TIDMAMC

RNS Number : 4404N

Amur Minerals Corporation

25 September 2023

25 September 2023

AMUR MINERALS CORPORATION

(AIM: AMC)

Interim Results 2023

Chairman's Statement

On behalf of Amur Minerals Corporation ("Amur" or the "Company" or the "Group"), I take this opportunity to update shareholders on the Company's progress during the first six months of 2023.

On 6 March 2023, we were pleased to announce that the Company had completed the sale of its wholly owned Russian Federation ("RF") subsidiary AO Kun-Manie along with its fully controlled Detailed Exploration and Mine Planning Licence ("DEMP"). The transaction grossed the Group a total of US$35 million allowing us to have recaptured our RF sunk costs. As a result of the sale, the Company no longer holds any assets in, or conducts any business in, the RF. The effect of the disposal of our RF subsidiary was to divest the Company of all of its trading business, activities and assets such that on completion of the disposal, the Company became an AIM Rule 15 cash shell.

The terms of the transaction were:

-- The total consideration for the Transaction was US$35 million to be paid upon completion of the Transaction in US$.

-- The divesture price represented a premium of 119% to the Group's market capitalisation of 3 August 2022 (GBP13.2 million) and 44% to the current Kun-Manie book value of US$24.3 million as at 31 December 2021 in Amur's latest annual report. The closing share price on 3 August 2022 was 0.89 pence per share.

-- The Group pledged to pay a one-time special dividend of 1.8 pence per ordinary share within 90 days of receipt of the completion payment.

Dividend payment

We are also pleased to report that we have paid a one-time special dividend from the US$35 million payment for the sale of AO Kun-Manie. Paid at 1.8p per ordinary share, a total of GBP25.1 million (US$31.7 million at an exchange rate of 1.26 US$ to the UK Pound Sterling) was allocated.

As at the time of this announcement, dividends totalling GBP0.4 million remain unclaimed by shareholders and we urge these shareholders to complete the necessary steps, as detailed in the Company's news announcement on 24 May 2023, in order to receive payment of their dividend. In summary:

- Ordinary Shareholders (Certificated) are instructed to register their UK bank/building society account details with Link Registrars to receive the cashless dividend. Periodically, Link Registrars conducts a review to identify registered shareholders with payment being completed at a later date.

- Depository Interest Shareholders (CREST) must undertake the necessary election in CREST either online at https://www.signalshares.com or by phone by calling Link Group on 0371 664 0300 (UK) or +44 371 664 0300 (overseas). As with the Ordinary Shareholders, Link Registrars will conduct periodic reviews to identify registered shareholders with payment being completed at a later date.

If a shareholder does not register their bank/building society account details and/or elect to receive the payment in CREST on a timely basis, the unclaimed dividend will be held securely until the shareholder has registered the appropriate information with Link Registrars (Link).

Future Strategy

With the Group's sale of its AO Kun-Manie asset on 6 March 2023 and receipt of the US$35 million payment on 14 March 2023, the Group became a cash shell in accordance with AIM Rule 15 of the AIM Rules. To continue as a listed Group, the Group is now required to complete an acquisition or acquisitions which constitute(s) a Reverse Takeover (RTO) under AIM Rule 14 or be re-admitted on AIM as an investing company under the AIM Rules on or before the date falling six months from 6 March 2023.

As neither a reverse takeover nor readmission to trading on AIM as an investing company was fully completed within that timeframe, trading in the Company's shares on AIM was suspended on 7 September 2023.

Trading will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at a General Meeting of the Company, or the Company is readmitted to trading on AIM as an investing company.

The board of Amur continues to review a number of reverse takeover opportunities. Geographically, these have been located in Canada, the US, Scandinavia, Spain, Brazil, Peru, Chile, Ghana, Mali, Kenya and Australia. Commodities have included potash, silica, alumina, copper, nickel, gold, silver, metallurgical coking coal, energy fuels substitutes, lime and lithium. A total of 17 opportunities have been considered.

