ARGO BLOCKCHAIN PLC — Interim / Quarterly Report 2021

Sep 30, 2021

National Storage Mechanism | Additional information

RNS Number : 5477N

Valereum Blockchain PLC

30 September 2021

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR")

30 September 2021

Valereum Blockchain Plc

AQSE: VLRM

("Valereum" or the "Company")

Interim results for the six months to 30 June 2021

Valereum Blockchain Plc (AQSE: VLRM), the strategically positioned Gibraltar based blockchain technology builder, announces its financial results for the six months ending 30th June 2021.

Chairman's Summary

This period covers a hugely active period in your Company's development. During the first quarter we announced a new strategy based on digital finance and also changed the name of the Company to Valereum Blockchain Plc to reflect this new focus.

We have refined this strategy to focus on a fully regulated structure creating a bridge between the worlds of fiat and digital currencies and assets. We call this strategy "The Bridge", which ensures that if conventional securities are traded in crypto currency through Valereum's systems then the crypto purchaser will have verifiable title to the underlying fiat securities or assets. We will make further announcements on this as soon as regulations permit.

Our initial investment in Bitcoin mining in May produced revenues of £11,210 in the first six weeks of operation during the period. Though small, this nevertheless represents an annualised return on investment of just over 80%, taking Bitcoin at its current price, and the profits are continuing at this level.

None of this would have been possible without adding experts in various fields. Vinay Gupta, a doyen of the crypto world, joined as an advisor in February and Patrick L Young, the renowned world expert on exchanges, joined as a director in July. We will continue to build the team in future and The Bridge moves further towards its launch.

A further part of this team are the shareholders who have joined us on the journey and all of us are immensely grateful for your loyalty and support. We look forward to updating you and the markets as soon as possible.

Interim Financial highlights

1.   Company cash balances at 30 June 2021 of £1,051,702 (31 December 2020: £Nil)

2.   The operational loss for the Company for the six months to 30 June 2021 was £501,478 (31 December 2020: £61,968)

END

Enquiries:

The website address of the Company is  www.valereumblockchain.com.

Valereum Blockchain Plc

Richard Poulden, Chairman

Tel: +971 4584 6284

AQSE Corporate Adviser

Peterhouse Capital Limited

Mark Anwyl

Tel: +44 (0) 207 469 0930

Valereum Blockchain Plc
Statement of Total Comprehensive Income
for the six months ended 30 June 2021
	Six Months Ended	Nine Months Ended
	30 June 2021	31 December 2020
	£	£
Revenue	11,210	-
Cost of sales	-	-
Gross profit	11,210	-
Administration expenses	(519,532)	(59,555)
Operating loss	(508,322)	(59,555)
Foreign exchange gain/(loss)	6,844	(2,413)
Loss on ordinary activities before taxation	(501,478)	(61,968)
Tax on loss on ordinary activities	-	-
Loss for the financial period	(501,478)	(61,968)
Loss for the year from discontinued operations	-	-
Retained loss for the financial period	(501,478)	(61,968)
Change in foreign currency	-	-
Total comprehensive loss for the financial period	(501,478)	(61,968)

Valereum Blockchain Plc
Statement of Financial Position
as at 30 June 2021
	Six Months Ended	Nine Months Ended
	30 June 2021	31 December 2020
	£	£
Current assets
Trade and other receivables	20,000	16,701
Cash and cash equivalents	1,051,702	-
	1,071,702	16,701
Non-current assets
Property, plant and equipment	137,278	-
	137,278	-
Total assets	1,208,980	16,701
Current liabilities	21,131	78,373
Capital and reserves
Share capital	4,118,394	4,064,441
Share premium	19,876,633	18,179,587
Foreign exchange reserve	-	-
Share based payment reserve	-	-
Retained earnings	(22,807,178)	(22,305,700)
	1,187,849	(61,672)
Total equity and liabilities	1,208,980	16,701

Statement of Cash Flows
for the six months ended 30 June 2021
	Six Months Ended	Nine Months Ended
	30 June 2021	31 December 2020
	£	£
Cash flows from operating activities
Loss before tax	(501,478)	(61,968)
Reconciliation to cash generated from operations:
Foreign exchange (gain)/loss	(6,844)	2,413
Purchase of Equipment	(137,278)	-
Operating cash flow before changes in working capital	(645,600)	(59,555)
Decrease/(increase) in receivables	(3,299)	19,489
Increase/(decrease) in payables	(57,242)	36,815
Cash outflow from operations	(1,017,351)	(3,251)
Cash flows from financing activities
Issue of shares for cash	1,751,000	-
Net cash flow from financing activities	1,751,000	-
Net increase/(decrease) in cash	1,044,859	(3,251)
Effects of exchange rates on cash and cash equivalents	6,843	-
	1,051,702	(3,251)
Cash at bank at beginning of period	-	3,251
Cash at bank at period end	1,051,702	-

These results have not been reviewed by the Company's auditors.

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