Richmond Hill posts financial results for the six months to March
During the period the company made a post-tax loss of $90,000 ($70,000) and finished up with just $23,000 in the bank.
However, asset held for sale amounted to $386,000, and the crucial development in the company’s latest iteration occurred after the year end, in April, when a reverse takeover with Three Mile Beach Ltd was announced, a transaction that would transform the company from a drinks manufacturer to a junior miner.
At the same time, the name change to Richmond Hill was confirmed.
The value of the transaction, which brings exploration projects in Quebec into the company, was put at £3.3 million, to be satisfied by a mixture of Richmond Hill shares and cash.
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A perfunctory set of accounts from a company in transition. But crucially, as part of the transition process, Richmond Hill moves from Aquis to Aim. That should get the shares moving – that, and a steady stream of newsflow from the Bulawayo project in Quebec.
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