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(Alliance News) - 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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Pure Gold Mining Inc - Canadian gold miner - Hits "major milestone" with first ore introduced to the mill at the company's high-grade PureGold Mine, in Red Lake, Ontario. With ore delivered and first gold production scheduled this month, commissioning activities will transition into full scale ramp up of the mining and milling operations over the coming quarter. President & Chief Executive Darin Labrenz says: "The introduction of ore to the milling facility reflects the successful culmination of our project build, and signals the commencement of the next chapter in our company's evolution as Canada's newest gold mine. Just last year, we announced our intention to become a producer and we are delivering on that promise, on-track and on schedule for first gold production this month. We have taken the PureGold Mine from our first drill hole to production in less than six years."
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Shanta Gold Ltd - Tanzania-focused gold miner - Encouraged by results from drilling of nine diamond core holes drilled at Luika deposit and the Porcupine South Target at New Luika gold mine in South Western Tanzania totalling 4,042 metres, with further drilling ongoing. Notes hole CSD201 intersected 3.58 metres grading 14.71 grammes per tonne, including 2.54 metres at 18.62 grammes per tonne from 420 metres; and hole PSRC012 intersected 7 metres grading 7.26 grammes per tonne gold, including 2 metres at 22.60 grammes per tonne gold from 20 metres. Chief Executive Eric Zurrin says: "These encouraging results are the latest demonstration by the company that depleted ounces can be replaced with low cost exploration. Porcupine South is a newly discovered orebody, taking the known deposits at New Luika to twelve, each of which has the potential to increase in size. An anticipated net increase in JORC reserves is expected to be announced in early 2021."
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EJF Investments Ltd - closed-ended investment firm focused on assets benefitting from regulatory and structural change in the financial services sector - Invests about GBP6.7 million in the preferred shares issued by TruPS Financials Note Securitization 2020-2. The underlying collateral of TFINS 2020-2 mainly consists of trust preferred securities, subordinated debt, senior notes and surplus notes issued by 26 US banks and 10 insurance companies with an aggregate par value of about USD177.2 million. The investment represents the company's tenth risk retention investment in a securitisation sponsored by EJF Capital LLC and represents the continuation of the company's focus on equity tranches of collateralised debt obligations backed primarily by US small and medium banks and insurance companies.
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Condor Gold PLC - gold exploration and development company with a focus on Central America - Starts initial site preparation at the location of the processing plant facility at Mina La India, Nicaragua. This includes the main plant access road from a regional paved highway to the processing plant, in-plant roads and a bypass road. All key areas for the plant layout from the stockpile area to the crushing and grinding machinery to the leach tanks, a laydown area and warehouse will be cleared. The total area being cleared is 11.26 hectares and is estimated to be completed in 3 to 4 months. It demonstrates Condor's commitment to developing a clear path to production, company says.
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Yew Grove REIT PLC - Irish office and industrial buildings investor - Annual rent roll raises to EUR11.3 million and vacancy reduces to 3.9% from 7.2%. Agrees letting of 20,268 square foot of Unit 2600, Cork Airport Business Park to Alter Domus Fund Services Ireland Ltd along with 79 car parking spaces. The lease term is 15 years with break options at 5 and 10 years at a headline rate of EUR16.50 per square foot plus a licence for 79 additional car spaces at a rent of EUR200 per car space per annum. The company has also signed two further new leases, both in the Bridge Centre in Tullamore. Yew Grove has also progressed its plans to sell non-core properties.
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Remote Monitored Systems PLC - data collection and surveying firm based in London - Gets detailed report on subsidiary Pharm2 Farm's new Lemu mask making machine production line. "The report indicates certain areas of the line that require refinement prior to delivery, including the process by which the machine is adjusted for different input materials. These adjustments are expected to be completed during the next week," company adds. Delivery of the line will now be mid-January.
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Infrastrata PLC - firm focused on the development and commercialisation of advanced energy infrastructure - Agrees that an additional period of review will be undertaken in relation to the existing Water Abstraction Licence, Discharge Consent, and subsequent Marine Licence application at its Islandmagee gas storage project. "During recent weeks, the company has been in discussions with the various regulatory authorities in relation to the existing Abstraction Licence, Discharge Consent & draft Marine Construction Licence," company adds. It continues: "Whilst the company does not necessarily agree that further review is required (on the basis of legal advice received) it has agreed, as a prudent operator, with the relevant authorities."
