Business
Unaudited Interim Results to 31 August 2018 Cor...
Unaudited Interim Results to 31 August 2018 Cor....
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n14th November 2018\n\nMetalNRG PLC\n\n(the \"Company\" or “MetalNRGâ€)\n\nUnaudited Interim Results to 31 August 2018 Correction\n\nFurther to the announcement of earlier today, the Directors would like to clarify the statement referencing the Directors as continuing to waive their fees. The Directors continue to waive their fees, but it should be noted that our CEO, Mr. Rolf Gerritsen receives a salary for his executive duties.\n\nThe Directors also point out that the balance sheet has been amended to reflect the final version reviewed and amended by the Company auditors.\n\nThe full announcement reads as follows:\n\nMetalNRG plc (NEX:MNRG), the natural resource investing company quoted on the NEX Exchange Growth Market in London, announces its un-audited interim results for the 6 months period ended 31st August 2018.\n\nBusiness review\n\nThe Company has continued to investigate a number of potential investments and strategic developments for the business in the second half of 2018 and has subsequently made two new investments and an asset was sold for shares.\n\nThe Company’s first investment was the acquisition of the Gold Ridge Project in Arizona, USA. The Project consists of approximately 2,305 acres (9.3 km2) of tenement including 343 acres of patented mining claims, 112 company-owned un-patented mining claims and 12 leased un-patented mining claims. The interests acquired include three historical producing gold mines: Gold Prince mine; Gold Ridge mine and Dives mine. On 5 November 2018, the Company announced the completion of the acquisition, for which, it entered into an agreement to acquire 100% of the Gold Ridge Project from Winston Gold Corp. for a total consideration, in cash and shares, of US$700,000 (£530,000).\n\nThe second investment was in the form of an option agreement with International Mining Company Invest Inc (“IMCâ€) which owns a uranium project in the Kamyshanovka community, Sokuluksky District, Chuy Province, 48km from Bishkek the capital city of the Kyrgyz Republic. The project currently holds an exploration licence 2,276 MP, which covers an area of 4,078 hectares (40.78 km2). MetalNRG paid a fee of US$50,000 to enter into the option agreement and complete due diligence on the project. The option agreement calls for a joint venture 51% -49% in favour of MetalNRG to be establi...