TIDMAGQ
Trading Symbols
AIM: AGQ
FWB: I3A
ARIAN
SILVER
29 September 2017
Interim results for the six months ended 30 June 2017
Arian Silver Corporation ("Arian" or the "Company") is pleased to announce its
financial results for the six months ended 30 June 2017.
Jim Williams, Chief Executive of Arian, commented: "Our strategy is to create a
portfolio of primarily lithium, silver and gold exploration projects,
principally in Mexico.
The investment case for lithium is well understood given the expected demand
for energy storage in the automotive and housing sectors. This demand for the
metal is expected to grow and be sustained, which makes this an ideal time to
have moved into the sector.
The region in Mexico in which Arian has been operating for many years is
already known to host some large lithium deposits, and we are presently seeking
out similar prospective mining concessions. As announced earlier today, we have
withdrawn from exploring a group of projects under option, which although they
confirmed consistency of lithium grades, did not contain the higher grades
known to be attainable in the region.
With regards to Arian's portfolio of silver projects, these contain some very
promising targets which we are keen to retain and explore further once the
silver price has demonstrated sustainability at higher levels."
Strategy
Arian's objective is to create a portfolio of primarily lithium, silver and
gold exploration projects, principally in Mexico.
The group has operated in Mexico for over ten years during which time it has
established long-term relationships with local government, communities, and key
stakeholders. Arian's geological experts assess and identify projects for
potential mineralisation. Wherever possible, the Company will seek to enter
into agreements whereby Arian has the option to acquire projects, allowing
preliminary exploration work to be undertaken whilst minimising any financial
commitment.
Where preliminary studies evidence sufficient mineralisation, increasingly
comprehensive studies will be undertaken with a view to delineating a compliant
mineral resource estimate in readiness of potential sale of the asset to a
producing mining company, at which time a significant premium over its
acquisition and development cost may be justified.
Financial highlights
As at 30 June 2017, the Company had total assets of US$1.5 million (2016:
US$2.2 million) of which US$0.9 million (2016: US$1.2 million) was cash. The
Company had total liabilities of US$0.1 million (2016: US$0.1 million) of which
US$0.1 million were current liabilities (2016: US$0.1 million).
In the six months ended 30 June 2017 the Company made an operating loss of
US$0.7 million (2016: US$0.9 million) and a loss per share of US$0.003 (2016:
US$0.006). The Company raised proceeds by way of private placings of shares of
US$0.8 million before costs and expenses, to further its strategy.
Overview of operations
During the six months ended 30 June 2017, the Company carried out a high level
exploration programme over its portfolio of silver mining concessions covering
an area of over approximately 1,500 hectares, to develop and direct future
exploration work, the findings of which are set out in more detail below.
Properties
As at 30 June 2017, the Company fully owned 12 silver mining concessions
covering an area of approximately 1,500 hectares. During the six months ended
30 June 2017, Arian acquired an option over three lithium mining concessions
covering approximately 1,600 hectares for consideration of US$200,000, payable
in instalments up to March 2018.
In light of assay results from the initial auger drill programme received after
the period end, in September 2017, the Company will not undertake any further
exploration work on these projects and will seek to negotiate an extension to
the option agreement.
Silver projects
Los Campos project
The Los Campos project comprises four concessions covering an area of
approximately 500 hectares, located on the south side of the city of Zacatecas.
The property is easily accessible and is only a 15-minute drive from the centre
of the City of Zacatecas and from the Calicanto project.
San Celso project
San Celso consists of three contiguous mining concessions totalling 88
hectares. The concessions are located in the historic mining district of
Pánfilo Natera-Ojocaliente and are surrounded by other concessions to the south
and west.
Calicanto project
The Calicanto property, the sale of which was completed in February 2017,
consists of seven contiguous mining concessions totalling approximately 75
hectares. The property is located in the heart of the Zacatecas mining
district, adjacent and partly contiguous to Capstone Mining's Cozamin mine, and
covers four known main vein systems.
Other silver projects
Arian Silver holds five additional silver mining concessions covering over 900
hectares. These concessions were acquired in 2006 because of their strategic
position to the San Celso project. These concessions too require further
exploratory work to fully assess their economic potential.
Lithium projects
Initial sampling at the three lithium projects held under option evidenced
lithium grades of up to 0.016% (160 parts per million).
