Source - SMW
ZincOx Resources (LON:ZOX) said its status was that of a cash shell. In the absence of a reverse takeover, its shares faced suspension on Oct. 28 and potential six months thereafter potential ceasing of their admission to AIM.

"ZincOx's management continues to look for a project around which the Company could be re-built so that its shares could be publicly traded and a number of opportunities are being examined," the company said. 

"Obtaining a suitable project remains the Company's absolute priority but, in addition, the Company is seeking to realise the maximum value of its existing assets. 

"The Board believes that the strategic objectives of the Company are currently best served by its shares being unquoted. 

"In view of the above and following discussions with its advisors, the Board has decided not to proceed with use of the ISDX market as a further platform for the trading of the Company's shares, as referred to in previous announcements.

"In addition to the Company's considerable technical know-how and intellectual property, the Company maintains an 8.7% interest in the Korean Recycling Plant and owns a valuable plot of industrial land in Turkey.

"However, it should be noted that the Company has corporate loan notes amounting to £3.78 million which have interest accruing from 1st August 2016 at the rate of 10% per annum and which is due for repayment in January 2018."

* * *

Edenville Energy (LON:EDL), which is developing a coal to power project in south western Tanzania, says a new presentation is available to view on the company's website 

* * *

Sirius Minerals (LON:SXX) has updated on the financing for its North Yorkshire polyhalite project, commenting that it continues to make good progress with its two stage financing plan.

"Following a market sounding with potential senior debt lenders the Company has now mandated a group of six financial institutions experienced in mining and infrastructure project finance as Mandated Lead Arrangers (MLAs)," said Sirius in a statement. 

"The MLAs - Export Development Canada (EDC), ING; J.P. Morgan; Lloyds Bank plc; Societe Generale, Corporate & Investment Banking; and The Royal Bank of Scotland Plc - have been mandated on the basis of a non-binding but mutually agreed term sheet, having undertaken initial due diligence of Project documents," the company said.

"Once approved the Stage 2 financing is expected to comprise of aggregate senior debt facilities of up to $2.6bn to fund the Stage 2 capital funding requirement and costs relating to financing the Project. Financial close for the Facilities is expected to take place in 2018.

"The Company expects the Facilities to be provided from a group of commercial banks, Export Credit Agencies (ECA") and other financing institutions (including the MLAs) with a component receiving the benefit of a HMT Guarantee to be provided under the UK Guarantee Scheme (UKGS). 

"The MLAs will seek to arrange the Facilities and have indicated that they will fund up to US$700 million in aggregate of the Facilities. The initial marketing conducted by the Company indicated that further funds will be available above and beyond the amounts indicated by the MLAs."

"The Infrastructure and Projects Authority (IPA), which was established in January 2016 by merging the Major Projects Authority with Infrastructure UK, and reports jointly to both HM Treasury ("HMT") and the Cabinet Office, has already prequalified the Project for consideration for a HMT Guarantee (announced 22 September 2015). 

"IPA has discussed the Stage 2 financing plan with the Company and confirmed its interest in supporting the Stage 2 financing for the Project. 

"The appointment of the MLAs does not constitute an offer of financing or an underwritten commitment by the MLAs to provide financing. The MLAs' appointment is subject to market standard conditions including due diligence, credit and other business approvals, and execution of legal documentation acceptable to the MLAs. 

"Similarly, IPA's prequalification does not constitute an offer of financing or an underwriting commitment. IPA requires its normal processes to be undertaken in addition to due diligence, such as satisfaction of conditions, HM Treasury credit process, risk committee, credit committee and ultimately Ministerial approval. 

"The Company intends to progress the Stage 2 financing, with the MLAs and IPA commencing detailed due diligence, following the successful completion of the Stage 1 financing. The Company continues to progress the Stage 1 financing and is in active discussion with a number of parties undertaking due diligence. 

"The details of the Stage 1 capital structure and timing will be subject to further announcement at an appropriate time."

* * *

Alexander Mining (LON:AXM) has appointed Turner Pope Investments as joint broker to the company with immediate effect.

* * *

Thor Mining (LON:THR) confirms a significant restructuring of its board and, subject to the shareholder approval, a capital raising of a total of £350,000 gross via 1.4bn shares at 0.025p each with Metal Tiger and new investors.

In addition, certain Thor directors have, subject to the approval of shareholders, undertaken to convert A$150,000 of amounts owed to them into 346m shares at 0.025p each.

Under the Placing and Subscription, and Debt Conversion, subscribers for the Ordinary Shares will also be granted one free attaching Warrant for every share subscribed for, to enable them to subscribe for further Ordinary Shares at a price of 0.05p per share, valid for a period of 30 months from the date of issue.


- New invigorated board to consist of Mick Billing (Executive Chairman & CEO), David Thomas (Executive Director), Gervaise Heddle (Non-Executive Director), and Paul Johnson (Non-Executive Director and CEO of Metal Tiger)

- Paul Johnson to be appointed to the board, subject to completion of standard director due diligence. Two current directors of Thor, Trevor Ireland and Mick Ashton, to step aside with immediate effect

- Initial subscription of £100,000 by Metal Tiger

- Second tranche of Placing and Subscription, subject to shareholder approval, to raise a further £250,000 

- Thor directors, including outgoing directors, to participate in the second placing and convert A$150,000 owed to them into equity

* * *

Eurasia Mining (LON:EUA) has started mining at West Kytlim, Urals, Russia, and first production is planned to commence next week.

Mining has started at Malaya Sosnovka, with two blocks cleared of vegetation (blocks 4 and 5) and a third block (block 1) to be cleared by today.

Gravels are being excavated from block 4 and hauled to the wash plant site. Two wash plants will be used, with the smaller wash plant ready to process metal bearing gravels. 

The main wash plant is installed but not yet operational - this is expected in the first week of September. 

The late delivery of critical parts for this wash plant have delayed start-up by 10 days but the projected production for 2016 is still expected to be met.

For the processing of the concentrates the on-site laboratory is ready, with all the main equipment in place, including a concentrating table.

A map showing the blocks at Malaya Sosnovka has been added to the company website

* * *

Stratex International (LON:STI) said Marcus Engelbrecht has been appointed as director and new CEO. He replaces current CEO and founder Bob Foster, who retires.

At 4:17pm:

(LON:AXM) Alexander Mining PLC share price was -0.02p at 0.25p

(LON:BEM) Beowulf Mining PLC share price was 0p at 4p

(LON:BKY) Berkeley Energia Ltd share price was -0.5p at 43p

(LON:CEY) Centamin PLC share price was -0.9p at 147.6p

(LON:CHL) Churchill Mining PLC share price was -0.75p at 26p

(LON:CZA) Coal of Africa Ltd share price was 0p at 3.5p

(LON:EDL) Edenville Energy PLC share price was -0.12p at 0.34p

(LON:FDI) Firestone Diamonds PLC share price was 0p at 42.5p

(LON:FRES) Fresnillo PLC share price was +10.5p at 1616.5p

(LON:GEMD) Gem Diamonds Ltd share price was +1.5p at 127.25p

(LON:HOC) Hochschild Mining PLC share price was +9.2p at 249.8p

(LON:KMR) Kenmare Resources PLC share price was +0.25p at 260p

(LON:SXX) Sirius Minerals PLC share price was -4.37p at 36.88p

(LON:THR) Thor Mining PLC share price was 0p at 0.03p

(LON:VED) Vedanta Resources PLC share price was -7.4p at 485.6p

(LON:ZOX) ZincOx Resources PLC share price was -0.28p at 0.43p

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