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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Pantheon Resources PLC - London-based oil and gas company focused on onshore operations in the US - Agrees a private placement of 11.9 million shares at a price of £0.1878 each for a total $2.8 million to IPGL Ltd, a long-term shareholder. Pantheon will use the funds to pay the full quarterly bond repayment of the same amount. Therefore, the placement is cash-neutral and should result in materially similar dilution than would have been the case had the company settled the bond repayment in shares.
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Immupharma PLC - London-based drug discovery and development company - Further to announcement on August 31, raises £130,683 via the issue of around 6.5 million shares at 2 pence each to existing retail investors, in addition to the £1.4 million raised in the subscription and direct subscription. Notes Lisa Baderoon, director, subscribed for 1.0 million retail offer shares.
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Technology Minerals PLC - London-based battery metals mining and recycling firm - Raises £700,000 from a long-term shareholder through the issue of convertible loan notes. The convertible loan notes carry a coupon of 12% for a term of twelve months from issue and are convertible into shares at 1.4 pence each. ‘The funding will support the company as it continues to advance its exploration assets up the value curve and Recyclus progresses through the commissioning phase at its Li-ion battery recycling plant and moves closer to commercial production,’ says Alex Stanbury chief executive.
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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - Announces further progress from Hikma in the development of ready-to-use injectable medicine AT307, following a recent positive pre-investigational new drug application meeting between Hikma and the US Food & Drug Administration. In January, Arecor transferred all rights and responsibility for future development and commercialisation of AT307 to Hikma as part of an earlier co-development and license agreement. Under this pact, Arecor is eligible to receive development milestone payments in addition to future recurring revenue from royalty payments upon commercialisation. Hikma has communicated to Arecor its intention to continue the development of AT307 in the US using the FDA’s 505(b)(2) regulatory pathway. This pathway provides companies with an abbreviated regulatory review process when evidence of safety and clinical efficacy generated for an originator product is deemed suitable to be relied upon in new marketing applications.
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Egdon Resources PLC - Reading-based oil and gas explorer and producer - Further to the announcement of August 7, says Egdon, York Energy (UK) Holdings Ltd and Cuadrilla North Cleveland Ltd have executed a fully termed agreement to enable a farm-in and equalisation of interests between the PL81 and PEDL347 licences. Licences will be assigned as follows: Egdon 52.5%, Cuadrilla 25% and York 22.5%. Egdon would be appointed as the operator of the licences. As consideration, Egdon will pay 100% of the costs associated with the planning, drilling, logging, and either short term testing and completion or plugging and abandonment of a well to optimally test the Weaverthorpe prospect.
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Canadian General Investments Ltd - closed-end equity fund focused on Canadian firms - Reports net asset value per share at August 31 was $57.57, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 20.9% and 21.6%, respectively. No comparative NAV figure was given.
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RA International Group PLC - specialist provider of complex and integrated remote site services - Says in the six months to June 30 revenue rose 4.1% to $30.4 million from $29.2 million the year prior. Pretax loss narrowed to $2.5 million from $3.4 million with loss per share of 1.4 pence compared to 2.0p the year before. Highlights order book of USD 71 million at June 30, although this was down from $96 million last year.
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