Pozo Hondo
The Pozo Hondo project is the largest of the projects at almost 1,100 hectares
in size and covers one salar, the Laguna El Salado.
Columpio
The Columpio project is almost 400 hectares in size, encompassing two salars,
Laguna Tenango and Laguna La Virgen, approximately 24km from the town of Villa
de Cos.
Abundancia
The Abundancia project is 150 hectares in size and encompasses the Laguna Noria
del Burro salar, approximately 40km from the town of Villa de Cos.
Post balance sheet events
On 13 July 2017, the Company announced a fundraise of GBP600,000 before expenses
through the private placing for 0.5p each, of 120 million units, each
comprising one Common share in the capital of the Company and one warrant
exercisable to receive one Common share in the capital of the Company at 0.6p
each. Admission of the Placing Shares became effective at 8:00am on 27 July
2017.
Future outlook
The expected increase in demand for lithium has significantly improved the
economic potential for mining companies with access to good quality lithium
assets. Arian is focussed on identifying new lithium prospects predominantly
within the Zacatecas region of Mexico.
The review of the Company's silver mining concessions resulted in the
identification of good opportunities for the future exploration of those assets
once the silver price has demonstrated sustainability at higher levels, the
disposal of one silver project, and the absence of a need for any impairment.
Management continue to work towards the identification of additional
opportunities to expand and develop the Company's mining assets, with a
particular focus on assets giving access to near-term revenues.
Notice of no auditor review of interim financial information
The interim unaudited consolidated financial information for the six month
period ended 30 June 2017 have been prepared by and are the responsibility of
the Company's management, in accordance with International Accounting Standards
("IAS") 34 Interim Financial Reporting.
Arian Silver Corporation
Consolidated statement of comprehensive income
For the six months ended 30 June 2017
(tabular amounts expressed in thousands of US dollars unless otherwise stated)
Unaudited As restated Audited
six months unaudited year ended
ended six months 31 December
30 June ended 2016
2017 30 June
2016
Continuing operations
Administrative expenses (653) (663) (1,366)
Impairment - (202) (202)
Operating loss (653) (865) (1,568)
Net investment income 5 60 20
Loss from continuing operations (648) (805) (1,548)
Profit/(loss) for the period (648) (805) (1,548)
attributable to equity shareholders of
the parent
Other comprehensive income
Foreign exchange translation 41 (145) (263)
differences recognised directly in
equity
Other comprehensive income for the year 41 (145) (263)
Total comprehensive income for the year (607) (950) (1,811)
attributable to equity shareholders of
the parent
Basic and diluted loss per share ($/ (0.003) (0.006) (0.010)
share)
The accompanying notes are an integral part of these consolidated financial
information.
These consolidated financial information have been approved by the Company's
directors.
Arian Silver Corporation
Consolidated statement of financial position
For the six months ended 30 June 2017
(tabular amounts expressed in thousands of US dollars)
Note Unaudited As restated Audited
30 June unaudited 31 December
2017 30 June 2016
2016
Assets
Non-current assets
Intangible assets 2 233 662 173
Property, plant and equipment 3 6 10 7
Available-for-sale investment 272 - -
Total non-current assets 511 672 180
Current assets
Trade and other receivables 66 351 309
Cash and cash equivalents 891 1,169 416
Total current assets 957 1,520 725
Asset held for sale - - 400
Total assets 1,468 2,192 1,305
Equity attributable to equity
shareholders of the parent
Share capital 4 52,559 52,396 52,396
Warrant reserve 4 1,867 1,333 1,333
Share-based payment reserve 4 1,389 1,417 1,417
Foreign exchange translation 4 1,869 1,946 1,828
reserve
Accumulated losses (56,328) (55,021) (55,764)
Total equity 1,356 2,071 1,210
Liabilities
Trade and other payables 112 121 95
Total current liabilities 112 121 95
Total equity and liabilities 1,468 2,192 1,305
The accompanying notes are an integral part of these consolidated financial
information.
These consolidated financial information have been approved by the Company's
directors.