During the course of our investigation, we have also been contacted by two non-mineral resource companies. Discussions with these more financially advanced entities indicate there is potential for us to move into Artificial Intelligence / Entertainment, Financial Services or other sectors. These warrant further investigation and we have therefore expanded our RTO investigation of opportunities beyond the mineral resource sector.

We shall continue to explore viable options for an RTO and will make further announcement in due course. We recognise it may be a source of frustration for shareholders that we cannot report on specific counterparties, the nature of our discussions, and the ongoing processes in more detail. This reflects the regulatory regime and the many confidentiality agreements that govern this activity. However, although there can be no guarantees, all Board members are engaged in contributing towards a successful outcome to this process, and we look forward to providing our shareholders with further updates as appropriate.

Financial Overview

As at 30 June 2023 the Group had cash reserves of US$6.3 million, up from US$5.3 million at the end of 2022, and has an additional US$1 million restricted cash, held in a mandatory short-term deposit with the Company's bank. Cash reserves as at 30 June 2023 also include an amount of US$1.9 million held in relation to unpaid shareholder dividends. The Company remains debt free.

Administration expenses for the first half of 2023 from continuing operations totalled US$2.0 million (H1 2022: US$1.7 million) which comprised of insurance costs of US$0.2 million (H1 2022: US$0.1 million), professional fees incurred in relation to the sale of AO Kun-Manie of US$0.7 million (H1 2022: US$0.6 million) and Directors fees of US$0.2 million (H1 2022: US$0.2 million).

The Group also recognised a loss from discontinued operations totalling US$7.2 million. Included in the loss from discontinued operations is a currency translation loss of US$17.9 million, comprised of accumulated foreign currency losses recognised since the acquisition of AO Kun-Manie, which are required to be reclassified to comprehensive income from the foreign currency translation reserve upon disposal of the subsidiary.

The Group also recognised a US$0.7 million gain on translation of foreign operations (H1 2022: translation loss of US$8.5 million), and expenditure on exploration was US$nil (H1 2022: US$0.3 million).

Mr. Robert Schafer

Chairman of the Board

22 September 2023

 
 
                                              Unaudited    Unaudited         Audited 
                                                30 June      30 June     31 December 
                                      Note         2023         2022            2022 
 
Current assets 
Other receivables                                   469           36              63 
Financial assets                       5          1,000            -               - 
Cash and cash equivalents                         6,314        5,305           3,483 
                                                         -----------   ------------- 
                                                  7,783        5,341           3,546 
                                            -----------  -----------   ------------- 
Non-current assets classified 
 as held for sale                      7              -       33,038          25,195 
                                            -----------  -----------   ------------- 
Total assets                                      7,783       38,379          28,741 
                                            -----------  -----------   ------------- 
 
Current liabilities 
Trade and other payables               8          3,235        1,120             745 
                                                  3,235        1,120             745 
                                            -----------  -----------   ------------- 
 
Non-Current Liabilities 
Rehabilitation provision                              -            3               - 
                                                      -            3               - 
  Total non-current liabilities 
                                            -----------  -----------   ------------- 
Liabilities directly associated 
 with non-current assets classified 
 as held for sale                      7              -          262             176 
                                            -----------  -----------   ------------- 
Total liabilities                                 3,235        1,386             921 
                                            -----------  -----------   ------------- 
 
  Net assets                                      4,548       36,993          27,820 
                                            ===========  ===========   ============= 
 
 
Equity 
Share capital                          10        80,794       80,794          80,794 
Share premium                                     4,278        4,278           4,278 
Foreign currency translation 
 reserve                                              2      (9,124)  (     (17,235) 
Share options reserve                               512          512             512 
Accumulated deficit                            (81,038)     (39,467)        (40,529) 
Total equity                                      4,548       36,993          27,820 
                                            ===========  ===========   ============= 
 
