19 April 2022
QUARTERLY REPORT ON ACTIVITIES
January to March 2022
Overview
Copper Strike Limited ("Copper Strike" or the "Company") is pleased to provide an update on its activities for the quarter ending 31 March 2022.
Copper Strike is currently actively seeking project acquisition opportunities.
Corporate Activities
As at 31 March 2022 Copper Strike owns 9.14 million shares in Syrah Resources Limited (ASX:SYR) and some minor investments in two unlisted companies.
Over 12 months ago the ASX contacted the Company to advise that, in their opinion, Copper Strike's current operations are not sufficient to warrant the continued quotation of its securities. Since then, the Company has reviewed a large number of different projects across a broad range of market sectors. This is not a straightforward task with many different factors involved to ensure the right level of risk and opportunity that has the potential to provide significant future share price growth for all shareholders, your directors included.
During the Quarter the Board reviewed a number of different projects in the Materials space. We undertook high level due diligence on several of these and this continues today. We also reviewed in detail a pre-IPO transaction that we believed was ideal for the Company however given its advanced state the vendors have elected to continue the IPO process.
In addition to the Materials space, the Board reviewed a number of opportunities in the Financial and Technology space during the first half of the current financial year. Some of these had significant future potential however were not of an appropriate size for Copper Strike to progress, while others had vendor expectations of value that we believe will not offer Copper Strike shareholders sufficient upside through any potential transaction. Our current attention is on the Materials and related sectors and we anticipate advancing projects during the current quarter.
The Company will keep shareholders informed of progress and will make an appropriate announcement when we are able.
Placement
Subsequent to the end of the March 2022 quarter, the Company announced a Placement raising $1.1 million (before costs) at an issue price of $0.09 (9 cents) per share, which comprised a single tranche placement to an investor whom the directors believe will add significant value in the project generation area.
Funds raised under the Placement will be used for general working capital purposes including costs
associated with the potential acquisition of suitable project(s) including due diligence and any potential re-compliance costs.
Listing Rule 12.1
As announced on 11 December 2020, the Company was advised by ASX, that in their opinion, Copper Strike's current operations are not sufficient to warrant the continued quotation of its securities.
The ASX originally stated that it will afford the Company until 9 June 2021 to demonstrate to ASX that Copper Strike is compliant with Listing Rule 12.1. ASX subsequently extended the deadline, as announced on 1 June 2021 and 8 July 2021. The Company applied for a further extension of time beyond 9 August 2021, in order to complete an appropriate acquisition. ASX advised the Company that they will respond to the Company's request for an extension in due course, and in the interim will not suspend the Company at the current time.
Administration
As at 31 March 2022, Copper Strike had approximately $557,000 in cash and cash equivalents. Copper Strike's operating expenditure for the quarter amounted to $76,000.
Payments to related parties and their associates during the quarter was $50,000, as outlined in Section 6 of the accompanying Appendix 5B. These payments are related to Directors fees and superannuation paid during the March 2022 quarter.
-Ends-
This announcement was authorised for release by the Copper Strike Board of Directors.
For further information please contact:
Mark Hanlon
Non-Executive Chairman +61 3 9692 7222
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
COPPER STRIKE LIMITED
ABN
16 108 398 983
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - - - - (50) (26) - - - - - - | - - - - (122) (470) - - - - - - |
(76) | (592) |
2.
Cash flows from investing activities
2.1
Payments to acquire or for:
(a) | entities | - | - |
(b) | tenements | - | - |
(c) | property, plant and equipment | - | - |
(d) | exploration & evaluation | - | - |
(e) | investments | - | - |
(f) | other non-current assets | - | - |
Page 1 |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - - - - - - - - | - - - - - - - - |
- | - |
| - - - - - - - - - | - - - - - - - - - |
- | - |
4. Net increase / (decrease) in cash and cash equivalents for the period | ||
| 633 (76) - - | 1,149 (592) - - |
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - | - |
557 | 557 |
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 |
| 557 - - - | 633 - - - |
557 | 633 |
6. Payments to related parties of the entity and their associates | Current quarter $A'000 |
- Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. |
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Copper Strike Limited published this content on 18 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2022 23:53:09 UTC.