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April 01, 2015 9:41 PM ET

Metals and Mining

Company Overview of African Eagle Resources plc

Company Overview

African Eagle Resources plc does not have significant operations. The company intends to seek opportunities in the natural resources, infrastructure, and services sectors. Previously, it was involved in the exploration for and development of mineral deposits. The company was formerly known as Twigg Minerals plc and changed its name to African Eagle Resources plc in September 2002. African Eagle Resources plc was founded in 1996 and is based in London, the United Kingdom.

64 New Cavendish Street

London,  W1G 8TB

United Kingdom

Founded in 1996

7 Employees

Phone:

44 20 7002 5361

Key Executives for African Eagle Resources plc

Chief Executive Officer and Director
Age: 53
Founder, Director of Business Development, Member of Exploration Committee and Member of Dutwa Joint Venture Committee
Age: 61
Finance Director, Director, Chairman of Audit Committee and Member of Executive Committee
Age: 37
PR Consultant
Age: 49
Compensation as of Fiscal Year 2014.

African Eagle Resources plc Key Developments

African Eagle Resources plc Announces Unaudited Earnings Results for the Six Months Ended 30 June 2014

African Eagle Resources Plc announced unaudited earnings results for the six months ended 30 June 2014. Operating loss was £189,409 compared to £3,048,854 a year ago. Loss before tax was £216,359 compared to £2,961,928 a year ago. Loss attributable to equity owners for the period was £216,359 or 0.03 pence per basic and diluted share compared to £2,961,928 or 0.43 pence per basic and diluted share a year ago. Cash flow from operating activities was £153,157 compared to £1,012,495 a year ago.

African Eagle Resources plc Announces Audited Earnings Results for the Year Ended December 31, 2013

African Eagle Resources plc announced audited earnings results for the year ended December 31, 2013. For the year, the company announced operating loss of GBP 3,352,245 compared to GBP 34,856,284 for the same period a year ago. Loss before tax was GBP 3,267,492 compared to GBP 34,745,456 for the same period a year ago. Loss for the year was GBP 3,267,492 compared to GBP 34,745,456 for the same period a year ago. Basic and diluted loss per share was 0.44 pence compared to 5.67 pence for the same period a year ago. Basic headline loss per share was 0.17 pence compared to 0.48 pence for the same period a year ago. Cash flow used in operating activities was GBP 1,670,123 compared to GBP 2,387,153 for the same period a year ago. Payments to acquire property, plant and equipment was GBP 1,955 compared to GBP 87,964 for the same period a year ago. Headline loss for the year was GBP 1,272,198 compared to GBP 2,965,317 for the same period a year ago.

African Eagle Enters into Unsecured Loan Facility of Up to £365,000

African Eagle announced that it has entered into an unsecured loan facility of up to a total of £365,000 with CEO of the Company, Nick Clarke, and Chairman of the Company, Kola Karim. The terms of the Facility Agreement include that it is available for draw down until 30 November 2015, accrues interest at the rate of 5% per annum from day to day and is calculated for any period on the basis of the actual number of days elapsed and a 365 day year. The Facility and accrued interest is repayable on the earlier of 31 December 2015 or the completion of a successful fundraising that forecasts, at the time of such fundraising, that African Eagle shall have sufficient working capital to operate until 31 December 2015 after full repayment of all sums due under the Facility Agreement. The Facility will be used by African Eagle for general working capital purposes. The Facility Agreement is a related party transaction under the AIM Rules. Robert McLearon, being the only director not involved in the Facility Agreement as a related party, considers, having consulted with Beaumont Cornish Limited, the Company's nominated adviser, that the terms of the Facility Agreement are fair and reasonable insofar as the Company's shareholders are concerned.

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