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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Hellenic Dynamics PLC - Greece-based cultivator and supplier of pharmaceutical standard medical cannabis products - Announces receipt of €1 million loan has been further delayed due to procedural matters relating a change in bank accounts by the lender. The company remains in conversations with the lender.
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Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys and oxides - Raises £1.25 million via a direct company subscription from existing shareholders at 5 pence each. EIT RawMaterials GmbH will provide additional funding of €200,000 and receive a 5.7% interest in Mkango Polska. In parallel, discussions continue with potential strategic investors, project finance providers, grant funding bodies and other sources to finance recycling scale-up opportunities and further technology roll-out. Proceeds will aid the acquisition of additional equipment for the 2025 commercial development of rare earth magnet recycling operations at Tyseley Energy Park in Birmingham, and at Pforzheim, Germany, in addition to working capital.
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Alba Mineral Resources PLC - The Northern Europe-focused mineral explorer - Reports on the progress of preparatory works for blasting at its 100% owned Clogau-St David’s Gold Mine in north Wales. The remaining preparations for blasting of the Llechfraith target have now been completed, involving the installation of a ventilation system, with compressed air and water to service the planned operations, it says. Executive Chair George Frangeskides comments: ‘Since our last update, work has continued round the clock to prepare the Llechfraith target, our primary gold target at Clogau, for blasting. We are pleased to be entering the home straight now in those preparations and anticipate the first blast in the coming days.’
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Molten Ventures PLC - London-based venture capital firm, which invests in developing high-growth digital businesses - Notes the announcement by Revolut in respect of its secondary share sale at a $45 billion valuation. Estimates value of Molten’s holding in Revolut would be around £160 million, an around £95 million uplift to its gross carrying value of £65 million as at March 31. Chief Executive Martin Davis says: ‘Revolut has recently gone from strength to strength. It is great to see the business able to reward its people for their contribution to its growth, and at a valuation which provides significant upside to our own. This shows the benefit to our investors of the prudent approach we take to NAV and we look forward to updating on the precise uplift in more detail when we next report results.’
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Argent Biopharma Ltd - London-based drug discovery company - Announces a strategic collaboration with Sintef, a European independent research organisations, for advanced chronic wound management. Hopes that this collaboration will lead to significant advancements in the treatment of chronic wounds. All costs applicable to the project will be incurred by Argent BioPharma, although, it is not anticipated that these costs will have a material impact on the Company’s ongoing expenses. Additionally, Argent BioPharma will retain ownership of all project results, including any intellectual property developed.
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Future Metals NL - exploration company focused on projects in Western Australia - Receives take-up of the option offer equating to A$13,728. Adds the underwriter for the offer, CPS Capital Group Pty Ltd, has confirmed its take-up of the entire shortfall, raising an additional A$26,195.
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Barratt Developments PLC - Leicestershire-based housebuilder - Along with Flintshire, Wales-based Redrow PLC says scheme by which combination of the two is being facilitated has become effective. Redrow shares will be suspended on Thursday, with cancellation a day after.
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Chelverton UK Dividend Trust PLC - Says net asset value per zero dividend preference shares at July 31 is 129.37 pence. Says Alumasc was the biggest positive contributor to performance in the month, while Dunelm delivered a positive full year update. Kier‘s full year trading update was also very well received and Spectra Systems rallied on the announcement of a large sensor manufacturing contract. On the downside, Dowlais was weak on the back of poor automotive market data and Regional REIT was weak on the conclusion of its restructuring.
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