Reach Resources (ASX:RR1) announced financial results for the full-year ended June 30, 2022
The principal activities of the Group during the financial year were the exploration and evaluation of mineral resource projects.
The loss of the Group for the financial year after providing for income tax amounted to $451,487 on June 30, 2022 (30 June 2021: $343,081).
The Company's initial focus for the 30 June 2022 financial year was to define the exploration target at its Blue Heaven prospect, within the Company's Primrose Gold Project.
The Company successfully raised $2,400,000 before costs via a Placement to sophisticated and professional investors.
On 23 March 2022, the Company announced the appointment of Mr. Jeremy Bower as CEO of the Company.
The net assets of the Group have increased by $2,067,372 at 30 June 2022 to $5,528,145.
No dividends were declared or paid since the start of the financial year. No recommendation for payment of dividends has been made.
Following the announcement the company?s share price rose 14.285%.