TIDMAJAX
RNS Number : 5624E
Ajax Resources PLC
30 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
30 June 2023
AJAX RESOURCES PLC
("Ajax" or the "Company")
Final results for the year to 28 February 2023
Ajax [LSE: AJAX], the UK listed special purpose acquisition
company with a focus on natural resources, is pleased to publish
its audited financial statements and annual report for the year to
28 February 2023 (the "Annual Report"). A copy of the Annual Report
will shortly be available for download on the Company's website,
www.ajaxresources.com , and can also be viewed here:
http://www.rns-pdf.londonstockexchange.com/rns/5624E_1-2023-6-30.pdf
Key elements from the Annual Report have been extracted and can
be viewed below.
-S -
Further Information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief info@ajaxresources.com
Executive Officer
Allenby Capital Limited Tel: + 44 (0) 203 328 5656
(Financial Adviser)
Nick Harriss / Daniel Deardon-Williams
---------------------------
Statement
I am pleased to report the audited financial statements to
shareholders for the year ended 28 February 2023.
During the period, Ajax listed on the Main Market of the London
Stock Exchange on April 7, 2022, having raised a total of
GBP1,342,000 (before expenses) following Ajax's successful initial
public offering ("IPO"), and started the research of an opportunity
to acquire an asset.
Since this time, the Company has been active in reviewing
several opportunities in the natural resources sector focusing on
production and development assets in low-risk jurisdictions, as
outlined in the Company's IPO Prospectus.
The Directors, who founded the business, have a significant
interest in the share capital of the Company and look forward to
delivering on the commitment made by shareholders.
Outlook
As we look to our future progress, we are encouraged by the
current energy pricing climate and the many opportunities we
believe this has created for experienced and well-connected
management teams. Our efforts are fully centered on identifying and
completing an acquisition with transformational value creation
potential for shareholders.
The demand for energy, specifically that to be provided through
the use of battery metals including Lithium, Nickel, and Cobalt, is
expected to increase exponentially in the years ahead. To this end,
the Company is looking to position itself at the forefront of the
ongoing energy transition away from fossil fuels to a low-carbon
economy.
I would like to thank all shareholders for the support they have
shown for the Company's IPO, and we look forward with enthusiasm to
our progress in the near future.
STATEMENT OF COMPREHENSIVE INCOME
Notes Year to 28 From 21 June
February 2023 2021 to 28 February
GBP 2022
GBP
-------------------------------- ------ --------------- ---------------------
Revenues - -
Cost of sales -
-------------------------------- ------ --------------- ---------------------
Gross profit - -
Other interest receivable 16,305 -
Administrative expenses (876,022) (79,625)
-------------------------------- ------ --------------- ---------------------
Operating loss and loss
before income tax 4 (859,717) (79,625)
Taxation 5 - -
Loss and total comprehensive
loss for the period (859,717) (79,625)
-------------------------------- ------ --------------- ---------------------
Loss per share attributable 6
to the equity holders (pence)
Basic
Diluted (1.84) (0.96)
(1.84) (0.96)
-------------------------------- ------ --------------- ---------------------
The notes to the financial statements form an integral part of
these financial statements and can be viewed on the link to the
Annual Report above.
STATEMENT OF FINANCIAL POSITION
Notes Year to 28 February From 21 June
2023 2021 to 28 February
GBP 2022 RESTATED
GBP
----------------------------- ----- ------------------- --------------------
Current assets
Receivable from shareholders 8 - 38,585
Other receivables 8 16,305 -
Promissory Notes granted 8 337,508 -
VAT Credit 8 - 11,952
Cash and cash equivalents 9 757,160 625,000
----------------------------- ----- ------------------- --------------------
1,110,973 675,537
Total assets 1,110,973 675,537
----------------------------- ----- ------------------- --------------------
Equity
Ordinary shares 10 468,125 120,000
Share Premium Reserve 10 1,019,035
Options & Warrants 10 518,200
Retained earnings/(loss) (939,342) (79,625)
----------------------------- ----- ------------------- --------------------
Total equity 1,066,018 40,375
Current Liability
Other payables 11 44,955 635,162
Total equity and liabilities 1,110,973 675,537
----------------------------- ----- ------------------- --------------------
STATEMENT OF CHANGES IN EQUITY
Ordinary Warrants and share Retained
share capital Share Premium Reserve options losses Total
GBP GBP GBP GBP GBP
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
Balance at 21 June 2021 12,500 - - - 12,500
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
Share issue 107,500 - - - 107,500
Loss and total
comprehensive income for
the period - - - (79,625) (79,625)
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
Balance at 28 February
2022 120,000 - - (79,625) 40,375
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
Share issue 348,125 - - - 348,125
Share Premium - 1,044,375 - 1,044,375
Share issue costs - (25,340) - (25,340)
Warrants issued 96,000 96,000
Options issued 422,200 422,200
Loss and total
comprehensive income for
the period - - - (859,717) (859,717)
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
Balance at 28 February
2023 468,125 1,019,035 518,200 (939,342) 1,066,018
-------------------------- --------------- ---------------------- ------------------------- ---------- ----------
STATEMENT OF CASH FLOWS
Year to 28 From 21 June
February 2023 2021 to 28 February
2022
--------------------------------------------
GBP RESTATED
GBP
--------------------------------------------
Cash flows from operating activities
Loss before tax (859,717) (79,625)
Increase in receivables (4,353) (11,952)
Increase in payables 34,457 10,498
Share Based Payments 518,200 -
-------------------------------------------- --------------------------- -----------------------------
Net cash used in operating activities (311,413) - 81,079
-------------------------------------------- --------------------------- -----------------------------
Promissory Notes (337,508)
Cash flows from investing activities (337,508) -
Net cash used in investing activities (337,508) -
-------------------------------------------- --------------------------- -----------------------------
Cash flows from financing activities
Shares Prepayment 646,000
Proceeds from the issue of ordinary shares
(net of issue costs) 781,081 60,079
Net cash from financing activities 781,081 706,079
-------------------------------------------- --------------------------- -----------------------------
Net increase / (decrease) in cash and
cash equivalents 132,160 625,000
Cash and cash equivalents at the start 625,000 -
of the period
-------------------------------------------- --------------------------- -----------------------------
Cash and cash equivalents at the end
of the period 757,160 625,000
-------------------------------------------- --------------------------- -----------------------------
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