The following is a round-up of updates by London-listed companies, issued on Friday and Thursday and not separately reported by Alliance News:
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Itaconix PLC - New Hampshire, US-based speciality polymer developer - Announces placing to raise £300,000 to go towards ‘general growth working capital’ and bolster volumes in EU markets. Fundraise will come through direct subscription from institutional shareholder IP Group entities. Itaconix says 6.7 million shares will be issued at 4.5 pence each, an 11% discount to Thursday closing price.
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Graft Polymer (UK) PLC - Slovenia-based polymer modification and drug delivery systems - Granted patents from Slovenian Intellectual Property Office and Federal Intellectual Property Office of Russia. Patents cover Graft’s proprietary self-nano-emulsifying drug delivery system, as well as other products.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis - On Thursday similarly notes Slovenian Patent Office win. Seals patents related to Cimetra, its investigational medical product. Cimetra uses technology devised by Graft Polymer.
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Directa Plus PLC - London-based graphene nanoplatelets supplier - Signs non-binding letter of intent with supplier of interiors for ‘tier 1’ automotive firms. ‘The partners intend to develop a suite of new products for the automotive industry based on the antimicrobial properties (antibacterial and antiviral), thermal comfort and electrical conductivity properties of the company’s G+ enhanced fabrics,’ Directa Plus says. The letter of intent has a 12-month term. Directa Plus adds: ‘If both parties are satisfied with the results achieved after the 12 months, the partners shall undertake to negotiate a supply agreement between the two companies. Directa Plus is already working with the partner to produce prototypes for a number of global Tier 1 auto manufacturers.’
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Tungsten Corp PLC - London-based electronic invoicing company - Says one potential suitor no longer has intention of making takeover offer. Tungsten says it remains in talks with Pagero Group AB as well as other potential suitors. In March, Pagero Group said it considered an all-cash offer of 45p. It followed a tilt in December by Irvine, California-based Kofax Inc, which tabled a 40p per share bid.
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Strategic Minerals PLC - London-based exploration and production company - Says first quarter ore sales from Cobre magnetite operation in New Mexico, US fall to 10,609 tonnes from 13,022 tonnes a year prior. Value of sales fall to $663,000 in first quarter from $771,000 a year prior. ‘February and March sales saw the reversal of the significant fall in Cobre sales sustained during the December quarter of 2021, which extended into January 2022. This reduction in sales was due to a significant drop in demand from the company’s largest client,’ Strategic Minerals says. On Thursday, company said its Redmoor exploration licence was extended to 2037. The deal also contains a right for the company’s subsidiary Cornwall Resources Ltd to enter into a 25-year mining lease over any part of the licence.
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Neometals Ltd - London-based battery materials from upstream extraction and downstream processing - Says 50%-owned joint-venture Primobius GmbH inks commercial lithium battery recycling permit from Germany. Approval relates to a recycling facility in Hilchenbach, Germany. Neometals adds: ‘Primobius is receiving and storing EV battery modules from its disposal service customer ahead of the commencement of commercial operations in mid-May.’ Plant engineering services firm SMS group GmbH owns the 50% of Primobius.
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Savannah Energy PLC - London-based energy company focused on Africa - Says 80%-owned unit Accugas Ltd signs addendum to existing gas sales pact with First Independent Power Ltd, which was originally signed in late-January 2020. Under addendum terms, FIP can up gas it purchases from Accugas to up 65 million standard cubic feet per day, from 35 mmscfd currently.
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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Lifting of crude oil production of about 62,000 barrels of oil has successfully been concluded at a price of about $103 per barrel for production from its 45% interest in the Ezzaouia concession, as well its 100% interest in the El Bibane and Robbana concessions. Expects to net $6.4 million in May from the lift. A second international crude lifting for about 52,000 barrels of oil produced from its 22.5% working interest in the Sidi El Kilani concession is expected to take place in June. Chief Executive Andrea Cattaneo says: ‘We are extremely pleased to have sold our production in the current very favourable oil price environment, registering a significant improvement over our first sale of Tunisian crude announced on July 8, 2021.’
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Future Metals NL - Perth-based platinum exploration company - Says assays from further 11 historical, unsampled drill holes from Panton platinum group metals asset in Western Australia confirm extent of mineralisation. Findings back view that mineralisation width exceeds 50 metres along drilled 3.5 kilometre strike area.
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Panther Metals PLC - mineral exploration in Canada - Issued four exploration permits for Big Bear project in Ontario, Canada. ‘The temporary hold which had been in place over exploration permit applications has now been lifted and the permits have been awarded,’ Panther says.
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Scotgold Resources Ltd - gold and silver explorer and producer in Scotland - Says first quarter gold output totals 1,257 ounces, below the 1,400 to 2,200 ounces guidance. Gold concentrate gold and shipments totalled 175 tonnes with a sales value of £1.6 million. It did not report a figure from a year prior. First gold at Cononish gold asset in Scotland occurred in late-November 2020. Scotgold tips second quarter output between 2,600 and 3,200 ounces of gold.
