(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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Vinanz Ltd - Virgin-Islands-based Bitcoin mining company - Acquires ten S21 Bitmain Antminer 200 Terahash miners to upgrade the processing power of its North American mining fleet. The miners were ordered from Luxor, the company's preferred bitcoin miner provider, and will take around two to three weeeks to arrive to the company's BlockLAB station in Canada. Once installed, Vinanz says that it intends to add "significantly more" miners to its fleet. Notes the significant increase in bitcoin's price over the past few weeks, from USD58,000 in February to around USD72,000.
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Agronomics Ltd - Investment company focused on cellular agriculture - Says portfolio company Shiok Meats Pte Ltd has been acquired by Umami Bioworks Pte, a Singapore-based biotechnology company which produces cultivated seafood. Says the combination leverages "the unique strengths of Umami Bioworks' innovative production platform and enabling technologies and Shiok Meats' pioneering research in crustacean cell cultivation", and anticipates the merger creating "synergies that will enhance go-to-market efficiencies, expand commercial opportunities and accelerate regulatory approvals and market introduction of cultivated seafood". As a result of the deal, Agronomics holding in Shiok has transformed into a 0.7% interest in Umami, with a carrying value of around GBP378,000.
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Anglesey Mining PLC - Mining company with operations in Wales, Sweden and Canada - Says drilling at its Parys Mountain concession in Wales intersected "a significant zone of mineralisation" across the northern copper zone. Significant intersections include a 65-metre zone at 0.9% copper, 0.1% zinc, 0.1% lead, 4.2 grams of silver per tonne of ore and 0.17 grams of gold per tonne of ore. Anglesey says that the results "demonstrate good continuity with previous drilling results and further support the integrity of the geological model and drill targeting". Interim Chair Andrew King says: "Once again, we are very excited to see the Parys Mountain project delivering some very strong drilling results. It is worth reminding investors that Parys Mountain is demonstrably the largest and most advanced copper project in the UK with substantial resource upside still evident. In addition, the project is favourably located on a previously permitted, brownfield development site with significant existing infrastructure already in place."
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Engage XR Holdings PLC - Ireland-based virtual reality software company - Launches "School of AI" immersive learning environment. The platform will allow students to speak to historical figures using generate AI-powered software. The offering will be made available to a selection of Engage's clients later this month, with a full rollout later in 2024.
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Mercia Asset Management PLC - Nottingham-based asset manager focused on small and medium-sized enterprises - Says the three Northern venture capital trusts which make up part of its third-party funds under management have completed a fundraise for a total of GBP60 million in new capital. The trusts comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. Chief Executive Officer Mark Payton says: "I am delighted that the Northern VCTs have achieved a significant fundraise in the context of a more challenging fundraising environment. The successful GBP60.0 million fundraise underscores the trust Mercia has built in managing the Northern VCTs, which remain a vital source of investment for SMEs navigating the current economic climate."
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Red Rock Resources PLC - natural resource development company focused on portfolio of oil and gas projects principally in Africa and Australia - Enters into conditional heads of terms deal to acquire the remaining 50% of its Australian gold subsidiary Red Rock Australasia Pty Ltd from Power Metal Resources PLC. The deal will see Red Rock provide an aggregate consideration of GBP1.5 million. The principal assets of RRAL are its 16 gold exploration licences in the state of Victoria, Australia, totalling 2,517 square kilometres. Red Rock Chair Andrew Bell says: "If this transaction completes, it will enlarge Red Rock's gold footprint at a time when interest in advanced gold stories has increased as the gold price rises to new all-time highs". Power Metal says: "This disposal will further enable Power Metal to concentrate its managerial, operational and financial resources on retained high value business interests and new opportunities."
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UK Oil & Gas PLC - offshore UK natural resources exploration company - Delivers RiverFort Global Opportunities PCC Ltd and YA II PN Ltd a tranche of 207.0 million shares to permit a reduction of the balance on its funding facility. Says this will reduce the balance below the GBP660,000 amount announced in January.
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Rurelec PLC - gas producer focused on operations in Latin America - Says Sterling Trust Ltd's stake in the company dropped to 10% from 54% on Monday. Sterling Trust is a London-based financial services company, currently in liquidation.
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Voyager Life PLC - Manufacturer of cannabidiol hemp seed and hemp-derived products - Signs heads of terms for a merger with Northern Leaf PLC, a Jersey-based processor of pharmaceutical-grade medical cannabis flowers. The merger would value the combined company at over GBP5 million. The pair would hold 100,000 square feet of indoor growing facilities, and boast UK and global pharmaceutical customers. Voyager says it will provide a consideration of up to 33.9 million new shares to Northern Leaf, and that the merger is contingent on it completing a fundraise to provide working capital for the enlarged group. Chief Executive Officer Nick Tulloch says: "The enlarged group will set a new standard in the British Isles' cannabis industry through its vertically integrated cultivation, manufacturing and sales divisions. Furthermore, it provides shareholders of both companies with exposure to both the medical and over-the-counter markets."
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Premier African Minerals Ltd - rare metals exploration company - Says that Stark International Projects Ltd has withdrawn all personnel from the Zulu lithium plant in Zimbabwe as a team is brought in to deal with outstanding plant issues. A complete cleanout of the plant's float section is underway, and Premier has engaged a "major independent EPCM" contractor to undertake a review of the plant. According to Premier, "the plant was expected to produce spodumene concentrate at 6% Li20 from March 2023. The plant had not met the specific design and through-put specifications a year after the original target completion date." Premier Chief Executive Officer George Roach says: "As is apparent from the points above, this has been a dramatic week, but a necessary one. On the one hand, Premier is obviously disappointed with the further delays, but Premier is pleased with the ability displayed by our engineering team to take on plant operations and demonstrate the skills we have in our team."
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By Hugh Cameron, Alliance News reporter
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