The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Kavango Resources PLC - mining company focused in Botswana - Withdraws proposal to acquire 100% of Kalahari Key Mineral Exploration Proprietary Ltd. Kavango says there was ‘insufficient agreement among the shareholders of KKME to justify incurring further time and expense with an uncertain outcome’. The company says it still views the Molopo Farms Complex project held by KKME as a ‘attractive’ exploration opportunity but was not prepared to delay drill operations at the Ditau Camp project. Kavango also mobilises drill rig at Ditau.
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Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Notes Kavango Resources’s withdrawal from proposed Kalahari Key Mineral Exploration Proprietary Ltd purchase. Power Metal holds a 22% interest in KKME and a 54% interest in the Molopo Farms Complex project. Power Metal says it will now engage with KKME and its shareholders to review alternative strategies and take Molopo forward. The company also holds a 50% interest in the Ditau Camp Project with Kavango. Drill mobilisation has begun at Ditau.
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musicMagpie PLC - Stockport, England-based used technology reseller - Spouse of Chief Executive Steve Oliver buys 476,190 shares at 52.5 pence each, worth £250,000, on Monday. Chief Operating Officer Ian Storey buys 95,238 shares at 52.5p each, worth £50,000, also on Monday.
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Tungsten Corp PLC - London-based electronic invoicing company - Extends the deadline by which Kofax Inc is required to announce its firm intention to make an offer for the company to Thursday. On February 18, Tungsten received a revised proposal from Kofax for a possible cash offer for the entire share capital of the company at 42 pence per Tungsten share.
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Angus Energy PLC - oil and gas development company focused on the UK - Gains variation notice from the UK Environmental Agency for its Saltfleetby gas field permit. The site permit now encompasses the new activities of processing and compressing of gas for direct export to National Grid. No further regulatory or planning permissions are required before first gas, Angus Energy explains. Company also receives updated permit for the Brockham oil field allowing for the re-injection of produced water.
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TruFin PLC - London-based financial technology and banking company - Proposes to raise up to £10 million through a £8.0 million placing and a £2.0 million open offer at a price of 75 pence per share. The company says the net proceeds of will be used to provide working capital, invest in growth opportunities and fund businesses Satago and Playstack to profitability. TruFin adds it expects a reduced annual revenue of £13.1 million for 2021 and a loss before tax of £8.2 million.
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Westmount Energy Ltd - Jersey-headquartered investor in oil and gas industries - Notes the announcement by Ratio Petroleum Energy Ltd Partnership that the date for elective nomination of the prospect target for the 2nd well on the Kaieteur Block has been extended to the October 2, 2023. The Kaieteur Block partners agreed to this extension to facilitate continuing geological and geophysical analysis by the operator, Westmount explains, and the integration of recent and ongoing deep play drilling program results on adjacent blocks into the Kaieteur prospect nomination decision. All costs will be carried by the operator during this extension period.
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Genuit Group PLC - Doncaster, England-based water, climate and ventilation systems manufacturer - Announces that Ron Marsh stepped down as chair on Monday. Company promotes Senior Independent Director Mark Hammond to chair from the same date.
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Beowulf Mining PLC - natural resource developer and explorer focused on the Nordic region - Says its 100% owned mining company Jokkmokk Iron Mines AB wins an exploration concession for the Kallak North Iron Ore project in Sweden. Chief Executive Kurt Budge says: ‘The company will be engaging with stakeholders in Jokkmokk on what happens next in the development of Kallak’.
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Funding Circle Holdings PLC - London-based commercial lender - Partners with Connecticut, US-based shipping and mailing company Pitney Bowes Inc to provide loans to the company’s small business customers. Funding Circle explains that the pilot program aims to advance the lending experience for Pitney Bowes customers.
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Lamprell PLC - Hamriyah, United Arab Emirates-based provider of oil field services - Signs capacity reservation agreement for the Moray West Offshore Wind Farm in Scotland. The reservation agreement secures capacity in Lamprell’s Hamriyah yard as the project moves towards financial close and full contract award. Ocean Winds, a 50-50 joint venture between EDP Renewables and Engie SA, is developing the Moray West project. The base scope of work is for the supply of 62 transition pieces as well as for the shipping of the transition pieces to a marshalling harbour in the UK.
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Panther Metals PLC - mineral exploration company focused on Canada- Acquires 13 cell mining claims that provide coverage for the eastward strike extension side of the Awkward intrusive conduit target at the Awkward Prospect on the Obonga greenstone belt in Canada. The Awkward Prospect is an upcoming drill target for Panther. It targets intrusive hosted palladium, platinum, nickel and copper mineralisation.
