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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Zenith Energy Ltd - Aberdeen-based oil and gas company with assets in Africa and Italy - Launches a second bond exchange offer following the conclusion of its first offer in early April. The exchange is directed to the remaining noteholders of the euro 10.125% notes, US dollar 10.300% notes, and sterling 10.375% notes, all due January 27, 2024. The offer is to exchange the euro notes to 14.625% notes, the dollar notes to 14.800% notes, and the sterling to 14.875% notes, all due May 21, 2026. Zenith says the new bond exchange offer is due to ‘a significant number’ of noteholders being unable to participate in the first bond offer due to difficulties faced by their chosen investment platform.
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Avacta Group PLC - Wetherby, England-based life sciences company - Issues 7.5 million new shares in settlement of the quarterly principal amount of £2.6 million and interest repayment of £620,000 in respect of the company’s unsecured convertible bonds. Avacta says it will review how to settle its future quarterly bond repayments. Following this settlement, the principal remaining under the convertible bonds will be reduced to £35.70 million from £38.3 million.
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Ormonde Mining PLC - Dublin-based natural resources company with assets in Newfoundland and Scotland - Says its 36%-owned investee TRU Precious Metals Corp intends to carry out an exploration project this spring and summer at its Golden Rose project in Newfoundland. Exploration will focus on assessing the critical minerals potential associated with the deposit-bearing Cape Ray-Valentine Lake Shear Zone. Executive Chair Brian Timmons says: ‘Not only does Golden Rose have high-grade gold discoveries along the same structures as nearby deposits, but it is also highly prospective for copper and other critical minerals. With a number of large gold companies seeking to diversify their exposure through copper, we believe this multi-mineral resource focus will make Golden Rose even more attractive for M&A in the future.’
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First Tin PLC - tin development company with projects in Germany and Australia - Updates the mineral resource estimate for its 100%-owned Tellerhauser tin project in Germany, after analysis from an independent geological consultant. The total indicated and inferred tin mineral resource estimate has increased by 35% from the 2019 estimate to 138,600 tonnes from 102,900 tonnes. Estimates of total indicated only tin has increased 37% to 45,000 tonnes from 32,700. Chief Executive Officer Bill Scotting says: ‘This increased MRE is a large step forward for us at our Tellerhauser project in Germany. In a world requiring more tin, but with few advanced projects such as ours, increasing our resources from historic drilling data mining is extremely valuable. The additional data from the equivalent of 1311 drillholes and channel samples has enabled a more robust resource model with significantly more tonnes.’
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