ASX RELEASE
Monday 30th
ASX CODE
MFC
December 2013
QUARTERLY REPORT FOR THE PERIOD TO
31 DECEMBER 2013
Metals Finance Limited (ASX: MFC) is pleased to provide its
CAPITAL STRUCTURE
Shares on Issue 73,109,576
52 Week High $ 0.050
52 Week Low $ 0.005
Share Price (27/12/13) $ 0.006
ABOUT
Metals Finance develops mineral assets in partnership with exploration and mining companies, rather than purchasing them. MFC applies the extensive experience of its executives, board and consultants on geologically defined resources to establish appropriate treatment processes, to undertake detailed feasibility studies and to promote the development of projects. It is currently working with three ASX-listed partners at Lucky Break in Queensland and Barnes Hill in Tasmania and Homeville in New South Wales.
Board
Chairman - Geoff Hill
Non-Executive Director - Simon Bird
Non-Executive Director - Rick Anthon
Company Secretary
Ian Morgan
Management
Chief Executive Officer - Mark Sykes
Metals Finance Limited
ABN 87 127 131 604
GPO BOX 3486
SYDNEY, NSW, 2001
P. +61 2 9252 5300
Email: [email protected] www.metalsfinance.com
Quarterly Activities Report for the three month period ending
31 December 2013.
SUMMARY
The activities over the past quarter have focused solely on corporate activities. Management have continued to implement cost savings measures and have undertaken due diligence on several potential investment initiatives. The activities for the quarter included:
CORPORATE
Bass Metals Limited (ASX:BSM) Board Change
Cash Management
o Office Relocation
o Rationalisation of Corporate Roles
o R&D Tax Refund
Project Review
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GPO BOX 3486, SYDNEY NSW 2001
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Tel:
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+61 (0) 2 9252 5300
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WWW.METALSFINANCE.COM
ACN 127 131 604
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Fax:
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+61 (0) 2 9252-8400
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CORPORATE
Bass Metals Limited (ASX:BSM, Bass)
During the quarter, Metals Finance was successful in requisitioning a shareholders meeting with the objective of changing the composition of the Board of Bass Metals Limited (Bass). The Bass Board now comprises Mr Rick Anthon (a non-executive director of MFC) and Mr Gavin Solomon (the Managing Director of Helmsec Global Capital Limited) and Mr Tony Treasure (non-executive Independent Director).
Metals Finance is confident the Bass Board can rebuild the value of Bass for all Bass shareholders. As a significant shareholder in Bass, Metals Finance and its shareholders will directly benefit from an uplift in the share price of Bass.
Cash Management
Office Relocation
Metals Finance continues to streamline the business while the Company considers alternative investment opportunities. This has resulted in the registered office relocating from Queensland to Sydney, New South Wales. Metals Finance has moved into a shared office arrangement whereby overheads can be reduced while providing the benefits of a fully equipped office.
Rationalisation of Corporate Roles
Metals Finance had in place a co-Company Secretary role that was shared between Mr Ian Morgan and Mr Arno de Vos. With the resignation of Mr de Vos as co-Company Secretary and Chief Financial Officer on the 10th Dec 2013, Mr Ian Morgan takes on all duties as the Company Secretary and will assist in the management of Metals Finance financial matters. Mr de Vos was employed with the company for over 6 years and the Board thanks Mr de Vos for the valuable contributions he made to the Company during this period.
R&D Tax Refund
Metals Finance received a Research and Development (R&D) tax refund of $240,000 during
the quarter. The refund is associated with activities performed by Metals Finance' wholly
owned subsidiary Nickel Developments Limited.
The R&D Tax Refund strengthens Metals Finance cash position, with the Company now having greater than $650,000 in cash in addition to a significant shareholding in Bass Metals. The Company has a cash burn rate of less than $50,000 per month and is well positioned to secure a new investment and to advance the investment in the short term.
Investment Opportunities
During the quarter, management of Metals Finance reviewed several investment opportunities and conducted the appropriate due diligence as part of an internal investment review process. Metals Finance will keep shareholders informed of potential investments as they develop.
FOR FURTHER INFORMATION CONTACT:
Mark Sykes
Chief Executive Officer Metals Finance Limited T: +61 (2) 9252 5300
More details are available on company website www.metalsfinance.com
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