Arian Silver Corporation
Consolidated statement of cash flows
For the and six months ended 30 June 2017
(tabular amounts expressed in thousands of US dollars)
Unaudited As restated Audited
six months unaudited year ended
ended six months 31 December
30 June ended 2016
2017 30 June
2016
Cash flows from operating activities
(Loss)/profit before tax from continuing (648) (805) (1,548)
operations
Adjustments for non-cash items:
Depreciation and amortisation 2 1 3
Exchange difference 55 (105) (69)
Net interest receivable (6) (1) (20)
Proceeds from Quintana for working - (50) -
capital
Impairment of intangible assets - 202 202
Equity-settled share-based payment 56 - -
transactions
Operating cash flows before movements in (541) (758) (1,432)
working capital
Increase in trade and other receivables (38) (120) (48)
Increase/(decrease) in trade and other 11 (362) (433)
payables
Cash used in operating activities (568) (1,240) (1,913)
Cash flows from investing activities
Interest received 1 1 1
Proceeds from Quintana for working - 50 50
capital 400
Proceeds from asset held for sale
Purchase of intangible assets (34) (52) (84)
Acquisition of property, plant and - (7) (7)
equipment
Cash used in investing activities 367 (8) (40)
Cash flows from financing activities
Proceeds from issue of share capital 775 2,157 2,157
Issue costs (77) (210) (209)
Cash from financing activities 698 1,947 1,948
Net increase/(decrease) in cash and cash 497 699 (5)
equivalents
Cash and cash equivalents at beginning 416 474 474
of period/year
Effect of exchange rate fluctuations on (22) (4) (53)
cash held
Cash and cash equivalents at end of 891 1,169 416
period/year
The accompanying notes are an integral part of these consolidated financial
information.
These consolidated financial information have been approved by the Company's
directors.
Arian Silver Corporation
Consolidated statement of changes in equity
For the six months ended 30 June 2017
(tabular amounts expressed in thousands of US dollars)
For the six months ended 30 June 2017
Unaudited Share Warrant Share Foreign Accumulated Total
capital reserve based exchange losses
payment translation
reserve reserve
Balance: 1 January 2017 52,396 1,333 1,417 1,828 (55,764) 1,210
Loss for the period - - - - (648) (648)
Foreign exchange - - - 41 - 41
Total comprehensive - - - 41 (648) (607)
income
Shares issued for cash 775 - - - - 775
Share issue costs (78) - - - - (78)
Share options lapsed - - (84) - 84 -
Share options issued - - 56 - - 56
Cancellation of warrants - - - - - -
Fair value of warrants (534) 534 - - - -
issued
Balance: 30 June 2017 52,559 1,867 1,389 1,869 (56,328) 1,356
For the six months ended 30 June 2016
Unaudited As Share Foreign As restated Total
restated As based exchange Accumulated
Share restated payment translation losses
capital Warrant reserve reserve
reserve
Balance: 1 January 2016 51,781 3,455 7,701 2,091 (63,955) 1,073
Profit for the period - - - - (805) (805)
Foreign exchange - - - (145) - (145)
Total comprehensive - - - (145) (805) (948)
income
Share options lapsed - - (6,284) - 6,284 -
Fair value of warrants - 1,333 - - - 1,333
Share issued 825 - - - - 825
Share issue costs (210) - - - - (210)
Cancellation of warrants - (3,455) - - 3,455 -
Balance: 30 June 2016 52,396 1,333 1,417 1,946 (55,021) 2,071
For the year ended 31 December 2016
Audited Share Warrant Share Foreign Accumulated Total
capital reserve based exchange losses
payment translation
reserve reserve
Balance: 1 January 2016 51,781 3,455 7,701 2,091 (63,955) 1,073
Loss for the year - - - - (1,548) (1,548)
Foreign exchange - - - (263) - (263)
Total comprehensive - - - (263) (1,548) (1,811)
income
Share issued for cash 824 - - - - 824
Share issue costs (209) - - - - (209)
Fair value of warrants - 1,333 - - - 1,333
issued - - (6,284) - 6,284 -
Share options lapsed - (3,455) - - 3,455 -
Cancellation of warrants
Balance: 31 December 2016 52,396 1,333 1,417 1,828 (55,764) 1,210
The accompanying notes are an integral part of these consolidated financial
information.
These consolidated financial information have been approved by the Company's
directors.
Arian Silver Corporation
Notes to Consolidated Financial Information (Unaudited)
For the six months ended 30 June 2017
(tabular amounts expressed in thousands of US dollars unless otherwise stated)
1. Basis of preparation, going concern and adequacy of project finance
These interim unaudited consolidated financial information for Arian Silver
Corporation ("ASC" or the "Company") have been prepared in accordance with
International Financial Reporting Standards.
