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(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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Literacy Capital PLC - London-based trust focused on long-term investments in private UK businesses - Raises GBP21.8 million from the sale if stake in Butternut Box, a business providing fresh dog food by subscription. This represents a 54% premium to the most recent carrying value of GBP14.2 million. Butternut Box has finalised a funding round led by General Atlantic and L Catterton to raise further equity to support its continued growth as well as facilitate the exit of earlier investors. Literacy is selling its stake in Butternut Box in full as part of the transaction. Intends to use cash proceeds to fully repay amounts drawn under its revolving credit facility, before recycling these proceeds into new investments.
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SkinBioTherapeutics PLC - Newcastle-based life science company focused on skin health - Announces it has chosen the probiotic blends it will use for the comparative studies for its consumer study in acne. The two separate blends will be tested side-by-side in a consumer volunteer study to determine which has better efficacy. The study is expected to commence in the fourth quarter and be complete by the year-end. Further details of the study will be disclosed by the end of the third quarter.
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Aurrigo International PLC - Coventry, England-based firm - Announces collaboration with one of the world's largest logistics companies, to develop Auto-Cargo, an autonomous electric vehicle designed to move heavy cargo loads to and from aircraft. The project will receive GBP482,020 in grant funding from Innovate UK and the Centre for Connected and Autonomous Vehicles. The two companies will develop and pilot Auto-Cargo over a 14-month period from September 2023 at East Midlands Airport.
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Ashington Innovation PLC - special purpose acquisition company - Continues to pursue negotiations to acquire Cell Therapy Ltd and Calon Cardio-Technology Ltd. Clarifies that the acquisition of Calon is dependent on a successful close of the Cell Therapy transaction. However, the proposed acquisition of Cell Therapy is not dependent on an acquisition of Calon. Further, following a breach of confidentiality by its broker, SI Capital, the appointment of SI Capital has been terminated and the company is seeking to appoint a new sole broker.
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Kefi Gold and Copper PLC - Ethiopia-focused gold and copper company - Provides operational update covering developments in Ethiopia since the last update on August 9. At the Tulu Kapi gold project, remains focused on final credit and board approvals for the project financing, ahead of the project launch in the fourth quarter, with first production expected by the end of 2025. Says critical first step is the Tulu Kapi project finance closing.
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Vinanz Ltd - British Virgin Islands-registered Bitcoin mining company - Says trading in the company's shares on the OTCQB venture market in the US will start today. Notes the share ticker will be VINZF. Explains there is no associated capital raise with this cross trade.
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Smartspace Software PLC - Bury St Edmunds, England-based SaaS-based technology business, which designs and builds smart software solutions - Subsidiary, SwipedOn, launches its expanded platform to allow booking of desks, carparking spaces, EV charging points and equipment. This release is the result of the largest project undertaken by the SwipedOn development team. The new functionality provides an excellent opportunity for revenue expansion from the SwipedOn customer base of over 4,900 customers, company says.
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Andrada Mining Ltd - Guernsey-based lithium, tin and tantalum miner - Confirms that the Development Bank of Namibia has served notice confirming that all conditions have been fulfilled or waived and that financial close has occurred. Accordingly, the group is in the process of requesting the drawdown of the NAD100 million (around USD5.8 million) facility which are expected to arrive this week. These funds will be used to expedite the implementation of the Uis Mine stage II continuous improvement project.
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By Jeremy Cutler, Alliance News reporter
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