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IMC Exploration Group #IMCP – Publication of Prospectus re Admission to Trading on the London Stock Exchange

IMC Exploration Group plc (Incorporated and Registered in Ireland under the Irish Companies Act 2014 with registered number 500487)

Publication of Prospectus in relation to the proposed application for admission of all of the 255,014,285 Ordinary Shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange

The Directors of IMC Exploration Group plc (“IMC” or the “Company”) are pleased to announce that The Central Bank of Ireland has approved the prospectus dated 16th April 2019 (the “Prospectus”) relating to the Company’s intended application for admission of the whole of its issued ordinary share capital to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange.

The Prospectus is available on the Company’s website (https://www.imcexploration.com/media/attachments/2019/04/16/imc-prospectus.pdf) and is available for inspection in physical format at the Company’s registered office, 70 Ballybough Road, Ballybough, Dublin 3, Ireland, during business hours (Monday – Friday. 9am – 5pm) up to and including 15th April 2020. Investors may also refer to this address to request a printed copy of the Prospectus.

The Company intends to apply for admission of all of the 255,014,285 ordinary shares in issue to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange and anticipates admission to take place on or about 11th June 2019.

IMC Exploration Group Plc,
Dublin, 16th April 2019

Enquiries:

IMC Exploration Group Plc
Mr. Eamon O’Brien
Tel. Ireland: +353 87 6183024

Keith, Bayley, Rogers & Co. Limited (Financial Adviser to IMC)
Mr. Graham Atthill-Beck
Tel. +44 207 464 4091; +971 50 856 9408

IMC Exploration Group #IMCP – Interim Results to 31st December 2018

Financial Results for IMC Exploration Group PLC (‘IMC’ or ‘the Company’) for the half-year ended 31st December 2018

Chairman’s Statement

The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2018. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.

IMC continues with its exploration work on its spoils and tailings project in Avoca, Co. Wicklow in association with Trove Metals Limited.  Over this period IMC has been engaged in extensive sampling, petrographic, mineralogical and metallurgical testing. In the fourth quarter of 2018, IMC carried out drilling on its highly prospective Avoca property PL 3849 in Co Wicklow, Ireland.  The drill hole encountered a sequence of flow-banded rhyolites, locally brecciated with a dark siliceous matrix and minor pyrite mineralisation (maximum 1% pyrite).  Several zones (1-2m wide) of intense quartz veining with pyrite occur within the rhyolite sequence.  During this period, IMC also engaged CSA Global Limited to carry out a JORC Code (2012) compliant Competent Person’s Report.  IMC has commenced drilling on its north Wexford licence PL 2551.  This is a highly prospective licence for gold mineralisation.  There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.

This has been a significant six months for IMC. The progress made on our Avoca spoils and tailings project has been remarkable.  IMC is embarking on a very exciting drilling programme on a number of our licences in the coming weeks and months. In the opinion of your Board, IMC is well positioned to realise its potential to the benefit of all shareholders.

EAMON O’BRIEN,

Executive Chariman, IMC Exploration Group plc

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2018
Six Months Six Months Year Ended
Notes 31-Dec-18 31-Dec-17 30-Jun-18
Euro Euro
Continuing Operations
Revenue
Other Income / (Expense) 0 0 0
Administrative Expenses (155,737) (74,680) (921,757)
Amount written off intangible assets                (284,088)
(Loss) before tax (155,737) (74,680) (1,205,845)
Income tax expense 0 0 10,991
(Loss) for period from continuing operations (155,737) (74,680) (1,194,854)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (155,737) (74,680) (1,194,854)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.001) (0.001) (0.005)
Unaudited Consolidated Statement of Financial Position As at 31 December 2018
Six Months Six Months Year Ended
Notes 31-Dec-18 31-Dec-17 30-Jun-18
Non Current Assets 2 364,139 587,666 332,127
Current assets
Debtors 0 78,747 (0)
Cash and cash equivalents 116,425 (35,362) 212,410
Total assets 480,564 631,050 544,537
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 255,014 136,017 240,014
Share Premium – Ord Shares 3,606,798 2,554,409 3,490,942
Retained Earnings (3,436,053) (2,160,143) (3,280,316)
Equity attributable to the owners of the Company 463,852 568,376 488,733
Current Liabilities
Trade & Other Payables 16,712 62,674 55,804
Total liabilities 16,712 62,674 55,804
Total equity and liabilities 480,564 631,050 544,537
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2018
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2017 38,093 128,517 2,489,137 (2,085,462) 570,285
Loss for the Period (1,194,854) (1,194,854)
Other Comprehensive loss for the period
Issue of share capital 111,497 1,001,805 1,113,302
Balance at 30 June 2018 38,093 240,014 3,490,942 (3,280,316) 488,733
Loss for the Period (155,737) (155,737)
Other Comprehensive loss for the period
Issue of share capital 15,000 115,856 130,856
Balance at 31 December 2018 38,093 255,014 3,606,798 (3,436,053) 463,852
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).

