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DJ Valiant Investments Plc Final Results to 30 November 2018

 
TIDMVALP 
 
28 June 2019 
 
                            VALIANT INVESTMENTS PLC 
                  (To be renamed Eurocann International plc) 
                  ("Valiant", the "Group", or the "Company") 
 
        AUDITED FINAL RESULTS FOR THE 12 MONTHS ENDED 30 NOVEMBER 2018 
 
The Directors present the Strategic Report for the year ended 30 November 2018. 
 
Fair review of the business 
 
Valiant Investments plc is an investment company focused on venture capital 
through investing in small, fledgling companies that demonstrate the 
opportunity for attractive levels of growth and returns on investment. Valiant 
Investments plc is listed on the NEX Exchange Growth Market. 
 
The Company held a general meeting on 21 June 2019 at which a number of 
resolutions were passed which lay the foundations for a new direction for the 
Company. Firstly, Mr J Ross and Mr S T Bhohi were appointed to the board of 
directors. Mr E Taylor stood down as a director and will continue as company 
secretary. The board of directors would like to thank Mr E Taylor for his many 
years of service to the Company. 
 
The Company's shares were consolidated on a basis of 1 for 150 and the 
simultaneously sub-divided into shares of GBP0.0001 each. The Company placed 
17,516,162 ordinary shares at GBP0.015 raising GBP262,742 before expenses. 
 
A resolution was also agreed to dispose of the Company's 84.7% interest in 
Flamethrower plc for a nominal consideration of GBP1 to Mr C Windham. In return, 
Mr C Windham agreed to forgive an amount of approximately GBP75,000 owed to him 
by the Company. Furthermore, a resolution was agreed to waive an amount of GBP 
154,520 owed by Flamethrower plc to the Company. 
 
The Company will also change its name to Eurocann International plc. 
 
It is important that I elucidate further as to why we have decided to proceed 
with this restructuring of Valiant. During the course of 2018, one of Valiant's 
key financial backers shut up shop, thereby cutting off a crucial component of 
Valiant's modus operandi that had been key to its development, and in 
particular that of its subsidiary company, Flamethrower plc. By not having a 
strong cash position, Valiant had been reliant upon regular modest fundraisings 
to meet its ongoing financial obligations and to provide funding to its 
subsidiary, Flamethrower, to enable it to grow through both acquisition and 
organically. 
 
Such a strategy was delivering, as evidenced by the growth in turnover that 
Flamethrower has seen since its formation. Our objective had always been to get 
the turnover and profit of Flamethrower to a certain level whereby there would 
be no requirement for Valiant to continue raising capital and the Group would 
be self-sufficient. 
 
Unfortunately our financial backers ceasing to do business has meant that the 
growth trajectory of Flamethrower had flatlined, with the costs of being a 
public company devouring the free cash flow generated by this subsidiary. The 
failure to reach critical mass and to be self sufficient led to us having to 
look at alternate plans that can deliver value for our shareholders. 
 
Therefore I was very pleased to announce on 24 June, a new direction for 
Valiant will see the Company renamed Eurocann International plc, recapitalised 
as described above, the board strengthened through the appointment of new 
directors, and with plans to move into the medicinal cannabis market. 
 
In many ways this is a natural market for the Company to pivot to, having held 
investments in Canadian cannabis companies for a number of years. Whilst we 
exited the position in Tetra Bio Pharma at the start of 2019, we do continue to 
hold a small number of shares in North Bud Farms Inc, a Canadian Securities 
Exchange company constructing a modern purpose-built cannabis production 
facility located on 95 acres of agricultural land in Low, Quebec. North Bud is 
focussed on pharmaceutical and food grade cannabinoid production in preparation 
for the legalization of edibles and ingestible products scheduled for October 
2019. 
 
 
 
 
I am excited that Valiant is poised to move into the medicinal cannabis market. 
The importance of the endocannabinoid system in humans and the role this plays 
in our health is only starting to be fully appreciated. The hemp plant contains 
over 100 different phytocannabinoids, one of which, cannabidiol, more commonly 
known as CBD, has become recognised for its potential health benefits. However, 
it is important to understand the full spectrum of phytocannabinoids, and how 
they complement one another, because it is recognised that CBD is not the sole 
solution to supporting the endocannabinoid system as a whole. 
 
