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DJ Equatorial Mining & Exploration PLC Half-year Report

TIDMEM.P

RNS Number : 6080K

Equatorial Mining & Exploration PLC

22 September 2016

EQUATORIAL MINING AND EXPLORATION PLC

("EME" OR THE "COMPANY")

CHAIRMAN'S STATEMENT

Interim Results for the six months ended 30th June 2016

I have pleasure in announcing our interim figures for the six months ended 30 June 2016.

In our last statement at the time of the AGM, we announced that efforts were still underway to secure additional funding for exploration of the coal licences which we control. We have had only partial success, and I'm pleased to report that our warrant holders, including me, are in the process of exercising, thus bringing a small amount of vital funding into the company.

In terms of coal exploration, with limited available funding we have been unable to progress to undertake a reasonable core drilling programme, and therefore have no operational results to report. It remains unproven whether we have commercially viable coal within our tenements, which requires further exploration to determine. Without this knowledge, we have come to the realisation that investor sentiment is not positive on the region or sector.

Accordingly, the board is considering other minerals and other countries which might be of greater interest and has started early exploratory talks with a range of parties. The minerals in discussion include gold, anthracite, diamonds and specialist metals.

Notwithstanding the above activity, we remain close to the ground in Nigeria and committed to finding opportunities to the benefit of EME. This includes other sites with clear evidence of commercial coal.

We shall keep shareholders carefully apprised of developments.

22nd September 2016

Enquiries:

 
 Equatorial Mining & Exploration 
  Plc:                                nelson@nexfin.org.uk 
  Nicholas Nelson, Executive 
  Chairman 
---------------------------------  ----------------------- 
 ISDX Adviser and Broker 
  Alexander David Securities 
  James Dewhurst                      +44 (0) 207 448 9820 
---------------------------------  ----------------------- 
 

The Directors take responsibility for this announcement.

EQUATORIAL MINING AND EXPLORATION PLC

UNAUDITED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2016

 
                                          6 Months           6 Months            Year to 
                                                to                 to        31 December 
                                           30 June            30 June               2015 
                                              2016               2015 
                                           GBP'000            GBP'000            GBP'000 
 
 Administrative expenses                     (132)              (316)              (746) 
 
 Share-based compensation                        -                  -               (63) 
                                  ----------------   ----------------   ---------------- 
 Profit/(loss) from operations               (132)              (316)              (809) 
 
 Investment income (expense)                   (7)                  -                (2) 
                                  ----------------   ----------------   ---------------- 
 Profit/(loss) before taxation               (139)              (316)              (811) 
 
 Taxation                                        -                  -                  - 
                                  ----------------   ----------------   ---------------- 
 Profit/(loss) from continuing 
  operations                                 (139)              (316)              (811) 
 
 
 Earnings/(loss) per share 
  (note 3) 
 
 Basic and diluted (pence)                 (0.003)            (0.009)            (0.020) 
 
 
 

EQUATORIAL MINING AND EXPLORATION PLC

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED

30 JUNE 2016

 
                               6 Months   6 Months        Year to 
                                     to         to    31 December 
                                30 June    30 June           2015 
                                   2016       2015 
                                GBP'000    GBP'000        GBP'000 
 
 Profit/(loss) for the 
  period                          (139)      (316)          (811) 
 
 
 
 Total comprehensive income       (139)      (316)          (811) 
 
 

EQUATORIAL MINING AND EXPLORATION PLC

UNAUDITED STATEMENT OF CHANGES FOR THE SIX MONTHS ENDED

30 JUNE 2016

 
                                                                         Share-based      Investments 
                            Share            Share         Retained     compensation           in own 
                          capital          premium         earnings          reserve           shares            Total 
                          GBP'000          GBP'000          GBP'000          GBP'000          GBP'000          GBP'000 
 
 Balance as 
  at 1 January 
  2016                        476            1,204          (2,244)               71             (79)            (572) 
 
 Total 
  recognised 
  income and 
  expense for 
  the period                    -                -            (139)                -                -            (139) 
                   --------------   --------------   --------------   --------------   --------------   -------------- 
 Balance at 
  30 June 2016                476            1,204          (2,383)               71             (79)            (711) 
 
 
 
 Balance as 
  at 1 January 
  2015                        273            1,638          (1,586)              198                -              523 
 
 Total 
  recognised 
  income and 
  expense for 
  the period                    -                -            (316)                -                -            (316) 
 
 Cancellation 
  of share-based 
  compensation                  -                -                -             (37)                -             (37) 
 
 Issue of new 
  shares                      154                -                -                -                -              154 
 
 Arising on 
  cancellation 
  of shares 
  issued in 
  2014                       (36)            (469)                -                -               36            (469) 
                   --------------   --------------   --------------   --------------   --------------   -------------- 
 Balance at 
  30 June 2015                391            1,169          (1,902)              161               36            (145) 
 
 
 
 
 

