New Talisman Gold Mines annual loss widens

New Talisman Gold Mines, the 10th worst performing stock on the New Zealand exchange in the past 12 months, said its loss widened last year as it raised less money from shareholders for investment.

Mining prospector New Talisman, previously known as Heritage Gold NZ, said its loss widened to $914,265 in the 12 months ended March 31, from $766,259 a year earlier. Revenue dropped 67 percent to $11,791.

"As the company has no significant income streams, it raises funds from shareholders and new investors for its activities, this has led to greater reported losses," Auckland-based New Talisman says in a statement.

The prospector has split into two units and changed its name to better focus the core company on developing its Talisman gold mine project in New Zealand's Hauraki district.

Shares in New Talisman gained 8.3 percent to 1.3 cents, having dropped 19 percent the past 12 months.