Viking Mines Limited (ASX: VKA)
Viking Mines Limited (ASX: VKA), a company from metals and mining industries which is into the business of exploring and developing mine minerals deposits in West Africa. It also holds three gold projects in the southern region of the Ashanti Gold Belt.
VKA on 2 January 2019, comes up with an update regarding the sale of its Mongolian assets to Altain Nuurs LLC (Altai). The company earlier on 03 October 2018 announced the sale of its asset. However, Altai needs an extension of 30 days regarding its due-diligence period which is agreed by Viking Mines Limited. There will be no changes in the previous agreement except that the transaction will complete by February 2019.
The financial statement of VKA gives a positive impression to the investors as the company has made a profit of $1,686,868. The company which was making a massive loss in FY2017 has made gain is FY2018 indicates its operating efficiency. The balance sheet also states that the company has a net asset base of $3,181,134 and a debt to equity ratio of 0.065 indicating its potential to meet long-term obligations. Also, low-debt to equity ratio shows that the company uses its resources to fund any financial requirements. A decrease in the accumulated losses in FY2018 is a proof operating efficiency. The cash and cash equivalent which the company holds by the end of the fiscal year 2018 was $3,090,051. The total shareholder’s equity is worth $3,181,134.
The shares of VKA traded last on 17 December 2018 at A$0.018 with the stock holding a market capitalization of A$5.65 million and a PE ratio of 3.33x.
Sundance Resources Limited (ASX: SDL)
Sundance Resources Limited (ASX: SDL), another international iron ore company from metals and mining industries which focuses on becoming a world-class producer of iron ore by developing its Mbalam-Nabeba project in Central West Africa.
On 24 September 2018, Sundance Resources Limited (ASX: SDL) along with its Noteholders entered into an agreement with the AustSino Resources Group Limited where AustSino will acquire 62,500,00 shares in Sundance Resources Limited a4 A$0.004 within 15 days of the deal and the remaining 10,545,454,545 shares at A$0.0055 per share on completion of the second placement.
On 2 January 2019, AustSino has agreed to fund Sundance through placement further. In this regard, Sundance will be issuing another 30,000,000 fully paid ordinary shares to AustSino at $0.004 per share against which Sundance will be receiving $120,000 from AustSino. AustSino will also be receiving another 60,000,000 bonus options (two options issued for one share) at an exercise price of $0.006 which will expire after five years which increased the shareholding of AustSino by 3.32%.
There was another update from SDL under which there is an extension regarding the agreement’s end date till 31 March 2019.
Just like AustSino, Sea Honour Limited will also be funding Sundance where Sea Honour will be receiving $100,000 from Sea Honour by issuing
At present, the shares of SDL are in suspended status 25,000,000 fully paid ordinary shares with an issue price of $0.004 per share. Additionally, Sea Honour will also be receiving 50,000,000 bonus options (2 options against one share issued) with an exercise price of $0.006 which will expire after five years after the issue of share. On completion of this transaction, Sea Honour will be holding 0.3% shares of Sundance.
At present, the trading of SDL shares is in a suspended status on ASX. It traded last on 05 September 2018 at A$0.005.