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DJ Imperial Minerals Plc Final Results and Notice of AGM

 
TIDMIMPP 
 
Imperial Minerals Plc 
 
                  ("Imperial", the "Group" or the "Company") 
 
 Audited Results for the Year Ended 30 June 2016 and Notice of Annual General 
                                    Meeting 
 
Put bluntly, the period has been a challenging one for our Company.  Continued 
weak market sentiment towards smaller, pre revenue natural resources projects 
coupled with turbulent greater macro investment issues (such as Britain's 
decision to leave the European Union) have made pathway and funding 
alternatives for ISDX Growth Market micro-cap companies most difficult. 
 
In an attempt to break away from the crowd, Imperial spent much of its time 
this year looking at more "left field" resource projects and has been far more 
focused on understanding the likelihood of project fundability before 
committing precious resources to securing these opportunities. 
 
The bulk of Imperial's energies were expended on pursuing a Welsh 
hydro-electric energy project and resulted in a conditional offer to buy the 
project. Alas, despite a number of site visits, exhaustive vendor negotiations, 
positive pre-financing discussions and preliminary legal due diligence, 
Imperial ultimately could not get comfortable with the veracity of the 
project's long historical and complex ownership. 
 
Yet despite this setback Imperial remains unperturbed and is cautiously 
optimistic about the future. Our confidence is rooted in rebounding commodity 
prices which, after many years of stagnation, are again "moving north". There 
is also an acceptance by project owners and promoters that pricing and 
structuring norms must change in order for deals to be palatable for the 
market. Consequently, deals are getting done and they are being supported if 
priced correctly. Imperial continues to be run leanly with listing costs 
negotiated to as low as possible. 
 
Imperial also holds a small interest in AIM-listed North River Resources (NRR). 
NRR remains focused on re-opening its Namib lead-zinc mine in Namibia. NRR's 
greatest short-term value driver remains the securing of a long-awaited mining 
licence for the Namib project. 
 
Imperial also has a historical agreement with Symerton Holdings S.A. 
("Symerton") under which it effectively secured an option to investigate an 
opportunity to invest in a South American gold project.  Under this agreement 
Imperial made a 12% unsecured convertible loan to Symerton of US$150,000 (the 
"Loan") and has the option to invest further amounts in Symerton subject to 
certain conditions. To date, work to secure the gold opportunity has made 
little material advancement. Imperial has subsequently written down the value 
of its investment to nil as recovery remains doubtful.  Symerton's loan from 
Imperial is still outstanding and Imperial maintains all rights under the 
agreement. 
 
Financial Review 
 
The Group currently only has interest revenue and its cash reserves will be 
used in the short term to cover any consultancy fees, initial due diligence and 
other costs incidental to the identification and development of acquisition 
opportunities. 
 
The loss for the year was GBP89,317 (2015: GBP208,898). Total expenditure during 
the year was GBP95,232 (2015: GBP215,546) which consisted mainly of an impairment 
of a receivable and loss on disposal of available for sale investment of GBP 
42,135 and staff costs of GBP18,437, with the balance comprising corporate, 
regulatory and administration expenses. 
 
Financial Position 
 
The Group's Statement of Financial Position as at 30 June 2016 and comparatives 
at 30 June 2015 are summarised below: 
 
                                                    30 June 2016   30 June 2015 
 
                                                               GBP              GBP 
 
Current assets                                            57,790         54,058 
 
Non-current assets                                        53,533        281,533 
 
Total assets                                             111,323        335,591 
 
Current liabilities                                        9,913          5,723 
 
Total liabilities                                          9,913          5,723 
 
Net assets                                               101,410        329,868 
 
On behalf of the Board, I would like to record our thanks to those who have 
helped the Company throughout the year. 
 
Notice of Annual General Meeting 
 
Imperial is pleased to announce that the Annual General Meeting of the Company 
will be held at the offices of Edwin Coe LLP at 2 Stone Buildings, Lincoln's 
Inn, London, WC2A 3TH on 16 December 2016 at 10.00 a.m. 
 
