Highlands Natural Resources posts a loss of £1.46m for the six months to the end of September compared with a loss of £937,707 for the period from 13 November 2014 to 30 September 2015.
During the six months to 30 September 2016 the group raised over £5.5 million (net of costs) from the issue of shares and exercise of warrants, with a further £2.5 million being raised in October, after the period end.
The group said that inflow of funds has allowed it to move forward with some of its key development targets. The group has spent £1.75 million over the current period, £0.38 million on increasing its asset base and £1.36 million on exploration, testing and administration. The expenditure on intangible assets, in terms of mining and mineral rights, has provided the group with access to 105,485 acres in Montana, drilling rights in East Denver and 1,972 acres in North Dakota.
Executive chairman Robert Price said: "I am delighted with the exciting additions we have made to our portfolio during 2016 and believe we now have a strong project base, with each core asset representing potentially 'company-making' credentials."
At 9:47am: (LON:HNR) Highlands Natural Resources Plc share price was -0.13p at 35.75p