 
 
                                                      Unaudited  Unaudited 
                                                       6 Months   6 Months       Audited 
                                                          ended      ended    Year ended 
                                                        30 June    30 June   31 December 
                                               Note        2023       2022          2022 
 
Administrative expenses                                 (1,969)    (1,714)       (2,605) 
 
Operating loss                                          (1,969)    (1,714)       (2,605) 
 
Profit/(Loss) before tax                                (1,969)    (1,714)       (2,605) 
 
Tax expense                                                   -          -             - 
                                                      ---------  ---------  ------------ 
 
  Loss for the year from continuing 
  operations                                            (1,969)    (1,714)       (2,605) 
                                                      ---------  ---------  ------------ 
 
  Loss from discontinued operations 
  - assets sold                                 7       (7,256)          -             - 
Loss from discontinued operations 
 - assets held for sale                         7             -      (237)         (408) 
 
Profit/ (Loss) for the period 
 / year attributable to owners 
 of the parent                                          (9,225)    (1,951)       (3,013) 
                                                      =========  =========  ============ 
 
Other Comprehensive (loss) / 
 income: 
Items that could be reclassified 
 to profit or loss 
Exchange differences on translation 
 of foreign operations                                    (724)      8,488           377 
Exchange differences reclassified                        17,961          -             - 
 to profit or loss on disposal 
 of foreign subsidiaries 
 
Total comprehensive (loss) / 
 income for the period / year attributable 
 to owners of the parent                                  8,012      6,537       (2,636) 
                                                      =========  =========  ============ 
 
Loss per share (cents) from continuing             4  US (0.14)  US (0.12)     US (0.19) 
 operations attributable to owners 
 of the Parent - Basic & Diluted 
Earnings per share (cents) from                    4  US (0.52)  US (0.02)     US (0.03) 
 discontinued operations attributable 
 to owners of the Parent - Basic 
 & Diluted 
 
 
 
                                           Unaudited   Unaudited 
                                            6 Months    6 Months        Audited 
                                               ended       ended     Year ended 
                                             30 June     30 June    31 December 
                                                2023        2022           2022 
 Cash flows used in operating 
  activities: 
 Payments to suppliers and employees         (9,132)     (1,433)        (3,358) 
 Loss on sale of investments                   7,003           -              - 
 
 Net cash outflow from operating 
  activities                                 (2,129)     (1,433)        (3,358) 
                                          ----------  ----------  ------------- 
 
 
 Cash flow used in investing 
  activities: 
 Payments for exploration expenditure              -       (327)          (327) 
 Cash held with available for 
  sale financial assets                            -           -            141 
 Cash held on deposit                        (1,000) 
 Sale of investments in subsidiaries          35,000           -              - 
 
 Net cash used in investing activities        34,000       (327)          (186) 
                                          ----------  ----------  ------------- 
 
 
 Cash flow from financing activities: 
 Cash received on issue of shares, 
  net of issue costs                               -         345            345 
 Dividends paid                             (29,293)           -              - 
 
 Net cash generated from financing 
  activities                                (29,293)         345            345 
                                          ----------  ----------  ------------- 
 
 
 Net (decrease)/increase in cash 
  and cash equivalents                         2,578     (1,415)        (3,199) 
 
 Cash and cash equivalents at 
  beginning of period / year                   3,667       6,682          6,682 
 Effect of foreign exchange rates                 69          38              - 
 
 Cash and cash equivalents at 
  end of period / year                         6,314       5,305          3,483 
                                          ==========  ==========  ============= 
 
 
 
                                                 Foreign currency 
                                      Share    translation reserve          Share 
                      Share capital   premium                          options reserve   Accumulated deficit     Total 
                      -------------  --------  --------------------  -----------------  --------------------  -------- 
 
