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Pin to quick picksBushveld Minerals Share News (BMN)

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TRADING UPDATES: Diurnal taps GBP20 million; Victoria buys new assets

Wed, 21st Apr 2021 17:59

(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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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Raises GBP20.0 million through placing of 28.5 million shares at 70 pence each. Funds will go towards Phase 3 studies of Efmody, a potential treatment for genetic disorder adrenal hyperplasia.

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Victoria PLC - Worcestershire-headquartered flooring firm - Buys ceramics firms Ceramica Colli, Vallelunga and Ceramiche Santa Maria for EUR35 million. Victoria says firms are located near its existing Italian operations and "bring significant additional spare production capacity". Victoria adds: "As a result, they will not only provide an immediate earnings contribution to the group in their own right, but will enable continued profitable growth at Victoria's already established Italian business through the utilisation of that spare production capacity."

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Bushveld Minerals Ltd - South Africa focused-vanadium producer - Says unprotected industrial action threat at Vametco resolved and "workers have started safely returning to work". Says resolution was down several reasons including recognition of recently signed employee protection plan, company's profit performance and that "no work no pay principles apply".

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Oilex Ltd - Australian oil & gas exploration and production company - Arranged funding to complete acquisition of Gujarat State Petroleum Corp Ltd's 55% interest in Cambay. "In order to satisfy the acquisition consideration, the Company has arranged an equity capital raising, with existing sophisticated shareholders and clients of Novum Securities Ltd, of GBP2.4 million," Oilex says.

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Bezant Resources PLC - copper-gold exploration and development company - Signs pact with SkyTEM Surveys ApS for airborne electromagnetic and magnetic survey of Hope copper and gold asset in Namibia. "The objective of the airborne geophysical survey is to identify unmined potential extensions to Hope and Gorob, as well as identifying other drill prospects along the extensive 130 kilometre strike length of prospective geology. The team is excited about the potential of the Matchless copper belt," Executive Chair Colin Bird says.

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Tirupati Graphite PLC - London-based graphite producer with operations in Madagascar and India - Opens second mine at Vatomina project, Madagascar. "The opening of the mine marks the beginning of commercial operations at the greenfield Vatomina project, taking us one step further towards our goal of increasing capacity in Madagascar to 30,000 tonnes per annum by Q1 2022 and 84,000 tpa by 2024," Chief Executive Officer Shishir Poddar says.

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Trans-Siberian Gold PLC - operates Asacha gold mine in Kamchatka, far east Russia - Total first-quarter revenue up 81% annually to USD16.9 million from USD9.3 million. Total gold dore production in first quarter up 37% yearly to 9,371 ounces. Says activities resume in Vein 25 after two fatalities during accident in January. "We continue to work closely with RTN implementing the recommendations from their investigation and to support the families of those affected by the accident in January. We are pleased to have resumed mining operations at Vein 25 at the start of March," Chief Executive Officer Alexander Dorogov says.

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Hummingbird Resources PLC - UK-based gold ore mining company - Gold poured in first quarter down 25% annually to 22,781 ounces from 30,282 ounces. Expects first-quarter to be its eakest in 2021. Hummingbird adds: "As indicated at the start of the year, Hummingbird expects that the 2021 production profile to be weighted to the second half of the year. Q1 2021 production of 22,781 oz is expected to be Hummingbird's lowest production quarter for the year, with improvements anticipated from Q2 2021 and the rest of the year from Q1 levels."

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Lexington Gold Ltd - gold projects in US states of North Carolina and South Carolina - Completes phase one drill programme at the Jones-Keystone-Loflin project. "All six holes intersected visible sulphide mineralisation, which is an encouraging indicator of the presence of gold," Lexington says. Notes drilling programme completed within budget.

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Shanta Gold Ltd - East Africa-focused gold miner - Gold production in first three months of 2021 down 29% quarter-on-quarter to 14,641 ounces from 20,622. "Gold production to increase throughout the year with H1 delivering 45% of production as previously guided," Shanta adds. Reiterates 2021 output guidance of 80,000 ounces.

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Biome Technologies PLC - Southampton, England-based developer of biodegradable natural polymers and radio frequency systems - Says revenue in first quarter of 2021 in line with internal expectations, rising to GBP1.4 million from GBP1.2 million in year prior. Bioplastics division posts 18% revenue growth to GBP1.2 million. RF Technologies revenue in line with prior year at GBP200,000. "The board's view of the group's performance remains in line with current market expectations," Biome adds.

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Checkit PLC - Cambridge-based workflow management software provider - Announces self-installation feature which provides automated temperature monitoring in food industry. Says development of product was accelerated in response to Covid-19. "This technology launch is expected to provide a significant boost to the company's competitive position and remove a barrier to its global expansion plans since it enables customers to set up their own sensor networks in minutes without the need for specialist field engineers," Checkit adds.

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Kooth PLC - London-based digital mental health platform - Partners with Chartered Management Institute to give all CMI members free access to Kooth's digital mental health platform.

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Agronomics Ltd - alternative proteins company - Portfolio firm LegenDairy Foods rebrands to become Formo. Agronomics has 6.4% stake in investee.