Our bodies produce cannabinoids that share a similar structure to the 
cannabinoids found in cannabis, and if our bodies do not produce sufficient 
amounts to feed our receptors, then various conditions and illnesses can ensue. 
It is no wonder, therefore, at the level of global interest in the medicinal 
cannabis market and the number of companies now focussed on this industry. 
Understanding and targeting our endocannabinoid system is likely to dominate 
medicine and nutrition for at least the next couple of decades, and it is 
exciting that we will be positioned in this transformative industry. 
 
Turning to Valiant's subsidiary company, Flamethrower plc, which was disposed 
of under the restructuring: 
 
 
Investments 
 
Flamethrower plc 
 
The prime objective of Flamethrower during the financial year was to expand its 
digital asset portfolio, which was achieved through the acquisition of two 
websites, namely National-Preservation.com in March 2018, and xpGameSaves.com 
in June 2018. 
 
National-Preservation.com is a forum website that is focused primarily on 
British railway heritage, providing users a platform to discuss a wide range of 
topics associated with railways and British heritage. It was established in 
2005 and has grown to become the leading forum for the discussion of railway 
and heritage topics in the UK. The website was acquired for a cash 
consideration of US$17,500. 
 
xpGameSaves.com is a website that provides news and opinion on the gaming 
industry to users, as well as having an active forum. It was established in 
2009, and has grown to have over 1 million registered users, and was acquired 
for a cash consideration of US$11,501. 
 
The prime websites in Flamethrower's portfolio are National-Preservation.com, 
MinecraftCommand.Science, xpGameSaves.com, and FootballTipsFC.com, and are 
monetized, in the case of the first three, through serving ads to users, and 
through paid subscription in the case of FootballTipsFC.com. The performance of 
the websites in the period can be described as satisfactory. 
 
Flamethrower's app portfolio continues to perform well, and the portfolio for 
Apple devices has had over 1.3 million downloads since we commenced its 
construction in May 2016. The app portfolio is monetized through a combination 
of in-app purchases, direct sale, and through serving ads to users. 
 
During the first half of the financial year we updated a number of the Mac apps 
from 32-bit binary to 64-bit binary, so as to ensure they perform optimally on 
the modern Macs with their 64-bit processors, whilst we also continue to update 
other apps in the portfolio. 
 
There have been no additions or disposals of domain names since the last update 
to shareholders at the time of the interim results in August 2018. Flamethrower 
continues to hold ComputerPlace.com, WhatClub.com, HottestThing.com, 
ScrapHeaps.com, MediaFeeds.com, LockStore.com, Gungy.com, GamingBooth.com, 
LQEX.com, and UFBS.com. 
 
In terms of the investment portfolio, I reported in the interim results of 
August 2018 that there had been one disposal, being the 1,125 shares held in 
Caledonia Mining. Since this point the rest of the investment portfolio has 
been sold, so as to assist with meeting the financial obligations of the Group. 
 
 
 
Slot Right In Limited 
 
Slot Right In Ltd was formed in November 2016 as a wholly-owned subsidiary of 
Flamethrower plc, for the purpose of serving as the social casino app and 
gaming division of the group. Whilst a handful of initial apps were launched, 
this division never took off in the manner originally anticipated at formation, 
and was put on the backburner. 
 
At the time of the interim results in August 2018, we advised that Slot Right 
In had recently entered into a joint venture with BlueWater Publishing 
("BlueWater"), an independent American-based app developer, to construct a 
portfolio of high-end social casino apps for iOS and Android devices. 
 
The initial social casino app under the joint venture, 777 Lucky Slot Casino, 
was released for iOS devices in November 2018. From a financial perspective its 
performance to date has been underwhelming, with the app fluctuating between 
being loss-making or just breaking even each month. We are working with 
BlueWater to try and address the disappointing financial performance through 
introducing new levels to the game, and trying to improve the monetization. 
 
It is too early to fully conclude on the success or otherwise of this joint 
venture. Whilst it is disappointing that we are yet to see a return on our 
investment into the venture, we remain optimistic that its performance will 
improve, and that it will become profitable. 
 
Outside of the joint venture our intention is to work toward building a 
portfolio of social casino apps for iOS and Android devices, but the pace at 
which this is achieved is highly dependent on having the financial resources to 
meet such investment. 
 
All Star Minerals plc 
 
The GBP20,000 convertible loan note with NEX Exchange Growth Market company, All 
Star Minerals plc, continues to be outstanding, with the interest due on the 
note from May 2017, payable in the form of ordinary shares of All Star, still 
outstanding. Valiant is currently awaiting the issuance of 4,000,000 shares in 
All Star in respect of the interest earned on the loan note in the period to 
May 2018, and a further 4,000,000 shares in respect of the interest earned on 

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DJ Valiant Investments Plc Final Results to 30 -2-

the loan note in the period to May 2019. 
 