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Good Energy Group PLC - renewable electricity supplier and energy services provider - Launches new innovative electric vehicle tariff and range of strategic partnerships, as part of its continued development of 'Mobility as a Service'. "To build a customer centric mobility as a service proposition, Good Energy will couple its own core skills as a 100% renewable electricity supplier and services provider, with several strategic partnerships to enhance the offering for its customers. Today, Good Energy has entered three new partnerships to develop EV services for a range of customers," company says. Those partnerships are with Mina Energy, Horizon Energy Infrastructure and Select Car Leasing.
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FastForward Innovations Ltd - AIM-listed investment firm - Issues GBP750,000 of 12 month convertible loan notes in EMMAC Life Sciences Group as part of a funding round by EMMAC to raise GBP15 million via the issue of unsecured loan notes. The note issue saw strong support from existing shareholders, with Measure 8 Venture Partners LP, EMMAC's largest existing cash investor, leading the round with a significant investment. FastForward says: "The funds raised through the issue of the loan notes, which has seen strong support from existing investors, will enable EMMAC to continue to build upon its position as one of Europe's largest independent cannabis company. Growth in EMMAC's key European markets including the UK continues to gain momentum as demand for medical cannabis and related wellness products grows."
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Xtract Resources PLC - metals and minerals producer based in London - Starts phase one drilling programme on the Bushranger copper-gold exploration project located in the Lachlan Fold Belt, New South Wales, Australia. The programme will consist of three diamond drill holes for 2,290 metres, with the objective of testing the potential extensions to the northwest of the Racecourse mineral resource, which was estimated in 2018 as 71 million tonnes at 0.44% copper and 0.064 grammes per tonne gold.
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Angus Energy PLC - UK-focused onshore oil and gas development company - Raises GBP249,990 from placing 41.7 million shares at 0.6 pence each. Will have 766.5 million shares in issue following the fundraise. The shares are expected to be admitted to London's AIM next Tuesday. The principal aim of the fundraise is to provide general working capital for the company's ongoing activities.
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Fox Marble Holdings PLC - London-based quarrying, stone processing and dimension stone marketing company - Appoints of Dentons Europe CS LLP as legal counsel for EUR195 million arbitration proceedings against Republic of Kosovo. Dentons have agreed a fee arrangement which enables Fox Marble to bring the arbitration through to its conclusion. Fox Marble has also secured firm commitments of a further GBP500,000 in the form of litigation funding from private investors. Will also raise GBP1.0 million from placing 65.5 million shares at 1.6 pence each. Chief Executive Chris Gilbert says: "Their [Dentons] involvement, coupled with the litigation fund and placing, will allow the company to complete the Arbitration proceedings launched in September 2019. We remain steadfast in our belief the Kosovan government is in clear breach of its responsibilities towards the company as a foreign investor in Kosovo and that this legal action is in the best interests of its shareholders and employees."
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Tower Resources PLC - London-based oil and gas company with a pan-African regional focus - Subsidiary Rift Petroleum Ltd, together with operator and 50% partner New Age Energy Algoa Ltd, has now formally agreed to enter the second exploration period of the Algoa-Gamtoos license offshore South Africa. The second period of the license will run for two years from November 17, and the work programme during this period will include a further 300 square kilometres of 3D seismic data acquisition in the license area.
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Pathfinder Minerals PLC - AIM-listed natural resources company - Says Essex Court Chambers opinion against the government of Mozambique over the unlawful transfer of mining concession 4623C puts prospect of establishing liability on the part of the government of Mozambique between 55% to 60%. Claim being made through Mozambique-UK Bilateral Investment Treaty. Chief Executive Peter Taylor says: "While the opinion is confidential and subject to legal privilege, I am pleased to advise that it is consistent with the board's expectations that there is a favourable prospect of establishing liability on the part of the government of Mozambique in a BIT claim and supports a continuation of the board's strategy to seek recourse to the BIT should a timely resolution not be achieved." To move forward with "discussions with a number of prospective litigation funders and strategic partners with the specific intention of identifying those who recognise the unrealised value for Pathfinder in the Licence and the future upside opportunity should a satisfactory resolution to the dispute over the unlawful transfer of the Licence be reached," company adds.
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By Paul McGowan; paulmcgowan@alliancenews.com
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