ASC is a company domiciled in the British Virgin Islands. The consolidated
financial information of the Company comprise financial information of the
Company and its subsidiaries (together referred to as the "Group"). The Group
is primarily involved in the exploration and development of mineral resource
assets.
The accounting policies and methods of computation used in the preparation of
the interim unaudited consolidated financial information are the same as those
described in the Company's audited consolidated financial information and notes
thereto for the year ended 31 December 2016. In the opinion of the management,
the interim unaudited consolidated financial information include all
adjustments considered necessary for fair and consistent presentation of
financial information. These interim unaudited consolidated financial
information should be read in conjunction with the Company's audited financial
statements and notes for the year ended 31 December 2016.
These consolidated financial information are presented in United States dollars
as the Company believes it to be the most appropriate and meaningful currency
for investors. The functional currencies of the Company and its subsidiaries
are pounds sterling, Mexican peso and United States dollars.
The financial Information have been prepared on a going concern basis. The
directors regularly review cash flow forecasts to determine whether the Group
has sufficient cash reserves to meet future working capital requirements and
discretionary business development opportunities including exploration
activities.
On 8 June 2017, the Company successfully raised gross proceeds of US$775,000 (GBP
600,000) by issuing 120,000,000 common shares at 0.5 pence each.
The Group's assets are at an early stage and in order to meet financing
requirements for their development previously the Company has raised equity
funds in several discrete share placements, which is a common practice for
junior mineral exploration companies. Although the Company has been successful
in the past in raising equity finance, there can be no assurance that the
funding required by the Group will be made available to it when needed or, if
such funding were to be available, that it would be offered on reasonable
terms. The terms of such financing might not be favourable to the Group and
might involve substantial dilution to existing shareholders.
The directors currently believe that the Group has adequate resources for the
foreseeable future or access to such resources in order to continue to prepare
the Company's financial information on a going concern basis. In reaching this
conclusion, the directors have reviewed cash flow forecasts to the end of July
2018 and considered their ability to reduce expenditure in the event that
further fundraisings are not completed within that timeframe, and have
concluded they can make such savings as may be necessary in order to operate
within the funds currently available to them.
2. Intangible assets - deferred exploration and evaluation costs
The Group's deferred exploration and evaluation costs comprise costs directly
incurred in exploration and evaluation as well as the cost of maintaining
mineral licences. They are capitalised as intangible assets pending the
determination of the feasibility of the project. When the decision is taken to
develop a mine, the related intangible assets are transferred to property,
plant and equipment. Where a project is abandoned or is determined not
economically viable, the related costs are written off.
The recoverability of deferred exploration and evaluation costs is dependent
upon a number of factors common to the natural resource sector. These include
the extent to which the Group can establish economically recoverable reserves
on its properties, the ability of the Group to obtain necessary financing to
complete the development of such reserves and future profitable production or
proceeds from the disposition thereof.
Intangible assets for the six months ended 30 June 2017 are detailed in the
following table and relate entirely to deferred exploration and development
costs:
Unaudited As Audited
30 Jun restated 31 Dec
2017 unaudited 2016
$ 30 Jun $
2016
$
Cost
Opening balance 1 January 173 812 812
Additions for the period 33 52 84
Transferred to investments held for sale - - (400)
Impairment - (202) (202)
Foreign exchange 27 - (121)
Closing balance 233 662 173
The opening balance for 30 June 2016 has been restated because upon review of
licences in prior year, directors identified 4 licences relating to the San
Jose project, which were discontinued in 2015. Therefore, the loss on
discontinued operations in 2015 was restated, increasing by $69,000, with
intangible assets and equity decreasing by the same amount.
3. Available-for-sale investment
Investments classified as available-for-sale comprise the Group's investments
in entities not qualifying as subsidiaries, associates or jointly controlled
entities. They are carried at fair value with changes in fair value, other than
those arising due to exchange rate fluctuations and interest calculated using
the effective interest rate, recognised in other comprehensive income and
accumulated in the available-for-sale reserve. Exchange differences on
investments denominated in a foreign currency and interest calculated using the
effective interest rate method are recognised in profit or loss. The
available-for-sale investments held at period end are held at cost as
management consider it representative of fair value.
4. Share capital and reserves
Share capital
The Company is authorised to issue an unlimited number of common shares of no
par value.
