Half-year Report

RNS Number : 0757C

Reabold Resources PLC

27 September 2018

 

27 September 2018

REABOLD RESOURCES PLC

 ("Reabold" or "the Company")

Unaudited Interim Results for six months ended 30 June 2018

Reabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2018 ("the Period").

For further information, contact:

Reabold Resources plc Sachin Oza (Co-CEO) Stephen Williams (Co-CEO)	[phone]
Strand Hanson Limited James Spinney Rory Murphy Jack Botros	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[phone]
Whitman Howard Limited Hugh Rich Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd Andy Thacker	[phone]

CHAIRMAN'S STATEMENT

The Board is pleased to report on the significant progress made by the Company in the six months ended 30 June 2018, and post-Period end, in implementing its investment strategy in undervalued, low risk, near-term upstream oil and gas projects.

Highlights

·     £7.8 million (before expenses) equity raising including significant new institutional investors

·     £2.5 million investment completed in Corallian Energy Limited ("Corallian") for a 32.9% interest

·     First tranche completed of total £1.5 million investment in Danube Petroleum Limited ("Danube") for a 29% interest

·     £3.1 million investment in California focused Gaelic Resources Limited ("Gaelic") for an initial 100% ownership providing Reabold with options to participate in multiple near-term, high-impact oil and gas leases in California, United States

·     Independent Review of Danube's Parta Project in Romania confirms potential for the planned derisked and high impact appraisal project, which is expected to commence in H2 2018

·     Corallian's Colter and Wick projects fully funded for drilling in H2 2018

Highlights - Post-Period

·     Successfully completed a four-well workover in California, all of which are in production

·     The first of a three well drilling programme in California in H2 2018 made a commercial discovery of hydrocarbons and is being completed for production

·     Corallian's Colter and Wick projects progressed with anticipated drilling in H2 2018 and on track for the six-well drilling campaign, which commenced in H2 2018 

·     £4.8 million (before expenses) equity fundraise including significant new institutional investor

Corallian Investment

On 1 November 2017, the Company made its first investment under its focused investment strategy, entering share subscription agreements to invest a total of £1.5 million in Corallian, a private UK oil and gas appraisal and exploration company. Corallian has a portfolio of UK oil & gas licences, including the Colter appraisal project, that Corallian management believes has a high chance of success given the appraisal nature of the project together with industry comparative low drilling costs. An initial £0.5 million subscription in Corallian was completed on signing of a subscription agreement, with a further £1 million subscription completed in May 2018. Subsequently in February 2018, the Company announced that it was supporting a further capital raising by Corallian and would invest an additional £1.0 million, of which £0.5m was completed in February 2018 and the balance of £0.5 million, at Reabold's election, was completed in April 2018. Completion of the above subscriptions has resulted in Reabold investing a total of £2.5 million for a 32.9% interest in Corallian. 

Danube Investment

On 4 December 2017, the Company made its second investment, entering into an agreement with Danube, then a wholly owned subsidiary of ASX listed ADX Energy Ltd (ASX:ADX) to invest a total of £1.5 million for a 29% interest in Danube. Danube is a newly-formed UK private oil and gas company, which holds a 50% interest in the high impact Parta licence ("Parta"), onshore Romania, and a 100% interest in a low-risk appraisal campaign within Parta, comprising of two wells planned to test 49.9 Billion Cubic Feet prospective and contingent resources. The first tranche of the Company's investment in Danube of £0.375 million ("Tranche 1") was completed in March 2018, with the second tranche of £1.1 million ("Tranche 2") to be completed upon submission of an Authorisation for Expenditure for the first appraisal well, which was submitted on 17 September 2018, activity on which is anticipated to commence in Q4 2018.

On 24 September 2018, the Company announced the completion of Tranche 2, and that ADX and Reabold had agreed that the deadline of Reabold's option to invest, at Reabold's election, a further amount of US$0.5 million in Danube, with the associated requirement that ADX will either invest directly or source investment from a third party of US$0.5 million on the same terms as Reabold's Tranche 1 and Tranche 2 investments, had been extended to 31 October 2018.