At 1 January 2023            80,794     4,278              (17,235)                512              (40,529)    27,820 
Loss for the period               -         -                     -                  -               (9,225)   (9,225) 
Exchange differences 
 on translation of 
 foreign operations               -         -                 (724)                  -                     -     (724) 
Exchange differences 
 reclassified to 
 profit or loss on 
 disposal of foreign 
 subsidiaries                     -         -                17,961                  -                     -    17,961 
Total comprehensive 
 income for the 
 period                           -         -                17,237                  -               (9,225)     8,012 
Dividends declared                -         -                     -                  -              (31,284)  (31,284) 
 
At 30 June 2023 
 (unaudited)                 80,794     4,278                     2                512              (81,038)     4,548 
                      =============  ========  ====================  =================  ====================  ======== 
 
 
At 1 January 2022            80,449     4,278              (17,612)                512              (37,516)    30,111 
Profit for the                    -         -                     -                  -                     -         - 
period 
Exchange differences 
 on translation of 
 foreign operations               -         -                 8,488                  -               (1,951)     6,537 
                      -------------  --------  --------------------  -----------------  --------------------  -------- 
Total comprehensive 
 income for the 
 period                           -         -                 8,488                  -               (1,951)     6,537 
Issue of share 
 capital                        345         -                     -                  -                     -       345 
Costs of issue                    -         -                     -                  -                     -         - 
 
At 30 June 2022 
 (unaudited)                 80,794     4,278               (9,124)                512              (39,467)    36,993 
                      =============  ========  ====================  =================  ====================  ======== 
 
 
At 1 January 2022            80,449     4,278              (17,612)                512              (37,516)    30,111 
Loss for the year                 -         -                     -                  -               (3,013)   (3,013) 
Exchange differences 
 on translation of 
 foreign operations               -         -                   377                  -                     -       377 
Total comprehensive 
 loss for the period              -         -                   377                  -               (3,013)   (2,636) 
Exercise of warrants            345         -                     -                  -                     -       345 
 
At 31 December 2022 
 (audited)                   80,794     4,278              (17,235)                512              (40,529)    27,820 
                      =============  ========  ====================  =================  ====================  ======== 
 

AMUR MINERALS CORPORATION

NOTES TO THE INTERIM REPORT

FOR THE six monthsED 30 June 2023

(Amounts in thousands of US Dollars)

   1.             Reporting Entity 

Amur Minerals Corporation (the "Company" or the "Group") is a company domiciled in the British Virgin Islands. The consolidated interim financial information as at and for the six months ended 30 June 2023 comprise the results of the Company and its subsidiaries (together referred to as the "Group").

The consolidated financial statements of the Group for the year ended 31 December 2022 are available upon request from the Company's registered office at Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands or a t www.amurminerals.com.

   2.             BASIS OF PREPARATION 

The financial information set out in this report is based on the consolidated financial information of Amur Minerals Corporation and its subsidiary companies. The financial information of the Group for the 6 months ended 30 June 2023 was approved and authorised for issue by the Board on 22 September 2023. The interim results have not been audited. This financial information has been prepared in accordance with the accounting policies that are expected to be applied in the Report and Accounts of Amur Minerals Corporation for the year ended 31 December 2022 and are consistent with the recognition and measurement requirements of IFRS as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). The auditor's report on the Group accounts to 31 December 2022 was issued with a clean audit opinion with an emphasis of matter. The comparative information for the full year ended 31 December 2022 is not the Group's full annual accounts for that period but has been derived from the annual financial statements for that period.

The consolidated financial information incorporates the results of Amur Minerals Corporation and its subsidiaries undertakings as at 30 June 2023. The corresponding amounts are for the year ended 31 December 2022 and for the 6 month period ended 30 June 2022.

The Group financial information is presented in US Dollars ('US$') and values are rounded to the nearest thousand Dollars.

The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2023, and will be adopted in the 2023 annual financial statements.

