The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Hamak Gold Ltd - exploration and development company operating in Liberia - Says an induced polarisation geophysical survey underway at Nimba licence in Liberia. ‘Interpretation of initial results is promising at mapping the subsurface sulphide mineralization associated with gold mineralization discovered at Ziatoyah,’ Hamak says. Executive Director Karl Smithson adds: ‘We will expand the survey to the north of Ziatoyah (Follow Up Survey) to include the strong gold in soil anomaly and expect the geophysical surveys and interpretation to be complete in April 2023.’
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Star Phoenix Group Ltd - oil and gas company focused on Trinidad and Indonesia - Bats away renewed application for security for costs filed by LandOcean. ‘LCIA today dismissed the application and the company is entitled to its reasonable costs with respect to the renewed application for security, which are yet to be submitted to LCIA,’ Star Phoenix says. Star Phoenix is in process of claiming sums from LandOcean worth in excess of $8.4 million in the London Court of International Arbitration.
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Canadian Overseas Petroleum Ltd - oil and gas exploration, production and development company, with operations focused in Wyoming, US - Completes $14.8 million convertible bond financing. Notes full increase option was exercised. The convertible financing is meant to sufficiently fund the company for production growth, while allowing management to ‘optimally conclude’ their reserves-based lending and joint-venture negotiations, COPL said earlier in March.
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Sutton Harbour Group PLC - Plymouth, England-based harbour operator - Enters into agreement with Beinhaker Design Services Ltd to extend unsecured loan by £375,000 to just over £1.8 million. Loan carries 8% fixed annual interest.
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Panther Metals PLC - Canada-focused mineral exploration company - Australian Securities Exchange-listed Panther Metals Ltd eyes rights issue to raise up to A$2.7 million, around £1.5 million, to progress nickel-cobalt mineral resource at Coglia project in Western Australia.
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Itsum PLC - cash shell - Completes name change from In The Style Group PLC. Seals sale of main operating subsidiary. Itsum plans to distribute the net proceeds of sale. ‘However, while these net proceeds are expected to be approximately £500,000, the company will need to deduct the additional costs and expenses associated with the members voluntary liquidation, as well as the general administrative costs of now having to remain an AIM-quoted company, before the distribution of any residual value can be made to shareholders,’ Itsum says.
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Baronsmead Venture Trust PLC - investment firm focused on early-stage UK companies - Says fundraise fully subscribed and closed for further applications. Company in December, alongside Baronsmead Second Venture Trust PLC, said it planned to raise up to £40 million in subscription offer. Fundraise includes over-allotment to raise up to further £10 million. Earlier in March, Baronsmead used over-allotment to raise additional £5 million.
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