 

Notes to and forming part of the annual financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
Six Months Six Months Year Ended
31-Dec-18 31-Dec-17 30-Jun-18
Loss for the period attributable to equity holders of the parent 155,737 74,680 1,194,854
Weighted average number of ordinary shares for the purposes of basic earning per share 255,014,285 136,016,719 240,014,285
Basic (loss) per ordinary share (0.001) (0.001) (0.005)

 

2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2017 587,665 6,125 0 593,790
Additions/Disposals 28,550 28,550
At 30 June 2018 616,215 6,125 0 622,340
Additions/Disposals 32,012 0 32,012
At 31 December 2018 648,227 6,125 0 654,352
Provision for diminution in value
At 30 June 2017 (6,125) 0 (6,125)
Charge for period (284,088-) 0 (284,088)
Disposal 0 0
At 30 June 2018 (284,088) (6,125) 0 (290,213)
Charge for period 0 0
At 31 December 2018 (284,088) (6,125) 0 (290,213)
Net book value
At 31 December 2018 364,139 0 0 364,139
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2018. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.
3.   Share capital – Group and Company
31-Dec-18 31-Dec-17 30-Jun-18
Euro Euro Euro
400,000,000 Ordinary shares of Euro 0.001 each 400,000 400,000 400,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000 50,000
450,000 450,000 450,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
At 30 June 2017 128,516,719 128,517 2,489,137
Issued in period 111,497,566 111,497 1,001,805
At 30 June 2018 240,014,285 240,014 3,490,942
Issued in period 15,000,000 15,000 115,856
At 31 December 2018 255,014,285 255,014 3,606,798
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
At 30 June 2017 38,093 38,093
Issued in period
At 30 June 2018 38,093 38,093
Issued in period
At 31 December 2018 38,093 38,093
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.

Enquiries:

IMC Exploration Group PLC
Mr. Eamon O’Brien
Tel.  Ireland +353 876183024
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck:          Tel: +44 20 7464 4091/
+44 750 643 4107/+971 50 856 9408
E-mail:Graham.Atthill-Beck@kbrl,co.uk
Brinsley Holman:                Tel: +44 207 464 4098
E-mail:Brinsley.Holman@kbrl.co.uk
This announcement is distributed by PR Newswire on behalf of the company

IMC Exploration Group Plc (IMCP) announces that a drilling programme has commenced on PL 2551 in Co. Wexford, Ireland.

IMC Exploration Group Plc announces that a drilling programme has commenced on PL  2551 in Co. Wexford, Ireland. This is a highly prospective licence for gold mineralisation.  There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.

The IMC Directors believe that this current drilling programme will complement the work already carried out by IMC that significantly upgraded the gold potential of this licence.

It is considered that there is strong support for the presence of a zone of major gold mineralisation trending NE to ENE.

Dublin, 4th March 2018 

The Directors of the Company accept responsibility for this announcement. 

END OF REGULATORY ANOUNCEMENT

Enquiries:
IMC Exploration Group Plc
Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024
Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033

Keith, Bayley, Rogers & Co. Limited 
Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk

IMC Exploration #IMCP – Share Placement

The board of IMC Exploration Group plc (IMC) is pleased to announce that it has raised GBP50,000 by way of a placing of 5,000,000 new ordinary shares of EUR0.001 each in the Company (“Ordinary Shares”) at a price of 1p per share (the “Placing Shares”).  Attached are one warrant for every 5 Ordinary  shares at a price of 1p per share, excercisable for three years from today.

