The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Redx Pharma PLC - Macclesfield, England-based clinical-stage biotechnology company - Confirms that proposed all-share merger with Jounce Therapeutics has formally lapsed. Follows decision by Jounce to agree an alternative merger proposal with Concentra Biosciences, announced on March 27. Chief Executive Lisa Anson calls decision ‘disappointing,’ but notes Redx is ‘poised to achieve significant value inflection points from both clinical stage assets and development candidates in the next 12 months.’ Continues to evaluate relevant strategic and financial opportunities.
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Great Eastern Energy Corp Ltd - Asansol, India-based coal bed methane company - Confirms the last day of trading of the global depository receipts will be April 21. Following cancellation, GDRs will become unlisted GDRs. Apart from being unlisted, GDRs will continue to have the same structure as present.
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Litigation Capital Management Ltd - asset manager specialising in dispute financing solutions - Announces the realisation and cash receipt of an investment which forms part of LCM’s Fund I portfolio. In December, High Court judged in favour LCM’s funded party, the liquidator of CGL Realisations Ltd, formerly known as Comet Group Ltd. Under the judgement around £110 million was paid into court by the respondent who is appealing the ruling. In the interim, the liquidator procured a judgment protection insurance policy. Subsequently, an application was made for payment of sufficient monies to pay LCM’s entitlements under the litigation funding agreement as well as the cost of defending the appeal. This enabled the liquidator to finalise its obligations to LCM, bringing about a conclusion to this investment. CEO Patrick Moloney says: ‘The resolution provides a further example of how the use of managed third party investment funds leverages the return to LCM’s balance sheet and its equity investors.’
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Kefi Gold and Copper PLC - Gold exploration and development company, focused on Ethiopia and Saudi Arabia - Reports maiden mineral resource estimate at the Al Godeyer Project, which forms part of the Hawiah Complex, part of Kefi’s Saudi Arabian joint-venture Gold and Minerals Company Ltd. Says MRE of 1.4 million tonnes at 0.6% copper, 0.54% zinc, 1.4 grams per tonne of gold and 6.6 grams per tonne of silver potentially complements the inferred resources reported at the nearby Hawiah deposit of 11.1 million tonnes. This reaffirms the potential for an initial open-pit mining operation at Hawiah. Drilling planned to commence in the second quarter aimed at converting unclassified areas of the deposit to the Inferred category and to further test the strike extent of the orebody. Concurrent drilling planned at Hawiah will focus on upgrading and further expanding its total resources. Executive Chairman Harry Anagnostaras-Adams says: ‘Feedback from the early metallurgical test work is particularly exciting and demonstrates the amenability of Al Godeyer to provide additional open pit feed material to the proposed Hawiah Complex.’
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Great Southern Copper PLC - copper-gold exploration company focused on Chile - Reports mapping identifies multiple mineralised vein-breccia structures at the Victoria prospect. Notes rock chip assay grades up to 6.9% copper and 1.85 grams per tonne of gold in the prospect. Sees potential for additional vein-breccia structures under shallow cover. Adds planning is now underway for the next phase of exploration at Victoria which is designed to identify targets for prospect-scale reconnaissance drilling. This work will include further detailed mapping and sampling complimented with trenching and magnetic and induced polarization geophysical surveys.
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San Leon Energy PLC - oil and gas production, development and exploration company focused on Nigeria - Updates on proposed transactions, refinancing and ELI operations. Reports longstop dates relation to proposed transactions with Midwestern Oil & Gas Co Ltd have been extended to June 30. This relates to the new Eroton debt facilities, the Sahara OML 18 acquisition agreement, the MLPL reorganisation agreement and the ELI reorganisation agreement. Continues to believe that the proposed transactions will be transformational.
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Tirupati Graphite PLC - London and Mumbai-based specialist graphite and graphene producer with operations in Madagascar and India - Completes acquisition of Suni Resources SA, the Mozambique incorporated subsidiary of ASX listed Battery Minerals Ltd. Deal was announced in September 2022.
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Provexis PLC - Reading, England-based producer of heart-health functional food ingredient Fruitflow - Updates on its capital structure and funding. Expects the group will need to raise further equity finance, or potentially new loan finance, in the coming months. Based on success of previous fund raising and the current performance of the business, continues to have a reasonable expectation of raising sufficient additional equity capital or new loan finance. Highlights renewed interest for Fruitflow. Committed to buy more than £550,000 of inventory from DSM. In direct contact with more than 50 actual and prospective Fruitflow customers and is seeking to ascertain the likely demand for the next 12 months and beyond, with particular regard to the best before dates of DSM’s remaining inventory. In talks with DSM regarding extending initial inventory handover period. In talks with third party who may be able to hold inventory on a consignment basis.
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