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Und hier nun die Meldung
HOMEX - Melbourne
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Second Quarter Activities & Cashflow Report
Since the last Quarterly Report, the company has successfully
completed a major capital raising through the issue of
convertible/redeemable preference shares, Deepgreen has raised almost
$4 million which has enabled it to increase its investment
activities.
The Company now has major investments in:
* Cassiar Mines & Metals Inc, a company promoting a $600 million
magnesium metal and fibre project in British Columbia, Canada;
* a significant shareholding in Kidz.net Ltd, an exciting new
operator in the burgeoning internet arena;
* the Pageton coal project, the first of a series of coal reclamation
projects to be brought on stream in West Virginia; and
* Asia Energy, a company promoting one of the largest energy
developments undertaken in Bangladesh.
The Company continues to examine opportunities that will enable it to
provide the seed capital for new corporate developments in resource
and technology companies.
CASSIAR
Deepgreen increased its interest in Cassiar Mines and Metals Inc to
10% of the company by subscribing for $2 million of convertible
debentures. The debentures carry an interest rate of 12.5% per annum
and are convertible into Cassiar ordinary shares. This was funded
partly from proceeds of the new issue and partly from the sale of
Cassiar common shares. At 31 December, Deepgreen held 1.12 million
shares in addition to the convertible debentures.
Cassiar advised that magnesium silicate production commenced in
December from surface resources at the Cassiar mine in British
Columbia, Canada. Production is expected to build up to 18,000 tonnes
per year initially and to a rate of 50,000 tonnes per year after
further investment over the next three years.
Cassiar continued to advance its memorandum of understanding with
Aluminium of Korea Ltd, an Hyundai group company, to undertake a
$US25 million investigation of magnesium metal production from the
Cassiar mine.
KIDZ.NET LTD
Deepgreen currently has a holding of approximately 2.3 million
options and 700,000 ordinary shares in Kidz.net. Kidz.net is in a
strong financial position with substantial cash resources and an
exciting business plan. Deepgreen believes that this investment has
the potential to appreciate significantly over the next six months,
particularly in view of market conditions in the internet and
telecommunications area.
NORTH AMERICA
Purchase of the Pageton property was completed and title to the land,
coal deposits and tailings ponds was transferred to Deepgreen
Minerals West Virginia Inc, a wholly-owned subsidiary.
Contractors will be engaged in the first quarter of 2000 to mine the
Pocohontas No. 3 seam at Pageton, initially at a rate of 20,000
tonnes per month. Discussions for the sale of the high quality
metallurgical coal are continuing. It is anticipated that these
mining operations will provide cash flow until the dredge and fine
coal recovery plant are shipped from Wollondilly in NSW and
re-established at Pageton.
Two more properties in West Virginia have been offered to the
Company. These are being evaluated.
ASIA AND AUSTRALIA
Deepgreen`s 51%-owned subsidiary, Asia Energy Corporation Pty Ltd
(AEC) has two coal projects located in south east Asia. One, at Sabah
in Malaysia, has a pending application for a coal exploration licence
and has known coal deposits but has not yet been fully explored.
The other, the Phulbari Coal project located in North West
Bangladesh, has been acquired from BHP which explored the area in the
late 1990`s and delineated a coal resource of some 380 million
tonnes.
A conceptual level study for mining Phulbari has confirmed an
inferred resource of 383 million tonnes of high quality steaming coal
that would be suitable for thermal power generation. The consulting
group Geo-Eng International, from Victoria, was commissioned to carry
out the study. Geo-Eng reported that the project was likely to be
both technically and economically viable.
AEC now proposes to carry out a pre-feasibility study that will
include infill and resource extension drilling, geo-technical and
hydrological studies, infrastructure studies and studies for the
construction and operation of electric power stations with capacity
to generate about 2,100 MW. On completion of the study, suitable
partners will be sought to advance the project.
Sale of electric power would be to both India and Bangladesh given
the project`s proximity to the border with India.
The pre-feasibility study is expected to take about two years to
complete.
AEC`s representatives met with senior ministry officers from the
Government of Bangladesh in December 1999 and they expressed strong
interest in the development of the project. Consequently, AEC has
been invited to send a delegation to Bangladesh in late February 2000
to provide a detailed briefing to a group of department heads
reporting to the Prime Minister with a view to receiving assistance
to expedite the project`s development.
Operations in Australia were confined to refurbishing the Wollondilly
plant and preparing it for shipment to the US.
INDIAN MINING CORPORATION NL
Since the close of the quarter, Deepgreen has ceased to be a
substantial shareholder in the company, having taken advantage of a
stronger market to dispose of its shares. The sale has yielded a
small profit and strengthened Deepgreen`s cash resources.
FINANCIAL
Deepgreen continued to evaluate other investment opportunities and
intends to maintain a flexible policy on the acquisition and sale of
shares. In accordance with the prospectus, Deepgreen has used part of
the funds raised to increase its investment and share trading
portfolio and to advance its coal interests in the US and Asia.
