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Lepidico Limited (ASX:LPD) operates as a lithium company. The Company concentrates upon exploring, developing, and managing lithium assets. The company focusses on those assets which contain lithium-rich mica minerals.
The company, today on 12 March 2019, has come up with an update that 3,647,768 fully paid ordinary shares in the Company will be released from voluntary escrow on 26 March 2019 in accordance with the underlying voluntary restriction deed. The shares represent the final tranche of a total of 45,000,000 shares issued to Lycopodium Limited in August 2017 as consideration for the provision of engineering services in relation to the Companyâs Phase 1 Plant Feasibility Study.
For the Half year ended 31 December 2018, the consolidated group incurred an operating loss after income tax of $2,176,276 vis-Ã -vis $3,516,995 reported as on 31 December 2017.
As on the reporting date, i.e., 31st of December 2018, the company maintained a cash and cash equivalents balance of $8.0 million. Also, the company didnât had any financial leverage and hence was debt free as on the mentioned date.
As per the Auditorâs independent review report issued by the company auditors âMoore Stephensâ (Chartered Accountants), the financial statements of the company have been prepared as per the going concern assumption, which anticipates the continuity of regular business activity for a foreseeable future and the realisation of assets and the settlement of obligations in the ordinary course of business. However, the Group incurred a net loss of $2,176,276 for the half year to 31 December 2018 and had a net cash outflow from operations of $2,032,779 for the period. Without considering this fact, the financial report has been prepared on a going concern basis which the Directors consider being appropriate based upon the available net current assets of $6,892,211 as of 31 December 2018.
The ability of the Group to continue as a going concern is dependent on the Group is able to continue to raise additional funds as required to meet ongoing exploration and development programs and for working capital. On 25 September 2018, the Company completed an Entitlement Offer. The Offer was oversubscribed, and the Company raised $7.9 million prior to incurring any of the costs. Due to overwhelming demand, the Company completed a private placement and raised an additional $250,000. The Directors believe that the Group will be able to raise additional capital as required based on the successful outcome of the Entitlement Offer and ongoing interest in the Company and the long-term outlook for the lithium industry generally.
On the price-performance front, the stock has posted the YTD return of 80%. The company also has posted returns of 42.11%, 68.75% & 58.82% over the past six, three & one-month period, respectively. At the time of writing (12 March 2019, AEST 03:23 PM), the stock of the company is trading at a price of $0.027, performing flat during the dayâs trade with a market capitalisation of ~$ 90.62 Mn. The stock opened the day at $ 0.028, which was also the dayâs high and touched the dayâs low of $ 0.026, with an average daily volume of ~ 1,851,406. It had a 52-week high price of $ 0.050 and a 52 weeks low price of $ 0.015, with an average volume of, 7,649,377 approximately.
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