A number of new standards, amendments and became effective on 1 January 2023 and have been adopted by the Group. None of these standards have materially affected the Group.

   3.             GOING CONCERN 

On 6 March 2023 the Company completed the sale of its wholly owned subsidiary AO Kun-Manie for cash consideration of US$35 million and on 14 June 2023, the Company paid a Special Dividend of 1.8p (GBP) per share to its shareholders. The Company retained sufficient funds from to the sale proceeds, plus pre-existing funds to be used to acquire another project via an RTO.

The Group is currently assessing a number of suitable RTO opportunities, however, as neither a reverse takeover nor readmission to trading on AIM as an investing company was completed by 6 September 2023, trading in the Company's shares on AIM suspended on 7 September 2023. Should an RTO not be completed within six months from suspension, the Company will be delisted on 8 March 2024.

The Directors have reviewed the Group's cash flow forecast for the period to 30 June 2024 and believe the Group has sufficient cash resources to cover planned and committed expenditures over the period. The Directors also believe that the Group has sufficient cash reserves to successfully complete an RTO within the required timeframe.

The Directors are confident that throughout the going concern forecast period the Group will have sufficient funds to meet obligations as they fall due, and thus, the Directors continue to prepare the consolidated financial statements on a going concern basis.

   4.             PROFIT/(LOSS) PER SHARE 

Basic and diluted profit/(loss) per share is calculated and set out below. The effects of warrants and share options outstanding at the period end are anti-dilutive as they will serve to reduce the profit/(loss) per share. A total of 4.1 million potential ordinary shares have therefore been excluded from the following calculations:

 
                                                      Unaudited       Unaudited 
                                                       6 Months        6 Months         Audited 
                                                          ended           ended      Year ended 
                                                        30 June         30 June     31 December 
                                                           2023            2022            2022 
 
            Net loss for the year from 
             continued operations attributable 
             to equity shareholders                     (1,969)         (1,714)         (2,605) 
 
            Weighted average number 
             of shares for the period/year        1,391,636,698   1,390,380,602   1,391,636,698 
 
            Basic profit/(loss) per 
             share for continued operations 
             (expressed in cents)                     US (0.14)       US (0.12)       US (0.19) 
                                                 --------------  --------------  -------------- 
 
 
 
              Net loss for the year from 
              discontinued operations 
              attributable to equity 
              shareholders                          (7,256)           (237)           (408) 
 
            Weighted average number 
             of shares for the period/year    1,391,636,698   1,390,380,602   1,391,636,698 
 
            Basic profit/(loss) per 
             share for discontinued 
             operations (expressed in 
             cents)                               US (0.52)       US (0.02)       US (0.03) 
                                             --------------  --------------  -------------- 
 
   5.             FINANCIAL ASSETS 

Included in financial assets is US$1,000,000 held as a mandatory short-term deposit with the Company's bank. The funds become unrestricted and available for use on 6 March 2024.

   6.             DISPOSAL OF SUBSIDIARY 

On 6 March 2023, Amur sold its wholly owned RF subsidiary AO Kun-Manie for total cash consideration of US$35 million. The Group derecognized the assets and liabilities of AO Kun-Manie as at this date and recognized a loss on the sale of its subsidiary of US$7,002,937 which can be further broken down as follows:

 
                                               US$'000 
-------------------------------------------  --------- 
 Cash consideration                             35,000 
 FV of net assets at date of sale             (24,640) 
 Cumulative translation losses crystalised 
  upon disposal                               (17,363) 
                                             --------- 
 Loss on sale of subsidiary                    (7,003) 
                                             --------- 
 

Included in the net assets of AO Kun-Manie was a loan owing to Amur of US$28,630,000 which was settled in full upon sale.

AO Kun-Manie recorded a loss for the period to 6 March 2023 of US$253,000 which has been included in discontinued operations.

The financial performance and cash flow information of the discontinued operation is shown in Note 6.

