Cashflow Report for Q1 2018

RNS Number : 5328M

Kore Potash PLC

30 April 2018

 

30 April 2018

Kore Potash Plc

("Kore Potash" or the "Company")

Appendix 5B - Cashflow Report for the Quarter Ended 31 March 2018

Kore Potash (AIM: KP2, ASX: KP2, JSE: KP2), the potash exploration and development company whose flagship asset is the Company's 97%-owned Sintoukola Potash Project ("Kola" or the "Project"), located within the Republic of Congo, today released the following announcement on the Australian Securities Exchange ("ASX"), as required under the listing rules of the ASX.

For further information, please visit www.korepotash.com or contact:

Kore Potash Sean Bennett - CEO		Tel: [phone]
Tavistock Communications Jos Simson Edward Lee		Tel: [phone]
Canaccord Genuity - Nomad and Broker Martin Davison James Asensio		Tel: [phone]
Fivemark Partners Michael Vaughan		Tel: [phone]

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 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
KORE POTASH PLC
ABN		Quarter ended ("current quarter")
621 843 614		31 MARCH 2018

Consolidated statement of cash flows			Current quarter $US'000	Year to date (3 months) $US'000
1.	Cash flows from operating activities		-	-
1.1	Receipts from customers
1.2	Payments for		(7,356)	(7,356)
	(a)   exploration and evaluation
	(b)   development		-	-
	(c)   production		-	-
	(d)   staff costs		(634)	(634)
	(e)   administration and corporate costs		(877)	(877)
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 refunded		1	1
1.7	Research and development refunds		-	-
1.8	Other (provide details if material)		-	-
1.9	Net cash from / (used in) operating activities		(8,865)	(8,865)
2.		Cash flows from investing activities	(3)	(3)
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 the 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	(3)	(3)
3.		Cash flows from financing activities	12,895	12,895
3.1		Proceeds from issues of shares
3.2		Proceeds from issue of convertible notes	250	250
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	13,145	13,145
4.		Net increase / (decrease) in cash and cash equivalents for the period	16,455	16,455
4.1		Cash and cash equivalents at beginning of period
4.2		Net cash from / (used in) operating activities (item 1.9 above)	(8,865)	(8,865)
4.3		Net cash from / (used in) investing activities (item 2.6 above)	(3)	(3)
4.4		Net cash from / (used in) financing activities (item 3.10 above)	13,145	13,145
4.5		Effect of movement in exchange rates on cash held	393	393
4.6		Cash and cash equivalents at end of period	21,125	21,125

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 $US'000	Previous quarter $US'000
5.1	Bank balances	21,125	16,455
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)	21,125	16,455

6.	Payments to directors of the entity and their associates	Current quarter $US'000
6.1	Aggregate amount of payments to these parties included in item 1.2	143
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
All transactions included in item 6.1 are for payment of directors fees.

7.	Payments to related entities of the entity and their associates	Current quarter $US'000
7.1	Aggregate amount of payments to these parties included in item 1.2	-
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

8.	Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $US'000	Amount drawn at quarter end $US'000
8.1	Loan facilities	-	-
8.2	Credit standby arrangements	-	-
8.3	Other (please specify)	250	250
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 Company raised US$250,000 from the Chairman, David Hathorn, through a convertible loan note that will convert into ordinary shares upon shareholder approval at the next general meeting of the Company. The Convertible Note does not attract interest and is unsecured. Conditional upon, and immediately following, the passing of a resolution at the Company's next annual general meeting approving the conversion of the Loan to ordinary shares, the Convertible Note will convert into 1,618,250 ordinary shares. On conversion, the lender will also be issued with 250,000 Equity Warrants.

9.	Estimated cash outflows for next quarter	$US'000
9.1	Exploration and evaluation	3,974
9.2	Development	-
9.3	Production	-
9.4	Staff costs	720
9.5	Administration and corporate costs	1,882
9.6	Other (provide details if material)	-
9.7	Total estimated cash outflows	6,576

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	-	-	-	-
10.2	Interests in mining tenements and petroleum tenements acquired or increased	-	-	-	-

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.

Sign here:         (signed electronically) .........................................                       Date: 30 April 2018

Joint Company Secretary

Print name:       Henko Vos.

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 6: Exploration for and Evaluation of Mineral Resources and 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 standards apply 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.

 

END

 

 

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