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Golden Rock Global narrows losses as costs fall
StockMarketWire.com
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Golden Rock Global reported narrower annual losses following a decline in costs as the company continued its search for acquisition targets.
For the year ended 31 December, pre-tax losses narrowed to £214,000 from £394,000 year-on-year.
Profession fees, which makes up the about half of the total costs, fell by to about £127,000 from £272,000.
'Since the year end, the Board has raised approximately £200,000 through the issue of 3,175,000 new ordinary shares, the net proceeds of which will be used for working capital. In addition, the executive director, Wei Chen, has agreed to the continued deferral of his fees,' the company said.
'The board considers that this, together with its existing cash resources at the year end, will be sufficient for its current working capital requirements, which is for at least the next 12 months whilst it continues its search for a suitable acquisition target,' it added.
At 9:09am: (LON:GCG) Golden Rock Global Plc share price was 0p at 6.75p
Story provided by StockMarketWire.com
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