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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Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Says its subsidiary First Development Resources raised £1.1 million through a Pre-IPO financing undertaken with SI Capital Ltd. It issued 16.9 million shares at a price of 6.67p pence per share, which will represent 27% of its issued share capital on completion of the financing. ‘The pre-IPO financing provides FDR with the necessary working capital to confidently push ahead with business operations including its planned listing on the London capital markets,’ First Development Resources Chief Executive Tristan Pottas says.
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Benchmark Holdings PLC - Sheffield, England-based aquaculture genetics, health and nutrition company - Converts existing NOK190 million, equal to £16 million, loan with Nordea Bank related to its Genetics salmon egg facility in Salten, Norway into a green loan. The new green loan remains as ring-fenced debt without recourse to the remainder of the Benchmark Group and has a marginally lower interest rate, it says.
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Globalworth Real Estate Investments Ltd - office investor in central and eastern Europe - Enters into a six-year term loan agreement for €85 million with the International Finance Corp, which is a member of the World Bank. Board of Globalworth considers that the loan will further strengthen the company’s liquidity position and provide flexible capital on ‘attractive terms’.
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Sovereign Metals Ltd - Perth, Scotland-based rutile exploration and development company focused in Malawi - Starts pre-feasibility study drilling program across the Kasiya Rutile project. Says 12,000 metres drilling program commenced at Kasiya to upgrade higher-grade mineral resource areas to underpin conversion to reserves as part of the planned PFS
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Mosman Oil & Gas Ltd - Sydney-based oil and gas company with projects in Australia and the US - Says its net production for the three months to March 31 totalled 11,756 barrels of oil equivalent, will update on quarterly production again in July.
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Calculus VCT PLC - invests in UK growth companies - Net asset value per share as at February 28 rises to 67.90p from 67.08p on the same date a year before. Annual yield remains flat at 4.50%, year-on-year. Lifts final dividend to 3.06p from 3.02p. Cautions about ‘ negative economic consequences’ from conflict in Ukraine.
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APQ Global Ltd - Guernsey-based emerging markets investor - Revenue for 2021 falls to $6.9 million from $11.4 million in 2020. Pretax loss narrows to $7.6 million from $40.4 million, as the net loss on financial assets at fair value drops. Believes its Direct Investment Portfolio is now ‘very well positioned to capitalise from several growing trends globally.’
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RiverFort Global Opportunities PLC - High Wycombe, England-based capital market company - Notes takeover offer for Pires Investments PLC from Tern PLC. Says the offer values its stake of 30.9 million shares in Pires at £2.5 million. an irrevocable undertaking in connection with the offer relating to all the shares and warrants in Pires held by it.
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Novacyt SA - Surrey-based biotechnology group focused on clinical diagnostics - Receives approval for its PROmate Covid-19 1G PCR test from the Coronavirus Test Device Approvals regulation. Its PathFlow Covid-19 rapid antigen test also receives a CE mark, approving it for sales in all 30 European Economic Area countries.
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Bluefield Solar Income Fund Ltd - Guernsey, UK-based investment company focused on low-carbon assets in the UK - Raises £150 million via issue of 115.4 million new ordinary shares. The new shares represent 23% of the company’s share capital prior to the placing, and bring its enlarged share capital to 611.5 million shares. The funds will be used to pay down its revolving credit facility, which as of May 10 was fully overdrawn.
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IOG PLC - North Sea-focused gas and infrastructure operator - Says production at Saturn Banks resumed on May 31, at an initial level of 30 million cubic feet of gas per day. This follows an announcement on May 23 that production had shut down at Saturn Banks facility due to a drainage fault in the terminal condensate stabilisation unit’s two compressors. IOG now expects production to be ‘gradually’ restored to its prior levels of around 55-66 million cubic feet of gas per day over the coming weeks. ‘IOG, Perenco and ODE Asset Management have collaborated well to facilitate rapid execution of the PUK terminal modification and allow our production to be resumed at 30 mmscf/d. We look forward to a phased build up to double that level as fast as technically feasible over the coming weeks,’ says Chief Executive Officer Andrew Hockey.
