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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Andrada Mining Ltd - African technology metals mining company with a portfolio of mining and exploration assets in Namibia - Says it has received $25 million in funding from Orion Mine Finance. Says the funding consists of £12.5 million unsecured tin royalty, $2.5 million equity subscription for 30.5 million shares, and $10 million convertible loan note. Says the tin royalty is allocated to increasing tin production at its Uis mine in Namibia. Says the remaining $12.5 million will accelerate the lithium and tantalum revenue streams, including the expansion of Uis and exploration drilling across all of its licences. Chief Executive Anthony Viljoen says: ‘We are pleased to announce drawdown of the Orion funding, following the fulfilment of all conditions. This partnership with Orion will not only enable the expansion of tin production up to 2 000 tpa, but will also allow us to accelerate our wider lithium and tin development surrounding our Uis mine.’
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Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage solutions provider - Says finance director Tanya Chikanza resigns, giving six months’ notice. Says it is investigating Chikanza regarding alleged misconduct which relates to a failure to disclose a material conflict of interest. Says it has suspended her from contractual appointment with immediate effect. Says Janandre Lamprecht will become acting finance director.
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Agronomics Ltd - investor in the cellular agriculture field - Says portfolio company Solar Foods Oy raises €8 million in series B financing round via Finnish investment organiser Springvest Oyj. Notes that existing investors have also participated in a private placement which will close in two weeks. Says existing investors include Happiness Capital and Lifeline Ventures. Notes that it has invested €6 million in Solar Foods so far.
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Instem PLC - Staffordshire, England-based provider of IT services to life sciences market - Says its proposed acquisition by Ichor Management Ltd Bidco, which is controlled by funds managed by Archimed SAS, has been sanctioned by the UK high court. Says scheme expected to become effective on November 21, with shares to be cancelled on London’s AIM market.
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SkinBioTherapeutics PLC - Newcastle-based life science company focused on skin health - Launches placing of shares at 19 pence per share to raise at least £3.0 million. Launches separate retail offer to raise up to £250,000 from existing shareholders. Says proceeds will be used to advance oral and inflamation programmes, roll-out of Axis-PS, study and commercialisation of acne treatment and as working capital. Chief executive Stuart Ashman says: ‘The funds we are looking to raise are to help with the current commercialisation and development strategy of AxisBiotix in skin health, with our latest venture beginning in acne, as well as providing a stronger financial base to support our strategic partnering discussions around three of our other business pillars.’
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