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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Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric plants in UK, Sweden and Finland - Announces the acquisition of two hydropower plants for £5.1 million. The acquisition is being funded through Downing Hydro AB, using available cash reserves. The two plants take the company’s total number of Swedish hydropower plants to 28 with a total annual average production of 197 gigawatt hours. The first of the two acquisitions, which has already been completed, is a 2.5 gigawatt hour hydropower plant in Hogforsen. The second acquisition, which is expected to be completed in early March, is a 6 gigawatt hour hydropower plant in Hottne.
DORE increases its dividend target for 2023 by 7.6% to 5.38 pence per share. Expects the increased dividend to be fully covered by the current portfolio. ‘The dividend target stated in this announcement is a target only and not a profit forecast. There can be no assurance that the dividend target will be met, or that DORE will make any distributions at all and it should not be taken as an indication of DORE’s expected future results,’ the company notes.
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TruSpine Technologies PLC - Gatwick, England-based medical device company - Says it still has not received the funding from the bridge loan facility and the subscription for tranche 1 of the staged equity funding it agreed with Investment Group. Believes that it will receive the funding ‘in due discourse.’ Notes that it got £200,000 following a loan agreement with a separate third-party, as reported on Tuesday, which is being utilised for general working capital purposes.
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Technology Minerals PLC - battery metals developer - Receives a conversion notice from Macquarie Bank Ltd for convertible bonds of £40,000 of the first £500,000 tranche from the £4.0 million convertible bond facility. Plans to issue 4.0 million shares at a conversion price of 0.993150p per share. Expects the admission of the shares to occur on March 8.
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GSTechnologies Ltd - Milton Keynes, England-based fintech and information technology company - Gets a conversion notice from the loan facility provider to convert $240,000 principal amount of the loan facility and the associated interest of $24,000 into new shares of no-par value in the capital of the company. Expects admission of the shares to become effective on or around March 7.
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Ariana Resources PLC - exploration firm with interests in Turkey, Cyprus and Kosovo - Completes its due diligence on the Slivova gold project in Kosovo and expects to complete a definitive earn-in agreement on the project. Completes the concept study for the project during the due diligence. ‘We are looking forward to further advancing the development of the attractive Slivova Gold Project in Kosovo. We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals,’ Managing Director Kerim Sener comments. The Slivova project covers 32 square kilometres and is valid for 7 years of exploration.
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Quantum Exponential Group PLC - quantum technology investment firm - Appoints Stuart Woods as chief operating & strategy officer. Notes that the position has been newly created by the company. ‘Stuart’s experience in the quantum and deep tech sectors, and his contacts of sector experts and investors alike, is second to none. It is a testament to Stuart’s belief in our long-term strategy that he joins Quantum Exponential at this important time as we look to continue building on the quality of investments made to date,’ Non-Executive Chair Ian Pearson comments.
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TomCo Energy PLC - London-based oil explorer in the US state of Utah - Says it is currently in discussion with the counterparty in the agreement about its subsidiary Greenfield Energy LLC acquiring the remaining 90% of the membership interests for additional cash consideration of $16.3 million through an exclusive option. Says the option was scheduled to expire on Tuesday. Says that there can be no certainty that the option will be extended or that the required funding can be secured to complete the acquisition.
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Angus Energy PLC - London-based energy transition company with a portfolio of clean gas development assets, onshore geothermal projects, and legacy oil producing fields - Completes the drilling of the SF7v sidetrack at the Saltfleetby Field. Says it reached a total measured depth of 2746 meters in the Westphalian 1D reservoir. Says that Richard Herbert will be appointed as CEO with full control of day to day operations. Receives an offer from a group of core shareholders to provide a junior debt facility to cover any drilling programme overruns as well as diligence costs with potential acquisitions, as an alternative to a dilutive placing.
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First Class Metals PLC - Metals exploration company seeking large-scale metal discoveries in Canada - Says the work programme at its McKellar & Magical properties further proves up conceptual volcanic massive sulphide model and extension of historical high-grade metal occurrences across the property. Reports a proven potential for rare earth elements and plans further work. ‘Further encouragement from the 2022 field season includes the initial exploration results at McKellar returning significant results on the historic trend rich in zinc and silver. The mineralisation remains open, further work being warranted. There are additional compelling targets on the property including the diatreme which will be followed up in the upcoming field season. The anomalous first pass results from the initial field programme at Magical have supported the theory of a mineralisation along the sheared geological contact and further work is planned,’ CEO Marc Sale says.
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