Interim Results
Resmex plc
07 September 2005
7 September 2005
RESMEX PLC
('Resmex' or 'the Company')
Interim Results for the period ended 30 June 2005
Resmex today announces its interim results for the period from incorporation, on
22 October 2004, to 30 June 2005.
Chairman's Statement
In March 2005 we floated on AIM, having raised cash of £885,000 (before
expenses) and issued 88,500,000 new ordinary shares. The proceeds of the placing
were to provide working capital and finance initial evaluations of potential
investment opportunities. On 5 August 2005 we successfully acquired the entire
share capital of Sermines de Mexico S.A. de C.V., a company which owns mineral
exploration rights in the north of Senora Province in Mexico, for a
consideration of US$150,000 in cash.
Outlook
Your board believes that the current high prices in the energy and mineral
resources sectors are likely to continue for some time. Accordingly we are
continuing to look for opportunities which may be suitable for Resmex to grow
its resource assets. These opportunities can either be at the 'grass root'
exploration stage as in our Mexican investment, they may be at the next stage of
pre-feasibility study or indeed full feasibility may already have been
completed.
We have already evaluated several opportunities on your behalf which have been
rejected. We have encountered no shortage of opportunities in the current
environment and our mission remains to pursue resource based projects which we
hope will increase the value of the Company.
Robert J Annells, Chairman
7 September 2005
For further information, please contact:
Sue Wickerson 020 8466 0406
Resmex plc
INTERIM CONSOLIDATED RESULTS
for the period to 30 June 2005
Period to
30 June 2005
(Unaudited)
£
Income -
Administrative expenses (21,928)
------------
Operating profit (21,928)
Interest receivable 7,379
------------
Loss on ordinary activities before taxation (14,549)
Taxation -
------------
Retained loss for the period (14,549)
============
CONSOLIDATED BALANCE SHEET
as at 30 June 2005
30 June 2005
(Unaudited)
£
Current assets
Debtors 1,000
Cash at bank 835,867
------------
836,867
Current liabilities
Creditors - amounts falling due
within one year (3,677)
------------
Net current assets 833,190
------------
Total assets less current liabilities 833,190
Creditors - amounts falling due
after more than one year -
------------
Net assets 833,190
============
Capital and reserves
Share capital 141,589
Share premium 706,150
Profit and loss account (14,549)
------------
833,190
============
GROUP CASH FLOW STATEMENT
for the period to 30 June 2005
Period to
30 June 2005
(Unaudited)
£
Net cash outflow from
operating activities (Note 1) (19,251)
------------
Returns on investments and
servicing of finance
Interest received 7,379
------------
Net cash inflow from returns on
investments and servicing of finance 7,379
------------
Cash outflow before financing (11,872)
Financing
Issue of ordinary share capital 938,089
Expenses of flotation (90,350)
------------
847,739
------------
Increase in cash in the period 835,867
============
NOTES TO GROUP CASH FLOW STATEMENT
1. Net cash outflow from operating activities Period to
30 June 2005
(unaudited)
£
Operating loss (21,928)
Increase in debtors (1,000)
Increase in creditors 3,677
----------
(19,251)
----------
2. Analysis of net debt
At 30 June 2005
(unaudited)
£
Cash at bank 835,867
NOTES
1. Basis of preparation
The company was incorporated on 22 October 2004 and was admitted to trading on
AIM on 29 March 2005. The company's year end is 31 December, and the results
shown in the profit and loss account relate to the period from incorporation on
22 October 2004 to 30 June 2005, the group's interim accounting date.
2. Principal accounting policies
2.1 Accounting convention
The interim financial information has been prepared in accordance with
applicable United Kingdom accounting standards and under the historical cost
convention modified to include the revaluation of certain fixed assets. The
information is unaudited and does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985.
3. Copies of report
Copies of this report are available from the Company's registered office at 32
Lancaster Mews, London, W2 3QE.
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