Valiant will hold a total of 18,260,712 shares in All Star once the shares 
earned in respect of the interest on the loan note have been issued. 
 
All Star is an investment vehicle listed on the NEX Exchange Growth Market that 
is seeking a transaction, and which holds 5,519,545 shares in NQ Minerals plc, 
shares in which are also listed on the NEX Growth Market. At the time of 
writing, shares in NQ Minerals are trading at 4.5p, which values All Star's 
shareholding at GBP267,697. 
 
In its most recent update, being its interim results to 30 June 2018, All Star 
reiterated that it continues to review potential opportunities to ensure that a 
suitable transaction is secured to move the business forward. 
 
Outlook 
 
The outlook for Valiant was primarily dependent on shareholders approving the 
resolutions at the General Meeting to approve the recapitalisation of the 
Company and the new direction into the medicinal cannabis sector. 
 
With shareholders having voted in favour these resolutions, I can say with some 
confidence that I feel the Company has an optimistic and exciting future. 
 
Having a company that is well capitalised, with a strong board, should ensure 
that we can complete a transaction or transactions that will be 
transformational to the future of the Company. 
 
I look forward to updating shareholders on developments in the weeks ahead, and 
am cautiously optimistic about the future. 
 
The directors do not recommend payment of a further dividend. 
 
The audited results noted a material uncertainty relating to going concern: 
 
"The Directors have considered the cash flow requirement of the company over 
the next 12 months from the date of signing this report. If the company is to 
continue to meet its operational costs, it will be necessary to continue to 
raise additional funds. On 21 June 2019, a resolution was passed to place GBP 
262,742 (before expenses) of ordinary shares to support the Company's on going 
operations and future investment strategy. Whilst it is difficult in the 
current economic climate to generate the extra funds required, the Directors 
consider that the Company has sufficient funds to meet the funding requirements 
for the next 12 months and therefore believe that the going concern basis is 
appropriate for the preparation of the financial statements." 
 
The Directors of Valiant accept responsibility for the content of this 
announcement. 
 
ENQUIRIES: 
 
Company 
 
Valiant Investments plc 
(To be renamed Eurocann International plc) 
Conrad Windham 
Telephone: 01366 381541 
 
Corporate Advisor 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9796 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
FOR THE YEAR ENDED 30 NOVEMBER 2018 
 
                                                          2018                      2017 
 
                                                             GBP                         GBP 
 
Turnover                                               109,578                    57,832 
 
Cost of sales                                           (70,137)                 (47,326) 
 
Gross profit                                            39,441                    10,506 
 
Administrative expenses                                (186,109)                (254,942) 
 
Operating loss                                         (146,668)                (244,436) 
 
Interest receivable and similar                          6,317                     4,000 
income 
 
Listed investments movements                             (1,019)                  24,675 
 
Loss before taxation                                   (141,370)                (215,761) 
 
Taxation                                                     -                         - 
 
Loss for the financial year and                        (141,370)                (215,761) 
total comprehensive income 
 
Loss for the financial year is 
attributable to: 
 
- Owners of the parent company                         (139,599)                (212,038) 
 
- Non-controlling interests                              (1,771)                  (3,723) 
 
                                                       (141,370)                (215,761) 
 
Total comprehensive income for the year is 
attributable to: 
 
- Owners of the parent company                         (139,599)                (212,038) 
 
- Non-controlling interests                              (1,771)                  (3,723) 
 
                                                       (141,370)                (215,761) 
 
The Profit And Loss Account has been prepared on the basis that all operations 
are continuing operations. 
 
Basic and diluted earnings per                            (0.01)                   (0.02) 
share (pence) 
 
 
CONSOLIDATED BALANCE SHEET 
 
AS AT 30 NOVEMBER 2018 
 
                                                                    2018                              2017 
 
                                                      GBP                GBP               GBP                 GBP 
 
Fixed assets 
 
Intangible assets                                                112,396                           141,154 
 
Tangible assets                                                    3,666                             4,719 
 
Investments                                                       63,294                            60,519 
 
                                                                 179,356                           206,392 
 
Current assets 
 
Debtors                                          22,406                           27,508 
 
Investments                                       4,130                                - 
 
Cash at bank and in hand                          1,289                            3,606 
 
