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MCS SERVICES LIMITED — Interim / Quarterly Report 2015
Jul 28, 2015
65377_rns_2015-07-28_5da11892-4100-49fb-9cb2-a31096bfccea.pdf
Interim / Quarterly Report
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ActivitiesR eport& CashFlow S tatement Forthe3 monthsending30 June2015
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Q uarterlyActivitiesandCashFlow S tatement
Forthe3 monthsending30 June2015 ( P eriod )
R edGum R esourcesL imited( R edGum )( Company )(AS X : R GX )ispleasedtopresentitactivitiesstatementand cashflow fortheP eriod.
CO R P O R AT EU P DAT E
O n the 28[th] ofM ay 2015 R ed Gum announced changesto the Board composition ofthe Company w ith the appointmentsofM rJoshP uckridgeandM rT om P ickettinfavourofthetw oannouncedoutgoingDirectors.
M rP uckridgeand M rP ickettbothhaveconsiderablecorporatefinanceexperienceand arebothexperienced directorsofcompanieslistedontheAustralianS ecuritiesExchange( AS X )andbringnew netw orksofacquisition opportunitiesfortheCompany.
T he new directorshave begun review ing the Company’scorporate arrangementsand strategicobjectivesto facilitatethegrow thofR edGum forthebestinterestsofshareholders.
CHILEAN O P ER AT IO N
T henew directorshavebegunastrategicreview oftheCompany’sChileaninterestsandw illmeetallminimum commitmentsontheprojectuntiladecisionhasbeenmadeastothestrategicdirectionoftheCompany.
T he new directorsbelievethisminimalexpenditure commitmentto the Chilean operation isconsistentw ith directionoftheCompanyputtothemarketbythepreviousboardandmanagement.
S AL EO FP ER U VIAN S U BS IDIAR Y
DuringtheP eriodtheCompanysuccessfullydisposedofitsP eruviansubsidiaryforthesalepriceofU S D$50,000. T heCompany hasdeemedthesaleimmaterialand believesthesalevaluereceived by R ed Gum issignificant giventhedepressedstateofearlystagenaturalresourcesexplorationmarketsandinvestorinterest.
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CAS H AT T HEEN D O FT HEP ER IO D
Cashat30 June2015amountedto$1,216,564.
AttachedistheAppendix5B ConsolidatedS tatementofCashFlow sfortheperiodfrom 1 April2015to30 June 2015.
N EW ACQ U IS IT IO N O P P O R T U N IT IES
T heCompany spenttimeincubatingpotentialnew opportunitiesfortheCompany thatitbelievesw illdeliver positiveshareholdervaluecurrentshareholdersoftheCompany.
For,andonbehalfof,theBoardofDirectorsoftheCompany,
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JoshP uckridge
N on-ExecutiveDirector
R edGum R esourcesLimited
Contact: +61 (0)452 440 100
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AS X L istingR ule5.3.3 tenementdetails
| Tenement reference and location | Nature of interest |
Interest at beginning of quarter |
Interest at end of quarter |
|---|---|---|---|
| Cerro Huancash Peru |
See below a) | 100% | - |
| Chongos A Peru |
See below a) | 100% | 100% |
| Chongos B Peru |
See below a) | 100% | 100% |
| Chongos C Peru |
See below a) | 100% | 100% |
| La Negra Chile |
See below b) | 100% | 100% |
| Majada Chile |
See below c) | See c) | See c) |
Nature of Interest - Notes
-
a) The Company through its wholly owned subsidiary, Red Gum Resources (Peru) Pty Ltd holds 100% beneficial interest in the shares in Central Peru Resources (“CPR”), which in turn holds 100% of the three remaining Peruvian Projects. During the period CPR sold Cerro Huancash interest for $64,739 (USD $50,000).
-
b) In 2012 Red Gum exercised its option to acquire the 100% interest in the La Negra Project which was registered on a 100% basis on 19 July 2012.
-
c) In March 2014 the Company notified each of the individual nine concession holders that it intended to give notice of its intention to withdraw from the Option Agreements entered into in March 2013. That agreement provided that by making staged, six monthly, optional payments totalling 679.5 million Chilean pesos (A$ 1.44 million at the then exchange rate) to the owners over a 3 year period from the date of signature, the Company could earn a 100% interest. After withdrawing from those agreements the Company no longer has any financial obligations concerning the Project and in view of the announced anticipate change in fundamental business activities no longer seeks to pursue this project.
