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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Scirocco Energy PLC - Leeds, England-based oil & gas investment company - Agrees to pay $200,000 in the coming days to part settle its outstanding balance of its investment facility with Prolific Basins LLC, a US-based investor. Says the remaining balance of $245,000 will be paid in five equal monthly instalments of $49,000 each over the months of November to March 2023. Adds that Prolific has agreed not to request share issuances under the facility, as long as Scirocco complies with the repayment schedule. Says that it will use available cash resources to pay the loan, strengthened by the first cash instalment received from ARA Petroleum Tanzania Ltd. Chief Executive Tom Reynolds says: ‘Scirocco is pleased to have Prolific’s continued support during a challenging time in the global markets, Prolific’s investment served as an important bridge in Scirocco’s cash flow requirements, and Prolific has acted as a supportive and responsible corporate citizen during its tenure as an investor in Scirocco.’
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Vp PLC - Harrogate-based equipment rental firm - Continues to trade ‘satisfactorily’, with further growth in the first half its new financial year. Says UK housebuilding and infrastructure activity has been ‘supportive’, whilst the construction market conditions have been stable. However, recent rail strike actions have partially impact some of its planned works, and in HS2, demand has slowed as Phase 2 of the project has experienced delays. HS2 is the high-speed rail line being building between Birmingham and London. Vp says its International division has made ‘good progress’ in the first half of its financial year with both constituent businesses, Airpac Rentals and TR Group, delivering good growth on the prior year. Looking ahead, expects to invest further when market conditions improve. ‘The board has an exemplary historic record of managing the group and delivering returns through adverse trading conditions most recently in the last global downturn and then in the Covid-19 pandemic,’ the company asserts. Expects to publish interim results for the six months ended September 30 on November 29 and says these will be in line with its expectations.
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Redx Pharma PLC - Macclesfield, England-based clinical-stage biotechnology company focused on the treatment of cancer and fibrotic disease - Says the first patient has been dosed in its Phase 2a Trial for RXC007, the company’s fibrosis asset. The Phase 2a study is a 12-week multi-cohort, randomised, double-blind, placebo-controlled dose ranging study to assess early signals of efficacy as well as the safety and tolerability of RXC007 in idiopathic pulmonary fibrosis patients. RXC007, dosed orally and therapeutically, was able to significantly reduce skin thickness, fibrosis and collagen deposition in the skin and lungs as measured by hydroxyproline, histological staining and scoring. RXC007 is currently in development for lung fibrosis, including idiopathic pulmonary fibrosis and auto-immune related interstitial lung disease. Expects headline data from the Phase 2a study to be available in the second half of 2023. ‘The encouraging preclinical and translational data for RXC007 have given us confidence to progress into a Phase 2 programme with IPF as the lead indication,’ says Chief Executive Lisa Anson.
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Panther Metals PLC - Canada-focused mineral explorer - Says preparations at the Obonga project remain on schedule. The Obongo project covers an area of around 251 kilometres squared, providing an 88% coverage of the Obonga Greenstone Belt and comprising five ‘high priority’ prospects for which drilling permits are in place. The Obongo Greenstone Belt is around 160 kilometres north of Thunder Bay, Ontario. Expects construction of helicopter landing zones at the five drill target locations to be complete this week ahead of the planned drilling rig mobilisation. ‘Our aggressive plans to drill five separate targets containing multiple anomalies flies in the face of conventional thinking in today’s junior exploration sector, but this approach offers extraordinary upside combined with the most efficient use of capital,’ says Chief Executive Darren Hazelwood.
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BlueRock Diamonds PLC - South Africa-focus diamond producer - Sells a 10.22 carat stone in its September sale for $122,888. Chief Executive Victor Dingle says: ‘Kareevlei continues to yield highly coveted, quality diamonds, which sell at premium prices as highlighted by this recent tender that saw the sale of a 10.22 carat stone for around $123,000; as our new mine plan develops, we envisage an increasing number of similar discoveries.’
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MiLOC Group Ltd - Hong Kong-based pharmaceutical and beauty product company - Raises £39,585 through the issue of 197,925 new shares at a price of 20 pence each. Says the placing proceeds will be used for general working capital purposes. Following the issue of the new shares, the total number of shares in issue will be 86.3 million. Also calls an annual general meeting to be held on November 2.
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