TIDMCRES
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 Tavira Securities Limited
Cameron Pearce (Director) Jonathan Evans
www.Citiusresources.co.uk Tel: +44(0)20 7330 1833
Tel: +44 (0)1624 681 250 Jonathan.evans@tavirasecurities.com
info@citiusresources.co.uk
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.
The Directors are responsible for the maintenance and integrity
of the corporate and Interim Financial Statements. Legislation
governing the preparation and dissemination of Interim Financial
Statements may differ from one jurisdiction to another.
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 6 months ended 31 October 12 months ended
2022 2021 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 As at
31 October 2022 As at 30 April
31 October 2021 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 Warrants reserves
capital Share premium 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:
GBP17,422).
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 6 months ended 12 months
31 October 31 October ended
2022 2021 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 6 months ended 31 October 12 months ended 30 April
2022 2021 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
Nominal
Number of value Total share
shares issued per share Share capital Share premium 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.
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END
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