The total number of shares in issue following the Placing is 255,014,285.

The net proceeds of the Placing will be used to continue our exploration work on PL 3849 in Avoca, Co. Wicklow.

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

Contact Details:

Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc

Brinsley Holmam: +44 207 464 4098
Keith Bayley Rogers

IMC Exploration #IMCP – Final results for 12 months to June 30 2018

The Directors of IMC Exploration Group plc are pleased to present the audited financial results for IMC for the twelve months to 30th June 2018.

During this period, IMC undertook a strategic review of all its projects. The directors of IMC are now focused on its three main projects in Ireland –  tailings and spoils project in Avoca, Co. Wicklow, our north Wexford gold project and the zinc project located close to the Kilbricken deposit in Tulla, Co. Clare. Concentrating on these three main projects will accelerate progress to realising the potential of IMC’s valuable assets for the benefit of all shareholders.

IMC has been engaged in exploration work on its spoils and tailings project in Avoca, Co. Wicklow with Trove Metals Limited, culminating in the engagement of CSA Global to prepare a Mineral Resource Estimate (MRE) for the Avoca tailings and spoils project.  This Mineral Resource will be classified as inferred and will be reported in accordance with the JORC Code (2012).  Classification of this MRE is being carried out, taking into account the volumes of the spoils, quality of the sampling and density data and sample spacing.  Furthermore, IMC have engaged CSA Global to carry out a JORC Code (2012) compliant Competent Person’s Report.

IMC continues with its work on its highly prospective north Wexford gold project.  Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting.  IMC intends to continue with its exploration programme on this licence area.

During this financial year IMC carried out drilling on PL 2739, Tulla, Co Clare.  The presence of haematisation in Waulsortian limestones, in conjunction with the hydrothermal breccias intersected, confirms the presence of a potential base metal-bearing hydrothermal system and enhances the prospectivity of licences in the Tulla area.

IMC has made positive progress on all fronts; with our JORC Code (2012) compliant CSA Global Mineral Resource Estimate pending, our JORC Code (2012) compliant CSA Global Competent Person’s Report pending, the implementation of the Koza Report on our north Wexford project and further exploration work on our zinc project in Co Clare it is expected that significant value will be added to IMC in the coming years. I would like to thank our shareholders for their continued support and trust.

Eamon O’Brien,
Chairman

Audited Consolidated Statement of Comprehensive Income
for the year ended 30 June 2018
Audited Audited
Year Ended Year Ended
Notes 30-Jun-18 30-Jun-17
Euro Euro
Continuing Operations
Revenue
Other Income / (Expense)
Administrative Expenses (921,757) (267,507)
Amount written off intangible assets (284,088)
(Loss) before tax (1,205,845) (267,507)
Income tax expense 10,991 (0)
(Loss) for period from continuing operations (1,194,854) (267,507)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (1,194,854) (410,007)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.005) (0.002)
Audited Consolidated Statement of Financial Position As at 30 June 2018
Audited Audited
Year Ended Year Ended
Notes 30-Jun-18 30-Jun-17
Non Current Assets 2 332,127 587,666
Current assets
Debtors 81,018
Cash and cash equivalents 212,410 (19,464)
Total assets 544,537 649,219
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093
Ordinary Share Capital 240,014 128,517
Share Premium – Ord Shares 3,490,942 2,489,137
Retained Earnings (3,280,316) (2,085,462)
Equity attributable to the owners of the Company 488,733 570,285
Current Liabilities
Trade & Other Payables 55,804 78,934
Total liabilities 55,804 78,934
Total equity and liabilities 544,537 649,219
Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2018
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2017 38,093 128,517 2,489,137 (2,085,462) 570,285
Loss for the Period (1,194,854) (1,194,854)
Other Comprehensive loss for the period
Issue of share capital 111,497 1,058,515 1,170,012
Share Issue Costs (56,710) (56,710)
Balance at 30 June 2018 38,093 240,014 3,490,942 (3,280,316) 488,733

 

Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
30-Jun-18 30-Jun-17
Loss for the period attributable to equity holders of the parent 1,194,854 267,507
Weighted average number of ordinary shares for the purposes of basic earnings per share 240,014,285 128,516,719
Basic (loss) per ordinary share (0.005) (0.002)
2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2017 587,665 6,125 593,790
Additions 28,550 28,550
At 30 June 2018 616,215 6,125 622,340
Provision for diminution in value
At 30 June 2016 (6,125) (6,125)
Charge for period (284,088) (284,088)
Disposal
At 30 June 2017 (284,088) (6,125) (290,213)
Net book value
At 30 June 2017 332,127 332,127
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated at 30 June 2018. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.
3.   Share capital – Group and Company
30-Jun-18 30-Jun-17
Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 400,000 200,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000
450,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2017 128,516,719 128,517 2,489,137
Issued in period 111,497,566 111,497 1,001,805
As at 30 June 2018 240,014,285 240,014 3,490,942
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2017 38,093 38,093
Issued in period
As at 30 June 2018 38,093 38,093
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept responsibility for this announcement.
Enquiries:
IMC Exploration Group PLC
Mr. Eamon O’Brien
Tel.  Ireland +353 876183024
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck:     Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl,co.uk
Brinsley Holman:          Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

IMC Exploration #IMCP – Review of Licences

Following its recent licence review, the board has decided to relinquish licence numbers PL 3644 and PL2239 in order to concentrate on IMC’s three main projects.

IMC has requested permission from the Exploration and Mining Division (“EMD”) of the Department of Communications, Climate Action and Environment to return these licences.

IMC Exploration Group Plc,

Dublin, 30th November 2018

This announcement has been made after due and careful enquiry and the Directors of IMC accept responsibility for its content.

Enquiries:

IMC Exploration Group Plc

Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024

Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408

E-mail: Graham.Atthill-Beck@kbrl,co.uk

Brinsley Holman: Tel: +44 207 464 4098

E-mail: Brinsley.Holman@kbrl.co.uk

IMC Exploration #IMCP commences drilling at Avoca prospect, Co. Wicklow, Ireland

IMC Exploration Group Plc announces that priority drilling has commenced a drilling programme on its highly prospective Avoca property, PL 3849 in Co. Wicklow, Ireland.  This prospecting licence lies on the Avoca mineralised belt and on its interpreted NE extension located in the core of the Caledonian para-tectonic belt of SE Ireland.

IMC Chairman Eamon O’Brien said, ‘In recent months IMC has been preparing a Mineral Resource Estimate in conjunction with Trove Metal Limited. We are delighted with progress made to date on this.  Further, the commencement of this drilling campaign on our Avoca licence area is very exciting. The anomalous zones of interest have considerable untested strike potential.’

IMC Exploration Group Plc,

Dublin, 15th November 2018

The Directors of the Company accept responsibility for this announcement.

END

Enquiries:

IMC Exploration Group Plc
Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024
Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl,co.uk
Brinsley Holman: Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk

IMC Exploration Group #IMCP Issue of Equity; Directors’ Interests in Shares

SHARE PLACING; DIRECTORS’ INTERESTS IN VOTING RIGHTS

The board of IMC is pleased to announce that it has raised GBP 250,000 before expenses by way of a placing of 35,714,285 new ordinary shares of EUR0.001 each in the Company (“Ordinary Shares”) at a price of 0.7p per share (the “Placing Shares”) (the “Placing”). 7,142,857 warrants have been issued to subscribe for an additional 7,142,857 Ordinary Shares at a price of 1p per share, excercisable for three years from today.  The total number of shares in issue following the Placing is 240,014,285.

The net proceeds of the Placing will be used to continue with IMC’s three main projects: IMC’s feasibility study on PL 3850 on its spoils and tailings project in Avoca, Co. Wicklow, IMC’s north Wexford gold project and IMC’s zinc project in Tulla, Co. Clare.

IMC further confirms that the directors’ shareholdings and their percentages of voting rights in the issued share capital of IMC, as it has been enlarged by the Placing described above, are as follows:

DIRECTOR NUMBER OF ORDINARY SHARES PERCENTAGE OF ISSUED SHARE CAPITAL
Eamon O’Brien 1,900,000 0.79
Dr. Glenn Millar 3,600,001 1.50
Laz Fleming 3,615,001 1.50
Kathryn Byrne 1,025,000 0.42

Dublin, 14th June 2018

The Directors of the issuer accept responsibility for this announcement.

