Forbes & Manhattan widens H1 loss
JOHANNESBURG (miningweekly.com) – Dual-listed coal producer Forbes and Manhattan has significantly widened its net loss for the six months ended August 31 to C$5.95-million, from C$1.82-million in the comparable prior year’s quarter.
Correspondingly, its headline loss a share also worsened from C$0.05 for the first half of 2012 to C$0.17 in the period under review.
In addition, the coal producer reported in an interim results statement on Wednesday that its revenue decreased from C$44.2-million to C$39.2-million for the six months, despite operating expenses remaining relatively flat at C$33.6-million.
Forbes, whose subsidiary Forbes Coal holds an interest in the Magdalena bituminous mine and the Aviemore anthracite mine, in South Africa, warned that, while a labour dispute at its operations had been resolved, any further labour disruptions could have a further “significant negative impact” on the operations and the company’s financial results.
The company’s results come a little over two months after it secured a $6-million loan facility with Resource Capital Fund (RCF), which CEO Stephan Theron said provided the company with the financial flexibility to enhance its current operations and pursue new ones.
Mining Weekly Online reported in August that the loan facility would mature on June 30, 2016, and, subject to shareholder approval, was convertible into common shares at a price of C$0.36 a share.
Forbes also announced a nonbrokered private placement of shares at $0.36 apiece to raise $2-million. It stated that RCF would not participate in the private placement but, should shareholder approval be received, RCF would, at the same time as the closing of the private placement, convert up to $2-million of the loan into common shares at $0.36 a share.
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