The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Sunrise Resources PLC - Macclesfield, England-based mineral project developer - Says Tolsa USA Inc receives approval for proposed trenching programme at Sunrise’s Pioche Sepiolite project in Nevada from the US Bureau of Land Management. The reclamation bond has been submitted, and now up to two kilometres of excavator trenching is due to start this week. This will ‘better expose and sample’ sepiolite deposits. Tolsa is the US subsidiary of Tolsa SA. Tolsa was granted a six-month option to purchase the Pioche project for $1.3 million back in June and would pay a 3% royalty to Sunrise. The option is extendable for another 12 months upon payment of $50,000 to Sunrise. Sunrise notes its focus remains on the CS and Hazen pozzolan projects, but Pioche is an example of its strategy to ‘identify overlooked mineral opportunities’ to convert into cash and free carried royalty interests, ‘such as those the company already holds on the Junction, Garfield and Stonewall exploration projects’.
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Georgia Capital PLC - Tbilisi, Georgia-based investor in businesses in Georgia - Announces results of its tender offer for outstanding $365.0 million 6.125% notes due 2024 for cash. Aggregate principal amount of notes accepted for purchase is $29.2 million, which it intends to cancel. Georgia Capital also will cancel another $35.8 million in notes that it already owns, leaving $300.0 million notes outstanding.
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Kavango Resources PLC - London-based mineral explorer focused on Botswana - Agrees to raise £500,000 from the issue of 27.8 million shares at 1.8 pence each. The shares will be conditionally issued via a direct subscription by a single strategic investor, Arigo Capital Ltd. Follows Monday’s £3 million equity fundraise to put towards its plans in Botswana. ‘We are now extremely well positioned to pursue our ambition of making multiple major metal discoveries in Botswana,’ says CEO Ben Turney.
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Gunsynd PLC - London-based investment company focused on the natural resources, life sciences & alcohol sector - Invests A$90,000, around £50,000, into Omega Oil & Gas Ltd. Omega is an Sydney-listed natural gas explorer and oil producer that began trading on the Australian Stock Exchange on Tuesday. It raised A$15.1 million via the issue of 75.3 million shares at A$0.20 each. Gunsynd subscribed for 450,000 shares at that price, now holding a 0.4% stake. Omega holds two exploration permits and a petroleum licence in the Surat-Bowen Basin in South-East Queensland, Australia. For the financial year that ended June 30, Omega recorded insubstantial revenue and a loss of A$2.0 million.
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Deltic Energy PLC - AIM-listed natural resources investing company - Says the operator of the licence P2252, Shell UK Ltd, indicates that it is preparing to move the Maersk Resilient drilling rig to the Pensacola location, with mobilisation planned to occur in early November. Drilling is expected to start in mid-November, at which point Deltic will update further.
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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Elects to draw £203,500 from its £10 million equity drawdown agreement with Crescita Capital LLC, into which it had entered last February. Accordingly, 18.5 million Clouadbreak shares are issued at 1.1p each. ‘The capital drawn down will be used to advance the company’s acquisitions of energy royalties, lithium assets and bauxite projects globally,’ the company explains.
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Lamprell PLC - United Arab Emirates-based provider of oil field services - Confirms its London Main Market listing was cancelled as of Tuesday’s market open. Shareholders had approved the delisting back in September.
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Gaming Realms PLC - London-based developer and licensor of mobile-focused gaming content - Officially launches its content in the US state of Connecticut, alongside its partner DraftKings Inc. Five games are now live, with a further nine to follow shortly. ‘Users will be able to play some of the company’s top titles including Lucky Larry’s Lobstermania Slingo, Blackjack X-Change, and our collaboration with the American Cancer Society - Slingo Gems,’ it says. Notes the US is a ‘significant’ growth market for the firm, and it has a ‘number’ of new operator launches planned.
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Ingenta PLC - Oxford, England-based provider of software and services to the publishing industry - Proposes tender offer to purchase 1.8 million shares at 115p each, which is around 11% of its issued share capital. Will have a general meeting on November 11.
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Kefi Gold & Copper PLC - Cyprus-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Updates on its third quarter operations. At Tulu Kapi gold project in Ethiopia, says project costs were updated by suppliers, and it accommodated a 7% increase to capital requirements to $320 million within the planned syndicate. Estimates that cash from the project in the first two years will be sufficient to repay debt. Earnings before interest, tax, depreciation and amortisation will average $127 million annually in the first seven years, with $89 million for Kefi’s interest. Also plans to re-commence exploration of additional projects within Tulu Kapi district exploration area. Meanwhile, in Saudi Arabia, says its activities have benefited from the Saudi government’s push to bring in international expertise and fast-track growth in the mining sector. Notes rapid progress in the quarter. ‘Going forward the company’s Saudi assets are expected to have shorter gestation, approval, financing and development schedules,’ Kefi says.
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AQRU PLC - London-based incubator for decentralised finance businesses - Launches ’BlockLender’, ’a start-up that offers cryptocurrency-collateralised lending services. BlockLender will enable digital assets-holders to access instant loans, using their cryptocurrency as collateral, starting from a minimum value of $100. ‘While crypto-backed loans enable customers to use their digital assets to make real-life purchases, many providers have taken on excessive levels of risk with people’s assets, without their customers knowing. With the launch of BlockLender, AQRU is bringing much-needed transparency to the evolving digital asset lending market,’ says CEO Philip Blows, who also will be managing director at BlockLender.
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Open Orphan PLC - London-based research organisation testing infectious and respiratory disease products - Confirms its name change to hVIVO PLC will take effect from Wednesday. The firm previously explained it will take on the moniker of its clinical research subsidiary, and said the name change will better reflect its core human challenge and early clinical services business.
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MGC Pharmaceuticals - Perth, Australia-based medicinal cannabis company - Announces results of open label clinical study, for a white label version of ArtemiC Support. The study was conducted on 60 Covid-vaccinated participants in Spain who were suffering from post-acute Covid, also known as long Covid. The nutraceutical was administered in 10 drops twice a day for six weeks, and proved to alleviate symptoms of the long Covid, which relate to functional limitations. These include pain, mental confusion, sleep disorders, and inflammation. ‘The biological markers in the blood tests further proved a reduction of inflammation and enterohepatic involvement, as well as liver reactant proteins,’ it explains. ‘The clinical study has demonstrated that MGC Pharma’s ArtemiC Rescue formulation has markedly affected outward symptoms of Long-COVID, which is an excellent step forward in progressing the clinical proof of the benefits of ArtemiC,’ says Co-Founder & Managing Director Roby Zomer.
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