Enquiries:

IMC Exploration Group Plc
Mr. Eamon O’Brien
Telephone (Ireland): +353 87 6183024

Keith, Bayley, Rogers & Co. Limited
Mr. Brinsley Holman
Telephone: +44 20 7464 4098
Mr. Graham Atthill-Beck
Telephone: +44 20 7464 4091/+44 750 643 4107

IMC Exploration #IMCP – Issue of Equity and Changes of Directorate

IMC has previously announced that it has undertaken a strategic review of all its projects.   IMC is now concentrating on its three main ventures: tailings and spoils project in Avoca, Co. Wicklow, the North Wexford gold project and its zinc project located close to the Kilbricken deposit in Tulla, Co. Clare.Focusing on completion of our works’ programmes on our principal projects should accelerate progress to realising the potential of IMC’s valuable assets for the benefit of the shareholders.

The Directors of IMC are delighted to announce the completion, subject to the approval of The Minister for Communications, Climate Action and Environment,of the Joint Venture agreement with Trove Rehabilitation Limited (“TRL”). The JV agreement, which provides inter alia, for the issue to TRL of 18,750,000 new IMC shares,relates to ourmine waste rehabilitation project in Avoca, covering all of the mine waste, both tailings and spoils, from the closed Avoca Copper Mine, which is on our PL 3849 and PL 3850 licence areas. Following the Avoca mine’s closure in 1982, the mine site and spoil heaps have been largely undisturbed and sampling by the Environmental Protection Agency, the Geological Survey of Ireland and Camp Dresser & McKee Inc. (“CDM”) has shown that significant quantities of gold, lead and copper remain in the spoil heaps.

CDM reports that the Avoca spoils contain significant concentrations of,“…copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg). Analyses of seepage from the Mount Platt spoils indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, iron, and aluminium.”

This report further confirms that the mine exploited a VMS-type deposit, which is polymetallic, as is typical for such deposits. Operating during the 1970s and 1980s, copper, lead and zinc were extracted at Avoca, although both gold and silver are also known to be present.

This is a very exciting development for IMC. TheDirectors believe the Joint Venture has the potential to transform IMC from an exploration company to a mining and rehabilitationbusiness.

Directorate Changes:

These developments have led the Board of IMC to appoint new directors with additional skill-sets to progress this new partnership and strategic vision.  The Board wishes to announce the appointments of Eamon O’Brien (B.Sc., H.D.E., M.B.A.) and Kathryn Byrne (F.P.R.I.I.) as Directors of the Company. Both appointees bring a depth of relevant knowledge, expertise and experience. Mr. O’Brien will be appointed as Chairman of the Board with immediate effect.

About Eamon O’Brien:

Eamon O’Brien, after graduating with an MBA, workedon Wall Street with Quick & Reilly, a specialised U. S. stockbroking firm. On returning to Ireland, he joined NCB Stockbrokers in Dublin before moving to Davy Stockbrokers. He has since served as a consultant on various projects, including retail management, software projects and property development.

He was a founding member and CFO of Eurocommerce, a payments processing company, now owned by Mastercard. Eamon graduated from University College Dublin with a B.Sc. which included chemistry and geology. He later gained an MBA.

About Kathryn Byrne:

Kathryn Byrne is a Director of a communications consultancy company based in Dublin. Taking a lead role in project management and event management, her expertise includes PR both corporate and consumer, media relations and public affairs. Kathryn takes an active role in the wider business and civic community. Kathryn served as a government appointed board member of An Board Altranais and as a council member of Gaisce – the President’s Award.  She is involved in the Networks for Women in Business and was a founding member of BNI (Business Network International).

Kathryn is a Fellow of the Public Relations Institute of Ireland (PRII). She is former Honorary Secretary and board member of the PRII. She is also a Global Affiliate of the Chartered Institute of Public Relations.  Kathryn holds an honours post-graduate diploma in public relations and is a member of the Institute of Chartered Secretaries & Administrators.

Nial Ring is to resign from the Board in order to take up a new position outside the industry, which does not compete with IMC’s interests. Nial has been instrumental in developing the Company since inceptionand his contribution to its growth is gratefully acknowledged by the Board.

