The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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First Tin PLC - London-based, Germany and Australia-focused tin development company - Announces completion of end-to-end mineral processing testwork on bulk sample from the North Pit mineralisation at the Taronga tin project. Says it is possible to recover 55% to 58% of total tin into a plus 56% Sn low-impurity saleable tin concentrate, with additional 5% to 6% recovery possible from a fine tin circuit, using standard techniques and ‘simple, cheap’ equipment. Chief Executive Officer Thomas Buenger says test work ‘has identified a clear path forward to produce a saleable tin concentrate...at reasonable recovery rates using very simple equipment, resulting in lower capital and operating costs.’
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Avingtrans PLC - Cambridgeshire, England-based designer, manufacturer and supplier of critical products and services to the energy, medical and industrial sectors - Completes acquisition of remaining issued share capital of Oxford-based medical technology firm Adaptix Ltd, for up to £2.7 million. Consideration will be satisfied by the issue of 642,355 shares at 426 pence per share. Avingtrans has been supporting Adaptix over the past few months through a £1.1 million loan facility and will adopt debt facilities £2.1 million, as well as repaying an additional £2.2 million to creditors on Adaptix’s behalf.
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TPXimpact Holdings PLC - London-based IT consulting firm - Completes sale of Sofia-based Questers Resourcing Ltd and Questers Bulgaria EOOD to Nortal AS outsourcing and team augmentation business pwrteams OU, for £7.5 million cash consideration. Will use up to £5.0 million of consideration to repay borrowings, and is targeting net debt between £11 million and £12 million at March 31 2024, down from £17.9 million at June 30. Says current trading remains in line with budget and expectations. Reiterates financial 2024 targets of £81 million to £85 million or 15% to 20% like-for-like revenue growth and adjusted Ebitda of £4 million to £5 million with 5% to 6% margins.
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BSF Enterprise PLC - London-based biotechnology investor - Says its 100% owned subsidiary cellular agriculture company 3D Bio-Tissues has been awarded a €612,000 grant from the European Institute of Innovation & Technology to upscale production and sales of its proprietary animal-free cell growth agent City-Mix, designed for use in cultivated meat and leather production. CEO Che Connon says the grant ‘is a very positive endorsement of our flagship product and business strategy’ and ‘will fuel our growth without diluting our shareholders...we have a clear strategy to achieve international growth and with these funds in hand we are well positioned to implement.’
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Critical Metals PLC - London-based, Africa-focused investor in the critical and strategic metals sector - Signs $3 million non-dilutive debt facility with an international financial institution. Debt term is for nine months from date of execution for the first $500,000 installment with a committed further tranche of $500,000 and the option to request further funds up to the $3 million maximum. Company will also issue warrants for said institution to subscribe for up to 2.0 million shares. Says funds will help accelerate its mining operations and increase production volumes while continuing negotiations with future copper ore buyers.
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Hemogenyx Pharmaceuticals PLC - London-based biopharmaceutical company focused on treatments for deadly blood diseases - Says investment fund Prevail Partners LLC has agreed to invest $830,000 or £668,000 total through subscription for 11.1 million shares at $0.075 per share. Says subscription price is more than three-fold premium to Thursday closing price. Wholly-owned subsidiary Hemogenyx Pharmaceuticals LLC has signed a master service & technology agreement with Prevail InfoWorks Inc, which will provide clinical services and technologies for Hemogenyx’s upcoming phase one study of its anti-FLT3 chimeric antigen receptor-redirected T-cells or CAR-T cells in relapsed or refractory myeloid leukemia patients.
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