The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Scotgems PLC - invests in small-cap companies in emerging markets - Following consultation with major shareholders, says it would be in the best interests of the company and shareholders to put forward formal proposals to shareholders for a members’ voluntary liquidation. ‘Such proposals, if approved, would provide all shareholders with a full cash exit less costs,’ the firm says. Plans to instruct the investment manager to realise its investment portfolio in ‘an orderly manner’, with the liquidation to depend on market conditions. Will convene a general meeting in due course.
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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Wholly-owned subsidiary Deeside WTV Ltd reaches agreement with Logik Developments Ltd to extend the date for completing share purchase agreement, as outlined at the end of 2020, until August 31. The agreement relates to 182,000 tonne waste receptrion plant, 2 megawatt anaerobic digestion facility and a 9.9 megawatt electrical Advanced Gasification Technology facility at Deeside, Flintshire, UK.
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Aura Energy Ltd - Australia-based minerals company with polymetallic and uranium projects in Europe and Africa - Engages engineering consultants DRA Global for phase 1 of the front end engineering design study Tiris uranium project in Mauritania. ‘The FEED Study will focus on engineering optimisation, including addition of vanadium pentoxide by-product recovery circuit, with the aim of maintaining low capital and operating costs,’ the firm says. Plans to complete phase one in the fourth quarter, with subsequent phases to complete in the first quarter of 2023. ‘The work will focus on engineering optimisation opportunities with the aim of maintaining or even reducing the already low Tiris CapEx of $74.8 million and will also seek to identify opportunities to reduce the OpEx of the project,’ says acting Chief Executive Officer Will Goodall.
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Adriatic Metals PLC - Vares silver project in Bosnia & Herzegovina and Raska zinc-silver project in Serbia - Says recent drilling at Rupice Northwest continues to intercept ‘thick, high-grade massive sulphide mineralisation updip’ from previous intersections. Results include 30.9 metres at 851 grams per tonne silver equivalent, 27.4% zinc equivalent from drillhole BR-03-22. Says resource definition and in-fill drilling are progressing well, and targets an updated mineral resource estimate for the final quarter of the year. ‘The results so far strongly indicate the continuity and width of the mineralisation being at least similar to those initially discovered at Rupice during our campaign in 2017-2019,’ says Chief Executive Officer & Managing Director Paul Cronin.
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Visum Technologies PLC - video technology company focused on global leisure market - Starts trading on Aquis Exchange Growth Market, under the ticker ‘VIS’. Raises £601,188 in initial public offering, in placing of 4.3 million shares at 14 pence each. Upon admission, will have 50.7 million shares in issue, and a market cap of around £7.1 million. Visum owns and operates ‘on-ride’ video and photographic camera systems, licensing and selling to customers such as theme parks, ride manufacturers, souvenir imaging providers etc. The system’s digital solution provides an additional revenue stream, as customers can buy video and photographic content from the rides. ‘Over the past decade, our technology has been developed into an exciting platform that ideally placed to capitalise on the digitalisation of the global souvenir market. Visum’s proven technology can create a solid and stable revenue opportunity for the parks and deliver a stable and highly scalable income stream,’ says CEO Marc Dixon.
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Panthera Resources PLC - London-based gold exploration and development company with assets in Africa and India - Says restructure of ownership interests and underlying assets in Moydow Holdings Ltd is complete, which will see Diamond Fields Resources Inc provide up to $18 million in funding to the Labola project in a farm-out agreement. Moydow’s Kalaka and Nigeria projects will spin out into a new entity called Maniger, in which Panthera will have a 50% interest and operatorship. ‘The expanded ground position together with the ongoing exploration activities in 2022 has only strengthened our view as to the overall prospectivity of Labola. We look forward to the initial assay results from the ongoing Labola drilling program, expected in the third quarter of 2022,’ says Managing Director Mark Bolton.
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Life Settlement Assets PLC - London-based investment trust focused on the United States - Agrees with Acheron Capital Ltd to renegotiate the performance fee due to ACL, with the fee to reduce to 10% from 20% once the litigation with LSA’s policy trustee has been resolved.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company - Appoints Robert Sewell as new chief financial officer, in a non-board position. Sewell was previously CFO at AfriTin Mining Ltd, during the construction and commissioning of its Uis tin mine in Namibia. Also confirms £500,000 advance on further investment by CoTec Holdings Corp has been received.
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Windward Ltd - Tel Aviv-based maritime AI company - Launches API Insights Lab which enables ‘customers and partners to integrate Windward’s Maritime AI directly into internal systems to enhance solutions, processes, and workflows with customised insights to fit their unique needs and risk appetite’. The new product will allow for customers to build their own ‘bespoke’ solutions and workflow with Windward’s Maritime AI insights offering, it says.
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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company - Says debenture holders have voted to accept request to defer interest payments due on June 30. ‘This means that the interest falling due on 30 June 2022 in relation to the debenture principals of £4.97 million (interest due of £197,166) and £3.79 million (interest due of £150,192) has been deferred for up to 3 months, to 30 September 2022. Additional interest due on the amount that is being paid late will be applied at a rate equivalent to Barclays PLC published base rate + 3% per year,’ SAE explains.
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7digital Group PLC - London-based music licensing provider - Enters agreement with eMusic.com to expand revenue opportunities from their existing platform, eMusic Live platform, which was launched in 2020. ‘Under the terms of the Agreement, 7digital will now satisfy the production costs of live events on the eMusic Live platform as well as provide other support such as marketing, and will receive 50% of net revenue derived from all activity on the platform, including sponsorships, video on demand, ticketing and merchandise sales,’ the firm says. 7digital realises revenue through the platform currently through providing digital music tracks for download. Also enters unsecured loan agreement with company director and significant shareholder, Tamir Koch, for up to £500,000 over 13-month period.
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