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(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Harmony Energy Income Trust PLC - Great Britain-focused investor in commercial-scale battery energy storage systems - Completes the amendment of its net facilities with NatWest Group PLC. On Tuesday, Harmony Energy had announced that it extended its credit facility, having amended an initial facility with NatWest and Rabobank, which gave it access to an additional GBP50 million of debt and taking the total facility to GBP110 million. Additionally, Harmony, NatWest and Rabobank had agreed a revolving credit facility of GBP20 million. The facility will only be used upon meeting certain construction milestones, and Harmony does not expect it to be fully drawn until at least the fourth quarter, if at all, it had said. Now, Harmony Energy expects to put in place new interest rate hedging arrangements and will disclose further details in due course. The new margin represents reductions of 25 basis points, compared to the margin applied on the previous GBP110 million term facility and 50 bps compared to the margin applied on the previous GBP20 million revolving credit facility.
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Mycelx Technologies Corp - Georgia, US-based clean water and air technology - Says it has made a "very encouraging" start to 2024 following the sale of its Saudi Arabia business operations for an acquisition price of up to USD7.1 million to Twarid Water Treatment. Expects revenue for 2023 of around USD10.9 million, compared to USD10.0 million a year ago, and earnings before interest, tax, depreciation and amortisation loss of USD2.5 million, unchanged from the year before. Chief Executive Officer Connie Mixon says: "Our financial results in 2023 reflect unforeseen challenges in operations and project timing. We have taken decisive action to improve financial performance and we continue to make consistent progress in our core markets. We have made a strong start to 2024 and, following the sale of our Saudi Arabia business operations, our focus is on accelerating the marketing and sales plan for our unique technologies in the PFAS remediation and EOR markets."
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Great Southern Copper PLC - Inks two letters of intent for the Especularita project in Chile, which include two high priority prospects, Cerro Negro and Artemisa. "It has taken years of patient work to bring these strategic concessions into GSC's Especularita project and we are very excited to commence exploration of these compelling targets in conjunction with our existing target pipe-line. Both the Cerro Negro and Artemisa prospects provide us with key geological insights into the potential for porphyry copper-type mineralisation occurring at depth beneath the Colorada lithocap and expand the area available for exploration. Cerro Negro includes the historical Mostaza mine with high-grade Cu-Ag hosted in advanced argillic altered rocks as expected below the base of the lithocap and above a porphyry copper. Artemisa includes breccia-type copper mineralisation exposed beneath extensive lithocap alteration," says CEO Sam Garrett.
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Canadian Overseas Petroleum Ltd - London and Calgary, Canada-based oil and gas exploration company with operations in Wyoming, US - Forecasts fully depleted cash reserves in the first week of March. Says will need "additional funding to be able to continue operations beyond such date". It is yet to find this funding, however. "The senior credit facility lender has indicated that it will not extend the forbearance period beyond February 29, 2024. The company continues to consider strategic alternatives in light of the foregoing, including some form of formal insolvency protection that may or may not leave value in the company's common shares," it cautions.
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By Sabrina Penty, Alliance News reporter
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