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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.


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.

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. 


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
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
“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
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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