2012 Annual Report
Sydney, Oct 1, 2012 AEST (ABN Newswire) - Vector Resources Limited (
ASX:VEC) are pleased to provide the Company 2012 Annual Report for the year ending 30 June 2012.
Review of Activities
Overview
Vector Resources Limited ("Vector" or the "Company") is a Western Australian focused resource company. During the financial year, Vector has strategically expanded its asset portfolio through acquiring additional ground adjacent to the flagship group of tenements at Mt Dimer. This has strengthened the Company's land holdings held in the highly prospective portfolio of gold assets within the Southern Cross hub.
The Company has advanced all of its projects within the three major hubs of Southern Cross, Leonora and Earaheedy Basin during the financial year. Several tenements were converted to mining leases and significant exploration activities were conducted throughout the Southern Cross and Earaheedy hubs. The Company was pleased to announce the signing of a Farm-In Agreement with Anglo American in September 2011 on iron ore tenements associated with Earaheedy Joint Venture. The new Tenement Structure below depicts the regional hubs and the tenements within.
The following is an extract of the Vector Resources Directors' Report:
Your directors present their report on the Company and its controlled entities ('Group') for the financial year ended 30 June 2012.
PRINCIPAL ACTIVITIES
The principal activity of the Group is to identify and acquire interests in and value - add to mineral exploration and mining opportunities both in Australia and overseas.
EMPLOYEES
The Group had 15 employees at 30 June 2012, however consultants are engaged to assist the Board in managing the Company's activities (2011: 7 employees).
REVIEW OF OPERATIONS
New Opportunities
The Company continues to focus on identifying and securing 'company making' projects and opportunities.
The Board has adopted a rigorous methodology for screening and reviewing potential projects.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
During the year there was no significant change in the state of affairs of the Group other than that referred to in the financial statements or notes thereto.
The Group's issued capital increased by $4,059,953 during the year (2011: $4,133,379).
EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to the Balance Date, the following occurred:
- Allotment of 88,016,722 options expiring 30 January 2015, exercisable at $0.25 at an issue price of $0.01 each, to raise $880,167.
- Placement of 30,847,874 fully paid ordinary shares at $0.08 each, with a 1 for 1 free attaching listed option, totalling 30,847,874 options, exercisable at $0.25 and expiring on 30 January 2015 to raise a total of $2,467,830.
- Placement of 20,242,664 fully paid ordinary shares at $0.08 each, with a 1 for 1 free attaching listed option, totalling 20,242,664 options, exercisable at $0.25 and expiring on 30 January 2015 to raise a total of $1,619,413.
- 5,000,000 listed options, exercisable at $0.25 and expiring 30 January 2015 was issued to Indian Ocean Capital as a placement fee for the two placements.
- A General Meeting was held on 31 August 2012 to approve the issue and ratification of issue of securities. All resolutions were approved.
- Mr Jianhua Sang was appointed to the board on 13 September 2012.
- Mr Robert Hyndes resigned from the board on 13 September 2012.
DIVIDENDS
There were no dividends paid or declared during or since the end of the financial year.
LIKELY DEVELOPMENTS
The Group will continue mineral exploration activity on its exploration projects with the objective of identifying commercial resources.
The ultimate aim is to increase shareholder wealth by succeeding in the discovery of major mineral deposits.
ENVIRONMENTAL REGULATIONS
The Group has a policy of at least complying, but in most cases exceeding, it's environmental performance obligations. No environmental breaches have been notified by any government agency during the year ended 30 June 2012. The Board believes that the Company has adequate systems in place for the management of its environmental regulations.
View the complete Vector Resources Annual Report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-VEC-606249.pdf
Contact
Vector Resources Limited
T: +61-2-6389-5750
E: contact@vectorresources.com.au
WWW: www.vectorresources.com.au
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