(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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Woodbois Ltd - Africa-focused forestry, timber and afforestation company - Reaches agreement with Sydbank under which the outstanding balance of around USD2.8 million will be repaid by no later than December 29. Undertakes to repay around USD145,000 on each of June 15 and June 30. A further USD145,000 is to be paid in the middle of each subsequent month with any additional lump sums being paid to ensure repayment of the total outstanding balance and interest by the final repayment date. Existing security arrangements, per the original loan facility agreement, will remain in place until the line of credit is fully settled.
On April 9, Woodbois announced the unexpected termination of its USD6.0 million line of credit with Sydbank and the subsequent offsetting by the bank of around USD3.1 million of cash, being substantially all of the company's cash balances.
Since the termination notice, Woodbois has had to operate with an emphasis on cash realisation and limiting new liabilities. States as of today, cash balance is around USD0.4 million, working capital is estimated at USD5.1 million and bank and other debt totalling USD11.4 million. Continues to assess alternative funding sources and is also working on the potential deferment of around USD1.5 million of debts, which fall due at the end of June.
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African Pioneer PLC - Namibia-focused exploration and development company - Says the latest quarterly report from First Quantum Minerals Ltd has confirmed the presence of mineralisation with diagnostic regional geological and architectural similarities apparently consistent with Kamoa-Kakula deposit mineralisation located in the DRC. The targets are located in north-west Zambia on licences within the AFP-FQM Option Agreement concluded by the parties with AFP's 80% owned subsidiary African Pioneer Zambia Ltd. Colin Bird, Executive Chair, said: "The discoveries made during the last quarter and the resulting report are ground-breaking for our partners and AFP shareholders."
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Phoenix Copper Ltd - base and precious metals explorer in US state of Idaho - Reports that preliminary metallurgical testing of the Empire Mine open pit oxide material using ammonium thiosulfate as a reagent, has been completed by Resource Development Inc of Wheat Ridge, Colorado, and has resulted in robust metallurgical recoveries of copper, gold and silver. ATS is produced and sold in bulk in Idaho, and is commonly used as a fertilizer for the agricultural sector.
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SolGold PLC - Ecuador, Australia, and Solomon Islands-focused copper and gold project developer - Announces the sale of 580,000 shares by Mather Foundation Ltd, a philanthropic auxiliary foundation trust fund of which SolGold Non-Executive Director Nicholas Mather is a Trustee Director.
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BlueRock Diamonds PLC - South Africa-focused diamond producer - Says the Business Rescue Practitioners have confirmed that the mining license for Kareevlei was renewed, subject to the fulfilment of conditions which are expected to be completed shortly. Operations at the mine remain suspended and negotiations are in progress for the restructuring of Kareevlei. Adds the Board engaged further with the major shareholder and the Business Rescue Practitioners about the possible purchase of the BRD claim and decided that it is in the best interests of the company and all its stakeholders that BlueRock be placed in administration, while there is further engagement with the Business Rescue Practitioners. As a result, Allister Manson and Trevor Binyon, of Opus Restructuring LLP were appointed joint administrators of the company. Trading in the company's shares will remain suspended.
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Sealand Capital Galaxy Ltd - Signs memorandum of understanding with Gongqingcheng Yuxin Investment Management Partnership to explore potential cooperation opportunities and establish a framework for future discussions. Says the primary objective of the MoU is to facilitate the strategic development of both entities, foster stronger collaboration, jointly explore market prospects, and drive business innovation.
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Power Metal Resources PLC - London listed exploration company - Notes the announcement made by Golden Metal Resources PLC, in which Power Metal Resources has a 62% stake. Golden Metal Resources is a Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company. Reports detailed analysis of the induced polarisation geophysics results over its wholly owned flagship Pilot Mountain Project. Highlights the presence of three significant undrilled exploration targets which are highly prospective for further tungsten, copper, silver and zinc mineralisation. Considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US and these newly identified targets indicate the potential for a significantly greater in-ground resource than currently known marking a significant uplift in project potential. Explains any increase in potential mineralisation will further bolster the inherent value of the project and its attractiveness as a target for non-dilutive grant funding for exploration and development.
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By Jeremy Cutler, Alliance News reporter
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