And its Controlled Entities Half Yearly Report
31 December 2016
CONTENTS PAGE
Corporate Directory 3
Directors' Report 4
Auditor's Independence Declaration 5
Statement of Profit or Loss and Other Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Financial Statements 10
Directors' Declaration 15
Independent Auditors' Review Report 16
CORPORATE DIRECTORY
Directors: | Ariel (Eddie) King (Non-Executive Chairman) Steven Formica (Non-Executive Director) Gregory D'Arcy (Non-Executive Director) |
Company Secretary: | Mr Stephen Brockhurst |
Registered Office and Principal place of Business: | Level 11 216 St Georges Terrace PERTH WA 6000 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103 |
Share Register: | Link Market Services Limited Level 12, 680 George Street Sydney NSW 2000 Postal Address Locked Bag A14 Sydney South NSW 1235 |
Auditors: | Nexia Sydney Partnership Level 16 1 Market Street Sydney NSW 2000 |
Securities Exchange Listing: | Cabral Resources Limited Australian Securities Exchange Limited (Code: "CBS") |
Company Numbers: | ACN: 064 874 620 ABN: 72 064 874 620 |
DIRECTORS' REPORT
Your Directors present their report on the Cabral Group, consisting of Cabral Resources Limited ("the Company") and the entities it controlled at the end of, or during, the half year ended 31 December 2016.
DIRECTORSThe names of the Directors of the Company at any time during or since the end of the half year are:
Ariel (Eddie) King - Non-Executive Chairman
Gregory D'Arcy - Non-Executive Director
Steven Formica - Non-Executive Director
The principal activities of the Cabral Group consisted of iron ore mineral exploration in Bahia State, Brazil.
RESULTSThe loss after tax for the half-year ended 31 December 2016 was $298,076 (31 December 2015: profit of $284,542).
REVIEW OF OPERATIONSDuring the half year ended 31 December 2016, the Cabral Group conducted, in accordance with the Company's business plan, due diligence on the interests of Metais in the Brazilian mining tenements.
On 18 October 2016, the Cabral Group signed a binding term sheet (Term Sheet) for the purchase of 100% of the issued share capital in Tapit Media, a revolutionary location based mobile advertising company. AirmarketTM gives advertisers access to a global network of beacons to deliver personalised, targeted advertising to consumers based on their physical location in real time.
It is expected that a share sale agreement, notice of meeting and prospectus will be completed in early 2017.
EVENTS SUBSEQUENT TO BALANCE DATEThe Company is continuing to work through requirements in Chapters 1 and 2 of the ASX Listing Rules as a condition to completing the acquisition of Tapit Media Group.
There have been no other transactions or events of a material and unusual nature likely, in the opinion of the Directors of the Company, to significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial years.
AUDITOR'S INDEPENDENCE DECLARATIONA copy of the auditor's independence declaration as required under Section 307C of the Corporations Act 2001 given to the Directors by the lead auditor for the review undertaken by Nexia Sydney Partnership is included on page 5.
Signed in accordance with a resolution of the Directors.
Eddie King Non-Executive ChairmanPerth, Western Australia, 12 January 2017
Cabral Resources Limited published this content on 12 January 2017 and is solely responsible for the information contained herein.
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