Gaelic Investment

On 14 June 2018, the Company was pleased to announce the significant conditional acquisition of 100% of the issued share capital of Gaelic for the issue of 420 million new ordinary shares in Reabold ("the Consideration Shares"), representing £3.1 million at the closing price of 0.725p per share on AIM on 12 June 2018.  The issue of the Consideration Shares was subject to the approval of the shareholder of the Company, which was received at a General Meeting of the Company on 29 June 2018. The acquisition of Gaelic duly completed on 4 July 2018. 

Gaelic provides Reabold with options to participate in multiple near-term, high-impact oil and gas leases in California, United States ("the Leases"). Gaelic, through its wholly owned US subsidiary, has the right to earn-in to 50% of the Leases by drilling up to five wells by the end of 2019. Reabold expects three of these wells to be drilled before the end of 2018. In a success case, these wells will be put onto production, providing cashflow to support further drilling activity. The five-well drilling programme is expected to cost Reabold up to approximately US$7.0 million in total.

The Leases are operated by Integrity Management Solutions, a California operating company that will direct operational decisions pertaining to the licenses.

Reabold funded the successful four-well workover programme on the idle wells on the Monroe Swell licence, earning a 50% interest in these wells that are now in production. Reabold also funded the Venturini Ginnochio 3 well ("VG-3"), completed for production, on the West Brentwood license earning a 50% interest in the licence. This successful well is being put on production.

Placements

In further support of the Company's investing strategy and executive team, the Company was pleased to complete, in March 2018, a significant fund raising of 1,291,750,000 new ordinary shares at a price of 0.6 pence per share, raising £7.8 million (before expenses) to support the Company's investment policy.

On 5 September 2018, the Company announced a placing of a total of 568,908,823 new ordinary shares in the Company, raising gross proceeds of £4.8 million at a price of 0.85p per share, with the net proceeds to be deployed in the continued execution of the Company's strategy across additional high-impact projects.

Financial Review

The loss of the Company for the 6 months ended 30 June 2018 was £746,000 (2017: loss of £70,000), including share based payments expense of £322,000. The net assets as at 30 June 2018 were £12,752,000 (2017: £804,000). 

As at 30 June 2018, the Company had cash of £9,551,000. 

Board and Advisor Appointments

On 17 September 2018, the Company announced the appointment of Marcos Mozetic and Michael Felton as Non-Executive Directors of the Company and the appointment of Strand Hanson Limited as Nominated and Financial Adviser. 

Marcos Mozetic, an exploration geologist, brings over 41 years of international technical experience in the oil and gas industry to the Company. His most recent experience was in designing, implementing and leading Repsol S.A's exploration strategy between 2004 and 2016. During this period Repsol become a leader in reserve replacement and participated in some of the most exciting discoveries worldwide. Previous to this, Marcos worked as a development geologist in 1975 with Bridas, before moving into the exploration department, which he later led. Following this, Marcos worked for BHP Petroleum and BHP Minerals as Chief Geologist for Argentina and later Country Leader. Marcos holds a BSc and Post-Graduate degree in Petroleum Geology from the University of Buenos Aires.

Mike Felton is an experienced fund manager in the City and brings over 29 years of financial expertise to the Company. Mike previously served as Head of UK Retail Equities at M&G Investments and was Manager of the M&G UK Select Fund, growing the fund's assets from £110m to circa £550m at its peak. Mike has also previously served as Joint Head of Equities at ISIS Asset Management and Manager of ISIS UK Prime Fund, as well as Chief Investment Officer at Lumin Wealth, a position he still retains part-time. Mike sits on the International Tennis Federation's Investment Advisory Panel and is a Business Ambassador for Anthony Nolan, the UK's blood cancer charity and bone marrow register.

 

Outlook

We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact upstream oil and gas projects. The portfolio, which now contains the Danube and Corallian appraisal campaigns drilling in 2018, and Gaelic, which has delivered early success in the workover programme along with VG-3, the discovery well, being completed for production, demonstrates our commitment, as a Board, to our strategy and ability to execute value-creating investments for our shareholders. This portfolio, together with a number of other projects currently under review, means Reabold shareholders can look forward to an exciting 2018 and beyond.

