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Imperial X Plc - Unaudited Interim Report

·6-min read

Imperial X Plc
("Imperial" or the "Company")

Unaudited interim report for the six months to 31 December 2020

Dear Shareholder,

I am pleased to present the unaudited financial results for Imperial X plc for the six months ended 31 December 2020.

During the period, the Company entered into a number of heads of agreement to acquire a platform of mineral assets, equity positions and royalty positions. The acquisitions will initiate the establishment of the Company as a new, growth-focused diversified project generator and natural resource royalty business. As the acquisitions are expected to constitute a reverse takeover, the Company’s shares were suspended from trading on AQSE. The Company entered into acquisition agreements to acquire these assets, equity positions and royalty positions on February 15, 2021. The Company also announced its intention to apply for its ordinary shares to be admitted to the Official List and to trading on the London Stock Exchange’s Main Market for listed securities.

In addition, the Company completed the first tranche of a non-brokered private placement by placing 14,739,737 shares of 0.1p each at a price of 2.5p per share for a total value of £340,725 net of expenses. Each placee also received one warrant for every two placing shares, resulting in 7,369,868 warrants issued which are exercisable at 5.0p per share at any time until 30 November 2022. The second tranche was completed after the period end.

Financial Position

The Group’s Statement of Financial Position as at 31 December 2020 and comparatives at 31 December 2019 and 30 June 2020 are summarised below:

31 Dec 2020
£

31 Dec 2019
£

30 June 2020
£

Current assets

206,327

209,348

74,448

Total assets

206,327

209,348

74,448

Current liabilities

140,911

129,743

110,024

Total liabilities

140,911

129,743

110,024

Net assets

65,416

79,605

(35,576)

Kyler Hardy
Chief Executive Officer
Imperial X plc –
March 25, 2021



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2020

6 months to 31 Dec 2020 Unaudited
£

6 months to 31 Dec 2019 Unaudited
£

Year ended 30
June 2020
Audited

£

Continuing operations

Administrative expenses

(240,063)

(191,891)

(370,963)

Loss before taxation

(240,063)

(191,891)

(370,963)

Finance income – interest receivable

330

-

1,010

Income tax

-

-

-

Loss for the year attributable to the equity

shareholders of the parent

(239,733)

(191,891)

(369,953)

Other comprehensive income

Items that may be subsequently reclassified to

profit or loss

-

-

-

Other comprehensive income for the year, net

of tax

-

-

-

Total comprehensive income for the period/year attributable to the equity shareholders of the parent

(239,733)

(191,891)

(369,953)

Loss per share

Basic and diluted loss per share attributable to the equity shareholders of the parent (pence)

(0.41p)

(0.47p)

(0.81p)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020

As at
31 Dec 2020
Unaudited

As at
31 Dec 2019
Unaudited

As at
30 June 2020
Audited

£

£

£

ASSETS
Total non-current assets Current assets

-

-

-

Trade and other receivables

95,674

30,034

40,018

Cash and cash equivalents

110,653

179,314

34,430

Total current assets

206,327

209,348

74,448

TOTAL ASSETS

206,327

209,348

74,448

LIABILITIES

Current Liabilities

Trade and other payables

140,911

129,743

110,024

Total current liabilities

140,911

129,743

110,024

TOTAL LIABILITIES

140,911

129,743

110,024

NET ASSETS

65,416

79,605

(35,576)

EQUITY ATTRIBUTABLE TO OWNERS

OF THE COMPANY

Share capital

242,326

221,703

227,586

Share premium

1,654,479

1,258,931

1,328,494

Equity to be issued

15,200

27,765

15,200

Other reserve

112,406

161,753

112,406

Retained losses

(1,958,995)

(1,590,547)

(1,719,262)

TOTAL EQUITY

65,416

79,605

(35,576)



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2020

Share
capital

£

Share
premium

£

Equity to
be issued

£

Other
reserves

£

Retained
losses

£

Total
Equity

£

At 1 July 2019

202,786

876,297

31,215

161,753

(1,398,656)

(126,605)

Loss for the period

-

-

-

-

(191,891)

(191,891)

Other comprehensive income for the period

-

-

-

-

-

-

Total comprehensive income for the period

-

-

-

-

(191,891)

(191,891)

Issue of ordinary options

18,917

382,634

-

-

-

401,551

Equity to be issued – movement

-

-

(3,450)

-

-

(3,450)

Balance at 31 December 2019

221,703

1,258,931

27,765

161,753

(1,590,547)

79,605

At 1 July 2020

227,586

1,328,494

15,200

112,406

(1,719,262)

(35,576)

Loss for the period

-

-

-

-

(240,063)

(240,063)

Other comprehensive income for the period

-

-

-

-

330

330

Total comprehensive income for the period

-

-

-

-

(239,733)

(239,733)

Issue of shares – private placements

14,740

325,985

-

-

-

340,725

Equity to be issued

-

-

-

-

-

-

Balance at 31 December 2020

242,326

1,654,479

15,200

112,406

(1,958,995)

65,416



CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2020

6 months to
31 Dec 2020 Unaudited

6 months to
31 Dec 2019
Unaudited

Year ended
30 June 2020
Audited

£

£

£

Cash flows from operating activities

(264,832)

(223,569)

(283,716)

Net cash used in operating activities

(264,501)

(223,569)

(283,716)

Cash flows from investing activities

Interest received

330

-

1,010

Interest paid

-

-

(1,122)

Cash flows generated from investing

activities

330

-

(112)

Cash flows from financing activities

Repayment of loans

-

-

446

Proceeds from issue of shares

340,725

401,551

316,480

Cash Flows generated from financing activities

340,725

401,551

316,926

Net increase/(decrease) in cash and cash equivalents

76,223

177,982

33,098

Cash and cash equivalents at beginning of the period

34,430

1,332

1,332

Cash and cash equivalents at end of the period

110,653

179,314

34,430

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The directors of the Company accept responsibility for this announcement.

- ENDS –

For additional information please contact:

Imperial X Plc
Kyler Hardy
Tel: +1 250 877 1394
khardy@cronincapital.com

Novum Securities Limited
David Coffman / Lucy Bowden
Tel: +44 (0)207 399 9400

Blytheweigh
Tim Blythe / Megan Ray
Tel: +44 (0)207 138 3204


ABOUT IMPERIAL X PLC

Imperial X plc is looking to become a leading natural resource prospect generator, working across a wide array of projects that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by the new ‘Cloudbreak’ generator model enables a multi asset approach to investing. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of resource investing.