The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Verici Dx PLC - Cardiff, Wales-based clinical diagnostics developer - Raises £9.6 million through a placing of 27.3 million shares at 35 pence per share, representing 19% of its share capital. The subscription is expected to generate further gross proceeds of approximately £450,000 and will remain open until further notice.
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BlueRock Diamonds PLC - Reading, England-based diamond producer operating in South Africa - Sells four gem quality stones for $460,000 in its February tender. The average tender price is $638 per carat.
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Gore Street Energy Storage Fund PLC - London-based fund investing in energy storage assets - Completes acquisition of a 90% stake in a 28 megawatt hour operational storage asset in Germany. Gore Street says the acquisition represents its first step to diversify beyond the UK and Irish markets. The company’s assets under management increase by 232 megawatts to 629 megawatts following the acquisition.
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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Fully repays a £647,500 unsecured convertible loan facility. Chief Financial Officer Luca Benedetto says: ‘Our significantly increased revenue generation and associated profitability has enabled the company to progressively reduce its exposure to debt and improve its balance sheet. We shall look to continue this exercise as we generate additional financial resources by maximising our energy production activities across the portfolio’.
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Pantheon Resources PLC - London-based oil and has company focused on Alaska - Suspends testing of the Shelf Margin Deltaic horizon at the Talitha A well in Alaska. Operational focus will now move to the Theta West well site where the company will commence testing operations of the 950 foot Basin Floor Fan horizon. Company switches to Theta West due to a blockage preventing any additional reservoir fluid from entering the well bore at Talitha A.
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Phoenix Global Resources PLC - London-based upstream oil and gas company focused on Argentina - Commences drilling activity for Pad 2 at Mata Mora, consisting of three wells with 2,600 metre horizontal lateral lengths and 37 frac stages. The Company is planning to commence the Pad 3 program by mid-March 2022. Completes drilling at Corralera South of a vertical exploration well to a depth of 3,639 metres and its horizontal branch with a 2,134 metre lateral length and 30 frac stages. Finishes drilling at Corralera North-East of a vertical exploration well to a depth of 2,970 metres and its horizontal branch with a 2,000 metre lateral length and 29 frac stages. The well is currently shut in for well testing with pressure build up, isotope sampling and tracer analysis currently being carried out. At Rio Atuel, the company completes activities of a conventional vertical exploration well. The well is currently in production and under initial evaluation, which is expected to complete by the end of March.
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Secure Property Development & Investment PLC - Nicosia, Cyprus-based commercial property investor - Temporarily closes its Ukrainian office and is housing some of its Ukrainian staff in company accommodation in Romania. Secure Property expects ‘minimal’ financial impact as a result of the invasion.
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Avation PLC - Singapore-based commercial passenger aircraft leasing company - Enters into a letter of intent to transition one ATR 72-600 aircraft from Golden Mynmar Airlines to a new unnamed customer. Enters into another letter of intent for the lease of one ATR 72-500 to an unnamed Asian airline. Enters into an additional letter of intent for the sale of two ATR 72-600, formerly on lease to Loganair. Assuming all complete, the company will have three unused aircraft remaining from the 20 aircraft returned or repossessed during the Covid-19 pandemic.
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Goodbody Health Inc - Vancouver-based medical laboratory company - Intends to acquire up to 18.2 million shares of the company via a normal course issuer bid, representing 5% of its share capital. The bid will commence on March 11 and end no later than March 10, 2023. Company also announces a restricted share unit plan.
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Cornerstone FS PLC- Buckingham, England-based international payment platform - Amends certain terms of its convertible loan note announced on March 17. Now, the loan notes may be converted at a subscription price of 26.5 pence in the event of a drawndown and the company issuing William Newton with unsecured convertible notes. All other details remain unchanged. Newton is a substantial shareholder in the company, Cornerstone FS explains.
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Borders & Southern Petroleum PLC - London-based hydrocarbon exploration company - Announces fundraising of $600,000 via a subscription of 34.7 million shares and $1.2 million via an open offer of 69.2 million shares. The issue price is 1.3 pence per share. Chair Harry Dobson is the sole participant in the subscription and has agreed to invest $600,000 in shares by subscribing for all of the subscription shares.
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JPMorgan Global Core Real Assets Ltd - London-based real estate, transportation and infrastructure investor - Says $1.1 million of its committed capital has been called and funded into the US Real Estate Mezzanine Debt strategy. This investment, the company explains, will provide it with exposure to a portfolio of 15 existing loans. The weighted average duration of the portfolio of loans is 2.7 years. Adds that the its portfolio is not directly exposed to Ukrainian or Russian assets, either on a NAV or income basis.
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88 Energy Ltd- Western Australia-based oil exploration company focused on Alaska - Notes light oil during two separate production tests at Pantheon Resources PLC’s Talitha A well which is on the same formation that hosts 88 Energy’s Lima complex. The results of Pantheon’s Talitha-A well, combined with its earlier Alkaid-1 well, have been considered as part of a re-evaluation of 88 Energy’s Icewine-1 well data. Subsequent and independent comparisons of the Icewine-1 well have revealed the porosity and resistivity of the well to be significant.
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Resolute Mining Limited - Perth-based gold mining company - Updates group life of mine plan to reflect an average annual production of 370,000 ounces over the five years to 2026 at an average all-in sustaining costs of $1,191 per ounce. Total group life of mine gold production 3.5 million ounces at an average all-in sustaining cost of $1,110 per ounce to 2033. Chief Executive Stuart Gale says: ‘Our latest LOM plan reflect an improved production profile over the current 12-year mine life at Syama incorporating the successful exploration campaigns which have extended oxide production for an additional two years together with exceptional drilling results at Tabakoroni.’
Separately, Resolute says its mineral resources have increased by 1.0 million ounces to 9.5 million ounces of gold, net of depletion and sale of the Bibiani Gold Mine. Ore Reserves maintain at 4.1 million ounces of gold. The sale of the Bibiani Gold Mine in 2021 removed 660,000 ounces of ore reserves and 2.5 million ounces of mineral resources from Resolute’s global inventory, the company adds.
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