EQUATORIAL MINING AND EXPLORATION PLC

UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

 
                                            As at              As at              As at 
                                          30 June            30 June        31 December 
                                             2016               2015               2015 
                                          GBP'000            GBP'000            GBP'000 
 Assets 
 Current assets 
 
 Trade and other receivables                   81                 58                 21 
 Cash and cash equivalents                     46                 26                 24 
                                 ----------------   ----------------   ---------------- 
 Total assets                                 127                 84                 45 
 
 Equity and liabilities 
 
 Share capital                                476                391                476 
 Investment in own shares                    (79)                 36               (79) 
 Share premium account                      1,204              1,169              1,204 
 Share-based compensation 
  reserve                                      71                161                 71 
 Retained earnings                        (2,383)            (1,902)            (2,244) 
                                 ----------------   ----------------   ---------------- 
 Total equity                               (711)              (145)              (572) 
 
 Current liabilities 
 Trade and other payables                     478                229                617 
 
 Long term liabilities 
 Convertible loan                             360                  -                  - 
 
                                 ----------------   ----------------   ---------------- 
 Total equity and liabilities                 127                 84                 45 
 
 
 

EQUATORIAL MINING AND EXPLORATION PLC

UNAUDITED STATEMENT OF CASH FLOWS FOR SIX MONTHS ENDED

30 JUNE 2016

 
                                          6 Months           6 Months            Year to 
                                                to                 to        31 December 
                                           30 June            30 June               2015 
                                              2016               2015 
                                           GBP'000            GBP'000            GBP'000 
 
 Cash flows from operating 
  activities 
 
 Profit/(Loss) before income 
  tax                                        (139)              (316)              (811) 
 
 Share-based compensation                        -                  -              (132) 
 
 Finance income (cost)                           7                  -                  2 
                                  ----------------   ----------------   ---------------- 
 Operating cash flows before 
  movement in working capital 
  and provisions                             (132)              (316)              (941) 
 
 (increase)/decrease in 
  trade and other receivables                 (60)                 42                 45 
 
 (Decrease)/increase in 
  trade and other payables                   (139)                102                513 
                                  ----------------   ----------------   ---------------- 
 Net cash used in operating 
  activities                                 (331)              (172)              (383) 

(MORE TO FOLLOW) Dow Jones Newswires

September 22, 2016 11:44 ET (15:44 GMT)

DJ Equatorial Mining & Exploration PLC Half-year -2-

                                  ----------------   ----------------   ---------------- 
 
 Cash flows from investing                                                             - 
  activities 
 Interest received                               2                  -                  - 
 Interest paid                                 (9)                  -                (2) 
 Investment in own issued 
  share capital                                  -                                    79 
                                  ----------------   ----------------   ---------------- 
 Net cash generated from 
  investing activities                         (7)                  -                 77 
                                  ----------------   ----------------   ---------------- 
 
 Cash flows from financing 
  activities 
 Increase in shareholder                       360                  -                  - 
  loans 
 Issue of new shares                             -                140                272 
                                  ----------------   ----------------   ---------------- 
                                               360                140                272 
                                  ----------------   ----------------   ---------------- 
 
 Net decrease in cash and 
  cash equivalents                              22               (32)               (34) 
 
 Net cash and cash equivalents 
  at beginning of period                        24                 58                 58 
                                  ----------------   ----------------   ---------------- 
 Net cash and cash equivalents 
  at end of period                              46                 26                 24 
 
 
 

EQUATORIAL MINING AND EXPLORATION PLC

NOTES TO THE ACCOUNTS

FOR SIX MONTHS ENDED 30 JUNE 2016

   1.   Basis of preparation of interim report 

The financial information for the period ended 30 June 2016 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months ended 31 December 2015. A copy of the statutory accounts for the period has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.

   2.   Going concern 

The Directors are of the opinion that the financial information should be prepared on a going concern basis.

.

   3.   Earnings/(loss) per share 

Basic earnings/(loss) per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.

For diluted earnings/(loss) per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.

The calculation of basic and diluted earnings/(loss) per share is based on the following figures.

 
                                   6 Months          6 Months           Year to 
                                         to                to       31 December 
                                    30 June           30 June              2015 
                                       2016              2015 
                                    GBP'000           GBP'000           GBP'000 
 
 Total profit/(loss) 
  for the period                      (139)             (316)             (811) 
 
                                     Number            Number            Number 
 
 Weighted average number 
  of shares 
  - basic                     4,756,941,670     3,490,566,557     4,030,228,807 
 
 Basic earnings/(loss) 
  per shares                       (0.003p)          (0.009p)          (0.020p) 
 
 Diluted earnings/(loss) 
  per share                        (0.003p)          (0.009p)          (0.020p) 
 
 
   4.   Reports 

Copies of this announcement will be available for members of the public at the Company's registered office: Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR SEUFIEFMSEDU

(END) Dow Jones Newswires

September 22, 2016 11:44 ET (15:44 GMT)