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SIMEC Atlantis Energy Ltd - Edinburgh-based renewable energy company - Enters into a heads of terms with SIMEC Group to progress the Uskmouth Sustainable Energy Park. An agreement will be put in place providing for a share of revenue from any projects realised at the site in accordance with the SPV shareholding percentage and for full step-in rights for either party in the event of insolvency of the other party. SIMEC Group owns 30% of SIMEC Atlantis Energy.
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Highbridge Tactical Credit Fund Ltd - credit investment fund - Receives sixth and seventh cash exit payments of £460,000 of new shares in Tactical Credit Fund feeder. Company adds that all future distributions will be received as cash only.
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AIQ Ltd - Cayman Islands-based firm focused on acquiring and developing e-commerce sector businesses - Says its IT consultancy business, Alcodes International, has won a contract to supply a non-fungible token marketplace and established partnerships with two suppliers to deliver the project. Alcodes International will oversee and manage the project, with the development of the marketplace being provided by Accubits Technologies Inc, a software provider, and digiXnode Technology Ltd which specialises in blockchain development. The company adds it will be able to extend its reach into China thanks to the partnership with digiXnode.
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PCI-PAL PLC - London-based cloud payment company - Receives approval from the US Patent Office for its patent US20210194939 which covers PCI Pal Agent Assist deployment methods used in the US. The patent protects PCI Pal’s core innovation that enables its Agent Assist product to interact with phone calls in a ‘non-invasive, light-touch manner’.
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Red Rock Resources PLC - natural resource development company with interests in gold and base metals in Africa and Australia - Completes 20 drill holes totalling 2093 metres in phase one drilling programme at the KKM prospect on the the Mikei Gold Project in Kenya. Red Rock reports results from the second batch of 1,365 samples from the last 11 out of the 20 holes. Encounters intercepts including 37 metres at 0.73 grams per tonne of gold from 120 metres to 157 metres and 19 metres at 0.54 grams per tonne of gold from 81 metres to 100 metres.
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Artemis Resources Ltd - Perth-based miner with gold, copper and cobalt projects in Australia - Says Carlow exploration drill campaign progressing well with 5902 metres of drilling completed for 23 holes. Explains mineralised host geology with target sulphides was encountered in nearly all holes to date and in some cases with massive and semi-massive sulphides sometimes being present. Adds it is soon to re-commence drilling at its Paterson Central Gold and Copper Project in the Paterson Province region of Western Australia.
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Alien Metals Ltd - London-based exploration company focused on Australia, Mexico and Greenland - Completes acquisition of a 100% interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia. The Munni Munni project was a joint venture between Artemis Resources Ltd and Platina Resources Ltd. The company plans to commence on-ground exploration at Munni Munni as soon as possible, once all appropriate permitting is in place.
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Horizonte Minerals PLC - London-based nickel development company with projects focused in Brazil - Awards the engineering, procurement & construction management contract for the construction of its 100% owned Araguaia ferronickel project to Poyry Tecnologia Ltd, the Brazilian subsidiary of global engineering services firm AFRY AB. The contract is awarded via the company’s wholly owned subsidiary Araguaia Niquel Metais Ltd.
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SDX Energy PLC - London-based oil and gas company with projects in Egypt and Morocco - Announces a gas discovery at the SD-5X exploration well which targeted the Warda prospect in the South Disouq development lease. SD-5X will now be completed, tested and tied-in via the existing SD-4X flow-line and is estimated to be on production in June. With the completion of SD-5X, SDX Energy says the rig will now move to the second well in the three well campaign, SD-12-East on the Sobhi Field.
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MTI Wireless Edge - Israel-based communication and radio frequency technology company - Sells its holding in its operation in Russia for a ‘de minimus’ amount. MTI says it does not expect this sale to have any significant impact on profit.
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Marlowe PLC - London-based company focused on business safety and regulatory compliance - Acquires Griffin Fire, a provider of fire safety services, for £700,000. The acquisition is funded from Marlowe’s existing cash resources.
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Trident Royalties PLC - London-based mining royalty and streaming company with projects in countries ranging from Peru to Canada - Receives its inaugural shipment under the gold offtake with i-80 Gold Corp. The offtake arises from production at i-80’s Ruby Hill, Granite Creek, and McCoy-Cove projects, all located in Nevada, US. Trident says it now holds 12 cash generating assets.
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