Changes in share capital for the six months ended 30 June 2017 are as follows:
Number of Amount
Shares US$
'000
Opening balance 1 January 2016 33,907 51,781
Closing balance 30 June 2016 (unaudited) - as 183,695 52,396
restated
Closing balance 31 December 2016 (audited) 183,695 52,396
Shares issued 120,000 775
Share issue costs - (78)
Fair value of share warrants issued - (534)
Closing balance 30 June 2017 (unaudited) 303,695 52,559
2016
· On 27 January 2016, 79,787,493 common shares were issued at GBP0.01 each,
GBP797,875 (US$1,137,419).
· On 13 May 2016, 70,000,000 common shares were issued at GBP0.01 each, GBP
700,000 (US$1,019,970).
Six months ended 30 June 2017
· On 8 June 2017, 120,000,000 common shares were issued at 0.5 pence each,
GBP600,000 (US$775,110).
Six months ended 30 June 2016
· Upon review, it was determined that the fair value of the warrants
issued during the period was incorrectly charged to the income statement,
instead of being charged to share capital. Accordingly share capital was
restated to include a charge of $1.3m.
Warrant reserve
The number and weighted average exercise price for the period ended 30 June
2017 are set out in the table below:
Outstanding Weighted
(000's) average
exercise
price
US$
Opening balance 1 January 2016 12,152 0.88
Closing balance 30 June 2016 (unaudited) 114,787 0.02
Closing balance 31 December 2016 (audited) 114,787 0.02
Issued 132,000 0.01
Cancelled - -
Closing balance 30 June 2017 (unaudited) 246,787 0.01
On 9 June 2017 132,000,000 common share purchase warrants were issued,
exercisable at 0.76 US cents (0.6p) per common share, until 8 June 2019.
Upon review, it was determined that the fair value of the warrants issued
during the period was incorrectly calculated as US$2.8m and should have been
US$1.3m. Accordingly the balance of the warrant reserve for the six-month
period ended 30 June 2016 has been restated.
Fair value of Warrants and assumptions
The estimate of the fair value of the Warrants is measured based on the
Black-Scholes model. The following inputs were used in the calculation of the
fair value of the warrants granted.
9 June 2017
Fair value (US$ 000s) 534
Share price (GBP) 0.007
Weighted average exercise price (GBP) 0.006
Expected volatility 68.29%
Expected warrants life 2 years
Expected dividend yield 0%
Risk-free interest rate 0.12%
Share based payment reserve
The share based payment reserve arises on the grant of share options to
directors, employees and other eligible persons under the share option plan.
A summary of the changes in the Group's contributed surplus for the six months
ended 30 June 2017 is set out below:
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2017 2016 2016
US$ US$ US$
Opening balance 1 January 1,417 7,701 7,701
Fair value of share options 56 - -
Incentive stock options lapsed (84) (6,284) (6,284)
Closing balance 1,389 1,417 1,417
Foreign exchange translation reserve
The translation reserve comprises foreign exchange differences arising from the
translation of the financial statements of operations that do not have a US
dollar functional currency. Exchange differences arising are classified as
equity and transferred to the Group's translation reserve. Such translation
differences are recognised in profit or loss in the period in which the
operation is disposed of.
Accumulated losses
Accumulated losses contain losses incurred in the current and prior years.
5. Incentive stock options
A summary of the Company's stock options as at 30 June 2017 is set out below:
Outstanding shares Exercise price Expiry
725,000 GBP0.70 29 May 2018
50,000 GBP0.44 5 January 2020
6,250,000 GBP0.01 2 February 2022
2,250,000 GBP0.01 9 February 2022
6. Related party transactions
These unaudited interim consolidated financial information include balances and
transactions with directors and officers of the Company and/or corporations
related to them. All transactions have been recorded at the exchange amount
which is the consideration established and agreed to between the related
parties.
Control of the Company
In the opinion of the Board, at 30 June 2017 there was no ultimate controlling
party of the Company.
Identity of related parties
The Company and its subsidiaries have a related party relationship, with its
Directors and executive officers.
Siberian Goldfields Ltd ("SGL")
On 24 September 2013 the Company acquired an option for US$200,000 to conduct
due diligence on SGL and its mineral properties, with a view to ASC undertaking
a potential equity transaction or other corporate transaction or investment
with SGL ("Transaction"). On 27 November 2013, ASC gave notice to SGL of its
election not to proceed with a Transaction.