The Board looks forward to reporting further in due course.

This report was approved by the Board and signed on its behalf:

Jeremy Edelman

Chairman

26 September 2018

 

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2018

				Unaudited	Unaudited	Audited
				6 months to	6 months to	12 months to
				30-Jun-18	30-Jun-17	31-Dec-17
			Notes	£'000	£'000	£'000
Revenue				3	-	-
Administration expenses				(395)	(70)	(342)
Impairment				-	-	(150)
Provisions				(32)	-	(101)
Share based payments expense			6	(322)	-	(559)
Loss on ordinary activities before taxation				(746)	(70)	(1,152)
Taxation on loss on ordinary activities				-	-	-
Loss for the financial period				(746)	(70)	(1,152)
Other comprehensive income				-	-	-
Total comprehensive income for the period				(746)	(70)	(1,152)
Attributable to:
Equity holders				(746)	(70)	(1,152)
				(746)	(70)	(1,152)
Earnings per share
Basic loss per share (pence)			2	(0.03)	(0.02)	(0.18)
Diluted loss per share (pence)			2	(0.03)	(0.02)	(0.14)

 

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

		Unaudited	Unaudited	Audited
		30-Jun-18	30-Jun-17	31-Dec-17
	Notes	£'000	£'000	£'000
ASSETS
Non-current assets
Investments available for sale	3	3,093	495	550
		3,093	495	550
Current assets
Cash and cash equivalents		9,551	353	5,307
Trade and other receivables		65	10	30
Prepayments		7	-	32
Loan receivable	4	305	-	-
		9,928	363	5,369
Total assets		13,021	858	5,919
EQUITY
Capital and reserves
Share capital	5	2,946	508	1,654
Share premium account		19,033	8,743	13,048
Capital redemption reserve		200	200	200
Share based payment reserve	6	881		559
Revaluation reserve	3	167		-
Retained earnings		(10,475)	(8,647)	(9,729)
Total equity		12,752	804	5,732
LIABILITIES
Current liabilities
Trade and other payables		24	54	65
Provisions		133		101
Accruals		112		21
		269	54	187
Total liabilities		269	54	187
Total equity and liabilities		13,021	858	5,919

 

CASH FLOW STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2018

		Unaudited		Unaudited		Audited
		6 months to		6 months to		12 months to
		30-Jun-18		30-Jun-17		31-Dec-17
	Note	£'000		£'000		£'000
Cash flows from operating activities
Loss before taxation		(746)		(70)		(1,152)
Adjustments:
Share based payments	6	322		-		559
Provisions		32		-		101
Revaluation Reserve	3	167		-		-
Impairment		-		-		150
Realised foreign exchange gain		-		-		(6)
Operating cash flows before movement in working capital		(225)		(70)		(348)
(Increase)/decrease in receivables		(35)		(9)		(29)
Increase/(decrease) in payables and accruals		50		23		54
(Increase)/decrease in prepayments		25		-		(32)
Net cash used in operating activities		(185)		(56)		(355)
Net cash flows from investment activities
Purchase of available for sale investments	3	(2,543)		(295)		(795)
Loan receivable	4	(305)		-		-
Proceeds from divestment of available for sale investments		-		-		302
Net cash used from investment activities		(2,848)		(295)		(494)
Cash flows from financing activities
Share placement net proceeds	5	7,277		365		5,816
Net cash generated from financing activities		7,277		365		5,816
Net increase/(decrease) in cash and cash equivalents		4,244		13		4,967
Cash and cash equivalents at the beginning of the period		5,307		340		340
Cash and cash equivalents at the end of the period		9,551		353		5,307

Cash and cash equivalents comprises the following:
Cash and cash equivalents			9,551				353		5,307
		9,551				353			5,307

 

