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TRADING UPDATES: Armadale Capital eyes Mahenge project financing

Tue, 27th Feb 2024 21:12

(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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Armadale Capital PLC - Africa-focused natural resource projects investor - Says still focused on finalising the structure of Tanzanian government's 16% free carried interest in Mahenge Liandu graphite project, as well securing funding to allow commercial production. Armadale says: "Discussions continue to progress with the government of Tanzania regarding the framework and structure for their 16% carried interest. The company is hopeful this will be finalised in conjunction with project funding." It adds: "The company is continuing discussions with several potential financiers regarding the debt funding required for project development. Continued strong demand fundamentals for graphite remain in place and there is projected to be an increasing demand as production of electric vehicles continues to increase."

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Crystal Amber Fund Ltd - invests in small and mid-cap UK equities - Says last week disposed of just under 35% of its holdings of deferred consideration units of Prax Exploration & Production PLC, at a 20% premium to carrying value. Crystal Amber adds: "Combined with the anticipated payment at the end of March from the DCUs, this is expected to increase cash receipts by GBP5.7 million, equivalent to 7.3p a share. In aggregate, these are expected to increase net asset value by 2.3p a share."

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Cora Gold Ltd - West Africa-focused gold developer - Says some noteholders submit voluntary conversion notices to company to convert USD2.3 million of convertible loan notes for 82.0 million shares in firm at conversion price of USD0.0278. "The company intends to use the cash obtained through the conversion to strengthen its working capital position," Cora Gold adds.

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Intelligent Ultrasound Group PLC - Cardiff, Wales-based provider of artificial intelligence ultrasound software - Says ScanNav FetalCheck being used in "largest ever trial on the use of aspirin to prevent pre-eclampsia". Pre-eclampsia is a condition that causes high blood pressure during pregnancy. "We are very pleased that a trial of this size is using ScanNav FetalCheck to accurately measure gestational age as an important factor in the prevention on pre-eclampsia. We see this as continued endorsement of our technology for situations when scanning needs to be undertaken by healthcare professionals with limited experience of ultrasound," Chief Operating Officer Nicholas Sleep says. The study is being funded by the Bill & Melinda Gates Foundation.

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across the US, including the 10,000-acre Bens Creek mining project in West Virginia - Says largest shareholder advances further USD3 million to support "company's operating requirements". "This further advance will enable Bens Creek to address its working capital requirements which have resulted from the challenging trading environment that the company is currently experiencing," Bens Creek adds.

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Faron Pharmaceuticals Oy - Turku-Finland-based clinical-stage biopharmaceutical company - Says to report annual results for 2023 on March 14, and not February 29 as first communicated.

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
28 Dec 2023 09:13

Bens Creek shares fall as interim loss widens; revenue jumps

(Alliance News) - Bens Creek Group PLC shares dropped early Thursday, after it reported that its interim loss widened on higher costs.

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30 Nov 2023 15:39

IN BRIEF: Bens Creek shares up as agrees coal sale to Avani Resources

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Sass wholly-owned subsidiary Bens Creek Operations WV LLC agrees with Bens Creek's largest shareholder Avani Resources Pte to deliver three unit trains comprising a total of 33,000 short tons of Bens Creek High Vol B metallurgical coal. Says the delivery of the coal is expected to be made, subject to train delays, no later than the end of January. Says this sale is in addition to "existing and ongoing business". Says the coal is being purchased by Avani at a price which is "in line with current market rates for the sale and purchase of High Vol B coal" and that the quality of the coal will be "in keeping with standard production" from the Bens Creek mine. Says this agreement follows on from Avani entering into a non-exclusive sales and marketing agreement, as announced in July. Bens Creek Chief Executive Officer Adam Wilson says: "We are delighted to book our first trade with Avani. It demonstrates their ongoing commitment to the business, and it is the first step to what will, we hope, become a burgeoning and profitable partnership."

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20 Oct 2023 15:44

UK shareholder meetings calendar - next 7 days

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4 Oct 2023 11:39

Bens Creek reports strong upswing in coal production

(Sharecast News) - North American metallurgical coal miner Bens Creek Group reported a substantial increase in production for the six months ended 30 September on Wednesday.

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4 Oct 2023 10:12

IN BRIEF: Bens Creek shares rise as produces more metallurgical coal

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Produces 50,100 tonnes of metallurgical coal in September, up sharply from 17,630 tonnes a year prior, and 17% higher than 42,691 tonnes in August. For the six-month period to September 30, coal output more than doubles to 204,998 tonnes from 99,928 tonnes year-on-year. Bens Creek expects October production to rise from September. Chief Executive Officer Adam Wilson says: "With both highwall miners now in full operation the company expects to be able to continue the growth in production into the next quarter. This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the met coal price from its lows of USD191 in August 2023 to USD238 at the current time."

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29 Sep 2023 21:54

EARNINGS: Bens Creek sees "difficult" year; Challenger swings to loss

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:

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20 Sep 2023 15:50

UK earnings, trading statements calendar - next 7 days

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13 Sep 2023 12:05

Bens Creek breaks clean coal production record in August

(Alliance News) - Bens Creek Group PLC on Wednesday said it recorded its highest monthly production in August, despite only having one functioning highwall miner.

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14 Aug 2023 09:49

Bens Creek highwall miner set to restart operations

(Sharecast News) - North American metallurgical coal miner Bens Creek Group announced on Monday that highwall miner unit 81 (HWM 81) is set to restart operations by 21 August.

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14 Aug 2023 09:28

IN BRIEF: Bens Creek Group highwall miner unit 81 to return to use

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Says the highwall miner unit 81 is expected to recommence operating on Monday next week. In June, Bens Creek said arrival, installation, and start of operations of highwall miner unit 81 was temporarily withdrawn from service, as it waited for completion of repairs and the re-establishment of necessary benching after a mining incident earlier that month.

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26 Jul 2023 14:18

TRADING UPDATES: NewRiver hails performance; AFC Energy gets grant

(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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11 Jul 2023 14:54

Bens Creek issues $7.6m in new, unsecured loan notes

(Sharecast News) - Metallurgical coal miner Bens Creek announced the issue of $7.57m in unsecured loan notes to ACAM on Tuesday.

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11 Jul 2023 13:15

IN BRIEF: Bens Creek issues USD7.6 million of unsecured loan notes

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Enters into unsecured loan note agreement with ACAM LP for a total subscription of USD7.6 million of loan notes, for the now cancelled USD6.0 million of convertible loan notes issued to ACAM on December 14. Loan notes have a term of 18 months, and are not convertible into company shares. Bens Creek issues ACAM with a total of 21.1 million warrants to subscribe for shares in Bens Creek exercisable at 28 pence per share. Warrants have a life of 5 years from issue date.

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7 Jul 2023 11:59

IN BRIEF: Bens Creek issues loan notes to raise USD6.5 million

Bens Creek Group PLC - Owner of a metallurgical coal mine in US state of West Virginia - Raises USD6.5 million through the issue of loan notes to shareholder Avani Resources Pte Ltd. Says loan notes have an 18-month term. Adds issue of loan notes to Avani is a related party transaction. Avani owns a 30% stake in Bens Creek. Bens Creek currently has an outstanding convertible loan note of around USD5.6 million with ACAM LP, issued in February, due for repayment by the end of summer. Proceeds of the issue of loan notes will be used to repay ACAM and for its general working capital requirements.

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26 Jun 2023 17:33

TRADING UPDATES: New patents for Sareum; Guanajuato hails assessment

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Monday and not separately reported by Alliance News:

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