Further, Liam McGrattan will resign from the Board.  For the past seven years, Liam has done a remarkable job as a director of IMC.  His highlights include the Koza joint venture agreement, advancement of IMC’s North Wexford gold project along with IMC’s base metal project adjoining the Kilbricken deposit in Co. Clare and the completion of an outline study relating to the secondary processing of mine material from the Avoca mine in Co. Wicklow.  This has culminated in IMC’s conclusion of the new Trove JV, discussed above.

Issues of Equity Securities:

IMC recognises the tremendous contribution that Liam and Nial have made to the Company over the last seven years and in acknowledgement of past services, each of Liam McGrattan, Nial Ring and Lisa McDonnell will be issued with 8,600,000 shares. Dr. Glenn Millar and Laz Fleming will be issued with 2,000,000 shares each for their contributions to the Company. A further 6,458,281 shares will be issued to third parties in satisfaction of professional fees owed.

Each of Eamon O’Brien and Kathryn Byrne will be issued with 1,000,000 newIMC shares in consideration for their acceptance of their appointments.

The above new shares are all being issued at a price or a deemed price of 1pence per share.

Conclusion:

Dr Glenn Millar, Director of IMC, said, “It has been a real pleasure over the past seven years working with Nial Ring and Liam McGrattan. I would like to welcome Eamon O’Brien and Kathryn Byrne and look forward to working alongside them in furtherance of shareholders’ interests.”  

The new Chairman of IMC, Eamon O’Brien, commented, “I am delighted to join the Board of IMC and look forward to assisting the Company to realise its potential.  At this exciting time, with the feasibility study underway to assess in greater detail the quantity and value of the Avoca project, I am confident that it will provide shareholders with an economically robust project in an established mining jurisdiction with the scope for substantial value creation.  I believe the Avoca project should also attract significant strategic interest.”
IMC Exploration Group PLC,
Dublin,10th May 2018

The Directors of IMC have issued this announcement after due and careful enquiry and accept responsibility for its content.

Enquiries:
Keith, Bayley, Rogers & Co. Limited
Brinsley Holman
Tel: United Kingdom +44 20 7464 4098

Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4091
Mob: UAE +971 50 856 9408

IMC Exploration #IMCP – Half-yearly Report, 1 July 2017 to 31 Dec 2017

Financial Results for IMC Exploration Group PLC (‘IMC’ or the ‘Company’) for the half-year ended 31st December 2017

Dear Shareholder,

The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2017. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.

Over the past number of months IMC has been engaged in a strategic review of all its projects.  It was decided IMC would concentrate on its three main projects: Tailings and Spoils project in Avoca, Co. Wicklow, North Wexford Gold Project and IMC’s Zinc Project in Tulla, Co. Clare.

IMC’s feasibility study on its flagship project in Avoca, Co. Wicklow is continuing and to that end the Company has signed a Heads of Agreement with Trove Metals Limited which is expected to lead to a joint venture agreement, subject to the approval of the Minister for Communications, Climate Action and Environment. 

Following an assessment of IMC’s highly prospective north Wexford gold project, it is apparent to IMC that the licence clearly has untested potential for primary gold mineralisation. Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting (CPR 2018).  To date, IMC has completed six drill-holes with highly positive results.

IMC’s Zinc Project lies adjacent to the Kilbricken zinc deposit in Tulla, Co. Clare and Shannon, Co. Clare.  It is on the north-eastern margin of a block of licences that have produced significant exploration results by other operators. The Kilbricken deposit, c. 15 km to the southwest and held by Hannon Metals, has an NI 43-101-compliant resource of 2.7Mt at 8.8% zinc equivalent (indicated) and 1.7Mt at 8.2% zinc equivalent7 (inferred). IMC recently has drilled on the licence area.

We are in on-going positive discussions regarding Koza’s role in IMC.  IMC has enjoyed a good working relationship with Koza over several years and, by mutual agreement, the current IMC/Koza Joint Venture has been set aside.  We are assured of, and look forward to, their contribution to the future of IMC.

Following our indepth this strategic review it was decided IMC has requested permission from the Exploration and Mining Division (“EMD”) of the Department of Communications, Climate Action and Environment to relinquish a number of base metal licences, so that we could concentrate on the three main projects described above.