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2018

	Share Capital	Share Premium	Capital Redemption Reserve	Share based payments reserve	Revaluation Reserve	Retained Earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance 31 December 2016 - audited	435	8,451	200	-	-	(8,577)	509
Total comprehensive income for period	-	-	-	-	-	(70)	(70)
Changes in equity for period to 30 June 2017
Issue of share capital	73	292	-	-	-	-	365
Balance 30 June 2017 - unaudited	508	8,743	200	-	-	(8,647)	804
Total comprehensive income	-	-	-	-	-	(1,082)	(1,082)
Changes in equity for period to 31 December 2017
Issue of share capital	1,146	4,305	-	-	-	-	5,451
Share based payments				559
Balance 31 December 2017 - audited	1,654	13,048	200	559	-	(9,729)	5,732
Total comprehensive income	-	-	-	-	-	(746)	(746)
Changes in equity for period to 30 June 2018
Issue of share capital	1,292	5,985	-	-	-	-	7,277
Share based payments	-	-	-	322	-	-	322
Revaluation of available for sale investments	-	-	-	-	167	-	167
Balance 30 June 2018 - unaudited	2,946	19,033	200	881	167	(10,475)	12,752

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

1.    Basis of preparation

These interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2017 Annual Report. The financial information for the half years ended 30 June 2018 and 30 June 2017 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.

The annual financial statements of Reabold Resources Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2017 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2017 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2017 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources and support from key shareholders to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial statements.

The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the Company's latest annual audited financial statements, with additional information in respect of significant accounting policies disclosed below.

The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Company.

2.         Loss per share

The calculations of the basic and diluted earnings per share are based on data the following:	Unaudited 6 months to 30-Jun-18 £'000	Unaudited 6 months to 30-Jun-17 £'000	Audited 12 months to 31-Dec-17 £'000
Loss for the year	(746)	(70)	(1,152)
Loss for the purpose of basic earnings per share	(745)	(70)	(1,152)
Number of shares
Weighted average number of ordinary shares in issue during the year	2,263,849,697	317,816,913	655,361,644
Effect of dilutive options	315,000,000	-	190,000,000
Diluted weighted average number of ordinary shares in issue during the year	2,578,849,697	317,816,913	845,361,644
Loss per share
Basic loss per share (pence)	(0.03)	(0.02)	(0.18)
Diluted loss per share (pence)	(0.03)	(0.02)	(0.14)

 

3.    Investments available for sale

		Unaudited	Unaudited	Audited
		30-Jun-18 £'000	30-Jun-17 £'000	31-Dec-17 £'000
At 1 January		550	200	200
Addition at cost		2,376	295	795
Divestment		-	-	(295)
Revaluation		167	-	-
Impairment		-	-	(150)
At 30 June		3,093	495	550

On 1 November 2017, the Company announced it had entered into a conditional share subscription agreement to subscribe for 740,741 ordinary shares in the issued share capital of Corallian ("Tranche B Shares") at £1.35 per share for an aggregate subscription amount of £1.0 million, with the subscription conditional upon the joint venture partners in licence P1918 in respect of the Colter appraisal project approving an authorisation for expenditure for the drilling of the Colter well prior to 30 April 2018, failing which Reabold's obligation to subscribe for the Tranche B Shares would terminate. As at 30 April 2018, no such authorisation for expenditure for the drilling of the Colter well had been approved. Subsequently, on 25 May 2018, Reabold advised Corallian that it had waived the condition for the Tranche B Shares and proceeded to complete the Tranche B subscription on 28 May 2018 in the amount of £1.0 million.

On 1 March 2018, the Company announced that it had signed two further subscription agreements with Corallian. The first agreement was an unconditional subscription for 333,333 new Corallian shares at £1.50 per share for an investment of £0.5 million, which was completed in February 2018.  The second agreement gave Reabold the option to subscribe for an additional 333,333 new Corallian shares at a price of £1.50 per share for an investment of £0.5 million at any point up to 6 April 2018, which was completed prior to the expiry date.

Taking the full Corallian fundraisings into account, Reabold has invested a total of £2.5 million for a current interest in 32.9% of Corallian's issued share capital.

