(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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Power Metal Resources PLC - gold and base metals explorer with assets in North America, Australia and Africa - Identifies a "bullseye" geophysical anomaly at the First Development Resources Pty Ltd copper-gold projects in Australia which Power Metal is in the process of buying. A phase 1 work programme is now being finalised, and plans to list a UK holding company for the assets, FDR UK, are continuing.
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Greatland Gold PLC - gold explorer in Australia - Reports preliminary results from the 2021 drilling programme at the Juri joint venture in the Paterson province, Western Australia. The first four of nine holes show gold mineralisation. The results from the remaining holes are expected in October. A ground electromagnetic survey is due to start this month. "Intercepting gold mineralisation from our initial assays is an excellent result. Greatland will now recalibrate our Juri JV targets based on this initial information as well as the assays pending from the five remaining drill holes and combined with the new proposed ground EM survey," Chief Executive Shaun Day says.
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Galileo Resources PLC - London-based gold and base metals explorer - Amends deal to sell the Kalahari Copper Belt licences to Sandfire Resources Ltd, extending the long stop date to September 15. The extension will give the companies time to obtain ministerial consent. All other conditions for the sale have been met.
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Mirriad Advertising PLC - London-based advertising technology - Signs partnership agreement with Looping Group, a German advertising agency. The two companies will develop and introducer plan covering prospective clients. Mirriad will bring its services to Looping's clients including Mercedes-Benz, Allianz SE and Deutsche Telekom AG.
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Seed Innovations Ltd - investor in pharmaceutical companies - Notes that portfolio company Little Green Pharma Ltd, in which Seed owns 3.1%, released its results for the financial year ended June 30. LGP made AUD7.0 million revenue, equivalent to GBP3.7 million. LGP made pretax profit of AUD24.6 million, reflecting an uplift to the value of a facility in Denmark.
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BP Marsh & Partners PLC - investor in financial services companies - MB Prestige Holdings Pty Ltd is sold to ATC Insurance Solutions Pty Ltd for AUD17 million, around GBP9 million. BP Marsh agrees to swap its 40% stake in MB Prestige for newly issued ATC Insurance shares. As a result, BP Marsh's stake in ATC Insurance will increase to 26% from 20%. The transaction represents a 20% uplift in BP Marsh's latest published valuation of its MB Prestige stake on January 31, of AUD5.7 million.
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Semper Fortis Esports PLC - London-based esports teams operator - Signs 20-year-old Thibault Grzesiak for the SMPR Rocket League team. The team is now complete and ready for the new season. Financial terms of the deal are not disclosed.
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Tissue Regenix Group PLC - Leeds-based wound treatment products - Launches two new products, DermaPure Meshed and VNEW, both line extensions to the biosurgery division. DermaPure meshed provides surgeons with a customised option that eliminates manual meshing in the operating room. VNEW is a pre-shaped, pre-cut acellular dermal allograft. Tissue Regenix has already fulfilled its initial stocking order for VNEW.
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Riverstone Credit Opportunities Income PLC - investor in debt - Invests USD12.5 million in a USD100.0 million first lien green term loan to a polyethylene recycling company. The loan matures in August 2024 and has an expected all-in yield to maturity of 13.5%. This is Riverstone Credit's first green loan, and it plans to use similar lending structures in future.
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Vaalco Energy Inc - Houston-based oil producer in Gabon and Equatorial Guinea - Agreements with World Carrier Offshore Services Corp are now effective after joint venture partners approve. Last Thursday, Vaalco announced the deals to rent a floating storage and offloading unit at the Etame Marin Field in Gabon.
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Altus Strategies PLC - mining royalties investor - Drilling confirms the discovery of a significant zone of gold mineralisation at the Tabakorole project in Mali. Altus holds a 49% stake and 2.5% net smelter return on Tabakorole. The results are expected to increase the volume and grade of the mineral resource estimate.
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Diurnal Group PLC - Cardiff-based hormone drug developer - Launches Efmody, a treatment for congenital adrenal hyperplasia, in Germany and Austria. Pricing is in line with the company's expectations. Diurnal is in talks with health authorities across the European Economic Area for further launches.
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Instem PLC - Staffordshire-based healthcare software - Buys Basel, Switzerland-based life sciences software company PDS Pathology Data Systems Ltd for a total enterprise value of CH14.3 million, around GBP11.4 million, in cash and shares. The deal will deepen Instem's relationship with some of its largest clients and be immediately earnings-enhancing, Instem says.
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TomCo Energy PLC - oil explorer in Utah - Amends terms of the deal to buy Tas Sands Holdings II LLC. TomCo now has until October 1 to exercise its right to buy an initial 10% of Tar Sands for USD2 million, extended from September 1. TomCo paid a USD100,000 deposit for the extension.
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MetalNRG PLC - investor in energy and precious metals projects - 50%-owned joint venture BritNRG is now profitable following operational improvements in the first half of 2021. The venture is producing 3,500 barrels of oil per month, versus less than 1,500 barrels per month in the first quarter. BritNRG sold 3,780 barrels in July at an average price of USD73.88 each. Revenue from the Whisby site is forecast to be over USD2.5 million per year.
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By Ivan Edwards; ivanedwards@alliancenews.com
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