The option grant fee was repayable by SGL to ASC together with interest payable
at a rate of 10% per annum in the event that ASC elects not to proceed with a
Transaction. On 21 April 2017 the outstanding debt owed by SGL was settled
through the issue of 2 million SGL shares representing 0.70% of the issued
share capital of SGL. These were subsequently exchanged for 881,077 ordinary
shares (representing 0.35% of the issued share capital) of Siberian Goldfields
Ltd ("SGL UK"), a UK registered company. The Company's interest in the
underlying Siberian Goldfields project remains unchanged as a consequence of
the restructuring from SGL to SGL UK.
As at 30 June 2017 the investment in SGL UK is shown as an investment held for
sale in the statement of financial position.
As at 21 April 2017, interest accrued during the period ended 30 June 2017
amounted to US$6,000 (30 June 2016: US$10,000, 31 December 2016: US$20,000). As
at 21 April 2017, total amount owed to ASC by SGL was US$272,000 (30 June 2016:
US$255,000, 31 December 2016: US$265,000).
A.J. Williams is a director and shareholder of SGL.
Directors' interests in shares of the Company
At 30 June 2017 the Directors of the Company and their immediate relatives
controlled approximately 1.7% (30 June 2016: 2.8%, 31 December 2016: 2.8%) of
the voting shares of the Company.
Directors' interests in the common shares of the Company as at 30 June 2017 are
set out below.
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2017 2016 2016
A J Williams 1,688,702 1,688,702 1,688,702
J T Williams 1,500,000 1,500,000 1,500,000
T A Bailey 1,314,226 1,314,226 1,314,226
J A Crombie 566,665 566,665 566,665
Transactions with key management personnel
During the period ended 30 June 2017 the Company entered into the following
transactions involving key management personnel:
Dragon Group Ltd charged the Company a total of US$65,832 (30 June 2016:
US$67,834, 31 December 2016: US$122,266). This relates to the reimbursement of
A.J. Williams' remuneration paid on behalf of the Company. A.J. Williams,
Chairman and a director of the Company, beneficially owns Dragon Group Ltd. At
30 June 2017, US$21,944 (30 June 2016: US$11,306, 31 December 2016: US$10,413)
was outstanding.
Key management personnel also participate in the Group's share option
programme.
JS Cable consulting fees
During the period JS Cable charged the Company a total of nil (30 June 2016:
nil, 31 December 2016: US$10,141) in respect of consulting fees. There was no
outstanding balance at 30 June 2017 (30 June 2016: nil, 2016: nil).
TA Bailey consulting fees
During the period TA Bailey charged the Company a total of nil (30 June 2016:
nil, 2016: US$9,395) in respect of consulting fees. There was no outstanding
balance at 30 June 2017 (30 June 2016: nil, 2016: nil).
7. Post balance sheet events
On 13 July 2017, the Company announced a fundraise of GBP600,000 before expenses
through the private placing for 0.5p each, of 120 million units each comprising
one Common share in the capital of the Company and one warrant exercisable to
receive one Common share in the capital of the Company at 0.6p each. The
placing was conditional on the shares being admitted to trading on AIM
("Admission"). Admission of 120 million shares became effective at 8:00am on 27
July 2017.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.
For further information please contact:
Arian Silver Corporation Northland Capital Partners Limited
Jim Williams, CEO Gerry Beaney / David Hignell / Jamie
David Taylor, Company Secretary Spotswood
Tel: +44 (0)20 7887 6599 Tel: +44 (0)203 861 6625
OR OR
Beaufort Securities Limited Yellow Jersey
Jon Belliss Charles Goodwin / Harriet Jackson
Tel: +44 (0)20 7382 8300 Tel: +44 (0)7747 788 221
Forward-Looking Information
This press release contains certain "forward-looking information". All
statements, other than statements of historical fact that address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future are deemed forward-looking information.
This forward-looking information reflects the current expectations or beliefs
of the Company based on information currently available to the Company as well
as certain assumptions. Forward-looking information is subject to a number of
significant risks and uncertainties and other factors that may cause the actual
results of the Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are realised or
substantially realised, there can be no assurance that they will have the
expected consequences to, or effects on the Company.
Any forward-looking information speaks only as of the date on which it is made
and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking information is not
a guarantee of future performance and accordingly undue reliance should not be
put on such information due to the inherent uncertainty therein.
END
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