SOUTHERN CROWN RESOURCES LTD 29 April 2016
Southern Crown Resources Limited
ABN: 52 143 416 531
Level 4, 100 Albert Road South Melbourne VIC 3205 T: (+61) 3 9813 3882
F: (+61) 3 9813 4882
www.southerncrown.com.au
Contact:
Shannon Robinson
T: +61 418 675 845
shannon@karabine.com.au
Rhod Grivas
T: +61 419 919 321
rhod.grivas@southerncrown.com.au
Directors / Officers:
Rhod Grivas Adrian Hill Shannon Robinson
Issued Shares and Options:
Shares: 64.5 million Unlisted options: 3 million
ASX Code: SWR
MARCH 2016 QUARTERLY ACTIVITIES REPORTSouthern Crown Resources Limited ("Southern Crown" or "the Company") is pleased to provide the quarterly report for the period ended 31 March 2016. During the quarter the Company received overwhelming interest in relation to the acquisition of Yojee Pty Ltd ("Yojee"), announced the appointment of Andras Kristof to the Yojee Team and subsequent to the end of the quarter signed a memorandum of understanding between Yojee and Singapore Air Charters.
Southern Crown Resources is currently undertaking a reverse takeover of Yojee, a logistics sharing-economy technology company initially focused on the Asia-Pacific region.
Joint Lead Managers
Southern Crown signed a mandate with 708 Capital and Cicero Advisory Services to act as joint Lead Managers to the equity raising associated with the acquisition of Yojee.
During the quarter, 708 Capital Pty Ltd and Cicero Advisory Services Pty Ltd secured firm commitments for a minimum raise of $2.75m at $0.02 per share, pursuant to a prospectus. The firm commitments received are in excess of the transaction condition to raise at least $2.5 million.
The Company is encouraged by this endorsement and further highlights the significant level of global interest generated by the announcement of the Company's acquisition of Yojee. Due to strong support Southern Crown and Yojee agreed to increase the size of the proposed capital raising to over $3.2 million. A prospectus was issued subsequent to the end of the quarter.
Key Staff Appointment
During the quarter, Southern Crown announced that leading technologist Andras Kristof will join the Yojee Team as Chief Technology Officer. Mr Kristof is an entrepreneur with more than 20 years of IT experience. He has previously worked in the United States, Japan and Singapore, for start- ups and large multi-national corporations.
After selling a range of self-built software as a child, Mr Kristof moved into building an expert system for the medical sector and architectural software for a university. He subsequently led the analog-digital transformation of the USA's second largest event photography company.
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In Japan, Mr Kristof developed an e-commerce platform for a car exporter, which Included shipping and inventory management. Following his time in Japan and New Zealand, Mr Kristof moved to Singapore, and joined Yahoo Southeast Asia where he was tasked with overhauling the regional infrastructure, and also ran successful projects in Indonesia and Vietnam.
As the Vice President of engineering at Viki.com - Singapore's most successful start-up exit to date, Mr Kristof built the team and technology from its very early and pre-commercialization days. Viki.com was acquired by Japanese e-commerce giant Rakuten. Mr Kristof currently serves as an advisor to the Jetcoin Institute and Fairhaven Financial Technologies.
Yojee and Southern Crown are pleased to attract someone with the experience of Mr Kristof and believe his knowledge and track record as a successful entrepreneur will support the vision of building large, efficient, scalable logistics systems.
Singapore Air Charters
Subsequent to the end of the quarter Southern Crown announced that Yojee had signed a memorandum of understanding with South East Asian aviation group Singapore Air Charters (SAC).
The agreement with SAC will enable Yojee to deliver parcels across Australia, South East Asia and beyond through existing aviation routes by both passenger and cargo aviation carriers looking to augment empty capacity and source additional revenue. By utilizing existing carriers, the agreement will allow faster and more cost-effective delivery across these regions.
