Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)’s results for the year to end-January have been overtaken by subsequent events following a £40.5mln fundraising launched in March and the strategic investment by Sir Mick Davis' Vision Blue Resources.
READ: Cornish Metals hails strategic investment from Mick Davis' Vision Blue Resources
The exploration and development company, which is looking to resume mining at the South Crofty tin project in Cornwall, had cash of CS$6.9mln (£4.3mln) at the end of January. Its losses widened to CS$2.9mln from CS$1.6mln. It has no revenue.
"After the successful listing on AIM in early 2021, I am delighted with the progress which the company has made across a number of fronts,” said chief executive Richard Williams.
“These included the simplification of the company's capital structure, advancing the exploration program at United Downs, increasing the mineral resource estimate for South Crofty, reaching agreement on the deferred consideration for the Cornish assets and agreeing to the leasing of additional mineral rights at South Crofty.
“These initiatives culminated in the announcement of a successful launch of a financing at the end of March which included a strategic investment by Vision Blue Resources. Subject to approvals being received, this financing shall open a new chapter for the company as South Crofty is advanced towards a potential construction decision,” Williams added.