RNS Number : 9331H
Citius Resources PLC
29 November 2022
 

 

Date: 29 November 2022

 

Citius Resources Plc

("Citius" or the "company")

 

 

Interim Financial Statements

for the six month period ended 31 October 2022

 

The Company is pleased to announce its Interim Results for the six-month period to 31 October 2022.

For further information please contact

Citius Resources Plc

Cameron Pearce (Director)

www.Citiusresources.co.uk

Tel: +44 (0)1624 681 250

info@citiusresources.co.uk

Tavira Securities Limited

Jonathan Evans

Tel: +44(0)20 7330 1833

Jonathan.evans@tavirasecurities.com

 

Shard Capital Partners

Damon  Health

Tel: +44(0)20 7186 9927

Damon.heath@shardcapital.com

 

 

Interim  Management Report

Dear shareholder,

 

I am pleased to present the interim report and accounts for the six-month period to 31 October 2022 for Citius Resources Plc.

 

The Company was formed for the purpose of acquiring a natural resources asset, in June 2022 the Company agreed terms with the vendors of AUC Mining (U) Limited the holder of the Kamalenge Gold Project (the "Acquisition") which is in the Mubende Gold District in Uganda. The Company is now well progressed in its due diligence and is nearing completion of the transaction. The Kamalenge Gold Project is a highly exciting project given the exploration work to date and indications that it may host a high-grade gold project with the potential for near term production.

 

The Company is now well positioned to complete the Acquisition which would constitute a Reverse Take Over under the Listing Rules and accordingly, the company would apply for re-admission of its shares to the Official List and the Main Market of the London Stock Exchange.

 

I would like to thank the board and advisory team for all their hard work over the past six months and we look forward to further updating shareholders and the market in due course.

 

Cameron Pearce
Chief Executive Officer  

Responsibility Statement of the Directors' in respect of the Interim Report

The Directors are responsible for preparing the Interim Financial Statements in accordance with applicable law and regulations. In addition, the Directors have elected to prepare the Interim Financial Statements in accordance with International Financial Reporting Standards ("IFRSs"), as adopted by the United Kingdom ("UK").

 

The Interim Financial Statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period.

In preparing these Interim Financial Statements, the Directors are required to:

·    select suitable accounting policies and then apply them consistently;

·    present information and make judgements that are reasonable, prudent and provides relevant, comparable and understandable information;

·    provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

·    make an assessment of the Group's ability to continue as a going concern.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time its financial position of the Group to enable them to ensure that the financial statements comply with the requirements of the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

We confirm that to the best of our knowledge:

·      the Interim Financial Statements, prepared in accordance with International Financial Reporting Standards as adopted by the UK, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group for the period;

·      the Director's report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that they face; and

·      the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the group's performance, business model and strategy.

Statement of Comprehensive Income for the year end ended 31 October 2022



6 months ended 31 October 2022

6 months ended 31 October 2021

12 months ended

30 April 2022



(Unaudited)

(Unaudited)

(Audit)


Notes

GBP

GBP

GBP



 

 

 

Administrative fees and other expenses

5

(139,526)

(147,170)

(259,964)

Operating loss

 

(136,526)

(147,170)

(259,964)

 

 

 

 


Finance costs


-

-

-

Loss before tax

 

(136,526)

(147,170)

(259,694)

 

 

 



Income tax


-

-

-

 

 

 



Total comprehensive loss for the period

 

(136,526)

(147,170)

(259,694)

 

 

 

 

 

Basic and diluted loss per share (pence)

6

(0.44)

(0.46)

(0,69)

 

There was no other comprehensive income for the period ended on 31 October 2022.

Statement of Financial Position as at 31 October 2022


Note

As at

31 October 2022

As at

31 October 2021

As at

30 April

2022


 

(Unaudited)

(Unaudited)

(Audit)


 

GBP

GBP

GBP

Current assets





Cash and cash equivalents


345,886

807,582

757,103

Other receivables


314,411

37,200

20,075

Total current assets

 

660,297

844,782

777,178











Current liabilities





Creditors: Amounts falling due within one year


62,660

21,352

40,015

Total current liabilities

 

62,660

21,352

40,015






Net assets

 

597,637

823,430

737,163






Equity





Share capital

6

216,250

216,250

216,250

Share premium


921,797

895,540

921,797

Warrant reserves


17,422

17,422

17,422

Retained earnings


(557,832)

(305,782)

(418,306)

Total equity

 

597,637

823,430

737,163

 

Statement of Changes in Equity for the six month period ended 31 October 2022

 

 

Share

capital

Share premium

Warrants reserves

Retained earnings

Total equity


GBP

GBP

GBP

GBP

GBP

Balance as at 30 April 2021

91,667

208,333

-

(158,612)

141,388

 

 

 

 

 

 

Loss for the period

-

-

-

(147,170)

(147,170)

Total comprehensive loss

-

-

-

(147,170)

(147,170)







Contributions from equity holders

 

 

 

 

 

New shares issued (note 7)

124,583

785,417

-

-

910,000

Share issue costs

-

(98,210)

-

-

(98,210)

Share base payments

-

-

17,422

-

17,422

Total contributions from equity holders

124,583

687,207

17,422

-

829,212







Balance as at 31 October 2021

216,250

895,540

17,422

(305,782)

823,430

 

 

 

 

 

 

Loss for the period

-

-

-

(112,524)

(112,524)

Total comprehensive loss

-

-

-

(112,524)

