June 2021 Quarterly Activity Report & Appendix 4C
Page 1 of 2 ENGINE COMPO ASX ANNOUNCEMENT 2 6 July 2021 30 June 2021 Quarterly Activity Report & Appendix 4C Ookami Limited ( ASX: OOK ) ( Ookami or the Company ) provides the following report and attached Appendix 4C to its shareholders for the quarter ending 30 June 202 1 . Summary o f cash flows On 2 March 2021, the Company announced that it ha d entered into share sale agreements to acquire: • a 57% interest in Valhalla Minerals Ltd ( Valhalla ) – the holder of 90% of Sahel Minerals SARL ( Sahel ) which is the registered holder of an advanced copper exploration project located in the Tambacounda Region in Senegal ( Boulbi Project ); and • 1 00% of the shares in Cameroon Cobalt Pty Ltd ( Cameroon Cobalt ) – the 100% shareholder of Cameroon Mining Corporation SARL ( Cameroon Mining ) which is the registered holder of a nickel and cobalt exploration project located in the southeast of Cameroon ( Messok East Project ), (together, the Transactions ). The Company completed a capital raising of $5,777,773 (before associated costs) ( Capital Raising ) during the quarter . The Capital Raising comprised of a public offer at an issue price of $0.20 per Share ( Public Offer ) and a priority offer to s hareholders of up to 6,388,865 Shares at an issue price of $0.20 per Share to raise up to $1,277,773 ( Priority Offer ). These funds were held on trust p ending the Company’s re - admission to the ASX and accordingly are not reflected in the 30 June 2021 cash balance. As at 30 June 202 1 , Ookami held cash and cash equivalents of $ 38 ,000 compared with $ 83 ,000 at 31 March 2021 . During the quarter, the director s continued to accrue 100% of their fees and business partners continue d to assist the Company by lowering their fees until such time as the Company is re - admitted to the Official List. Expenditure during the quarter related to costs for the Company’s re - a dmission related expenses. Summary of Corporate activity During the quarter Mr Joseph van den Elsen was appointed Managing Director of the Company. During the quarter, the Company announced that the ASX had granted an extension to the date the Company would otherwise have been delisted under the ASX’s policy of delisting an entity which has been suspended from trading for a continuous period of 2 years. The ASX advised that i f the Company was not reinstated t o quotation before the commencement of trading o n 20 July 2021 it w ould be delisted. On 23 April 2021, the Company lodged a Replacement Prospectus with the Australian Securities and Investments Commission (ASIC) in relation to the C apital R aising associated with completion of the T ransactions. Subsequent to the end of the quarter, the Company’s shares were re - admitted to the ASX. Page 2 of 2 Payments to related parties of the entity and their associates There were no payments made to related parties of the entity during the period. Transition to Appendix 5B Quarterly Reporting Subsequent to the end of the June 20201 quarter, the Company completed its re - admission to the ASX and its securities re - commen ced trading on Thursday, 15 July 2021 . As a result of the Company being re - admitted as a mining exploration business, the Company will transition to quarterly reporting for subsequent quarterly reports, commencing at the end of the September 2021 quarter. This report and the attached Appen dix 4C have been authorised for release by the Board of Ookami Limited. - Ends - For more information, please contact: Joseph van den Elsen Managing Director P: +61 (0) 3 8630 3321 Investor enquiries Justin Mouchacca Company Secretary P: +61 (0) 3 8630 3321 Rule 4.7B A SX Listing Rules Appendix 4C (1 7 / 07 / 20 ) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity OOKAMI LIMITED ABN Quarter ended (“current quarter”) 67 009 081 770 3 0 June 202 1 Consolidated statement of cash flows Current quarter $A’000 Year to date ( 12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for ( 2 ) ( 10 ) (a) research and development – technology expense (b) product manufacturing and operating costs - - (c) advertising and marketing - - (d) leased assets - - (e) staff costs - (39) (f) administration and corporate costs ( 112 ) ( 277 ) 1.3 Dividends received ( see n ote 3 ) - - 1.4 Interest received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1. 8 Other ( Transaction costs) ( 4 ) ( 97 ) 1.9 Net cash from / (used in) operating activities ( 118 ) ( 423 ) 2. Cash flows from investing activities - - 2.1 Payments to acquire: (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B A SX Listing Rules Appendix 4C ( 17 / 07 / 20 ) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date ( 12 months) $A’000 (f) other non - current assets - - 2.2 Proceeds from disposal of: - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non - current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings 77 77 3.6 Repayment of borrowings (insurance funding) ( 4 ) ( 26 ) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 73 51 4. Net increase / (decrease) in cash and cash equivalents for the period 83 410 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) ( 118 ) ( 423 ) Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B A SX Listing Rules Appendix 4C ( 17 / 07 / 20 ) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date ( 12 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) 73 51 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 38 38 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 18 63 5.2 Call deposits 20 20 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 38 83 6 . Payments to related parties of the entity and their associates Current quarter $A'000 6 .1 Aggregate amount of payments to related parties and their associates included in item 1 - 6 .2 Aggregate amount of payments to related parties and their associates included in item 2 - N/A Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B A SX Listing Rules Appendix 4C ( 17 / 07 / 20 ) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7 . Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7 .1 Loan facilities 77 77 7 .2 Credit standby arrangements - - 7 .3 Other (please specify) - - 7 .4 Total financing facilities 77 77 7 .5 Unused financ ing facilities available at quarter end - 7 . 6 Include in the box below a description of each facility above, including the lender, interest rate , maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. As announced on 2 March 2021 the Company has entered into a short - term funding arrangement of up to $200,000 with Mr Joseph van den Elsen a director. Terms of the facility are repayable on the earlier of 6 months or within 10 days following the reinstatement of Company to official quotation on the ASX. The Company will pay 5% establishment fee and interest is payable following the drawdown of funds at a rate of 5% per annum. $77,000 loan was drawdown during the quar ter to enable funding of costs associated with the reinstatement of the Company. 8 . Estimated cash available for future operating activities $A’000 8 .1 Net cash from / (used in) operating activities ( i tem 1.9) ( 118 ) 8 .2 Cash and cash equi valents at quarter end ( i tem 4.6) 38 8 .3 Unused finance facilities available at quarter end ( i tem 7 .5 ) - 8 .4 Total available funding (Item 8 .2 + i tem 8 .3) 38 8 . 5 Estimated quarters of funding available ( i tem 8.4 divided by i tem 8.1) ** ** Negative funding, refer 8.6 explanation below Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No, operating cash flows will increase following the acquisition of Boulbi and Messok East Projects and the completion of the Company’s relisting on ASX. Company operations will now be funded from proceeds from the successful completion of the Company ’ $5,777,773 capital raising. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B A SX Listing Rules Appendix 4C ( 17 / 07 / 20 ) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.6. 2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes, subsequent to the end of the quarter the Company successfully completed its relisting on ASX raising a total of of $5,777,77 3 . 8.6. 3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, subsequent to the end of the quarter the Company successfully completed its relisting on ASX raising a total of $5,777,773. The Company will be able to meet its new business objectives following the acquisition of its Projects and the completion of the capital raising . Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. 2 6 July 2021 Date: ................................................................................... The Board of Directors Au t horised by : ................................................................................... ( Name of body or officer authorising release – see note 4 ) Notes 1. Th is quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional inf ormation over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard appl ies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by you r board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , th e board should have receiv ed a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained , that this report complies with the appropriate accounting standards and give s a true and fair view of the cash flows of the entity , and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively .
More from Ookami Limited
Join Listcorp to create a personalised news feed, follow your favourite companies, save useful news, and more.