(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Chrysalis Investments Ltd - invests in technology and finance startups - Invests USD65 million in parent company of data infrastructure firm InfoSum. "The investment by Chrysalis will enable InfoSum to continue to invest in engineering resources, grow its sales and marketing capabilities, and expand its international presence, as the company addresses the significant market opportunity in front of it," Chrysalis says.
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Argo Blockchain PLC - cryptocurrency miner based in London - Says it is first publicly-traded cryptocurrency miner to become "climate positive" from scope 1, 2 and greenhouse gas emissions from its mining operations. Climate positive means a company has gone beyond just being climate neutral and has projects outside of core operations to go even further to mitigate emissions. "The announcement marks a key milestone in the Company's climate strategy, which includes its ongoing and future initiatives in energy efficiency, reducing e-waste, use of waste heat in partnership with local municipalities, carbon capture, and supporting the industry with sustainability standards," Argo adds. Environmental concerns hit bitcoin prices in June when Tesla Inc Chief Executive Elon Musk said the company will only accept bitcoin payments again once the process to mine it becomes cleaner. Bitcoin is generated through complex computing processes that require huge amounts of electricity. Cryptocurrencies have drawn criticism from climate advocates for this reason.
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CloudCoCo Group PLC - London-based IT and communications for businesses and public sector - Proposes acquisition of Systems Assurance Ltd for net consideration of GBP836,000, or GBP1.6 million gross. Systems Assurance is a value-added reseller and IT managed services company. Systems Assurance generated GBP6.1 million of revenue in 2020. "Systems Assurance introduces a proven and scalable hardware engine into CloudCoCo's existing business as well as expanding its IT Managed Service offering, which will help increase operational efficiency and drive margins," CloudCoCo says. Acquisition is contingent on a placing being backed by shareholders at a general meeting on September 2. A fundraise of GBP2.1 million also needs shareholder backing. CloudCoCo raises the cash through conditional placing, arranged by Allenby Capital, of 210.0 million new shares at 1.0 pence each. The placing will fully-fund Systems Assurance deal.
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Insig AI PLC - London-based machine learning and data science firm which serves the asset management industry - Says CarVal Investors LP, a global alternative investment manager, partners with company for development of environmental, social and governance products. "This will mark the second deployment of Insig AI's and CarVal's jointly developed ESG technology. This comes as the demand for data-led ESG investment strategies that provide transparent and evidence-based ESG scoring, continues to grow," Insig AI says.
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CPPGroup PLC - Leeds-based products and services for financial services and insurance sectors - Launches first parametric lost luggage product in UK, alongside travel insurance firm Just Travel Cover. "The technology, which enables real-time support and the automation of the claims process from the moment the traveller registers their checked luggage as missing, will be delivered by Blink, the parametric insurance company acquired by CPP in 2017," CPPGroup adds.
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Tern PLC - investor focused on the internet of things - Invests further GBP530,000 in FVRVS Ltd, a virtual reality simulation solutions firm, through convertible loan note. Tern currently owns just shy of 27% of FVRVS, or FundamentalVR. Wyld Networks, another investee, wins deal with energy firm Chevron Corp. Chevron will use Wyld's internet of things platform to "cost-effectively" collect data within its oil and gas infrastructure. Tern also updates on other investees, including Device Authority Ltd, which has won new contracts in automotive space, and InVMA Ltd, which has opened a US operation in North Carolina.
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ULS Technology PLC - Thame, Oxfordshire-based online platforms for conveyancing and financial intermediary markets, including DigitalMove - Has benefitted from "a buoyant housing market" in UK. Says in first quarter ended June, instructions and completions through eConveyancer platform rise 58% and 43% year-on-year, respectively. Says June was "particularly strong month" and first quarter revenue came in at GBP5.2 million, in line with expectations. ULS adds: "Instructions are expected to moderate during the summer, coinciding with holiday season and the end of stamp duty holiday. However, this is expected to be short-lived with improved conditions in autumn, reflecting an increase in remortgages as fixed deal periods come to an end and several lenders are now providing sub 1% products. The company is in a strong position to capitalise on this expected increase through its Rapid Remo product."
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Frenkel Topping Group PLC - Manchester, England-based investment advice company - Acquires Bidwell Henderson Costs Consultants Ltd, a legal costs consultancy, for up to GBP1.5 million, GBP740,000 of which is payable on completion. Bidwell Henderson is based in Newcastle and Derbyshire, Frenkel notes. "The acquisition is firmly in line with the company's strategy to pursue quality opportunities in, and to drive consolidation of, the pre-settlement professional services marketplace in personal injury and clinical negligence," company says.
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Riverstone Energy Ltd - Investor in energy firms - Buys stake in Samsung Ventures battery technology-focused venture capital portfolio, forking out USD30.0 million. Portfolio includes 1.7 million shares in Louisville-based rechargeable batteries manufacturer Solid Power Inc.
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Seed Innovations Ltd - Guernsey-based investor in health, wellness and medical cannabis investor - Updates on portfolio firm Eurox Group, a medical cannabis company based in Germany. Seed has an 8.9% stake in Eurox. The investee reaches "milestone" and launches own brand of cannabis-based medicinal products, ahead of originally planned. "Eurox own-brand extracts are already available within Germany for doctors to prescribe and pharmacies to order," Seed adds.