   7.             DISCONTINUED OPERATIONS 

As at 31 December 2022 and 30 June 2022, the Directors determined that AO Kun-Manie should be classified as an asset held for sale in accordance with IFRS 5.

The Directors undertook an impairment assessment of the disposal group's assets in accordance with IFRS 5 and concluded that the asset's fair value less costs to sell was in excess of their carrying value. As such, no impairment has been recognised.

The financial performance and cash flow information of the discontinued operation is as follows;

 
                                             Unaudited          Unaudited                   Audited 
                                              6 Months           6 Months                Year ended 
                                                 ended              ended               31 December 
                                               30 June            30 June                      2022 
                                                  2023               2022 
 Administration expenses                         (253)              (236)                     (403) 
 Loss on sale of subsidiary                    (7,003)                  -                         - 
-----------------------------------  -----------------  -----------------  ------------------------ 
 Loss before tax from discontinued 
  operations                                   (7,256)              (236)                     (403) 
-----------------------------------  -----------------  -----------------  ------------------------ 
 Taxation                                            -                (1)                       (5) 
 Loss from discontinued operations             (7,256)              (237)                     (408) 
-----------------------------------  -----------------  -----------------  ------------------------ 
 
 Net cash flows used in operating 
  activities                                      (45)               (69)                      (18) 
  Net cash flows from financing 
   activities                                        -                  -                       623 
  Net cash flows from investment 
   activities                                   34,912              (327)                     (511) 
-----------------------------------  -----------------  -----------------  ------------------------ 
 Net decrease in cash used 
  in disposal group                             34,867              (396)                        94 
-----------------------------------  -----------------  -----------------  ------------------------ 
 
 

The following assets were reclassified as held for sale in relation to the discontinued operation:

 
                             Unaudited   Unaudited        Audited 
                              6 Months    6 Months     Year ended 
                                 ended       ended    31 December 
                               30 June     30 June           2022 
                                  2023        2022 
 Plant and machinery                62         143            109 
 Exploration                    24,654      32,773         24,915 
 Cash                               66          75            141 
 Inventory                          16          41             24 
 Trade and other debtors            18           6              6 
 Disposal of subsidiary       (24,816)           -              - 
--------------------------  ----------  ----------  ------------- 
 Total assets of disposal 
  group held for sale                -      33,038         25,195 
--------------------------  ----------  ----------  ------------- 
 

The following liabilities were reclassified as held for sale in relation to the discontinued operation:

 
                                  Unaudited   Unaudited        Audited 
                                   6 Months    6 Months     Year ended 
                                      ended       ended    31 December 
                                    30 June     30 June           2022 
                                       2023        2022 
 Provisions                             113         156            119 
 Trade payables                           -          23              - 
 Accruals                                55          62             55 
 Other payables                           8          21              2 
 Disposal of subsidiary               (176)           -              - 
 Total liabilities of disposal 
  group held for sale                     -         262            176 
-------------------------------  ----------  ----------  ------------- 
 
   8.     TRADE AND OTHER PAYABLES 
 
                                  Unaudited   Unaudited        Audited 
                                   6 Months    6 Months     Year ended 
                                      ended       ended    31 December 
                                    30 June     30 June           2021 
                                       2023        2022 
 Trade payables                         377         191            131 
 Accruals                               866         519            614 
 Other payables                       1,992         410              - 
 Total liabilities of disposal 
  group held for sale                 3,235       1,120            745 
-------------------------------  ----------  ----------  ------------- 
 

Other payables as at 30 June 2023 includes an amount of US$1.9 million in relation to unpaid shareholder dividends.

   9.     SHARE BASED PAYmENTS 

Options:

No options were granted during the period ended 30 June 2023 or 30 June 2022.

