Forte Energy NL (LON:FTE) shares were down in late trading after it revealed it is in advanced discussions with a number of parties regarding potential corporate transactions and/or potential acquisitions.
It says management has taken steps to reduce overheads and outgoings to a minimal level while reviewing its operations and seeking suitable potential acquisitions or corporate transactions.
The company says it it clear it will require an injection of funds and the corporate transactions currently under consideration are expected to address funding requirements and enable recapitalisation of the Company.
Shareholders should be aware that there is no certainty of such discussions and negotiations leading to a transaction being concluded. The company looks forward in the near term to advising shareholders of any developments.
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Coal of Africa Limited (LON:CZA) has agreed a reverse takeover of Universal Coal in a deal worth around A$126.4m.
Under the terms of the offer, Universal shareholders will get A$0.20 in cash and one new CoAL share for each of their existing shares. The deal represents a premium of 35% to Universal Coal's closing price on 30 October, the day prior to the start of talks.
CoAL chief executive David Brown said: "The combination of Universal's producing assets and CoAL's development portfolio, coupled with the excellent shareholder support ensures that the merger, as a first of its kind in the South African coal industry, will not be the last, we see the enlarged group as a springboard to creating a new coal mining force."
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Pan African Resources (LON:PAF) has advised shareholders that its earnings per share (EPS) and headline EPS (HEPS) for the current interim reporting period are expected to be a minimum of 10.37 cents per share.
This represented an increase of at least 85% relative to the HEPS of 5.61 cents reported for the prior interim reporting period, and 91% relative to the EPS of 5.42 cents reported for the prior interim reporting period
"The reasons for the increased earnings include an improved operating performance from both Barberton Mines and Evander Mines, as well as an increase in the ZAR gold price received by the operations during the first five months of the current interim reporting period," the company said.
"Using the average ZAR:GBP exchange rate of 20.26:1 that prevailed for the first four-months of the current interim reporting period, the Groups EPS and HEPS for the current interim reporting period is expected to be a minimum of 0.51 pence per share," it said.
This represented an increase of at least 65% relative to the HEPS of 0.31 pence reported for the prior interim reporting period, and 70% relative to the EPS of 0.30 pence reported for the prior interim reporting period.
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The sector's biggest risers were Anglesey Mining (LON:AYM) and Red Rock Resources (LON:RRR) - up by 20% and more than 14.2% respectively in late trading. The biggest faller was Zincox Resources (LON:ZOX) -down by more than58.6%.
(LON:AQP) Aquarius Platinum Ltd share price was +0.13p at 11.13p
(LON:AYM) Anglesey Mining PLC share price was +0.25p at 1.5p
(LON:BEM) Beowulf Mining PLC share price was -0.75p at 4.88p
(LON:BKY) Berkeley Resources Ltd share price was 0p at 25p
(LON:CEY) Centamin PLC share price was +1.35p at 61.75p
(LON:CHL) Churchill Mining PLC share price was -1.5p at 15.88p
(LON:CZA) Coal of Africa Ltd share price was -0.02p at 2.48p
(LON:FDI) Firestone Diamonds PLC share price was -0.25p at 16.75p
(LON:FRES) Fresnillo PLC share price was +29.5p at 750p
(LON:FTE) Forte Energy NL share price was -0p at 0.01p
(LON:GEMD) Gem Diamonds Ltd share price was +2p at 98.25p
(LON:HOC) Hochschild Mining PLC share price was +2.5p at 54.75p
(LON:KMR) Kenmare Resources PLC share price was -0.04p at 0.66p
(LON:PAF) Pan African Resources PLC share price was +0.21p at 7.22p
(LON:RRR) Red Rock Resources PLC share price was +0p at 0.02p
(LON:VED) Vedanta Resources PLC share price was -0.7p at 369.9p