The Company has assessed the fair value of its investment in Corallian as at 30 June 2018 as £1.50 per share, for a total value of £2,667,000, resulting in a revaluation increase of £167,000 during the period. 

On 4 December 2017, the Company announced that it had signed an agreement with Danube, a newly incorporated subsidiary of ASX listed ADX Energy Ltd, to invest a total of £1.5 million for a 29% interest in Danube. The investment was conditional on completion of a transaction between Danube and ADX Energy Ltd, by 28 February 2018, which would result in Danube holding a 50% interest in the Parta licence in Romania, and a 100% interest in a low-risk appraisal campaign within Parta. The investment comprised an initial 375,940 new shares to be issued upon completion of the transaction at £1.00 per share. This will be followed by a further 1,127,819 new shares to be issued upon submission of an Authorisation for Expenditure ("AFE") for the first appraisal well at £1.00 per share. On 19 February 2018, the Company agreed to extend the date for completion of the transaction to 31 March 2018, with completion taking place on 23 March 2018 of the initial investment by the Company of £375,940. The AFE was submitted on 17 September 2018.

The Company has assessed the fair value of its investment in Danube as at 30 June 2018 as £1.00 per share, for a total value of £376,000, resulting in no revaluation during the period.

4.    Loan receivable

On 29 June 2018, the Company provided the Gaelic Group with US$400,000 (£305,000) in loan funding for application to its California project commitments, on unsecured, interest free and at call terms.  The Company completed the acquisition of Gaelic on 4 July 2018.

 

5.    Called up share capital

	30-Jun-18 No. shares	30-Jun-17 No. shares	31-Dec-17 No. shares
Ordinary shares
Opening ordinary shares of 0.10 pence each	1,540,415,896	320,915,896	320,915,896
Issue of new ordinary shares of 0.10 pence each	1,291,750,000	73,500,000	1,219,500,000
Closing ordinary shares of 0.10 pence each	2,832,165,896	394,415,896	1,540,415,896
"A" Deferred Share
Opening "A" Deferred Share of 1.65 pence each	6,915,896	6,915,896	6,915,896
Capital reorganisation and consolidation	-	-	-
Closing "A" Deferred Share of 1.65 pence each	6,915,896	6,915,896	6,915,896
	30-Jun-18 £'000	30-Jun-17 £'000	31-Dec-17 £'000
Ordinary shares
Opening ordinary shares of 0.10 pence each	1,540	321	321
Issue of new ordinary shares of 0.10 pence each	1,292	473	1,219
Closing ordinary shares of 0.10 pence each	2,832	394	1,540
"A" Deferred Share
Opening "A" Deferred Share of 1.65 pence each	114	114	114
Capital reorganisation and consolidation	-	-	-
Closing "A" Deferred Share of 1.65 pence each	114	114	114

On 20 March 2018, the Company completed a placing of 1,291,750,000 new Ordinary Shares of 0.1p each at a price of 0.6p per share to raise £7.8 million (before expenses) to provide the Company with additional capital to exploit a number of opportunities that the Directors believe have the capacity to provide significant returns on investment.

6.    Share options and share based payments

During the six months ended 30 June 2018, the Company granted 190 million options (2017: nil). At 30 June 2018 there were 315,000,000 share options were outstanding (2017: nil).

