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Quarterly Cashflow Report

By LSE RNS

RNS Number : 0656V
European Metals Holdings Limited
31 October 2017
 

Appendix 5B

      Mining exploration entity and oil and gas exploration entity quarterly report

 

 

-+Rule 5.5

Mining exploration entity and oil and gas exploration entity quarterly report

ntroduced 01/07/96  Origin Appendix 8  Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

 

Name of entity

EUROPEAN METALS HOLDINGS LIMITED (ASX: EMH)

 

ABN


Quarter ended (Current quarter)

55 154 618 989


30 September 2017

 

Consolidated statement of cash flows

Current

quarter

$A'000

Year to date

(3 Months)

$A'000

1.       Cash flows from operating activities



1.1     Receipts from customers

-

-

1.2     Payments for:           

-

-

(a) exploration and evaluation

(501)

(501)

(b) development

-

-

(c)  production

-

-

(d) staff costs and board remuneration

(111)

(111)

(e)  administration and corporate costs

(199)

(199)

(f)  UK Listing

-

-

1.3     Dividends received (see note 3)

-

-

1.4     Interest received

1

1

1.5     Interest and other costs of finance paid

-

-

1.6     Income taxes paid

-

-

1.7     Research and development refunds

175

175

1.8     Other (provide details if material)

-

-

1.9     Net cash from / (used in) operating activities

(635)

(635)

2.       Cash flows from investing activities



2.1     Payments to acquire:             

-

-

(a) property, plant and equipment

-

-

(b) tenements (see item 10)

-

-

(c)  investments

-

-

(d) other non-current assets

-

-

2.2     Proceeds from disposal of:  

-

-

(a) property, plant and equipment


-

(b) tenements (see item 10)

-

-

(c)  investments

-

-

(d) other non-current assets

-

-

2.3     Cash flows from loans to other entities

-

-

2.4     Dividends received (see note 3)

-

-

2.5     Other (provide details if material)

-

-

2.6     Net cash from / (used in) investing activities

-

-

 

(1)        Excludes amounts incurred and accrued in respect to exploration activities as at 30 September 2017, paid in October 2017, refer also 9.1.  

+ See chapter 19 for defined terms

 

(2)        1 September 2016

 

Consolidated statement of cash flows

Current

quarter

$A'000

Year to date

(3 Months)

$A'000

3.       Cash flows from financing activities



3.1     Proceeds from issues of shares

750

750

3.2     Proceeds from issue of convertible notes

-

-

3.3     Proceeds from exercise of share options

-

-

3.4     Transaction costs related to issues of shares, convertible notes or options

-

-

3.5     Proceeds from borrowings

-

-

3.6     Repayment of borrowings

-

-

3.7     Transaction costs related to loans and borrowings

-

-

3.8     Dividends paid

-

-

3.9     Other (provide details if material)

-

-

3.10  Net cash from / (used in) financing activities

750

750

4.       Net increase / (decrease) in cash and cash equivalents for the period



4.1     Cash and cash equivalents at beginning of quarter/year to date

446

446

4.2     Net cash from / (used in) operating activities (item 1.9 above)

(635)

(635)

4.3     Net cash from / (used in) investing activities (item 2.6 above)

-

-

4.4     Net cash from / (used in) financing activities (item 3.10 above)

750

750

4.5     Effect of movement in exchange rates on cash held

-

-

4.6     Cash and cash equivalents at end of quarter

561

561

 

5.         Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current

quarter

$A'000

Previous

quarter

$A'000

5.1     Bank balances

561

446

5.2     Call deposits

-

-

5.3     Bank overdrafts

-

-

5.4     Other (provide details)

-

-

5.5       Cash and cash equivalents at end of quarter (should equal item 4.6 above)

561

446

 

6.         Payments to directors of the entity and their associates

Current

quarter

$A'000

6.1     Aggregate amount of payments to these parties included in item 1.2

106

6.2     Aggregate amount of cash flow from loans to these parties included in item 2.3

-

6.3     Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2

Amounts paid to directors and their associates as director remuneration.

 

7.         Payments to related entities of the entity and their associates

Current

quarter

$A'000

7.1     Aggregate amount of payments to these parties included in item 1.2

23

7.2     Aggregate amount of cash flow from loans to these parties included in item 2.3

-

7.3     Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

Amounts paid to Wilgus Investments Pty Ltd a related entity of David Reeves for Rent and Consulting Fees.

 

8.         Financing facilities available
Add notes as necessary for an understanding of the position

Total facility amount at quarter end
$A'000

Amount drawn at quarter end
$A'000

8.1     Loan facilities

1,000

-

8.2     Credit standby arrangements

-

-

8.3     Other (please specify)

-

-

8.4       Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.

The interim funding facility at 8.1 is between European Metals Holdings Limited and 6466 Investments Pty Ltd. The facility limit is for an amount of $2 million for a period of 12 months from the date of execution.

 

The fees associated with the Facility are as follows:

(a)        Establishment Fee: 2% of the facility limit payable at the subscription date from the proceeds of the first advance; and

(b)        Standby Fee: 3% of each advance payable at the subscription date from the proceeds of that advance

 

The company has received four advances of $250,000 as at 30 September 2017. During the quarter the company issued shares in the company to 6466 Investments Pty Ltd to the value of the $750,000 (three advances) plus any fees. The remaining facility balance as at 30 September 2017 is $1.00 million.

 

9.         Estimated cash outflows for next quarter

$A'000

9.1     Exploration and evaluation(2)

1,217

9.2     Development

-

9.3     Production

-

9.4     Staff costs and director remuneration

136

9.5     Administration and corporate costs

140

9.6     Other (provide details if material)

-

9.7       Total estimated cash outflows

1,493

 

(3)        This includes amounts incurred and accrued in respect to exploration activities as at 30 September 2017, paid in October 2017.

 

10.       Changes in tenements
(items 2.1(b) and 2.2(b) above)

Tenement reference and location

Nature of interest

Interest at beginning of quarter

%

Interest at end of quarter

%

10.1     Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced

Nil

 

 

 

10.2     Interests in mining tenements and petroleum tenements acquired or increased

Nil

 

 

 

 

Compliance statement

1.     This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2.     This statement gives a true and fair view of the matters disclosed.

 

               

                  Julia Beckett

Signed:                                                  Dated:    Tuesday, 31 October 2017

Company Secretary

 

Print name:           Julia Beckett

 

Notes

1.     The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.     If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3.     Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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