The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Completes a reconnaissance surface programme at the Foggy Mountain project in the Toodoggone region in British Columbia.
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Mercia Asset Management PLC - regionally focused specialist asset manager - Invests into Axis Spine Technologies Ltd and Nova Pangaea Technologies Ltd. Invests £3.0million into Axis Spine, alongside £3.8 million from its managed funds. Invests £2.3million into Nova via a convertible loan, alongside £1.0million from its Northern Powerhouse Investment Fund. ‘These are two businesses we have been excited about for some time, actively supporting them within our managed funds. We are pleased to welcome them onto our balance sheet, where we have significant liquidity to support both in reaching their next stage of maturity,’ Chief Executive Mark Payton says.
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Oracle Power PLC - Cambridge, England-based power and natural resource project developer with focus on Pakistan - Appoints Thyssenkrupp to lead the technical and commercial feasibility study for its green hydrogen and ammonia project in southern Pakistan. Expects the study to start shortly with the final report expected to be delivered in the first half of 2023.
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Chesterfield Resources PLC - copper and gold explorer in Cyprus and in Labrador, Canada - Signs an agreement with Pacton Gold Inc to sell its interest in its Adeline licences to Pacton in exchange for a combination of cash and shares in Pacton. ‘This is a good deal for Chesterfield in many respects, as it values Adeline on fair terms, whilst also potentially capturing additional value as the project is advanced. We look forward to working closely with Pacton to deliver the best possible value from Adeline to our shareholders as quickly as possible,’ Chair Paul Ensor says.
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Cobra Resources PLC - Wudinna gold project in South Australia - Announces a placing of 86.7 million shares at a price of 1.5 pence per placing share to raise £1.3 million. Engages Shard Capital Ltd to act as its joint broker. Plans to use the funds for exploration activities in relation to the rare earth opportunities at its Wudinna project. ‘Funds being raised through this placing will enable us to fast track our rare earth resource growth and continue to advance our existing gold mineral resource through strategic exploration work, which should generate significant shareholder value. This is an exciting time for Cobra and its shareholders,’ Chair Greg Hancock comments.
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Afentra PLC - upstream operator in Africa with carried interest in Odewayne block onshore southwestern Somaliland - Says its Sonangol acquisition is subject to a number of conditions but should be finalised in the fourth quarter of 2022. Extends the long-stop date to December 31, in order to facilitate the satisfaction of the conditions precedent on time. In February it started negotiations with Sonangol EP to purchase interests in Block 3/05 and Block 23 in Angola for $80 million, plus up to $51 million in contingent consideration. Says its acquisition of Industrija Nafte is also still subject to conditions precedent. ‘Given the progress made to date, there is not considered to be any requirement to extend the long-stop date pursuant,’ it says.
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Gama Aviation PLC - Farnborough, England-based aviation services company - Wins a contract to support the offshore operations of an international oil and gas customer in the southern North Sea for a five-year period. Expects the contract to deliver overall revenue of £130 million over its five-year term.
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Artisanal Spirits Co PLC - malt whisky maker - Signs a new franchise agreement with FJ Korea in South Korea. Does not disclose the financial details of the deal. ‘I am delighted to announce this exciting collaboration as ASC continues to progress its strategy to expand its presence in key international whisky markets, adding South Korea to our growing footprint. This further establishes our operations in Asia - one of the fastest-growing whisky regions in the world,’ Managing Director David Ridley comments.
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MobilityOne Ltd - Malaysia-based e-commerce infrastructure payments and platform provider - Enters a series of conditional agreements with Super Apps Holdings Sdn Bhd in order to establish a new joint venture to expand its e-products and services business initially in Malaysia. ‘As outlined in the group’s half-yearly report published at the end of September, the group is cautious on the outlook for the remainder of 2022 and partnerships with parties in complementary businesses was identified as a future growth strategy. So we are pleased to be making steps to execute on this partnership strategy,’ CEO Dato’ Hussain A Rahman says.
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Aura Energy Ltd - uranium projects in Mauritania and Sweden - Completes the air core drilling at its Tiris Uranium project in Mauritania. Continues to work towards near-term uranium production. ‘Completion of drilling as part of the resource upgrade program is a key milestone in developing Tiris, and it is aligned with our objective to achieve uranium production by 2025. Importantly, it also demonstrates clear progress on the path set in Q1 of this year to rapidly develop Tiris and grow its value for all our stakeholders, including the government and community, with whom we continue to work very closely,’ Chief Operating Officer Will Goodall says.
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