Tavernier Resources Limited has announced a strategic move to enhance its digital presence by signing a one-year agreement with Jetech Consulting Inc, an international entity, for social media and digital marketing services.

Contract Details

The agreement, which falls under the company's ordinary course of business, comes with an annual fee of USD $25,000, approximately Rs. 22.02 lakhs. This partnership aims to bolster Tavernier Resources' online visibility and marketing efforts.

Key Points of the Agreement

• Duration: One year
• Services: Social media and digital marketing
• Partner: Jetech Consulting Inc (an international entity)
• Financial Terms: USD $25,000 (approx. Rs. 22.02 lakhs) per year

Regulatory Compliance

Tavernier Resources Limited has duly informed the BSE Limited about this development, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided details as per SEBI Circular no SEBI/HO/CFD/CFD‐PoD‐1/P/CIR/2023/123 dated July 13, 2023.

Company Stance

Mokshaben Ravjibhai Patel, Whole-Time Director of Tavernier Resources, signed off on the regulatory filing, emphasizing the company's commitment to transparency in its business operations.

Additional Information

• The agreement does not involve any promoter group interest.
• The transaction does not fall under related party transactions.
• Specific terms and conditions of the service will be mutually agreed upon between Tavernier Resources and Jetech Consulting Inc.

This strategic partnership underscores Tavernier Resources' focus on enhancing its digital marketing capabilities, potentially aiming to improve its market presence and stakeholder engagement through professional social media and digital marketing services.

Tavernier Resources Limited has seen an increase in its shareholding by Silverstone Consultancy Services Private Limited, which acquired an additional 0.84% of the company's shares through open market transactions. This development coincides with Tavernier Resources reporting a significant increase in profit for the first quarter.

Stake Acquisition

Silverstone Consultancy Services acquired 50,000 shares of Tavernier Resources, representing 0.84% of the company's total equity. This acquisition has increased Silverstone's total holding from 4,14,900 shares (6.94%) to 4,64,900 shares (7.78%) in Tavernier Resources.

Tavernier Resources has a total equity share capital of Rs. 5,97,90,000, comprising 59,79,000 fully paid equity shares of Rs 10 each. It's worth noting that Silverstone Consultancy Services is not part of the promoter or promoter group of Tavernier Resources.

Q1 Financial Performance

Coinciding with this stake increase, Tavernier Resources has released its unaudited financial results for the quarter ended June 30. The company has shown a remarkable improvement in its financial performance compared to the same period last year.

Tavernier Resources has reported a significant turnaround in its operations, with revenue from operations reaching Rs. 30.89 lakhs, compared to nil in the same quarter of the previous year. The company's total revenue saw a substantial increase of 883.23% year-over-year, rising from Rs. 3.22 lakhs to Rs. 31.66 lakhs.

Despite an increase in total expenses by 85.21%, the company managed to turn its loss of Rs. 5.30 lakhs into a profit of Rs. 15.88 lakhs. This resulted in a positive earnings per share (EPS) of Rs. 0.27, compared to a loss per share of Rs. 0.09 in the same quarter last year.

The Board of Directors approved these unaudited financial results at their meeting, after review by the Audit Committee.

Tavernier Resources is currently in the process of shifting its registered office to Ahmedabad, Gujarat, with the registration process underway and RoC approval pending.