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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RTW Biotech Opportunities Ltd - investment company focused on the life sciences sector - Says proceeds from Prometheus Biosciences sale total $99.1 million. Says will retain ‘appropriate level’ of proceeds for new investments. RTW adds: ‘With the biotech sector only just recovering from the second deepest and second longest bear market in its history, the board consider now to be an opportune time to take receipt of such gains. Valuations are attractive, fundamentals have turned around with the maturation of some modalities and companies, and M&A has become a significant tailwind.’ RTW also plans share buyback of up to $10 million. Says current share price ‘undervalues’ firm. Merck & Co in April announced deal to acquire Prometheus for nearly $11 billion.
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Octopus AIM VCT PLC, Octopus AIM VCT 2 PLC - venture capital trusts - The duo plan to launch a new subscription offer later this year. Will announce further details ‘in due course’.
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Mineral & Financial Investments Ltd - investment company focused on natural resources sector - Joint-venture partner Ascendant Resources Inc receives expression of interest from UK Export Finance to support a possible credit facility for Lagoa Salgada project in Portugal. Would provide support for up to $190 million for project, which would represent 70% of total capital expenditure. Mineral & Financial owns 50% of the asset. UKEF is the UK government’s credit export agency.
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Quantum Exponential Group PLC - London-based quantum technology investor - Invests £300,000 as part of wider £1.5 million pre-seed funding round in Delta g Ltd. Delta is a gravity sensing hardware and technology development firm. Quantum adds: ‘The funding round was led by Science Creates Ventures, with additional investment from Newable Ventures, Bristol Private Equity Club and angel investors. This is Quantum Exponential’s seventh portfolio company.’
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Kazera Global PLC - mining-focused investment company - African Mineral Sands Pte Ltd Singapore buys another tranche of Kazera shares from another existing shareholder at 1.5 pence each. It means African Mineral now owns 60.0 million Kazera shares, a 6.4% stake. ‘AMS and its associated partners have extensive experience in mining and infrastructure projects in Southern Africa and the company believes the addition of AMS as a strategic investor is a positive development, which will provide Kazera with new opportunities for growth and development. AMS and its partners have been investors and offtake partners in the HMS business over the past five years,’ Kazera explains. Meanwhile, company says pilot plant at Whale Head Minerals is delivering ‘very promising’ heavy mineral sand results. Kazera adds: ‘HMS samples indicate presence of higher value minerals including rutile, zircon, and monazite. Samples identified to have raised levels of radioactivity and the company has engaged with the national nuclear regulator to determine whether any specific permitting is required.’
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Zenith Energy Ltd - Africa, Middle East and Europe-focused energy production and development company - Acquires portfolio of mineral leases and oil and gas wells in Texas from Beam Earth Group Ltd. Will fork out $1.0 million in total. Zenith adds that 60% of that is payable in cash and the remaining 40% in shares. ‘The acquisition comprises of 155 oil and gas wells located in the vicinity of Midland across licences named Corsicana, Powell, BrookLaw and Sun Valley,’ Zenith adds. It adds that 47 wells are currently active with a daily production of approximately 60 barrels of oil per day.
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Genedrive PLC - Manchester, England-based point-of-care molecular diagnostics company - Announces schedules £300,000 drawdown under £5 million facility with Riverfort Global Opportunities PCC Ltd. Riverfort Global granted 724,997 warrants, with an exercise price of 23.17 pence.
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