ |
Share premium £ |
Equity to be issued £ |
Other reserves £ |
Retained losses £ |
Total Equity £ |
|
| At 1 July 2019 | 202,786 | 876,297 | 31,215 | 161,753 | (1,398,656) | (126,605) |
| Loss for the period | - | - | - | - | (191,891) | (191,891) |
| Other comprehensive income for the period | - | - | - | - | - | - |
| Total comprehensive income for the period | - | - | - | - | (191,891) | (191,891) |
| Issue of ordinary options | 18,917 | 382,634 | - | - | - | 401,551 |
| Equity to be issued – movement | - | - | (3,450) | - | - | (3,450) |
| Balance at 31 December 2019 | 221,703 | 1,258,931 | 27,765 | 161,753 | (1,590,547) | 79,605 |
| At 1 July 2020 | 227,586 | 1,328,494 | 15,200 | 112,406 | (1,719,262) | (35,576) |
| Loss for the period | - | - | - | - | (240,063) | (240,063) |
| Other comprehensive income for the period | - | - | - | - | 330 | 330 |
| Total comprehensive income for the period | - | - | - | - | (239,733) | (239,733) |
| Issue of shares – private placements | 14,740 | 325,985 | - | - | - | 340,725 |
| Equity to be issued | - | - | - | - | - | - |
| Balance at 31 December 2020 | 242,326 | 1,654,479 | 15,200 | 112,406 | (1,958,995) | 65,416 |
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2020
| 6 months to 31 Dec 2020 Unaudited |
6 months to 31 Dec 2019 Unaudited |
Year ended 30 June 2020 Audited |
|||||
| £ | £ | £ | |||||
| Cash flows from operating activities | (264,832) | (223,569) | (283,716) | ||||
| Net cash used in operating activities | (264,501) | (223,569) | (283,716) | ||||
| Cash flows from investing activities | |||||||
| Interest received | 330 | - | 1,010 | ||||
| Interest paid | - | - | (1,122) | ||||
| Cash flows generated from investing | |||||||
| activities | 330 | - | (112) | ||||
| Cash flows from financing activities | |||||||
| Repayment of loans | - | - | 446 | ||||
| Proceeds from issue of shares | 340,725 | 401,551 | 316,480 | ||||
| Cash Flows generated from financingactivities | 340,725 | 401,551 | 316,926 | ||||
| Net increase/(decrease) in cash and cash equivalents | 76,223 | 177,982 | 33,098 | ||||
| Cash and cash equivalents at beginning of the period | 34,430 | 1,332 | 1,332 | ||||
| Cash and cash equivalents at end of theperiod | 110,653 | 179,314 | 34,430 | ||||
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
The directors of the Company accept responsibility for this announcement.
- ENDS –
For additional information please contact:
Imperial X Plc
Kyler Hardy
Tel: +1 250 877 1394
khardy@cronincapital.com
Novum Securities Limited
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400
Blytheweigh
Tim Blythe / Megan Ray
Tel: +44 (0)207 138 3204
ABOUT IMPERIAL X PLC
Imperial X plc is looking to become a leading natural resource prospect generator, working across a wide array of projects that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by the new ‘Cloudbreak’ generator model enables a multi asset approach to investing. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of resource investing.
