Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

6 November 2020 

Clean Invest Africa Plc

 ("Clean Invest Africa" or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

Clean Invest Africa Plc (AQSE: CIA), the AQUIS Stock Exchange Growth Market quoted (“AQSE Growth Market”, previously the NEX Exchange Growth Market) clean technology and renewable energy investment company, has today published its Audited Report & Accounts for the 12 months to 31 December 2019. The audited accounts will shortly be available on the Company’s website, at www.cleaninvestafrica.com .

As announced on 4 July 2019, the Company completed the acquisition of the remaining 97.5% of CoalTech Limited (“CoalTech”) and Coal Agglomeration South Africa (Pty) Ltd. (“CASA”), that the Company did not already own, and subject to certain approvals from the South African Reserve Bank ("SARB") . Trading in Clean Invest Africa’s ordinary shares resumed on 4 July 2019 on the AQSE Growth Market after its suspension on 11 January 2019.

The financial results of the Group for the year ended 31 December 2019 show a loss after taxation of £9,133,485 (2018: loss of £1,100,645).

Since re-admission to the AQSE Growth Market, the Company announced on 3 December 2019 that the final tranche of the Consideration Shares in respect of CoalTech were issued, while a further 13,291,745 Ordinary Shares are ready to be issued to the remaining South African Resident Sellers once the necessary approvals for CASA from the SARB have been granted. The Company therefore currently owns 100% of CoalTech and 75% of CASA.

On 7 January 2020, the Company appointed Shaikh Mohamed Abdulla Khalifa AlKhalifa as the Non-Executive Chairman and confirmed Filippo Fantechi’s appointment as the Chief Executive Officer.

The Directors are pleased with the progress made in this period, notwithstanding the recent impacts on the Group’s business of the COVID-19 pandemic, and look forward to continuing to update shareholders on the progress of the Group and the exciting prospects ahead, some of which are developing reasonably fast. We continue to seek new investment opportunities and will advise shareholders as they come to fruition.

Shaikh Mohamed, Non-Executive Chairman, commented "Having successfully concluded the corporate reorganisation of CIA through its acquisition of the CoalTech Group and its readmission to trading on the AQUIS Exchange, we are excited to be focussed on the operating business of the newly created group. These operating businesses continue to have strong prospects particularly through international expansion and we look forward to continuing to update shareholders on future events”.

The Directors note the following from the auditors report:

“We draw attention to note 2 in the financial statements, which indicates that the group incurred a net loss of £9.1m during the year ended 31 December 2019 and, as of that date, the group had net current liabilities of £2.6m. The revenue forecasted for the group is not certain and therefore the group may be required to raise additional funds by way of either equity or debt. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s and company’s ability to continue as a going concern.”

The Directors do not recommend the payment of a dividend for the year ended 31 December 2019.

The Directors of the Company accept responsibility for the contents of this announcement.

ENQUIRIES:

Company

Clean Invest Africa PLC

Filippo Fantechi, Director

Telephone: +973 3969 6273

Corporate Adviser

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

Telephone: +44 20 7220 9795

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2019

Consolidated Statement of Financial Position

as at 31 December 2019

Company Statement of Financial Position

as at 31 December 2019

Group Statement of Changes in Equity

for the year ended 31 December 2019

Group Statement of Changes in Equity

for the year ended 31 December 2019 (continued)

Company Statement of Changes in Equity

for the year ended 31 December 2019

Group Statement of Cash Flows

for the year ended 31 December 2019

GBP                                                                                                  2019                 2018

Cash flows from operating activities

Cash utilised in operations                                                               (724,496)      (807,311)

Finance income                                                                                           4              1,996

Finance costs                                                                                    (5,779)             (584)

Exchange gain/(loss)                                                                          25,081          (11,601)

Net cash from operating activities                                            (705,190)    (817,500)

Cash flows from investing activities

Purchase of property, plant and equipment                                       (75,280)      (433,198)

Purchase of investments                                                                    (5,247)                     -

Cash acquired on acquisition of Clean Invest Africa plc                          9,104                      -

Cash acquired on the addition of the subsidiary                                     4,709                      -

Net cash from investing activities                                               (66,714)    (433,198)

Cash flows from financing activities

Funding received from related parties                                               635,192       4,521,512

Payment of related party borrowings                                                   (7,995)   (3,620,733)

Proceeds from issue of shares                                                             54,000          390,057

Proceeds from convertible loan notes                                                  61,000                      -

Principal paid on lease liabilities                                                           (5,506)                     -

Net cash from financing activities                                              736,691     1,290,836

Company Statement of Cash Flow

for the year ended 31 December 2019

GBP                                                                                                  2019                 2018

Cash flows from operating activities

Loss before income tax                                                               (26,409,823)      (204,078)

Impairment                                                                                 22,747,282                      -

Share based payment expense                                                       3,222,182                      -

Increase in trade and other receivables                                             (68,499)           (5,080)

Increase in trade and other payables                                392,260    22,622

Net cash from operating activities                                            (116,598)    (186,536)

Cash flows from investing activities

Purchase of investments                                                                             -        (358,362)

Net cash from investing activities                                                          -      (358,362)

Cash flows from financing activities

Proceeds from issue of shares                                                             54,000          639,000

Issue costs                                                                                                   -          (25,500)

Net cash from financing activities                                                54,000         613,500

END