ODESSA MINERALS LIMITED For personal use only
ASX RELEASE
10 January 2022
QUARTERLY ACTIVITIES REPORT - DECEMBER 2021
Fargo Enterprises Limited (ASX: FGO) (Fargo or the Company) provides the following quarterly activities report for the quarter ended 31 December 2021.
Oversubscribed Offer - Odessa Minerals Transaction
Under the name Odessa Minerals Limited (proposed ASX code: ODE), the Company will be reinstated to official quotation on ASX, following satisfactory compliance with Chapters 1 and 2 of the ASX Listing Rules. This is anticpated in the second half of January 2022.
The Company's Public Offer attracted very strong demand resulting in A$6 million being raised (before costs), the maximum capacity under the Prospectus. As part of the Public Offer, the Company offered 300,000,000 new Shares at an offer price of $0.02 per Share, which included a Priority Offer to Eligible Shareholders of Fargo (Offer)1.
Funds raised will be applied to diamond exploration activities across the Company's portfolio of projects in the Kimberley diamond district of Western Australia, with work scheduled to commence upon reinstatement to quotation on the ASX. Importantly, the Company is one step closer to becoming Australia's newest ethically-sourced diamond exploration company, at a time when rough diamond prices are surging.2
Upon relisting, Odessa will have an enterprise value of approximately $7.7 million and will be one of just three ASX-listed diamond companies focused on Australian assets.
Indicative Timetable
Description | Indicative timing | |||
Despatch of Notice of Meeting | 28 October 2021 | |||
Lodgement of Prospectus with ASIC | 10 November 2021 | |||
Opening of the Public Offer | 18 November 2021 | |||
Annual General Meeting held to approve the | 26 November 2021 | |||
Transaction | ||||
Closing of Public Offer | 9 December 2021 | |||
Issue of securities under the Public Offer | 16 January 2022 | |||
Reinstatement of securities to trading on ASX | 17 Janaury 2022 |
This timetable is a proposed indicative timetable only and the Board reserves the right to vary the dates in accordance with the Listing Rules.
Corporate
The aggregate amount of payments of $135,000 to directors and their associates during the quarter ended 31 December 2021 is related to non-executive director fees, and fees paid to director related entities for legal, transaction advisory and company secretary services.
- Refer ASX announcements 23 August 2021, 18 November 2021 and 29 November 2021.
- http://roughdiamondindex.com/
For personal use only
The Company held $300,000 cash as of 31 December 2021.
[ENDS]
This announcement has been approved by the board of Fargo Enterprises Limited.
For further information, investor or media enquiries, please contact info@fargoenterprises.com.au
For personal use only
Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Name of entity
Fargo Enterprises Limited (Formerly Flamingo Ai Limited)
ABN | Quarter ended ("current quarter") |
99 000 031 292 | 31 December 2021 |
Consolidated statement of cash flows | Current quarter | Year to date (6 | ||
$A'000 | months) | |||
$A'000 | ||||
1. | Cash flows from operating activities | |||
1.1 | Receipts from customers | - | - | |
1.2 | Payments for | |||
(a) | research and development | - | - | |
(b) | product manufacturing and operating | - | (39) | |
costs | ||||
(c) | advertising and marketing | - | - | |
(d) | leased assets | - | - | |
(e) | staff costs | - | - | |
(f) administration and corporate costs | (472) | (588) | ||
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | - | - | |
1.5 | Interest and other costs of finance paid | - | - | |
1.6 | Income taxes paid | - | - | |
1.7 | Government grants and tax incentives | 263 | 263 | |
1.8 | Other (provide details if material) | - | - | |
1.9 | Net cash from / (used in) operating | (209) | (364) | |
activities | ||||
2. | Cash flows from investing activities | |||
2.1 | Payments to acquire or for: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) property, plant and equipment | (2) | (2) | ||
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - |
ASX Listing Rules Appendix 4C (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
For personal use only
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
Consolidated statement of cash flows | Current quarter | Year to date (6 | ||
$A'000 | months) | |||
$A'000 | ||||
2.2 | Proceeds from disposal of: | |||
(a) | entities | - | - | |
(b) | businesses | - | - | |
(c) | property, plant and equipment | - | - | |
(d) | investments | - | - | |
(e) | intellectual property | - | - | |
(f) | other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - | |
2.4 | Dividends received (see note 3) | - | - | |
2.5 | Other (provide details if material) | - | - | |
2.6 | Net cash from / (used in) investing | (2) | (2) | |
activities |
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) | - | - | |
3.2 | Proceeds from issue of convertible debt | - | - |
securities | |||
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of | - | - |
equity securities or convertible debt | |||
securities | |||
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and | - | - |
borrowings | |||
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing | - | - |
activities |
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period | 512 | 664 | |
4.2 | Net cash from / (used in) operating | (209) | (364) |
activities (item 1.9 above) | |||
4.3 | Net cash from / (used in) investing activities | (2) | (2) |
(item 2.6 above) |
ASX Listing Rules Appendix 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B
For personal use only
Consolidated statement of cash flows | Current quarter | Year to date (6 | |
$A'000 | months) | ||
$A'000 | |||
4.4 | Net cash from / (used in) financing activities | - | - |
(item 3.10 above) | |||
4.5 | Effect of movement in exchange rates on | (1) | 2 |
cash held | |||
4.6 | Cash and cash equivalents at end of | 300 | 300 |
period | |||
5. | Reconciliation of cash and cash | Current quarter | Previous quarter |
equivalents | $A'000 | $A'000 | |
at the end of the quarter (as shown in the | |||
consolidated statement of cash flows) to the | |||
related items in the accounts | |||
5.1 | Bank balances | 300 | 512 |
5.2 | Call deposits | - | - |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of | 300 | 512 |
quarter (should equal item 4.6 above) | |||
6. | Payments to related parties of the entity and their | Current quarter | |
associates | $A'000 | ||
6.1 | Aggregate amount of payments to related parties and their | 135 | |
associates included in item 1 |
6.2 Aggregate amount of payments to related parties and their associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
ASX Listing Rules Appendix 4C (17/07/20) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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Flamingo AI Limited published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 07:47:06 UTC.
