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Moreton Announces $20m Loss

Filed under Breaking News, Business, Latest News

Moreton Resources executive chairman Jason Elks

March 12, 2019

Moreton Resources chairman Jason Elks has assumed the role of Company Secretary following the resignation of director Brent Van Staden.

Mr Van Staden was appointed to the Board on February 11.

In a statement to the ASX on Friday, Moreton also announced that Mr Phillip Bryant had been appointed Chief Operating Officer.

“Phil will take day-to-day control and oversight of all the subsidiary companies with a predominate (sic) focus on our coal asset advancement,” the statement said.

Moreton Resources is hoping to build a coal mine on the outskirts of Kingaroy.

The announcement of the management changes accompanied the release of Moreton Resources’ half-yearly financial statement to December 31, 2018.

This showed a loss after income tax of $20.065 million.

As at December 31, there were net cash outflows from operating activities of $3.865 million and a working capital deficiency of $9.8 million.

Since then, Moreton has refinanced its existing loan facilities.

Expenses included the provision of more than $15.5 million for costs linked to the company’s ongoing dispute over Research and Development incentives associated with the former Cougar Energy UCG project at Coolabunia.

Moreton has lodged an appeal in the Federal Court against a decision by the Administrative Appeals Tribunal last September which ruled the activities claimed by Moreton were not research and development, as defined by the 1997 Income Tax Assessment Act.

Moreton Directors told the ASX they were confident of a favourable outcome in this appeal and believed they could acquire additional equity funding if required.

“Whilst significant milestones have been achieved in the last six months, the consolidated entity may be required to raise additional funding during the next 12-month period to continue to develop its tenements as planned so as to fund its Texas mine operations and facilitate the sale of silver concentrate,” the Directors’ report stated.

“Should the consolidated entity be unable to raise additional funds when required there is a material uncertainty which may cast significant doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business at amounts stated in the half-year financial report.”

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