London-headquartered Chesterfield Resources Plc (CHF) is a special purpose company, formed to acquire businesses and assets which have an interest in the copper and gold mining. The group aims to deliver value to the shareholders by identifying and developing deposits to production.
Recently in an interview with a media house, Martin French, chairman of the CHF said that Chesterfield Resources PLC had made a great deal of progress with its copper assets in Cyprus, since being re-admitted to the primary market of the LSE last July.
Martin also added that they had quadrupled their land holding to 237 square km in the country.
Now the company has adequate land holdings and now going to start exploring and will roll it out rapidly, he added.
Recently (as on April 30, 2019), the company reported its full year financial results for the period ended December 31, 2018. Reported loss-before-tax stood at £689,367 against £111,012 in 2017. Net cash position as on Dec-31-18 stood at £1,885,726 against £1,184,424 in the corresponding previous year (FY2017).
During FY18, the group raised around £2,000,000 through issuing 26,666,667 new ordinary shares for 7.5 pence each. The equity capital was raised to support the ongoing exploration of various license areas in Cyprus.
From the stock performance standpoint, shares of CHF had delivered a negative return of 18.14 per cent in last one month.
Post the interview of Martin French, the stock has surged significantly in today’s session (as on May 17, 2019) and at the time of writing (as on May 17, 2019 at 02:55 PM GMT), shares of LSE: CHF were quoting at GBX 4.52 and added around 10 per cent against the previous day close.
Daily Price Chart (as on May 17, 2019, before the market closed). (Source: Thomson Reuters)
During the past one year, the stock has registered a 52w high of GBX 7.95 and a 52w low of GBX 2.55, and at the current trading level, as quoted in the price chart, shares were quoting considerably below the 52w high price level.
In today’s session, volume surged to 1,423,215 against the 3-months average volume of 239,669 traded on the London Stock Exchange.
The outstanding market capitalisation of the company stood at around £2.74 million, which ranks it among the small-cap company listed on the LSE. The company’s stock beta was 0.35, reflecting lower volatility as compared to the benchmark index.
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