Yojee Co-Founder and CEO Ed Clarke said: "We are a technology company focused on disrupting international logistics, so when partners such as SAC come on board, it's a real boost to both our vision and our network capabilities. We see aviation as a real opportunity and point of difference and this agreement is an important step in creating stronger partnerships with existing aircraft operators and fleet".
"With the potential for international air capabilities plus comprehensive road-based delivery networks across Australia and South East Asia, we see a very exciting product forming for e-commerce companies to expand to new parts of the world with speed and confidence. E-Commerce is a quickly scalable retail concept that has been historically held back by the physical barriers of delivery and we hope to change that at Yojee".
Captain Stefan Wood, SAC Sales Manager added: "This agreement is an important step in the overall trend in regional aviation for carriers becoming creative in adding additional revenue to flights. With most carriers utilizing narrow-bellied planes for regional flights, consumer-sized parcels are one of the few options available to them outside of the passenger business. Yojee is a first mover to identify this and we see a great opportunity in being part of the Yojee Network."
EXPLORATION PROJECTS
Ropewalk project (EPM 17643)
No fieldwork was conducted on the Ropewalk project during the quarter.
Schedule Of Mining And Exploration Tenements
At 31 March 2016, the Company held the following exploration tenements:
Project Name | Locality | Tenement | Equity |
Ropewalk | Queensland | Exploration Permit 17643 | 100% |
FINANCIAL AND CASH POSITION
At 31 March 2016, the Company held cash reserves of approximately $0.3 million.
SHAREHOLDER INFORMATION
At 31 March 2016, the Company had 64,501,482 shares on issue with the Top 20 holding approximately 56% of the total issued capital.
For further information please contact:
Shannon Robinson Rhod Grivas
Director Chairman
Ph: +61 418 675 845 Ph: +61 419 919 321
shannon@karabine.com.au rhod.grivas@southerncrown.com.au
About Yojee:
Yojee is a Technology Platform that utilises the sharing economy to create deeper reaching and more cost and energy efficient logistics network across the Asia Pacific Region. Yojee invites you to join our shared economy by registering your interest at mailto:investor@yojee.com.au
About Southern Crown Resources Limited:
Southern Crown Resources Limited has a gold exploration project located in far north Queensland. The Board of Directors has a strong mix of technical, financial and corporate skills and is evaluating both resources and technology opportunities in Australia and overseas that could complement the existing portfolio and have the potential to add shareholder value.
Forward Looking Statement Assumptions
Some of the statements appearing in this announcement are in the nature of forward looking statements. You should be aware that such statements are only predictions and are based on assumptions of the Board of the Company concerning, among other things, the Transaction and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which the Company and Yojee intends to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets.
Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement. None of the Company or its officers or any person involved in the preparation of this announcement makes any representation or warranty (express or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this announcement reflect the Company's Board's views held only as at the date of this announcement.
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
Appendix 5BRule 5.5
Mining exploration entity and oil and gas exploration entity quarterly reportIntroduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013
Name of entity
SOUTHERN CROWN RESOURCES LIMITED
ABN Quarter ended ("current quarter")
52 143 416 531
31 March 2016
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (9 months) $A'000 | |
- (11) (347) - (70) - 3 - - - | - (43) (615) - (269) - 14 - - - | ||
(425) | (912) | ||
1.8 | Cash flows related to investing activities Payment for purchases of: (a) prospects
Loans repaid by other entities Other (provide details if material) - Deposits Net investing cash flows Total operating and investing cash flows (carried forward) | - | - |
- | - | ||
- | - | ||
1.9 | - | - | |
- | - | ||
- | - | ||
1.10 | - | (51) | |
1.11 | - | - | |
1.12 | - | 10 | |
- | (41) | ||
1.13 | (425) | (954) | |
+ See chapter 19 for defined terms.
01/05/2010 Appendix 5B Page 1
Southern Crown Resources Ltd. issued this content on 29 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2016 05:19:38 UTC
Original Document: http://southerncrown.com.au/joomla/images/announcements/swr quarterly activities and cashflow report.pdf