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Catena Group PLC - venture capital firm - Shares resume trading after posting admission document. Agrees deal to acquire remaining near-90% of Insight Capital Partners Ltd for GBP27.9 million. To be funded through issue of 47.3 million shares and GBP1.5 million cash. Also proposes placing to raise GBP6.1 million.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
14 Mar 2024 15:30

IN BRIEF: Bushveld receives USD3.0 million loan from Southern Point

Bushveld Minerals Ltd - vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - Receives a further ZAR56.3 million, around USD3.0 million, from Southern Point Resources Ltd as an interest-free loan. This brings the total paid to Bushveld by the South Africa-focused investment fund to USD12.5 million.

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29 Feb 2024 18:52

EARNINGS AND TRADING: Frontier IP sells last of Exscientia holding

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

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16 Feb 2024 10:57

IN BRIEF: Bushveld up after receiving delayed Southern Point payment

Bushveld Minerals Ltd - Vanadium producer operating in South Africa - Receives an additional ZAR76 million, around GBP3.2 million, from Southern Point Resources Ltd, a London-based investment fund. The payment is part of a subscription agreed between the pair in December for GBP9.9 million, which Southern Point was due to transfer to Bushveld's UK bank account. Payments received to date have been sent to a Bushveld subsidiary's bank account, which the company says would result in further funding delays if these were used to satisfy Southern Points obligations under the subscription agreement. Bushveld adds that it lost 11 and 3 days of production in January at its Vanchem and Vametco projects, respectively, as a result of the delayed settlement.

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5 Feb 2024 10:10

Bushveld Minerals suspends guidance, production dips but sales rise

(Alliance News) - Bushveld Minerals Ltd on Monday reported a surge in annual sales despite production falling, but said it has suspended full-year guidance until it receives funds from Southern Point Resources Ltd.

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1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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1 Feb 2024 11:44

IN BRIEF: Bushveld shares soar as refinances loan with OMF Fund

Bushveld Minerals Ltd - integrated primary vanadium producer - Completes the refinancing of its unsecured convertible loan notes issued to OMF Fund III (F) Ltd, which was dated September 29, 2020. It says it has refinanced its convertible debt obligations of USD47.1 million. Back in November, the firm entered an agreement to refinance its existing convertible loan notes with Orion Mine Finance. It extended the maturity date for existing convertible loan notes to January 31, 2024 (from December 21, 2023) and refinanced the convertible debt obligations of around USD46.9 million. This included a new convertible loan note of around USD14.1 million and a term loan of around USD28.1 million. Chief Executive Craig Coltman says: "I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed. We thank Orion for their ongoing support towards the company."

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1 Feb 2024 10:31

AIM WINNERS & LOSERS: Bushveld jumps as refinances loan with OMF Fund

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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29 Jan 2024 17:40

IN BRIEF: Bushveld Minerals finance director resigns after probe

Bushveld Minerals Ltd - integrated primary vanadium producer - Finance Director Tanya Chikanza resigns after investigation into Chikanza's alleged failure to disclose a material conflict of interest. Says it has been established that Chikanza made an oral disclosure to the previous CEO, which she accepts breached the company's conflict of interest policy. She will leave the company on Wednesday.

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19 Jan 2024 20:55

IN BRIEF: Bushveld still awaiting full Southern Point settlement

Bushveld Minerals Ltd - integrated primary vanadium producer - Receives payment of ZAR40 million, or approximately USD2 million, from Southern Point Resources of USD12.5 million due as part of Bushveld's USD18.4 million equity capital raising. Southern Point remains in default of the agreement until Bushveld receives the entire USD12.5 million. Says Southern Point previously claimed late transfer was caused by processing delays, but more recently said delay was due to an institutional funding partner defaulting on its agreement to provide funds. Southern Point says it will provide the funds no later than February 28.

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15 Jan 2024 12:03

IN BRIEF: Bushveld Minerals warns of suspension if receives no funds

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has not yet received USD12.5 million in funds from Southern Point Resources under its USD18.4 million equity capital raising. Company says it has had to constrain production, suspend some operational activities and defer creditor payments. Further, it warns that it may have to consider suspending operations if further payment delays occur.

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10 Jan 2024 17:40

Bushveld Minerals shares fall as yet to receive SPR funds

(Alliance News) - Bushveld Minerals Ltd on Wednesday said it has issued a letter of demand following the late payment of funds under the Southern Point Resources under its subscription in the recent equity issue.

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3 Jan 2024 21:30

IN BRIEF: Bushveld Minerals yet to receive subscription payment

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has yet to receive payment from Southern Point Resources under its subscription in the recent equity issue. Notes that while it is "confident" that the USD12.5 million in funds will be received in the coming week, and has been assured as such by Southern Point, it is "obliged to inform the market of the current state of affairs". Adds that shares due to SPR have been issued as a share certificate and remain in the company's possession. The money due is classified as a short-term receivable on the balance sheet until it has been received.

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19 Dec 2023 13:35

Busheld Minerals granted SARB approval for 100% ownership of Vametco

(Alliance News) - Bushveld Minerals Ltd on Tuesday said it had received approval for the acquisition of minority interests in the Vametco vanadium mine and production facility.

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15 Dec 2023 11:59

LONDON MARKET MIDDAY: FTSE 100 hurt by "mixed bag" of PMI data

(Alliance News) - The FTSE 100 in London was down at midday Friday, seeing Thursday's rally from hopes of interest rate cuts in the US coming to an end.

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15 Dec 2023 10:58

Bushveld Minerals inks deal with Southern Point Resources

(Alliance News) - Bushveld Minerals Ltd saw its shares rise on Friday, after entering into a definitive agreement with Southern Point Resources Ltd.

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