15 October 2019

 

VENI VIDI VICI LIMITED

("Veni Vidi Vici" or the "Company")

 

Interim Results for the six months ended 30 June 2019

 

Veni Vidi Vici announces its unaudited interim results for the six months ended 30 June 2019.

 

Overview

 

In August 2018, the Company completed its successful listing on the NEX Exchange Growth market, having raised gross funds of £600,000 through equity placings in December 2017 and July 2018 for future acquisitions in accordance with its investment strategy to identify investment opportunities and acquisitions in companies involved  in exploration and development in the Precious Metals and Base Metals sectors in Australia, Western Europe and North America.

 

In December 2018 the Company completed its first investment, with the signing of the sale and purchase agreement with Goldfields Consolidated Pty Ltd for a 51 % beneficial interest in the Shangri La gold, copper and silver project in consideration for A$220,000. The consideration was satisfied by a payment of A$20,000 to Goldfields in cash and the issuance of 190,000 ordinary fully paid shares in the capital of the Company ("Consideration Shares").

 

Pursuant to the terms of the SPA, Veni Vidi Vici and Goldfields have entered into a lock-in agreement whereby Goldfields has agreed to restrict its ability to sell the Consideration Shares for a period of three months.

 

In addition, the Company and Goldfields have entered into a joint venture agreement ("JVA") under which Veni Vidi Vici will be responsible for an initial expenditure fee of A$300,000 over three years from the commencement of the JVA. Goldfields will manage the joint venture ("JV") and be entitled to a 10% management fee of expenses incurred by the JV.

 

The Shangri La Project is a gold-copper-silver project comprising a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares. The Shangri La Project is located 10 kilometres west of Kununurra, the central town of the Northeast Kimberley region in Western Australia.

 

Further updates will be provided over the coming period.

 

FINANCE REVIEW

The loss for the period to 30 June 2019 was £56,000 (31 December 2018 - £103,000 loss) which mainly related to regulatory costs and other corporate overheads. (31 December 2018 - £78,000). The total revenue for the period was nil.  At 30 June 2019, Company had cash balances of £384,000 (31 December 2018 - £450,000).

 

The interim accounts to 30 June 2019 have not been reviewed by the Company's auditors.

 

Chris Gordon

Director

15 October 2019

 

The directors of the Company accept responsibility for the contents of this announcement.

 

 

For further information please contact:

 

The Company Chris Gordon	+44 (0) 7834 834 182
NEX Exchange Corporate Adviser: Peterhouse Capital Limited Guy Miller/Mark Anwyl	+44 (0) 20 7469 0936

 

Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2019

 

		6 months to	Period ended
		30 June 2019	31 December 2018
		Unaudited	Audited
	Notes	£'000	£'000
Continuing operations
Revenue
Investment income		-	-
Total gains on AFS investments		-	-
Administrative costs		(56)	(78)
Share based payments		-	(25)
Operating (loss)		(56)	(103)
Finance costs		-	-
(Loss) before tax		(56)	(103)
Taxation		-	-
(Loss) for the period		(56)	(103)
Other comprehensive income
Translation exchange (loss)/gain		-	-
Other comprehensive income for the period net of taxation		-	-
Total Comprehensive Income for the year attributable to the owners of the parent company		(56)	(103)
(Loss) per share:
Basic and diluted (loss) per share (pence)	2	(3.29)	(10.96)

 

Unaudited Condensed Company Statement of Financial Position
as at 30 June 2019

 

		30 June 2019	31 December 2018
		Unaudited	Audited
	Notes	£'000	£'000
ASSETS
Non-current assets
Intangible assets		136	136
		136	136
Current assets
Trade and other receivables		2	6
Cash and cash equivalents		384	450
		386	456
Total assets		522	592
LIABILITIES
Current liabilities
Trade and other payables		(33)	(42)
Total current liabilities		(33)	(42)
Total liabilities		(33)	(42)
Net Assets		489	550
EQUITY
Equity attributable to equity holders of the parent
Share capital		-	-
Share premium account		623	628
Share based payment reserve		25	25
Retained earnings		(159)	(103)
Total equity		489	550

 

Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2019

 

	Share capital	Share premium	Share based payment reserve	Retained earnings	Total attributable to owners of parent
Unaudited	£'000	£'000	£'000	£'000	£'000
Balance at 14 November 2017	-	-	-	-	-
Loss for the period	-	-	-	(103)	(103)
Total comprehensive income for the period	-	-	-	(103)	(103)
Shares issued	-	723			723
Share issue costs		(95)			(95)
Share options issued	-	-	25	-	25
Transactions with owners of the company	-	628	25	-	653
Balance at 31 December 2018	-	628	25	(103)	550
Loss for the period	-	-	-	(56)	(56)
Total comprehensive income for the period	-	-	-	(56)	(56)
Share Issue costs	-	(5)	-	-	(5)
Transactions with owners of the company	-	(5)	-	-	(5)
Balance at 30 June 2019	-	623	25	(159)	489

 

Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2019

 

		6 months to	Year to
		30-Jun-19	31-Dec-18
		Unaudited	Audited
		£'000	£'000
Cash flows from operating activities
Operating (loss)		(56)	(103)
Adjustments for:
Share based payment charge		-	25
Decrease/(increase) in trade and other receivables		4	(6)
(Decrease)/increase in trade and other payables		(9)	42
Net cash used in operating activities		(61)	(42)
Investing activities
Finance Costs		-	-
Investment in intangible assets		-	(13)
Net cash outflow in investing activities		-	(13)
Financing activities
Issue of share capital		-	600
Issue costs		(5)	(95)
Net cash from financing activities		(5)	505
Net change in cash and cash equivalents		(66)	450
Cash and cash equivalents at beginning of period		450	-
Cash and cash equivalents at end of period		384	450

 

Notes to the condensed interim financial statements
 

1.              General Information

 

Basis of preparation and accounting

 

The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.

 

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 - Interim Financial Reporting. Accordingly the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2018 annual financial statements.

 

2.              Earnings per share

 

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

 

Reconciliations of the earnings and weighted average number of shares used are set out below.

 

	Six months to	Period ended
	30 June 2019	31 December 2018
	(Unaudited)	(Audited)
	(£'000)	(£'000)
Net loss attributable to equity holders of the company	(56)	(103)
Number of shares Weighted average number of ordinary Shares for the purposes of basic loss per share	1,720,003	933,691
Basic and diluted loss per share (pence)	(3.29)	(10.96)

 

3.              Events after the reporting date

 

On 19 August 2019, Mr Lucas stepped down as a non-executive director of the Company.