Last checked at 
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
----------
Lekoil Ltd - Lagos-headquartered oil exploration and production company with interests in Nigeria and offshore Namibia - Says arguments made by Metallon Corp Ltd, which requisitioned general meeting of Lekoil shareholders, are "specious and designed to distract from their true intentions". Lekoil says it has never been against making board changes. "The board considers the requisitioned resolutions to be no more than an ill-disguised attempt by Metallon to gain control of your company without paying a price to all shareholders," Lekoil adds. Company explains that should Metallon's proposals be passed, the shareholder's appointees will represent 50% of Lekoil's board and will also have a casting vote. "The board does not believe that it would be appropriate for a 15% shareholder, to enjoy that level of board representation and control over the company. Metallon has been a shareholder for less than six months," Lekoil adds.
----------
Echo Energy PLC - Latin American-focused upstream oil and gas firm - Raises additional GBP856,000 through issue of 167.8 million shares at 0.51 pence each. Notes that operator of Taki Aike exploration asset, onshore Argentina has said that should drilling of next exploration well not begin by intended first quarter date, Echo's option over asset will lapse. "The decision by the company to allow the option to lapse is inkeeping with Echo's ongoing focus on high impact cash generative production and on the identified and lower risk potential upside in the Santa Cruz Sur portfolio," Echo adds.
----------
Xtract Resources PLC - miner with projects in Mozambique and Zambia - Says drilling of first three holes of phase one programme at Racecourse resource in Bushranger project, Australia has progressed to depth of 213.1 metres. "Significant copper mineralisation commenced in the hole at a depth of 110 metres and continues to the current depth of the drill hole at 213.1 metres," Xxtract says. "Following a short break over Christmas, drilling will recommence from the current depth of 213.1 metres and will continue to the planned depth of 815 metres."
----------
Power Metal Resources PLC - metal exploration and development company - Consultants confirm "at least one conductive target" intersected at Molopo Farms project, Botswana. "The airborne electromagnetic indicates an arched shape geophysical conductive anomaly, possibly close to flat-lying and with a depth to anomaly top of over 200 metres," Power Metal says.
----------
Kore Potash PLC - owner of Sintoukola potash project in the Republic of Congo - Says not aware of any information which could explain recent share price movements on ASX exchange. ASX queried "the significant increase in the volume of KP2’s securities traded from 15 December 2020 to 22 December 2020".
----------
Salt Lake Potash Ltd - Western Australia focused organic sulphate of potash miner - Meets all remaining conditions under syndicated credit facility agreement and has received debt funds from USD105 million first drawdown. "SO4 is very pleased to have achieved financial close on the USD138 million Taurus/CEFC debt facility and to have drawn down the initial tranche of USD105 million," Chief Executive Officer Tony Swiericzuk says.
----------
Duke Royalty Ltd - UK and Europe royalty finance provider - Exits investment in royalty partner Welltel (Ireland) Ltd, a Dublin-based telecommunications, IT and network firm, receiving GBP15.4 million at closing. Also makes GBP3.1 million follow-on investment into existing royalty partner MRDB Holdings Ltd Group.
----------
Adriatic Metals PLC - developing Vares silver project in Bosnia & Herzegovina - Receives waiver from ASX Ltd permitting company to issue shares to Sandfire Resources Ltd.
----------
W Resources PLC - London-based tungsten, tin and gold mining company with assets in Spain and Portugal - Says momentum at La Parrilla tungsten and tin project in Spain maintained "into December". Reports "record concentrator recovery rates" in December and 20 tonnes shipment of tungsten also completed. Says 25 tonne shipment of tin concentrate awaiting collection by customer. "In addition the company expects to make at least one more 20t shipment of tungsten concentrate this month," W says.
----------
Savannah Energy PLC - Niger and Nigeria-focused energy company - Reiterates annual guidance for revenue above USD200 million and lowers cost guidance by USD25 million. Says set for "record Nigerian cash collections and production volumes in 2020".
----------
Katoro Gold PLC - Tanzania-focused gold and nickel exploration and development company - Raises GBP960,000 through placing and subscription. " The fundraise will significantly bolster the company's ability to continue uninterrupted with work on its projects during the current uncertainty and unpredictability associated with Covid-19 and to advance the project funding initiatives as well as complete technical study work for the Blyvoor gold tailings project and also expanded follow-up work on the Haneti nickel exploration programme," company adds.