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Atrato Onsite Energy PLC - London-based renewable energy investment trust - Invests £6.6 million into operational rooftop solar photovoltaic system for Marks & Spencer PLC. Expects asset to become immediately income-producing via the sale of green electricity onsite under a long-term power purchase agreement with M&S. The PV system is installed on the M&S logistics warehouse in Leicestershire, providing 6.1 megawatt peak capacity.
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Indivior PLC - Virginia, US-base pharmaceutical company - Enrols first patient in phase 2b study of AEF0117 for the treatment of cannabis use disorder. ‘Following the promising results of a Phase 2a study showing that AEF0117 reduced the subjective effects of cannabis and cannabis self-administration in subjects with moderate to severe CUD, this Phase 2b clinical trial aims at demonstrating the efficacy, tolerability and safety of AEF0117 for the treatment of CUD,’ said Chief Scientific Officer Christian Heidbreder.
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Angus Energy PLC - UK-focused oil and gas development company - Completes acquisition of Saltfleetby Energy Ltd, giving it 100% interest in the Saltfleetby license in East Lindsey district of Lincolnshire, England. ‘It is the board’s view that the acquisition and associated share issuance, taken in totality, will be highly accretive for Angus shareholders this year and in the years following. The acquisition...doubles the value of Angus’ interest in the Saltfleetby Licence to approximately £50 million on the basis that the Competent Persons Report of October 2021 ascribed a conservative £25.4 million P90 valuation to Angus’ 51% interest in October after all associated debt funding was taken into account,’ CEO George Lucan comments.
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Alien Metals Ltd - London-based mineral exploration company focused on Australia, Mexico and Greenland - Says metallurgical test work programme at Hancock iron ore project shows high-grade and low-impurity nature of the deposit. In light of this, Alien advances discussions with potential offtake partners, and delivers marketing samples. Also engages in preliminary discussions with number of funding parnters, to explore equity and debt options. CEO & Technical Director Bill Brodie Good says: ‘The development aspects of the Hancock Iron Ore Project to be shovel ready for early 2023 are progressing very well. We are on track to have all the permitting in place, and will soon be in a position to commence mining next year. Additionally, in-depth discussions with third party contractors and potential offtake partners to enable us to get into production in 2023 are continuing.’
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Omega Diagnostics Group PLC - Alva, Scotland-based diagnostics company - Raises £4.1 million in placing, subscription and open offer at issue price of 4 pence per new ordinary share. Fundraise remains conditional on the approval by shareholders at the general meeting to be held on June 6.
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t42 IoT Tracking Solutions PLC - Jersey-based provider of tracking, security and monitoring solutions for containers and freight - Completes pilot with security division of Philip Morris Israel Ltd, and completes commercial delivery of 200 Lokies to IoT provider. Also says DB Schenker will start initial pilot program with its tracking locks.
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Ncondezi Energy Ltd - Mozambique-based power development company - Says Seritza Ltd extends period in which it will not call up working capital facility term loan to June 30, while Ncondezi finalises restructuring talks.
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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Doses first patient in phase 3 Connect clinical trial for US and Japanese markets, with headline data from the trial expected in 2023. The trial will investigate hydrocortisone modified-release hard capsules DNL-0200 for adults with congenital adrenal hyperplasia, as compared with immediate release hydrocortisone. ‘I am delighted that we have dosed the first patient in this important clinical trial. CONnECT builds on knowledge gained from our European study for DNL-0200, to date the largest ever completed study in CAH, and as the first blinded study, CONnECT should prove to be the definitive evidence for optimal treatment of patients with CAH,’ says CEO Richard Bungay.
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Fulcrum Utility Services Ltd - Sheffield, England-based utility infrastructure and services - Completes tranche five of the domestic gas assets transfer to ES Pipelines Ltd for a total consideration of £2.1 million. Has received £2 million cash, and expects retention balance of £100,000 next November. Total gross consideration for the assets is expected at around £49 million, with £30.7 million received to date.
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