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Tungsten West PLC - Owner and operator of Hemerdon tungsten and tin mine in Plymouth - Pauses current Hemerdon development plan to mull ‘alternative approaches to restarting mining operations’. Notes ‘significant and rapid inflation across key consumables for the Hemerdon project,’ Tungsten West says. ‘These input costs include steel, cement, ammonium nitrate (explosives), power and diesel,’ company adds. Says bankable feasibility study reported in March 2021 was optimised using assumptions which now vary wildly from current inflationary-driven market conditions. Tungsten West adds: ‘Given the scale of the inflationary pressures experienced in the last few weeks, the board of Tungsten West has decided to pause development to re-optimise the project based on new assumptions. The company expects to update the market with a new plan in the coming months.’ Any new plan is likely to have a lower capital cost for redevelopment, company says.
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All Star Minerals PLC - Haywards Heath, England-based mining projects investor - Enters into deal with Gathoni Muchai Investments Ltd to buy into Blesberg lithium and tantalum project in South Africa and Nkombwa Hill tantalum, rare earth elements and phosphate project in Zambia. ‘The board believes that by securing interests and investing in these projects, they each have the potential to deliver positive returns to shareholders,’ All Star says. At Nkombwa, All Star is to have option to acquire initial 25% interest through staged cash investment of $150,000. At Blesburg, it can acquire initial 5% by issuing £37,500 worth of shares and providing £37,500 cash deposit to Blesburg sharehdolders. It can increase this to 30% with additional cash payment of £200,000 and by issuing £300,000 worth of shares. In addition, company proposes name change to Marula Mining PLC. The new name better reflects efforts strategy following deal to invest in Zambia and South Africa mining assets. Will convene general meeting to allow vote on name change.
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i3 Energy PLC - Westhill, Scotland-based oil and gas company focused on the UK and Canada - Executes farm-in deal with Europa Oil & Gas Ltd at Serenity asset. Europa acquires 25% working interest in Block 13/23c, which houses Serenity. It will do this by funding a just over 46% paying interest in one appraisal well on the field, whereafter i3 will retain a 75% operated interest in Serenity.
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Zephyr Energy PLC - London-based oil and gas investment company - Implements hedging programme related to 328,000 barrels of oil production at non-operated assets in Williston Basin in US. Zephyr enters into crude commodity swap deals which settle at prices of 64,000 bbls at $100.80 each in second quarter of 2022, 57,000 bbls at $98 each in third and 50,000 bbls at $94.55 each in fourth. In first half of 2023, price will be 69,000 bbls at $90.05 each, before 61,000 bbls at $85.40 each in second half. In first half of 2024, Zephyr earmarks price of 27,000 bbls at $82.20 each. ‘The programme has been structured to provide cashflow surety related to the company’s senior debt obligations, as well as to materially derisk funding requirements for the proposed upcoming drilling campaign at the company’s flagship Paradox Basin project,’ company adds.
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Aquila Energy Efficiency Trust PLC - Hamburg, Germany-based energy-saving focused trust - Reports findings from probe on investment strategy. Company is aiming to boost deployment of IPO funds. Says will bring forward internal continuation resolution to shareholders to February 2023. Was initially penned for 2025 annual general meeting. Says should deployment of initial public offering funds not improve, it will push forward vote. Notes investment adviser alters fee deal. Advisory fees on payable on committed capital. Adviser prepared to increased investment team with more team members. Aquila adds: ‘The investment adviser is confident that deployment will materially increase over the remainder of this year, targeting full deployment of the IPO proceeds by the end of December 2022.’
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Riverstone Credit Opportunities Income PLC - aims to generate returns by making loans to companies in energy sector - Says net asset value per share at end of first quarter ended March 31 was $1.03, up slightly quarter-on-quarter from $1.02. On Thursday, company said it realised its investment in project Baxter. On April 16, 2021 it committed $6.8 million for a draw term loan to a lithium-ion battery company. The lithium firm aims to develop a large-scale manufacturing facility in Endicott, located in the state of New York. Earlier in April this year, Riverstone Credit fully refinanced this loan with a new source of financing. The transaction resulted in 33% internal rate of return. ‘Additionally, the company will retain our non-dilutable equity warrants which provides meaningful upside to this investment. This realisation represents the second exit of a green loan in the portfolio. The company is rapidly working to redeploy available capital into a pipeline of new opportunities in the infrastructure, infrastructure services and energy transition sectors,’ Riverstone Credit says.
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SLF Realisation Fund Ltd - realising all remaining assets in portfolio of ordinary share class and 2016 C share class - Returns one pence per share to ordinary shareholders, £3.6 million in total. Also to return 4p per share to C shareholders, £5.6 million in total.
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Maven Income & Growth VCT PLC - venture capital trust - Net asset value per share at February 28 year end amounts to 44.34 pence, down from 45.70p at August 31. Proposes 1.25p per share final dividend.
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