TIDMVLRM
RNS Number : 5041O
Valereum PLC
03 October 2023
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")
3 October 2023
Valereum Plc
("Valereum" or the "Company")
Interim results for the six months to 30 June 2023
Valereum announces its interim results for the six-month period
ended 30 June 2023. Shareholders are reminded that these results
are unaudited and based on the Company's management accounts.
The first half of 2023 has been a challenging period for the
Company, not least with its fundraising, set against a
deteriorating global macroeconomic backdrop and uncertainty in the
global financial markets. The committed funding secured from a US
based fund as announced on 31 August 2023 is dependent on the US
based fund closing its own round of finance which we understand is
concluding at present.
Valereum's entire management team is focused on completing the
Gibraltar Stock Exchange ("GSX") acquisition and is in further
discussions with the GFSC around its application and request for a
further extension. Although a successful conclusion with the GFSC
is not guaranteed, the board of Valereum is optimistic and looks
forward to announcing its plans and executing them in future.
Interim Operational Highlights
1) On 31 March, Valereum confirmed that it had raised a total of
GBP70,500 from the issue of 11,280 new ordinary shares of 0.0001
pence in its subsidiary Valereum Collections Ltd at a price of
GBP6.25 per share. Valereum owns 99.8% of Valereum Collections
Ltd.
2) On 21 April, the Company announced it had sold its Bitcoin
mining assets to Vinanz Ltd ("Vinanz") for a total consideration of
27,325,171 shares in Vinanz. These shares have an asset value to
Valereum of around GBP800,000 (valued at Vinanz's listing price of
3p per share) and are subject to a 12-month lock-in.
3) On 25 May, the Company announced that it had signed an option
agreement to purchase Sparta Ltd, a licensed company service
provider in Gibraltar which specialises in company formation and
management. The option will not be exercised until the Gibraltar
Financial Services Commission ("GFSC") approve the acquisition of
Sparta.
4) On 21 July, the Company announced that the payment for the
second tranche of the GSX providing 100% ownership had been agreed
at GBP750,000.
5) On 31 August, the Company announced that it had secured
committed funding from a United States fund in the amount of GBP5-8
million, to be released in two tranches. The GFSC accordingly
extended the deadline for completion of the acquisition of the GSX
to 28th September 2023. The Company and the current owners of the
GSX (GSX Group Limited) are in negotiation with the GFSC on an
extension of this deadline. Given Valereum is a willing buyer,
working in close cooperation with a willing seller, the Company
sees no reason for the GFSC not to grant an extension at
present.
6) On 31 August, the Company's shares were suspended by the
Aquis Exchange. When the GSX acquisition is fully approved and
completed, a new admission document will be submitted.
Interim Financial Highlights
1) During the first half of 2023, the Company issued a total of
17,420,420 new ordinary shares of 0.1 pence each following the
receipt of conversion notices for a total of $1.2 million.
2) The Company cash balance on 30(th) June 2023 was GBP5,718 (31(st) December 2022: GBP92,528).
The Directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Valereum Plc
Richard Poulden, Chairman
Tel: +971 4584 6284
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Tel: +44 (0) 7858 888 007
Investor Relations
J&H Communications Limited
George Hudson
Tel: +44 (0)7803 603130
george@j-hcommunications.com
For more information, please visit the Company's website at
valereum.gi
Valereum Plc
Statement of Total Comprehensive Income
for the six months ended 30 June 2023
6 Months Ended 6 Months Ended 12 Months Ended
30 June 2023 30 June 2022 31 December 2022
GBP GBP GBP
Revenue - - -
Cost of sales - - -
Gross profit - - -
Administration expenses (639,675) (1,031,309) (4,277,717)
Operating loss (639,675) (1,031,309) (4,277,717)
Foreign exchange gain/(loss) 1,766 (2,609) 1,536
Interest expense - - 0
Interest income 13,281 - 31,021
Loss on ordinary activities before
taxation (624,627) (1,033,918) (4,245,160)
Tax on loss on ordinary activities - - -
Loss for the financial period (624,627) (1,033,918) (4,245,160)
Loss for the year from discontinued - - -
operations
Retained loss for the financial period (624,627) (1,033,918) (4,245,160)
Change in foreign currency - - -
Other comprehensive income
Items that may not be reclassified subsequently to profit or loss:
Unrealised gain/ loss on crypto assets 161,770 43,532 -23,677
----------------------- ----------------------- -------------------------
Other comprehensive income for the
year/period 161,770 43,532 -23,677
Total comprehensive loss for the
financial period (462,857) (990,386) (4,268,837)
----------------------- ----------------------- -------------------------
Valereum Plc
Statement of Financial Position
as at 30 June 2023
6 Months Ended 6 Months Ended 12 Months Ended
30 June 2023 30 June 2022 31 December 2022
GBP GBP GBP
Current assets
Trade and other receivables 238,633 332,331 274,352
Cash and cash equivalents 5,718 656,405 92,528
244,350 988,736 366,880
----------------------- ---------------------- ------------------------
Non-current assets
Property, plant and equipment - 84,626 61,010
Intangible assets - 129,488 62,280
Investments 1,023,251 2,964,501 750,000
1,023,251 3,178,615 873,290
----------------------- ---------------------- ------------------------
Total assets 1,267,601 4,167,351 1,240,170
======================= ====================== ========================
Current liabilities 1,465,865 2,462,751 1,946,556
Capital and reserves
Share capital 4,148,640 4,126,094 4,131,220
Share premium 23,842,357 22,250,459 22,888,797
Revaluation reserve 62,280 85,957 62,280
Translation reserve 257,478 257,478 257,478
Share based payment reserve 377,500 153,500 377,500
Retained earnings (28,886,520) (25,168,887) (28,423,661)
(198,264) 1,704,601 (706,386)
Total equity and liabilities 1,267,601 4,167,351 1,240,170
----------------------- ---------------------- ------------------------
Valereum Plc
Statement of Cash Flows
for the six months ended
30 June 2023
6 Months Six Months 12 Months
Ended Ended Ended
30 June 2023 30 June 2022 31 December
2022
GBP GBP GBP
Cash flows from operating
activities
Loss before tax (462,857) (990,386) (4,268,837)
Reconciliation to cash generated
from operations:
Foreign exchange (gain)/loss - - -
Purchase of Equipment - - -
Operating cash flow before
changes in working capital (462,857) (990,386) (4,268,837)
------------------------ ------------------------ --------------------------
Unrealised loss/(gain) on
crypto (161,770) (43,532) 23,677
Share-based payments expense - - 224,000
Impairment of investments 2,214,501
Depreciation 11,808 23,617 47,233
Decrease/(increase) in
receivables 35,719 - 57,979
Increase/(decrease) in payables (480,691) 2,237,803 1,721,608
Cash outflow from operations (1,057,791) 1,227,502 20,161
------------------------ ------------------------ --------------------------
Cash flows from financing
activities
Issue of shares for cash 970,980 184,026 827,490
Net cash flow from financing
activities 970,980 184,026 827,490
------------------------ ------------------------ --------------------------
Cash flows from investing
activities
Payment for acquisition of - - -
property, plant and equipment
Payment for acquisition of
investments - (2,187,500) (2,187,500)
Net cash flow from investing
activities - (2,187,500) (2,187,500)
------------------------ ------------------------ --------------------------
Net increase/(decrease)
in cash (86,811) (775,972) (1,339,849)
Effects of exchange rates - - -
on cash and cash equivalents
(86,811) (775,972) (1,339,849)
Cash at bank at beginning
of period 92,528 1,432,377 1,432,377
Cash at bank at period end 5,717 656,405 92,528
------------------------ ------------------------ --------------------------
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