                                                 27,825                           31,114 
 
Creditors: amounts falling                       (76,108)                         (40,063) 
due within one year 
 
Net current liabilities                                           (48,283)                            (8,949) 
 
Total assets less current liabilities                            131,073                           197,443 
 
Capital and reserves 
 
Called up share capital                                        1,208,159                         1,158,159 
 
Share premium account                                          1,067,510                         1,042,510 
 
Profit and loss reserves                                       (2,141,152)                        (2,001,553) 
 
Equity attributable to owners of the parent company              134,517                           199,116 
 
Non-controlling interests                                          (3,444)                            (1,673) 
 
                                                                 131,073                           197,443 
 
The financial statements were approved by the Board of Directors and authorised 
for issue on ......................... and are signed on its behalf by: 
 
.............................. 
 
Mr C  Windham 
 
Director 
 
 
COMPANY BALANCE SHEET 
 
AS AT 30 NOVEMBER 2018 
 
                                                                    2018                              2017 
 
                                                      GBP                GBP               GBP                 GBP 
 
Fixed assets 
 
Investments                                                      141,354                           138,679 
 
Current assets 
 
Debtors                                         164,050                          183,599 
 
Cash at bank and in hand                             40                              951 
 
                                                164,090                          184,550 
 
Creditors: amounts falling                       (73,702)                         (39,107) 
due within one year 
 
Net current assets                                                90,388                           145,443 
 
Total assets less current liabilities                            231,742                           284,122 
 
Capital and reserves 
 
Called up share capital                                        1,208,059                         1,158,059 
 
Share premium account                                          1,067,510                         1,042,510 
 
Profit and loss reserves                                       (2,043,827)                        (1,916,447) 
 
Total equity                                                     231,742                           284,122 
 
As permitted by s408 Companies Act 2006, the Company has not presented its own 
profit and loss account and related notes. The Company's loss for the year was 
GBP127,380 (2017 - GBP189,431 loss). 
 
The financial statements were approved by the Board of Directors and authorised 
for issue on ......................... and are signed on its behalf by: 
 
.............................. 
 
Mr C  Windham 
 
Director 
 
Company Registration No. 06010900 
 
 
COMPANY STATEMENT OF CASH FLOWS 
 
FOR THE YEAR ENDED 30 NOVEMBER 2018 
 
                                                          2018                       2017 
 
                                                GBP            GBP             GBP            GBP 
 
Cash flows from operating activities 
 
Cash absorbed by operations                             (79,911)                  (341,223) 
 
Investing activities 
 
Purchase of fixed asset                     (1,822)                    (4,000) 
investments 
 
Interest received                           4,000                      4,000 
 
Dividends received                          1,822                          - 
 
Net cash generated from/(used                            4,000                          - 
in) investing activities 
 
Financing activities 
 
Proceeds from issue of shares              75,000                    328,250 
 
Net cash generated from                                 75,000                    328,250 
financing activities 
 

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DJ Valiant Investments Plc Final Results to 30 -3-

Net decrease in cash and cash                              (911)                   (12,973) 
equivalents 
 
Cash and cash equivalents at                               951                     13,924 
beginning of year 
 
Cash and cash equivalents at end of                         40                        951 
year 
 
 
 
 
                                                           2018                     2017 
 
                                                 GBP            GBP            GBP           GBP 
 
Cash flows from operating activities 
 
Cash absorbed by operations                             (33,391)                 (208,559) 
 
Cash flow from investing 
activities 
 
Purchase of intangible assets              (43,469)                 (129,236) 
 
Proceeds on disposal of intangibles          1,263                       530 
 
Purchase of tangible fixed assets             (213)                   (3,949) 
 
Purchase of fixed asset                       (969)                        - 
investments 
 
Other investments and loans made           (19,102)                        - 
 
Proceeds from other                         16,247                         - 
investments and loans 
 
Dividends received                           2,317                         - 
 
Net cash used in investing                              (43,926)                 (132,655) 
activities 
 
Cash flow from financing activities 
 
Proceeds from issue of shares               75,000                   328,350 
 
Net cash generated from                                  75,000                  328,350 
financing activities 
 
Net decrease in cash and cash                            (2,317)                  (12,864) 
equivalents 
 
Cash and cash equivalents at                              3,606                   16,470 
beginning of year 
 
Cash and cash equivalents at end of                       1,289                    3,606 
year 
 
 
 
 
END 
 

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June 28, 2019 05:46 ET (09:46 GMT)