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Kanabo Group PLC - London-based medical cannabis company - Notes Materia Deutschland GmbH enters into agreement with Seed investee Eurox to distribute medical cannabis extracts. "According to the announcement, this agreement will importantly add a new line of cannabis extracts products for Materia Deutschland's curated portfolio and help accelerate the expansion of its distribution network across Germany, including new pharmacies that dispense extracts," Kanabo says. In July, Kanabo signed deal with 11157353 Canada Corp, which trades under the name of Materia, to acquire Materia's European businesses. Seed Innovations also notes Eurox and Materia distribution deal.
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Scancell Holdings PLC - Oxford, England-based immunotherapies for treatment of cancer and infectious disease - Selects needle-free injection system devised by PharmaJet to administer its two Covid-19 vaccine candidates. "Needle-free injectors use a narrow stream of fluid to penetrate the skin, delivering vaccines and other pharmaceuticals to the required tissue depth," Scancell says. "These injection systems are easy to use, eliminate needlestick injuries and have the potential to expand vaccine coverage to subjects with a fear of needles. Scancell's preclinical studies have confirmed that PharmaJet delivery of its COVIDITY vaccines induces potent immune responses against both S and N antigens."
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Tiziana Life Sciences PLC - London-based biotechnology company - Notes publication of peer reviewed article reporting findings on use of nasally administered use of Foralumab on patients with mild and moderate Covid-19 in Brazil. "Nasally administered Foralumab, once a day for 10 consecutive days, was well-tolerated and produced significant reduction in lung inflammation," Tiziana said. Tiziana will kick off phase 2 proof-of-concept study in Brazil to "evaluate safety, tolerability, and efficacy of intranasal Foralumab in a larger number of hospitalized patients with Covid-19".
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PureTech Health PLC - Boston, Massachusetts-based clinical-stage biotherapeutics - Founded entity Akili Interactive, a maker of prescription video game treatments, teams with Australian digital health firm Tali Digital Ltd. Akili will license Tali's technology to address attention impairment in children.
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Clarify Pharma PLC - biotechnology and life sciences investor focused on psychedelic-based substances - Invests USD700,000 in Beckley Psytech Ltd, which uses psychedelic medicines to address neurological and psychiatric disorders. "The investment is being made as part of a Series B fundraising by Beckley Psytech, which is incorporated in the UK," Clarify says. Clarify will assume a 0.3% stake in Beckley.
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Rockfire Resources PLC - gold and base metal exploration company with assets in Australia - Says diamond drilling underway at Copperhead porphyry project in Queensland, Australia. "During the preparation of tracks, pads and infrastructure for drilling, the Rockfire geologists continued to observe weathered sulphides in fractures and veins at Copperhead," Rockfire explains and adds 66 rock samples have been taken for analysis. Says gravity survey completed at Plateau gold deposit, spotting "two gravity 'high' anomalies".
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Tirupati Graphite PLC - graphite and graphene producer in Madagascar and India - Enters binding acquisition agreement to buy Suni Resources SA for about GBP6.6 million. Suni Resources holds the Mozambique portfolio of graphite assets of ASX-listed Battery Minerals Ltd, which includes the construction initiated Montepuez graphite project and the advanced feasibility study stage Balama Central graphite project. Tirupati hails Mozambique as home of "commercially significant deposits of graphite". "Mozambique is well-positioned to take advantage of this market boom, with mining operations already expanding across Cabo Delgado where the projects are located as well as Gaza, Manica, Maputo, Nampula, Niassa, Tete and Zambezia," Tirupati adds.
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Altus Strategies PLC - mining royalty company - To acquire 0.418% net smelter return royalty at Caserones copper mine in Chile for USD34.1 million. To buy royalty through a 50%-owned special purpose vehicle, with New York-listed EMX Royalty Corp owning other 50%. Altus tips royalty to generate USD3.2 million in annual cashflow. "Caserones has been operating since 2015 and has 17 years of mine life remaining," Altus adds. Altus will finance deal through USD29 million loan from major shareholder La Mancha. Loan carries an interest of three-month US dollar LIBOR rate plus 7% in first three months, then USD LIBOR rate plus 9% thereafter.
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IMC Exploration Group PLC - base metal exploration in Ireland - Begins drill programme at West Avoca asset in County Wicklow, Ireland. Says four holes being drilled to test copper, gold, lead and zinc mineralisation at asset.
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Ariana Resources PLC - gold exploration and development company - Lauds "new significant intercepts" at Arzu South area of Kiziltepe mine. "These drilling results have confirmed the opportunity to expand the open-pit at Arzu South, particularly at the NW end and also at further depth," Managing Director Kerim Sener says.
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Canadian Overseas Petroleum Ltd - oil and gas company - Readmitted to trading in London and notes Atomic Oil & Gas assets performing significantly ahead of expectation, with current oil production increased 80% to 2,200 barrels per day gross from 1,220 barrels at the start of April. Chief Executive Arthur Millholland says: "Oil production will continue to increase as the surface well site production facilities are enhanced to handle the increased oil production rates and associated higher working pressures."
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By Eric Cunha; ericcunha@alliancenews.com
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