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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Graft Polymer (UK) PLC - London-based developer and producer of polymer modification, biological supplements and nano-drug delivery systems - Conditionally places 20.7 million new shares at 0.6 pence per share, in addition to receiving conditional subscriptions for 51.9 million shares, and agreements being entered into for 10.8 million existing shares, raising gross proceeds of GBP500,000. Additionally, one warrant is being issue for every two placing shares, being in aggregate warrants over 10.3 million shares. Explains that the net proceeds of the fundraise will be used to fund the company's general working capital requirements. The placing price represents a discount of 45% to the closing price of its shares on December 21.
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Lords Group Trading PLC - London-based building materials distributor - Says all parties have agreed to an amended schedule for the purchase of a freehold property, from which the Heathrow branch of its subsidiary, George Lines Civils & Landscaping Merchants, operates from the original vendor of George Lines. The acquisition is for GBP6.3 million, of which an initial GBP2.2 million was paid in January. The completion date has now been extended to January 31, 2025, from July 5, 2024, which GBP900,000 of the unchanged consideration payable in January, 2024.
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Prospex Energy PLC - Investment company focused on European gas and power projects - Receives notices to convert an aggregate debt of GBP182,140.95 in three convertible loan notes in exchange for the issue of 3.3 million new ordinary shares. The convertible loan notes were issued to three individuals, and are convertible at 5.5 pence per share. The second of three capital repayments plus accrued interest was due to be paid on December 31, and the loan note holders have agreed to settle this debt by converting it into shares.
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EJF Investments Ltd - Investor in structured debt and equity, loans, bonds, preference shares, convertible notes and private equity - Says EJF Capital LLC will absorb 10% of recurring operating expenses from January 1, reduced from the 60% arrangement currently in place. Says this change will remain in place until at least December 31 next year, or if earlier, until the date on which the unaudited net asset value of the company reaches GBP300 million. The reduction in EJF's absorption of operating expenses is estimated to have a negative impact to the company in 2024.
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Chill Brands Group PLC - Colorado, US-based CBD products company - Says it has sold its Chill Zero nicotine-free vapour products to a "prominent operator of UK petrol stations", trading under major brands. Notes that it has received a "substantial initial purchase order", following which, its products will launch in 265 of the operator's forecourt convenience stores in the first quarter of next year. Chief Executive Officer Callum Sommerton says: "We are very happy to announce that our Chill Zero products will be launching into Shell, Esso and BP locations. This significant order marks yet another milestone for Chill Brands and we have made great progress in a relatively short period of time."
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Altona Rare Earths PLC - Mining exploration company focused on the evaluation, acquisition and development of projects in Africa - Enters loan facility with Catalyse Capital Ltd, which enables it to draw down GBP250,000 over two tranches in January and February 2024. The loan has a repayment date of December 20, and carries a fixed interest rate of 20% per annum. Catalyse will also receive warrants equal to 100% of the loan value plus interest, with a four-year expiration date from the drawdown. Altona says the proceeds will be used to advance Prefeasibility Study activities, with a focus on metallurgy, for the Monte Muambe rare earths project.
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By Holly Beveridge, Alliance News reporter
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