Your Directors believe the conclusions of this review to be positive and constructive. Concentrating on completion of our works’ programme on our main projects will, in the opinion of your Board, accelerate progress to realising the potential of IMC’s projects to the benefit of all shareholders. 

LIAM MCGRATTAN,

CHAIRMAN, Dublin, 9th March 2017

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2017
Six Months Six Months Year Ended
Notes 31-Dec-17 31-Dec-16 30-Jun-17
Euro Euro
Continuing Operations
Revenue
Other Income / (Expense) 0 0 0
Administrative Expenses (74,680) (98,919) (267,507)
(Loss) before tax (74,680) (98,919) (267,507)
Income tax expense 0 0 0
(Loss) for period from continuing operations (74,680) (98,919) (267,507)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (74,680) (98,919) (267,507)
Earnings per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.001) (0.001) (0.002)
Unaudited Consolidated Statement of Financial Position As at 31 December 2017
Six Months Six Months Year Ended
Notes 31-Dec-17 31-Dec-16 30-Jun-17
Non Current Assets 2 587,666 587,666 587,666
Current assets
Debtors 78,747 88,688 81,018
Cash and cash equivalents (35,362) 300 (19,464)
Total assets 631,050 676,654 649,219
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 136,017 107,817 128,517
Share Premium – Ord Shares 2,554,409 2,237,415 2,489,137
Retained Earnings (2,160,143) (1,916,874) (2,085,462)
Equity attributable to the owners of the Company 568,376 466,451 570,285
Current Liabilities
Trade & Other Payables 62,674 210,203 78,934
Total liabilities 62,674 210,203 78,934
Total equity and liabilities 631,050 676,654 649,219
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2017
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2016 38,093 107,817 2,237,415 (1,817,956) 565,369
Loss for the Period (267,507) (267,507)
Other Comprehensive loss for the period
Issue of share capital 20,700 251,722 272,422
Share Issue Costs
Balance at 30 June 2017 38,093 128,517 2,489,137 (2,085,462) 570,285
Loss for the Period (74,680) (74,680)
Other Comprehensive loss for the period
Issue of share capital 7,500 65,272 72,772
Share Issue Costs
Balance at 31 December 2017 38,093 136,017 2,554,409 (2,160,143) 568,376
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated interim financial statements of IMC Exploration Group PLC and its subsidiary have been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).

 

Notes to and forming part of the interim financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
Six Months Six Months Year Ended
31-Dec-17 31-Dec-16 30-Jun-17
Loss for the period attributable to equity holders of the parent 74,680 98,919 267,507
Weighted average number of ordinary shares for the purposes of basic earning per share 136,016,719 128,516,719 128,516,719
Basic (loss) per ordinary share (0.001) (0.001) (0.002)

 

2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2016 587,665 6,125 38,738 632,528
Additions/Disposals 0
At 30 June 2017 587,665 6,125 38,738 632,528
Additions/Disposals 0 0
At 31 December 2017 587,665 6,125 38,738 632,528
Provision for diminution in value
At 30 June 2016 (6,125) (38,738) (44,863)
Charge for period 0 0
Disposal 0 0
At 30 June 2017 (6,125) (38,738) (44,863)
Charge for period 0 0
At 31 December 2017 (6,125) (38,738) (44,863)
Net book value
At 31 December 2017 587,665 0 0 587,665
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2017. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.
3.   Share capital – Group and Company
31-Dec-17 31-Dec-16 30-Jun-17
Euro Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 400,000 200,000 400,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000 50,000
450,000 250,000 450,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
At 30 June 2016 107,816,719 107,817 2,237,415
Issued in period 20,700,000 20,700 251,722
At 30 June 2017 128,516,719 128,517 2,489,137
Issued in period 7,500,000 7,500 65,272
At 31 December 2017 136,016,719 136,017 2,554,409
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
At 30 June 2016 38,093 38,093
Issued in period
At 30 June 2017 38,093 38,093
Issued in period
At 31 December 2017 38,093 38,093
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.

The directors of the Company accept responsibility for this announcement.

Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel.: Ireland +353 872745427

Keith, Bayley, Rogers & Co. Limited
Brinsley Holman/Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4090

This announcement is distributed by PR Newswire on behalf of the Company.

The issuer of this announcement warrants that it is solely responsible for the content, accuracy and originality of the information contained therein.

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