As we head towards the closing of the week, Australian shares defied the global stock collapse and closed in green. Investors are expecting a Santa rally and that it could set the right pace for the markets till December 31, 2018. Five stocks that came under discussion today are as follows:
KINGWEST RESOURCES LIMITED (ASX: KWR) – The successful company IPO with listing on ASX, on Friday, 24 August 2018 with shares on issue as 50,810,000 and options on issue – 15,750,000 at $0.20 expiring on June 2021. The company has a cash balance of $3.7M as at 30 September 2018. The exploration activities at the Gilmour, Roman Well and King of the West prospects in the North East Goldfields region of Western Australia have been provided to the market. The loss of the company for the period 13 March 2018 from incorporation to 30 June 2018 amounted to $590,441. As at 30 June 2018, the company had a cash balance of $865,683 and a net asset position of $705,249. The stock price surged as high as 20% to trade at $0.180.
ASPIRE MINING LIMITED (ASX: AKM) – A$15 million Strategic Financing package announced on the 29th of August 2018 and the company is pleased to announce that settlement has occurred. As at 6 December 2018 the company now has a cash position of approximately A$15.6 million net of the costs of the financing with no borrowings. To complete settlement for the balance of the A$2.1m committed aspire advises that it is working with an existing large shareholder. Nuurstei coking coal project located in northern Mongolia is where Aspire has a 90% interest. As at September 30, 2018, current cash is at $6.2 million and an unaudited enterprise value of $52 million. The stock price surged as high as 11.765% to trade at $0.019.
A-CAP ENERGY LIMITED (ASX: ACB) – On 18 July 2018, the company announced the withdrawal of the Non-Renounceable Rights Issue (Offer) to raise A$4 million. The consolidated loss for the year attributable to the members of the Consolidated Group was $1,457,842 as compared to 2017 loss of $2,762,418. The net assets of the consolidated group for the financial year ended 30 June 2018 was $54,560,202 as compared to 2017 loss of $54,567,621. The cash reserves at the end of financial year was $1,089,938 compared to 30 June 2017 cash reserves of $3,933,829 and consolidated net assets of $54,560,202 as compared with 2017 net assets of $54,567,621. The stock price of AC8 traded flat at $0.040 as at December 7, 2018.
HIGH GRADE METALS LIMITED (ASX: HGM) – The company is set to provide an update to the market on its sale process with Surefire Resources NL. The company’s operating loss in year ended 30 June 2018 was $4,159,298 as compared to 2017 of nil. At the end of the financial year, the company had a cash balance of $3,569,479 as compared to 2017 of nil and a net asset position of $6,103,646 compared with 2017 of nil. The cash reserves at the year was of $3,569,479 and with no debt facility indicated that the company has a decent balance sheet. The stock price of HCM traded higher by 16.667% at $0.014 as at December 7, 2018 but is still close to its 52-week low.
BOUGAINVILLE COPPER LIMITED (ASX: BOC) – Compared to net loss of K4.2 million AUD 1.73m in the previous corresponding period last year, a net operating loss of K7.2 million AUD$2.84m are the result for the period ended 30 June 2018 for the group. The total current assets of the company are K8,601,000 while the total current liabilities are k4,219,000 signifying the ability to pay off the short-term obligations. The directors have not declared a dividend for period ended 30 June 2018 in respect of the six months. The cash reserves for the period was at K1,458,000 with virtually no debt represents a decent balance sheet. The stock price of BOC traded higher by 15.152% at $0.190 as at December 7, 2018.
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