Notice of the Annual General Meeting has been posted to shareholders and is 
available on the ICAP Securities & Derivatives Exchange website at the 
following link: http://www.isdx.com/member?securityid=1024283#shareholder 
 
James Hamilton 
Chairman 
Imperial Minerals Plc 
17 November 2016 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
For further information please contact: 
 
Imperial Minerals plc 
Russell Hardwick 
+61 417 714 292 
 
Peterhouse Corporate Finance Limited 
Guy Miller and Mark Anwyl 
Tel: 020 7220 9796 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
For the year ended 30 June 2016 
 
                                                 For the year   For the year 
                                                ended 30 June  ended 30 June 
                                                         2016           2015 
 
                                                            GBP              GBP 
 
Continuing operations 
 
Revenue                                                     -              - 
 
Impairment of receivable and loss on                 (42,135)      (101,623) 
disposal of available for sale investment 
 
Administrative expenses                              (53,097)      (113,923) 
 
Loss before taxation                                 (95,232)      (215,546) 
 
Finance income - interest receivable                    5,915          6,648 
 
Income tax                                                  -              - 
 
Loss for the year attributable to the                (89,317)      (208,898) 
equity shareholders of the parent 
 
Other comprehensive income 
 
Items that may be subsequently 
reclassified to profit or loss 
 
Unrealised changes in value of available            (189,141)       (49,269) 
for sale financial assets 
 
Other comprehensive income for the year,            (189,141)       (49,269) 
net of tax 
 
Total comprehensive income for the year             (278,458)      (258,167) 
attributable to the equity shareholders 
of the parent 
 
Earnings per share 
 
Basic and diluted loss per share                     (0.378p)       (1.100p) 
attributable to the equity shareholders 
of the parent (pence) 
 
The loss for the Company for the year was GBP79,434 (30 June 2015: GBP268,693). 
 
The Company has elected to take the exemption under Section 408 of the 
Companies Act 2006 from presenting the Parent Company Statement of 
Comprehensive Income. 
 
STATEMENT OF FINANCIAL POSITION 
As at 30 June 2016 
 
                                       Group                  Company 
 
                                    As at       As at       As at        As at 
                                  30 June     30 June     30 June 30 June 2015 
                                     2016        2015        2016 
 
                                        GBP           GBP           GBP            GBP 
 
ASSETS 
 
Non-current assets 
 
  Investments in                        -           -          10           10 
subsidiaries 
 
 Financial assets -                53,533     281,533      53,533      281,533 
Available  for sale 
 
Total non-current assets           53,533     281,533      53,543      281,543 
 
Current assets 
 
  Trade and other                  14,927       8,221      14,327        7,621 
receivables 
 
  Cash and cash                    42,863      45,837      41,683       34,774 
equivalents 
 
Total current assets               57,790      54,058      56,010       42,395 
 
TOTAL ASSETS                      111,323     335,591     109,553      323,938 
 
LIABILITIES 
 
Current Liabilities 
 
  Trade and other                   9,913       5,723       9,913        5,723 
payables 
 
Total current                       9,913       5,723       9,913        5,723 
liabilities 
 
TOTAL LIABILITIES                   9,913       5,723       9,913        5,723 
 
NET ASSETS                        101,410     329,868      99,640      318,215 
 
EQUITY ATTRIBUTABLE TO 
OWNERS OF THE COMPANY 
 
Share capital                     199,950     189,950     199,950      189,950 
 
Share premium                     822,408     781,171     822,408      781,171 
 
Other reserve                      24,241      25,478      24,241       25,478 
 
Available for sale              (329,908)   (140,767)   (329,908)    (140,767) 
reserve 
 
Retained losses                 (615,281)   (525,964)   (617,051)    (537,617) 
 
TOTAL EQUITY                      101,410     329,868      99,640      318,215 
 
The financial statements were approved and authorised for issue by the Board of 
Directors on 17 November 2016 and were signed on its behalf by: 
 
Russell Hardwick 
Director 
 
STATEMENT OF CHANGES IN EQUITY 
For the year ended 30 June 2016 
 
Group                    Share     Share  Shares to  Retained Available    Total 
                       capital   premium  be issued    losses  for sale    Equity 
                                              under             reserve 
                                            options 
 
