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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Beowulf Mining PLC - London-based mining company with projects in Sweden, Finland and Kosovo - Announces terms of previously announced fundraise. Says rights issue of Swedish depository receipts will raise up to £6.3 million, while a retail offer of ordinary shares in the UK will raise around £1.6 million. Notes the SDRs will be offered at SEK0.08 each and the shares at 0.61 pence each. Adds the SDRs will also be offered for subscription, without preferential rights, to institutional investors, other professional investors and the general public in Sweden. Beowulf says it has has received underwriting commitments for the rights issue for around 60% of the total. Explains proceeds will be used mainly to finance the continued development of the Kallak iron ore project in northern Sweden, including completion of the ongoing pre-feasibility study and environmental studies. Funds will also repay amounts advanced under the bridge loan financing arrangements, and corporate costs.
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Kefi Gold & Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Plans to raise £4.5 million placing at 0.6 pence per share. Further, issues 83.3 million shares to cover accrued fees to certain directors and advisers. In addition, launches retail offer at the same issue price. Explains funds will underpin the launch of the Tulu Kapi Gold project by mid-2024.
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LungLife AI Inc - California-based developer of clinical diagnostic solutions for early lung cancer detection - Plans to raise around £1.8 million via a £1.56 million placing at 35 pence each and a £250,000 subscription at the same price. Explains net proceeds, along with existing cash resources, are expected to be utilised to establish the commercial proof of concept of the company’s LungLB test. Notes funding is expected to provide the company with a cash runway to early April 2025.
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RC365 Holding PLC - London-based company focusing on payment gateway solutions and IT support services - Enters into an unsecured convertible loan note with Mill End Capital Ltd for up to £4 million. Says net proceeds of the unsecured loan will be used for the continuing development of existing operations with a particular focus on expanding operations in Malaysia, Japan and the UK. States the first tranche of the CLN comprises £600,000, the second tranche a further £1.4 million. Any further tranche shall be at the written request of RC365 and discretion of the lender, but will not exceed £4 million, RC365 says.
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Faron Pharmaceuticals Ltd - Turku-Finland-based clinical-stage biopharmaceutical company - Announces binding commitments worth £3.2 million for convertible loans obtained from certain existing shareholders. Explains this allows it to make critical payments to third parties under agreed waivers with IPF. Says this secures its short-term financing needs until the end of March. Faron says talks continue to secure its short and longer-term financing needs, including first additional bridge financing of around €5 million. In addition to the short-term bridge financing, Faron intends to propose to the Annual General Meeting an authorization for a larger share issue. In total, Faron expects to need €35 million of financing to complete the enrolment of the phase 2 of the BEXMAB study and to obtain regulatory feedback from the US Food & Drug Administration. At February 19, notes cash and cash equivalents held by Faron totalled €4.3 million.
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Supernova Digital Assets PLC - looks to identify investment and business building opportunities in the Solana and crypto currency ecosystem - Plans return to shareholders. Intends to achieve this by purchasing its own shares through a tender offer. Further, raises £242,000 via placing at 0.1 pence per share.
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Celsius Resources Ltd - explorer focused on portfolio of copper-gold resources in the Philippines - Advises that trading will be halted on the Australian Securities Exchange effective from March 5 further to the company’s request. Celsius says it requested the suspension ahead of an announcement in relation to its flagship Maalinao-Caigutan-Biyog copper-gold project and the issuance of project sensitive documents by the Philippine National Government. Says trading on the AIM market of the London Stock Exchange remains unaffected.
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Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and the UK - Sells shares in its subsidiary Mast Energy Developments PLC worth £29,350. Notes proceeds will be used to pay down the balance balance on the bridge loan facility with RiverFort Global Opportunities PCC Ltd. Holds 33% stake in MED following the share sale.
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Braveheart Investment Group PLC - Dodworth, England-based investment company - Provides update on one of its investments, Paraytec Ltd. Notes Paraytec develops high performance specialist detectors for the analytical and life sciences instrumentation markets. In December, Braveheart sought a buyer for Paraytec, of which it owns 100%. But, notes it has been unable to secure an attractive offer and therefore decides to retain Paraytec within its portfolio.
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