At 30 June 2023 the following options were outstanding at the beginning and end of the period:

 
 Outstanding at 1 January 
  2023                         30,000,000 
 Granted                                - 
 Exercised                              - 
 Expired                     (30,000,000) 
 Vesting                                - 
                            ------------- 
 Outstanding at 30 June                 - 
  2023 
                            ============= 
 

The fair value of the options is estimated at the grant date using a Black-Scholes model, taking into account the terms and conditions on which the options were granted. This uses inputs for share price, exercise price, expected volatility, option life, expected dividends and risk-free rate.

The share price is the price at which the shares can be sold in an arm's length transaction between knowledgeable, willing parties and is based on the mid-market price on the grant date. The expected volatility is based on the historic performance of Amur Minerals shares on the Alternative Investment Market of the London Stock Exchange. The option life represents the period over which the options granted are expected to be outstanding and is equal to the contractual life of the options. The risk-free interest rate used is equal to the yield available on the principal portion of US Treasury Bills with a life similar to the expected term of the options at the date of measurement.

The total charge arising from outstanding options for the period was US$nil (H1 2022: US$nil; December 2022: US$nil).

Warrants:

No warrants were granted during the period ended 30 June 2022 or 30 June 2021.

At 30 June 2023 the following warrants were outstanding at the beginning and end of the period:

 
 Outstanding at 1 January 
  2023                         8,829,270 
 Granted                               - 
 Exercised                             - 
 Expired                     (4,723,776) 
 
 Outstanding at 30 June 
  2023                         4,105,494 
                            ============ 
 

There was no charge arising from outstanding warrants for the period (H1 2022: nil; December 2022: nil).

   10.          share Capital 
 
 
                             Unaudited       Unaudited         Audited 
                               30 June         30 June     31 December 
                                  2023            2022            2022 
                        --------------  --------------  -------------- 
 Number of Shares (no 
  par value): 
 
 Authorised              2,000,000,000   2,000,000,000   2,000,000,000 
                        ==============  ==============  ============== 
 
 Total issued            1,392,872,315   1,392,872,315   1,379,872,315 
                        ==============  ==============  ============== 
 
   11.          RELATED PARTIES 

For the purposes of these financial statements, entities are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 "Related Party Disclosures". In addition, other parties are considered to be related if they are under common control. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.

Details of transactions between the Group and related parties are disclosed below.

Compensation of Key Management Personnel

Key management personnel are considered to be the Directors and senior management of the Group:

 
                                    Unaudited   Unaudited        Audited 
                                     6 Months    6 Months     Year ended 
                                        ended       ended    31 December 
                                      30 June     30 June           2022 
                                         2023        2022 
 
            Salaries and fees             237         249            486 
            Share-based payments            -           -              - 
 
                                          237         249            486 
                                   ==========  ==========  ============= 
 
   12.          EVENTS AFTER THE REPORTING DATE 

Following the disposal of the Company's AO Kun-Manie subsidiary, Amur became classified as an AIM Rule 15 cash shell from that date, and as such was required to make an acquisition or acquisitions which would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies, or be re-admitted on AIM as an investing company under the AIM Rules on or before the date falling six months from 6 March 2023.

As neither a reverse takeover nor readmission to trading on AIM as an investing company had been completed by 7 September 2023, trading in the Company's shares on AIM was suspended.

   13.          INTERIM REPORT 

Copies of this interim report for the six months ended 30 June 2023 will be available from the Company's website www.amurminerals.com .

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Enquiries:

 
       Company            Nomad and Broker      Public Relations 
  Amur Minerals Corp.    S.P. Angel Corporate       BlytheRay 
                             Finance LLP 
   Robin Young CEO        Richard Morrison         Megan Ray 
                              Adam Cowl            Tim Blythe 
                                                +44 (0) 20 7138 
  +1 (925) 408-4621      +44(0)20 3470 0470           3203 
 

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END

IR EANNLALEDEFA

(END) Dow Jones Newswires

September 25, 2023 02:00 ET (06:00 GMT)

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