(112,524)

 

 

 

 

 

 

Contributions from equity holders

 

 

 

 

 

New shares issued (note 7)

-

26,257

-

-

26,257

Total contributions from equity holders

-

26,257

-

-

26,527

 

 

 

 

 

 

Balance as at 30 April 2022

216,250

921,797

17,422

(418,306)

737,163

 

 

 

 

 

 

Loss for the period

-

-

-

(139,526)

(139,526)

Total comprehensive loss

-

-

-

(139,526)

(139,526)

 

 

 

 

 

 

Balance as at 31 October 2022

216,250

921,797

17,422

(557,832)

597,637

 

Statement of Cash Flows for the six month period ended 31 October 2022

 


Notes

As at 31 October 2022

As at 31 October 2021

As at 30 April 2022



(Unaudited)

(Unaudited)

(Audited)



GBP

GBP

GBP

Operating activities

 

 

 

 

Loss after tax


(139,526)

(147,170)

(259,694)

Share issue/warrant costs


-

17,422

17,422

Changes in working capital





Increase in trade and other receivables


(294,336)

(19,200)

(2,075)

(Decrease)/increase in trade and other payables


22,645

(223,148)

10,015

Net cash flows (utilised by) from operating activities


(411,217)

(372,096)

(234,332)






Financing activities

 




Shares issued (net of issue costs)


-

811,790

623,547

Net cash flows from financing activities


-

811,790

623,547






Increase in cash and cash equivalents


(411,217)

439,694

389,215






Cash and short-term deposits brought forward


757,103

367,888

367,888






Cash and cash equivalent at

31 October

 

345,886

807,582

757,103

 

Notes to the Financial Statements for the six month period ended 31 October 2022

1.   General

Citius Resources Plc (the "Company") is a public limited company incorporated and registered in England and Wales on 15 April 2020 (as Citius Resources Limited, the name was changed to Citius Resources PLC on the 3 August 2020) with registered company number 12557958 and its registered office situated in England and Wales with its registered office 167-169 Great Portland Street, Fifth Floor, London, W1W 5PF.

The Company did not trade during the period under review.

2.   Accounting Policies

Basis of preparation

The interim financial statements of Citius Resources Plc are unaudited condensed financial statements  for the 6 month period ended 31 October 2022.

The accounting policies applied by the Company in these Interim Financial Statements, are the same as those applied by the Company in its financial statements and have been prepared on the basis of the accounting policies applied for the financial year to 30 April 2022 which have been prepared in accordance with IFRS as adopted by UK. The Company Interim Financial Statements have been prepared using the measurement basis specified by IFRS each type of asset, liability, income and expense.

The Company Interim Financial Statements are presented in GBP, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise stated.

3.   Critical accounting estimates and judgments

In preparing the Company's Interim Financial Statements, the Directors have to make judgments on how to apply the Company's accounting policies and make estimates about the future. The Directors do not consider there to be any critical judgments that have been made in arriving at the amounts recognised in the Company Interim Financial Statements.

 

Warrants

During the period the Company didn't issued its shareholders with warrants (2022: 1,333,333). The valuation of these warrants involved making a number of critical estimates relating the price volatility, expected life if the options and interest rated.

 

The expenses charged to the Statement of Comprehensive Income during the year in relation to warrants was Nil (2022: £17,422).

4.   Significant accounting policies

The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Citius Resources Plc, for the year ended 30 April 2022. A copy of these financial statements is available on the Company website at https://citiusresources.co.uk/

5.   Administrative fee and other expenses

 

6 months ended 31 October 2022

6 months ended 31 October 2021

12 months ended

30 April 2022

 

GBP

GBP

GBP

Directors' remuneration

24,000

24,000

48,000

Professional fees

90,524

95,546

140,259

Audit fees

15,000

6,000

30,000

Administration fees

9,000

3,310

12,310

Share base payments

-

17,422

17,422

Miscellaneous fees

1,002

892

11,703

Total

139,526

147,170

259,694

 

The company did not employ any staff during the period other than Directors. The Directors are the only members of key management and their remuneration related solely to short term employee benefits.

6.   Basic and diluted loss per share

The calculation of the basic and diluted loss per share is based on the following data:


6 months ended 31 October 2022

6 months ended 31 October 2021

12 months ended 30 April 2021

Earnings




Loss for the period (GBP)

(139,526)

(147,170)

(259,694)

Number of shares




Weighted average number of Shares

31,692,482

31,692,482

37,423,744

Basic and diluted loss per share (pence)

(0.44)

(0.46)

(0.69)

 

There are no potentially dilutive shares in issue.

7.   Share capital issued

 

Number of shares issued

Nominal value per share

Share capital

Share premium

Total share capital

 

 

GBP

GBP

GBP

GBP

At 30 April 2021

18,333,334

 

91,667

208,333

300,000

26 May 2021

8,666,665

0.005

43,333

216,667

260,000

25 August 2021

16,250,001

0.005

81,250

568,750

650,000

Share issue costs

 

 

-

(97,210)

(97,210)

At 31 October 2021

43,250,000

 

216,250

895,540

1,112,790

 

 

 

 

 

 

At 31 October 2022

43,250,000

 

216,250

896,540

1,112,790

8.   Related party transactions

The are no related party transactions during the period except for the Directors' remuneration, which has been disclosed in note 5.

9.   Events after the reporting date

There are no events after the reporting date.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR BGBDBCDDDGDC