From the Annual Report Page 12
Financial Position
During the year, the Group issued 28,200,000 shares to
Tulla Resources Group Pty Ltd and raised $1,551,000 and
issued 78,200,000 shares to Great Tang Brothers Resource
Investment Pty Ltd and raised $4,301,000. The share
consideration were applied to working capital, RC and
diamond(met) drilling, exploration, geological evaluation and
Calder Maloney/White Range feasibility study upgrade, and
mining tenement maintenance and retention costs.
In July 2011, the Group secured a $3 million loan from Tulla
Resources Group Pty Ltd. The loan is unsecured and will
provide funds for working capital, the drilling program and
updating the bankable feasibility study for the White Range
project. Interest is charged on this loan at 10% p.a. and is
repayable in October 2012. Tulla Resources Group is willing
to extend the repayment until 30 November 2013 subject
to certain conditions precedent which are currently being
finalised.
During the year, the Directors carried out a review on the
carrying value of the Group’s assets and based on that review,
the Group had recognised an impairment loss of $2,481,104.
Details of the impairment loss are in the accompanied
financial statements.
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STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
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