Option Holder	At 1 January 2018 No.	Issued during the period No.	Lapsed / Exercised during the period No.	At 30 June 2018 No.	Exercise Price Pence	Vesting Date	Expiry Date
Sachin Oza	30,000,000	-	-	30,000,000	0.50p	19/10/2017	19/10/2021
Sachin Oza	30,000,000	-	-	30,000,000	0.75p	19/10/2018	19/10/2021
Sachin Oza	30,000,000	-	-	30,000,000	1.00p	19/04/2019	19/10/2021
Sachin Oza	-	20,000,000	-	20,000,000	0.60p	19/03/2018	19/03/2022
Sachin Oza	-	20,000,000	-	20,000,000	0.90p	14/03/2019	19/03/2022
Sachin Oza	-	20,000,000	-	20,000,000	1.20p	14/09/2019	19/03/2022
Stephen Williams	30,000,000	-	-	30,000,000	0.50p	19/10/2017	19/10/2021
Stephen Williams	30,000,000	-	-	30,000,000	0.75p	19/10/2018	19/10/2021
Stephen Williams	30,000,000	-	-	30,000,000	1.00p	19/04/2019	19/10/2021
Stephen Williams	-	20,000,000	-	20,000,000	0.60p	19/03/2018	19/03/2022
Stephen Williams	-	20,000,000	-	20,000,000	0.90p	14/03/2019	19/03/2022
Stephen Williams	-	20,000,000	-	20,000,000	1.20p	14/09/2019	19/03/2022
Anthony Samaha	10,000,000	-	-	10,000,000	0.50p	19/10/2017	19/10/2021
Anthony Samaha	-	5,000,000	-	5,000,000	0.50p	19/03/2018	19/03/2022
	190,000,000	190,000,000	-	315,000,000

The number and weighted average exercise prices of share options are as follows:

	2018		2017
	Weighted average exercise price	Number of options	Weighted average exercise price	Number of options
Outstanding at 1 January	0.74	190,000,000	-	-
Granted during the period	0.89	125,000,000	-	-
Forfeited during the period	-	-	-	-
Exercised during the period	-	-	-	-
Outstanding at 30 June	0.80	315,000,000	-	-
Exercisable at 30 June	0.74	140,000,000	-	-

The options outstanding at 30 June 2018 have a weighted average contractual life of 3.47 years (2017: Nil).

The closing share price range during the period ended 30 June 2018 was 0.57p to 0.82p.

The options issued during the period ended 30 June 2018 were all granted on 14 March 2018 and vest in tranches upon approval of the Placing at the General Meeting on 19 March 2018, 12 months from grant and 18 months from grant.  Should the option holder leave the Board prior to the vesting of their options, such options will be forfeited.

For the options granted, IFRS 2 "Share-Based Payment" is applicable, and the fair values were calculated using the Black-Scholes model. The inputs into the model were as follows:

	Risk free rate	Share price volatility	Expected life	Share price at date of grant
Granted 14 March 2018	1.05%	120%	4 years	0.65p

Expected volatility was determined by calculating the historical volatility of the Company's share price.

The Company recognised total expenses relating to equity-settled share-based payment transactions during the year of £322,000 (2017: nil).

7.    Events after the reporting period

On 4 July 2018, the Company completed its investment in Gaelic Resources Limited for an initial 100% ownership for the consideration of the issue of 420,000,000 new Ordinary Shares of 0.1p in the Company.

On 5 September 2018, the Company announced a placing of a total of 568,908,823 new ordinary shares in the Company, raising gross proceeds of £4.8 million at a price of 0.85p per share, for the intended use of the capital to continue deploying its strategy across additional high-impact projects.

On 17 September 2018, the Company announced the appointment of Strand Hanson as Nomad and the appointment of Marcos Mozetic and Michael Felton as Non-executive directors of the Company.

On 17 September 2018, the AFE in respect of Danube's first appraisal well was submitted and validly issued under the Joint Operating Agreement.  On 24 September 2018, the Company announced the completion of Tranche 2, and that  ADX and Reabold had agreed that the deadline of Reabold's option to invest, at Reabold's election, a further amount of US$0.5 million in Danube, with the associated requirement that ADX will either invest directly or source investment from a third party of US$0.5 million on the same terms as Reabold's Tranche 1 and Tranche 2 investments, had been extended to 31 October 2018.  

8.    General Information

Reabold Resources Plc is a company registered in England and Wales under the Companies Act. Registered in England number 3542727 at The Broadgate Tower, 8th Floor, 20 Primrose Street, London, England, EC2A 2EW. The principal activity of the Company is that of an investing company in accordance with the AIM Rules for Companies.

9.    Availability of this announcement

Copies of this announcement are available from the Company's website www.reabold.com.

 

END

 

 

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