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Appendix5B M iningexplorationentityandoilandgasexplorationentityquarterlyreport
R ule5.5
Appendix5B
M iningexplorationentityandoilandgasexplorationentity quarterlyreport
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
RED GUM RESOURCES LIMITED
Quarter ended (“current quarter”) ABN 66 119 641 986 30 JU N E2015
ABN
Consolidatedstatementofcashflow s
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Transaction costs Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (12 months) $A’000 |
|---|---|---|
| - (30) - - (165) - 2 - - (86) |
- (73) - - (714) - 19 - - (1,285) |
|
| (279) | (2,053) | |
| Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows |
- - - 64 - - - - - |
- - - 64 - - - - - |
| 64 | 64 |
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Appendix5B M iningexplorationentityandoilandgasexplorationentityquarterlyreport
| Current quarter $A’000 |
Year to date (12 months) $A’000 |
|
|---|---|---|
| 1.13 Total operating and investing cash flows (carried forward) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings - convertible loan 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other –share issue costs Net financing cash flows |
(215) | (1,989) |
| 795 - 490 - - (154) |
795 - 490 - - (154) |
|
| 1,131 | 1,131 | |
| Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter |
916 301 - |
(858) 2,075 - |
| 1,217 | 1,217 |
P aymentstodirectorsoftheentity,associatesofthedirectors,relatedentitiesoftheentityand associatesoftherelatedentities
| 1.23 1.24 |
Aggregateamountofpaymentstothepartiesincludedinitem 1.2 Aggregateamountofloanstothepartiesincludedinitem 1.10 |
Currentquarter $A'000 |
|---|---|---|
| 170 | ||
| - | ||
| 1.25 | Explanationnecessaryforanunderstandingofthetransactions | |
| Cash payment in respect of directors’ gross remuneration and fees, including consulting fees. |
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Appendix5B M iningexplorationentityandoilandgasexplorationentityquarterlyreport
N on-cashfinancingandinvestingactivities
| 2.1 | Details of financing and investing transactions which have had a material effect on |
|---|---|
| consolidated assets and liabilities but did not involve cash flows |
N/A
- 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A
Financingfacilitiesavailable
Addnotesasnecessaryforanunderstandingoftheposition.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount available $A’000 |
Amount used $A’000 |
|---|---|---|---|
| Nil | Nil | ||
| Nil | Nil | ||
| Estimatedcashoutflow sfornextquarter | |||
| 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration |
$A’000 | ||
| 18 | |||
| - | |||
| - | |||
| 125 | |||
| Total Company ongoing outflows | 143 | ||
| Transaction costs deposit to be refunded | (125) | ||
| Total | 18 |
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R econciliationofcash
| R econciliationofcash | ||
|---|---|---|
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) |
1,217 | 301 |
| - | - | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 1,217 | 301 |
Changesininterestsinminingtenementsandpetroleum tenements
| 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased |
Tenement reference and location |
Nature of interest (note(2)) |
Interest at beginning ofquarter |
Interest at end of quarter |
|---|---|---|---|---|
| Cerro Huancash Peru |
(a) | 100% | N il | |
| n/a | n/a | n/a | n/a |
(a) The Company through its wholly owned subsidiary, Red Gum Resources (Peru) Pty Ltd held 100% beneficial interest in the shares in Central Peru Resources (“CPR”), which in turn holds 100% of the Cerro Huancash Peruvian Projects. During the period CPR sold Cerro Huancash interest for $64,739 (USD $50,000).
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Issuedandquotedsecuritiesatendofcurrentquarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price per security (see note3) (cents) |
Amount paid up per security (see note3) (cents) |
|
|---|---|---|---|---|
| 7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions |
Nil | Nil | ||
| Nil | Nil | |||
| Total number | Number quoted | Issue price per security (see note3) (cents) |
Amount paid up per security (see note3) (cents) |
|
| 7.3 +Ordinary securities |
55,610,212 | 55,610,212 | ||
| 7.4 Changes during quarter (a) Increases through issues 8 April 2015 11 May 2015 21 may 2015 (b) Decreases through returns of capital, buy- backs |
2,800,000 19,900,699 14,000,007 |
2,800,000 19,900,699 14,000,007 |
$0.035 $0.035 $0.035 |
$0.035 $0.035 $0.035 |
| 7.5 +Convertible debt securities Convertible loan 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted |
Nil | Nil | ||
| Nil | Nil |
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Appendix5B
M iningexplorationentityandoilandgasexplorationentityquarterlyreport
| 7.7 Options (description and conversion factor) RGXO RGXAOA RGXAK 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter |
1,391,730 4,000,047 113,634 5,505,411 |
1,391,730 4,000,047 113,634 5,505,411 |
Exercise price $4.40 $0.44 $6.60 |
Expiry date 01/03/2016 15/11/2017 30/06/2016 |
||
|---|---|---|---|---|---|---|
| Nil | Nil | |||||
| Nil | Nil | |||||
| N il | Nil | |||||
| 7.11 Debentures (totals only) |
Nil | Nil | ||||
| 7.12 Unsecured notes(totals only) |
Nil | Nil |
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Appendix5B M iningexplorationentityandoilandgasexplorationentityquarterlyreport
Compliancestatement
1 T hisstatementhasbeenpreparedunderaccountingpoliciesw hichcomplyw ithaccounting standardsasdefinedintheCorporationsActorotherstandardsacceptabletoAS X (seenote5).
2 T hisstatementdoes/doesnot* (deleteone) giveatrueandfairview ofthematters disclosed.
29 July2015 S ignhere: ............................................................ Date:............................ (Companysecretary)
Mr Malcolm Lucas Smith
P rintname: .........................................................
N otes
1 T hequarterlyreportprovidesabasisforinformingthemarkethow theentity’sactivities havebeenfinancedforthepastquarterandtheeffectonitscashposition. Anentityw antingto discloseadditionalinformationisencouragedtodoso,inanoteornotesattachedtothisreport.
2 T he“ N atureofinterest” (items6.1 and6.2)includesoptionsinrespectofinterestsinmining tenementsandpetroleum tenementsacquired,exercisedorlapsedduringthereportingperiod. If theentityisinvolvedinajointventureagreementandthereareconditionsprecedentw hichw ill changeitspercentageinterestinaminingtenementorpetroleum tenement,itshoulddisclosethe changeofpercentageinterestandconditionsprecedentinthelistrequiredforitems6.1 and6.2.
3 Issuedandquotedsecurities T heissuepriceandamountpaidupisnotrequiredinitems 7.1 and7.3 forfullypaidsecurities .
4 T hedefinitionsin,andprovisionsof, AAS B 6:ExplorationforandEvaluationofM ineral R esources and AAS B 107:S tatementofCashFlow s applytothisreport.
5 AccountingS tandards AS X w illaccept,forexample,theuseofInternationalFinancial R eportingS tandardsforforeignentities. Ifthestandardsuseddonotaddressatopic,theAustralian standardonthattopic(ifany)mustbecompliedw ith.
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