----------
Invinity Energy Systems PLC - storage battery manufacturing company - Raises GBP2.0 million through open offer and GBP22.5 million including placing.
----------
UniVision Engineering Ltd - Hong Kong-based CCTV & surveillance systems - Receives breach of contract claim from supplier Dimension Data China/Hong Kong Ltd. Plans to defend claim but notes it will be able to meet damages should that be necessary. Also adds it has "further been advised that it has a cross claim against DDCHKL".
----------
Northamber PLC - Chessington, Surrey-based audio-visual and information technology distributor - Says it will not be able to report results for year ended June 30, by December 31 deadline. Granted extension by regulators but adds it plans to release audited results in January. "We are pleased to advise that this decision to keep fully resourced, combined with our nimble structure, rewarded us in the financial year to 30 June 2020 with modest organic sales growth but significant margin growth year-on-year as we picked up opportunities from our major competitors," Northamber adds.
----------
Focusrite PLC - music and audio products company based in High Wycombe, Buckinghamshire - Executive Chair Phil Dudderidge sell 1.5 million Focusrite shares at 1,000 pence each. Shares represent 2.6% of Focusrite shares. Following sales, Dudderidge and associated party own 19.3 million shares, a 33% stake.
----------
Water Intelligence PLC - environmental services and technology company - Reacquires Melbourne, Florida franchise within its American Leak Detection unit for USD1.6 million. "Strategically, the Melbourne reacquisition will enable ALD to link its current and fast-growing corporate operations of Orlando, to the north, and Miami, to the south, along the eastern part of Florida. Orlando and Melbourne will each generate, for 2020, approximately USD1.2 million in sales with Miami generating above USD2.5 million," Water Intelligence says.
----------
Versarien PLC - Cheltenham-based advanced materials engineer - Agrees to buy certain graphene production related assets and intellectual property from South Korea based Hanwha Aerospace Co Ltd for a consideration of 11.0 million shares. Company notes consideration equal to GBP4.3 million at using Versarien's 39.475p closing price on Thursday. Enters into subscription agreement for Lanstead Capital Investors LP to subscribe for 8.8 million shares at 40p each, raising GBP3.5 million. As part of subscription, company will enter into sharing agreement with Lanstead. "As a result of entering into the sharing agreement, the aggregate gross amount received by the company under the Lanstead subscription and the related Sharing Agreement may be more or less than GBP3.50 million," Versarien says. "The sharing agreement will enable the company to benefit from any share price appreciation over the average benchmark price of 53.33 pence."
----------
AssetCo PLC - Middle East-focused provider of management and resources to the fire and emergency services - Says 6.5 million shares tendered, about 50% of share capital, at GBP4.11 each, GBP26.9 million in total.
----------
Seeing Machines Ltd - computer vision technology company headquartered in London - Says Fleet business continuing to grow despite Covid-19. "At the end of November 2020, Seeing Machines has a total installed base of over 26,000 Guardian units, with additional hardware sales of 3,500 units still to be connected, due to vehicle accessibility and the subsequent slower installation rate," company says.
----------
KKV Secured Loan Fund Ltd - equipment leasing and asset finance investment - Says results for year ended June 30 to be delayed beyond December 31. Anticipates shares will be suspended should results not be published by end of 2020. "The company's priority and focus is the production of the 2020 Results at the earliest possible date and which should be no later than 31 January 2021," KKV says.
----------
Minoan Group PLC - Surrey-based Greek hotel investor - Raises GBP177,500 through two share issues. Says placing of 12.5 million agreed with Peterhouse Capital Ltd at 1.1p each and 3.6 million shares at same price to "settle certain existing liabilities".
----------
Westmount Energy Ltd - South America-focused energy investor - Buys 250,000 shares in JHI Associates Inc, a Guyana-Suriname basin-focused oil explorer, for USD400,000. Westmount now holds a 7.2% stake in JHI.
----------
Supply@Me Capital PLC - fintech company providing monetisation service - Names Quadrivio Group as banking partner for strategic pact announced in September. Partnership will see companies acquire a bank in Europe.
----------
Destiny Pharma PLC - clinical stage biotechnology company based in Brighton - Begins work needed to prepare phase 3 clinical study for NTCD-M3, aimed at treating reoccurrence of bowel infection clostridium difficile. Clinical study set to start in 2022. "In the US, there are approximately 500,000 cases of CDI each year; around 25% of these initial cases then recur leading to 29,000 deaths per year," Destiny Pharma says.
----------
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