The main increases in investments have been the purchase of
additional securities in Kidz.net Ltd and Cassiar Mines and Metals
Inc. A holding of 8.9 million shares in Australian Mining Investments
Ltd was acquired, while the holding in Indian Mining Corporation was
sold.
J Byrne
CHAIRMAN
MORE TO FOLLOW
HOMEX - Melbourne
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Second Quarter Activities & Cashflow Report
MINING EXPLORATION ENTITY QUARTERLY REPORT
Name of entity
Deepgreen Minerals Corporation NL
ACN or ARBN Quarter ended ("current quarter")
008 744 983 31/12/1999
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows related to Current Year to date
operating activities Quarter (6 months)
AUD`000 AUD`000
1.1 Receipts from product sales
and related debtors - -
1.2 Payments for
(a) exploration and evaluation - -
(b) development - -
(c) care & maintenance (90) (172)
(d) administration (280) (452)
1.3 Dividends received - -
1.4 Interest and other items of
a similar nature received 2 4
1.5 Interest and other costs of
finance paid - (50)
1.6 Income taxes paid - 1
1.7 Other (Sundry) 3 3
Net Operating Cash Flows (365) (666)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments (980) (1,883)
(c) other fixed assets (2) (79)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments 1,916 2,662
(c) other fixed assets - -
1.10 Loans to other entities (1,003) (1,029)
1.11 Loans repaid by other entities 65 128
1.12 Other (Security Bond) (495) (495)
Net investing cash flows (499) (696)
1.13 Total operating and
investing cash flows (864) (1,362)
Cash flows related to financing activities
1.14 Proceeds from issues of
shares, options, etc. 1,199 1,299
1.15 Proceeds from sale of
forfeited shares - -
1.16 Proceeds from borrowings 22 672
1.17 Repayment of borrowings (240) (590)
1.18 Dividends paid - -
1.19 Capital raising costs (1) (9)
Net financing cash flows 980 1,372
Net increase (decrease) in cash held 116 10
1.20 Cash at beginning of quarter/
year to date 3 109
1.21 Exchange rate adjustments to item 1.20 - -
1.22 Cash at end of quarter 119 119
PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS
PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES
Current Quarter
AUD`000
1.23 Aggregate amount of payments to
the parties included in item 1.2 8
1.24 Aggregate amount of loans to the
parties included in item 1.10 568
1.25 Explanation necessary for an understanding
of the transactions
1.23 - Relates to Directors fee paid.
1.24 - (a) An amount of $550,000 was lent to Indian Mining
Corporation NL - an associate.
(b) $18,000 was lent to Arcourt Resources NL an associates
company.
NON-CASH FINANCING AND INVESTING ACTIVITIES
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
-
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
-
FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
Amount Amount
available used
AUD`000 AUD`000
3.1 Loan facilities 550 515
3.2 Credit standby arrangements - -
ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER AUD`000
4.1 Exploration and evaluation -
4.2 Development -
Total -
RECONCILIATION OF CASH
Reconciliation of cash at the end Current Previous
of the quarter (as shown in the quarter quarter
consolidated statement of cash flows) AUD`000 AUD`000
to the related items in the accounts
is as follows.
5.1 Cash on hand and at bank 119 3
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 119 3
CHANGES IN INTERESTS IN MINING TENEMENTS
Tenement Nature of Interest at Interest
reference interest beginning at end of
(note(2)) of quarter quarter
6.1 Interests in
mining tenements
relinquished,
reduced or lapsed N/A
6.2 Interests in
mining tenements
acquired or
increased N/A
ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Category of Number Number Issue Paid-up
securities issued quoted Price value
(cents) (cents)
7.1 Preference
securities
(description)
(10% redeemable
convertible/
cumulative) 1,236,953 1,236,953 - -
7.2 Changes during
current period
(a) increases through
issues 1,557,000 1,557,000 - -
(b) decreases through
conversion to
ordinary shares 1,603,105 - - -
7.3 Ordinary
securities 693,212,977 693,212,977 - -
7.4 Changes during
current period
(a) increases through
issues 49,662,176 49,662,176 - -
(b) decreases through
returns of capital
buybacks - - - -
7.5 Convertible debt
securities
(description and
conversion factor) - - - -
7.6 Changes during
current period
(a) increases through
issues - - - -
(b) decreases through
securities matured,
converted - - - -
7.7 Options Exercise Expiry
price date
(cents)
(Convertible to 10%
redeemable convertible
cumulative Preference
shares) 3,873,021 3,873,021 20 30/06/2001
7.8 Issued during
current period - - - -
7.9 Exercised during
current period 1,557,000 - - -
7.10 Expired during
current period - - - -
7.11 Debentures
(totals only) - -
7.12 Unsecured notes
(totals only) - -
COMPLIANCE STATEMENT
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Law
or other standards acceptable to ASX.
2 This statement does/does not give a true and fair view
of the matters disclosed.
J Debrodt Date: 31/01/2000
COMPANY SECRETARY