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TRADING UPDATES: Serabi Plots Fundraise; Panoply In GBP26 Million Buy

Mon, 1st Mar 2021 18:17

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:



Serabi Gold PLC - Brazil-focused gold miner - Plans to raise GBP17.5 million through a placing. Funds will go towards constructing Coringa gold project and undertaking further exploration work on priority targets. In addition, cash will go towards redeeming USD2 billion convertible loan notes held by Greenstone Resources II LP and repay Equinox debt.



AltynGold PLC - London-based gold mining exploration and development company that operates in Kazakhstan - Reports first processing results from Terensai exploration area. During fourth quarter, Sekisovskaya gold beneficiation plant processed 1,794 tonnes dry weight. Processed ore shows grade of 1.8 grammes per tonne, AltynGold says.



Cadogan Petroleum PLC - western Ukraine-focused oil and gas company - Notifies borrower Proger Managers & Partners srl that loan maturity date of February 25 has passed. "Cadogan did not exercise its call option right within the maturity date," company says. Cadogan adds that PMP must fulfil EUR14.9 million payment within next five working days.



Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Seals deal with Kansai Mining Corp Ltd to buy remaining interest in Mikei gold project in Kenya. Red Rock pays USD1.0 million in cash and Kansai agrees to receive remaining USD1.5 million consideration in the form of 101.6 million Red Rock shares at 1.05p each. "These payments to Kansai will complete the purchase obligations under which we acquired a 100% beneficial interest in the project and represent a milestone in the life of the company," Red Rock Chair Andrew Bell adds.



Condor Gold PLC - gold exploration and development in Nicaragua - Closes placing, raising GBP4.0 million. Company in February said the funds will go towards advancing the La India project towards production.



Ascent Resources PLC - onshore energy firm focused in Caribbean and Europe - Updates on loan facility. Has GBP125,000 of outstanding debt of GBP500,000 facility arranged and managed by UK-based investment company Align Research Ltd. Has an undrawn loan facility of GBP182,500, with GBP120,00, tranche three, initially available to be drawn on Tuesday. However, Ascent extends Tuesday tranche 3 drawdown date to April 3, meaning it can drawdown all of GBP182,500 on April 3.



Panoply Holdings PLC - IT service management company - Buys IT support services firm Keep IT Simple Ltd for GBP26 million. "With a proven track record, the acquisition of KITS enables the group to bid for ever-larger contracts across both the public and commercial sectors," Panoply says. Says acquires KITS from its chief executive Grant Harris. Panoply will form Managed Services Division within Foundry4, and Harris will become managing director of division.



CloudCall Group PLC - Leicester, England-based provider of unified communications and contact centre software - Plans to raise GBP6.0 million through a placing and a further GBP1.0 million through a PrimaryBid offer at 81.5 pence per share. "The net proceeds from the fundraising will be used for general working capital purposes and to strengthen the company's balance sheet," CloudCall says.



Quadrise Fuels International PLC - London-based fuel conversion technology firm - Plans to raise GBP6.0 million at 2.7p per share through placing. Will also propose open offer to pocket additional GBP1.0 million. Funds will go towards developing Quadrise's MSAR projects.



Challenger Acquisitions Ltd - previously observation wheels, now "focused on securing a new project" - Extends longstop date for Cindrigo Energy Ltd offer to February 26. Challenger CEO Lars Guldstrand says: "Despite the lapse of the offer both Challenger and Cindrigo remain committed to the acquisition of the business of Cindrigo Ltd by Challenger."



Fragrant Prosperity Holdings Ltd - acquisition vehicle - Completes GBP543,930 fundraise through issue of 10.4 million shares at 5.25p each. "Discussions in respect of opportunities that have been presented to the company are at a very early stage and no agreement has been made with any of the relevant target companies or businesses. Therefore, there is no certainty that any of the current discussions will progress further and/or result in the company concluding a transaction," Fragrant adds.



Intuitive Investments Group PLC - closed-end investment company focused on life sciences sector - Invests GBP250,000 in AIM-listed Shield Therapeutics PLC. Buys 833,333 shares at 30 pence each.



By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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