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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Amaroq Minerals Ltd - Greenland-focused gold mining company - Raises £30 million via a placing of 85.7 new shares priced at 35 pence each. The pacing price represents a 2.8% discount to the closing price on Wednesday, being the last business day prior to the announcement. The placing shares represent around 33% of the company’s issued share capital. As part of the placing, Chief Executive Eldur Olafsson buys 814,162 shares, worth £284,957, Chief Financial Officer Jaco Crouse buys 285,714 shares, worth £100,000, Non-Executive Director David Neuhauser buys 2.3 million shares, worth £800,000, Non-Executive Director Sigurbjorn Thorkelsson buys 1.4 million shares, worth £505,548, and Non-Executive Director Graham Stewart buys 142,857 shares, worth £50,000. ‘I am delighted to announce the results of the fundraising, which will prove transformational for Amaroq as we bring our cornerstone Nalunaq project towards production,’ says CEO Olafsson.
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Braveheart Investment Group PLC - Barnsley, South Yorkshire-based investor in small- and medium-sized businesses - Buys a further 2.3 million shares at an average price of 7 pence each in Autins Group PLC. After the £161,000 transaction, Braveheart now holds a 13% stake in Autins. Autins is a Rugby, England-based supplier of acoustic and thermal management technology for the automotive industry. In the year ended September 30, Autins made a pretax loss of £1.2 million on revenue of £23.4 million. Braveheart says it continues to seek investment opportunities, both within its existing portfolio and from outside.
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IOG PLC - North Sea-focused gas and infrastructure operator - Says its cash position is over £36 million, of which £5 million is restricted. Adds that its internal modelling projects corporate cash flows in a range of risked scenarios. This includes lower production outturn versus forecast, longer than planned downtime and gas prices materially below the prevailing forward curve. Says that based on this, it currently does not anticipate the need for short-term incremental funding.
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TruFin PLC - London-based financial technology firm - Says its finance software subsidiary Satago Financial Solutions Ltd has signed an agreement with Sage Group PLC to include a subscription to Satago within certain Sage 50 subscription packages. Sage is a Newcastle, England-based accounting software firm. As part of the agreement, Sage 50 customers that subscribe to certain packages will now gain access to Satago’s core platform solutions, credit control and risk insights to better manage their debtor book, as well as to invoice finance should cashflow gaps arise. The Sage 50 subscription package customers will also be able to purchase exclusively discounted additional Satago subscriptions.
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Keras Resources PLC - mine developer focused on Togo and the US state of Utah - Completes its extended mining campaign at its high-grade Diamond Creek organic phosphate mine, in Utah, US. Says a total of 3,000 tons of phosphate ore was mined, crushed and will now be loaded and hauled to the Spanish Fork processing facility before the end of the mining season, which formally ends on October 31. Adds that it mined 500 tons of phosphate ore than targeted. Chief Executive Graham Stacey says: ‘We are now fully stocked for the coming months with ore available to meet committed demand as well as plenty of material to process bespoke orders. Sales continue to be our main focus and we will be supplying our full range of products throughout the winter as growers re-stock for the spring planting season early next year.’
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Litigation Capital Management Ltd - Sydney-based litigation financing - Enters new litigation finance agreement with Julie Hunter, a ‘consumer rights advocate and proposed class representative’, in an application to begin a collective action soon to be launched in the Competition Appeal Tribunal against Amazon.com Inc. Says it will provide a litigation finance facility to fund a claim alleging that Amazon and other entities in the Amazon Group engaged in ‘anticompetitive conduct’ and ‘abused its dominant position in the market for the provision of online marketplace services in the UK.’ Chief Executive Patrick Moloney says: ‘In line with the increasing recognition of opportunities presented by litigation funding to consumers and the communities in which we operate, we are seeing an increasing number of competition-based claims in the UK.’
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Gama Aviation PLC - Farnborough, England-based aviation services company - Buys Jet East, a maintenance, repair and overhaul hangar facility in Statesville, North Carolina, for $3.5 million in cash. Says the facility is around 90,000 square foot, with a 55,000 sq ft hangar and 35,0000 sq ft of offices and workshops. Expects to invest a further $1.5 million in equipping and standing up the facility. Says it has also secured a ‘long-term’ ground lease for Statesville Airport for the site on which the hangar is located. Expects the facility, which provide major maintenance inspections and aircraft system upgrades, to be open in the first quarter of 2023. Chief Executive Marwan Khalek says: ‘Once operational, the new facility will further diversify Jet East’s service offering, increasing the resilience of its business model and driving growth; further enhancing shareholder value from our US operations.’
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Hydrogen Utopia International PLC - London-based mixed plastic waste-to-fuel technology - Enters into a €650,000 convertible loan facility with substantial shareholder Conrad Griffiths as lender. Griffiths currently owns 9.5% of the company’s shares. The loan is interest-free until December 31, thereafter interest will accrue at the rate of 5% per year. The loan is repayable on December 31, 2025. Says that the loan will be used to provide further working capital and to fund the company’s investment capital requirements.
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Resolute Mining Ltd - Perth-based gold miner in Africa - Receives second payment of $10 million under its $30 million deferred payment arrangement with Asante Gold Corp. Expects to receive a final payment of $12.7 million on or before November 18. In August last year, Resolute sold its Bibiani gold mine in Ghana to Asante for $90 million.
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