                             GBP         GBP          GBP         GBP         GBP         GBP 
 
At 1 July 2014         189,950   753,171     53,478 (317,066)  (91,498)   588,035 
 
Loss for the year            -         -          - (208,898)         - (208,898) 
 
Other comprehensive          -         -          -         -  (49,269)  (49,269) 
income for the year 
 

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November 22, 2016 04:52 ET (09:52 GMT)

DJ Imperial Minerals Plc Final Results and Notice of -2-

Total comprehensive          -         -          - (208,898)  (49,269) (258,167) 
income for the year 
 
Transfer on expiry           -    28,000   (28,000)         -         -         - 
of share options 
 
Balance at 30 June     189,950   781,171     25,478 (525,964) (140,767)   329,868 
2015 
 
 
 
At 1 July 2015         189,950   781,171     25,478 (525,964) (140,767)   329,868 
 
Loss for the year            -         -          -  (89,317)         -  (89,317) 
 
Other comprehensive          -         -          -         - (189,141) (189,141) 
income for the year 
 
Total comprehensive          -         -          -  (89,317) (189,141) (278,458) 
income for the year 
 
Issue of ordinary       10,000    40,000          -         -         -    50,000 
shares 
 
Transfer on expiry           -     1,237    (1,237)         -         -         - 
of share options 
 
Balance at 30 June     199,950   822,408     24,241 (615,281) (329,908)   101,410 
2016 
 
 
 
Company                Share      Share  Shares to  Retained Available    Total 
                     capital    premium  be issued    losses  for sale    Equity 
                                             under             reserve 
                                           options 
 
                           GBP          GBP          GBP         GBP         GBP         GBP 
 
At 1 July 2014       189,950    753,171     53,478 (268,924)  (91,498)   636,177 
 
Loss for the year          -          -          - (268,693)         - (268,693) 
 
Other                      -          -          -         -  (49,269)  (49,269) 
comprehensive 
income for the 
year 
 
Total                      -          -          - (268,693)  (49,269) (317,962) 
comprehensive 
income for the 
year 
 
Expiry of share            -     28,000   (28,000)         -         -         - 
options 
 
Balance at 30 June   189,950    781,171     25,478 (537,617) (140,767)   318,215 
2015 
 
 
 
 
At 1 July 2015      189,950    781,171     25,478 (537,617) (140,767)   318,215 
 
Loss for the year         -          -          -  (79,434)         -  (79,434) 
 
Other                     -          -          -         - (189,141) (189,141) 
comprehensive 
income for the 
year 
 
Total                     -          -          -         - (189,141) (268,575) 
comprehensive 
income for the 
year 
 
Issue of ordinary    10,000     40,000          -         -         -    50,000 
shares 
 
Expiry of share           -      1,237    (1,237)         -         -         - 
options 
 
Balance at 30 June  199,950    822,408     24,241 (617,051) (329,908)    99,640 
2016 
 
STATEMENT OF CASH FLOWS 
For the year ended 30 June 2016 
 
                                              Group               Company 
 
                                Note        2016       2015      2016      2015 
 
                                               GBP          GBP         GBP         GBP 
 
Cash flows from operating          12   (54,068)  (120,407)  (44,185) (122,762) 
activities 
 
Net cash used in operating              (54,068)  (120,407)  (44,185) (122,762) 
activities 
 
Cash flows from investing 
activities 
 
Interest received                             30        442        30       442 
 
Proceeds from disposal of                  1,064          -     1,064         - 
available for sale financial 
assets 
 
Loans to other entities             9          -   (95,417)         -  (95,417) 
 
Cash flows used in investing               1,094   (94,975)     1,094  (94,975) 
activities 
 
Cash Flows from financing 
activities 
 
Proceeds from issue of shares             50,000          -    50,000         - 
 
Cash Flows used in financing              50,000          -    50,000         - 
activities 
 
Net decrease in cash and cash            (2,974)  (215,382)     6,909 (217,737) 
equivalents 
 
Cash and cash equivalents at              45,837    261,219    34,774   252,511 
beginning of year 
 
Cash and cash equivalents at              42,863     45,837    41,683    34,774 
end of year 
 
 
 
END 
 

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