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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Shanta Gold Ltd - Guernsey-based east Africa-focused gold producer, developer and explorer - Says that the drilling results from three targets forming the Ramula Camp of its West Kenya project indicate a "significant" potential resource increase. Identifies 5 visible gold intersections across 6 holes drilled. "The three new and recently reassessed targets, Anomaly 22, the Miruka system, and the Ochiegue system, situated within 5 km radius from Ramula deposit, present several exciting additional open-pit and underground development options for the company in what is a large prolific district owned by Shanta," head of exploration Yuri Dobrotin comments.
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Oracle Power PLC - Cambridge, England-based power and natural resource project developer with focus on Pakistan - Says that Oracle Energy joint-venture buys land package of 7,000 acres, by way of long lease of 30 years with government of Sindh. Land is for its green hydrogen project in Pakistan. Pays an initial consideration of USD1.8 million for the first 10 years of the lease. Further payments will be made for every further 10-year period, it adds, with the next payments due in 2033 and 2043. Oracle Energy's green hydrogen project capacity is 55,000 tonnes per year. Says Oracle Energy would be Pakistan's first producer of green hydrogen. "The signing of the 30-year lease in Pakistan's most advanced region for the development of renewable energy marks a critical milestone in the development of Oracle Energy's green hydrogen project. The sizeable site provides all the key ingredients needed to build a hydrogen project of this significant scale: access to unlimited renewable energy and water sources, as well as excellent transportation and transmission infrastructure," CEO Naheed Memon comments.
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First Tin PLC - London-based tin development company with projects in Germany and Australia - Notes that Taronga Mines Pty Ltd, a subsidiary of First Tin, was awarded a AUD494,038, around GBP274,911, grant by the New South Wales government under its Critical Minerals & High-Tech Metals Activation Fund. "We are delighted to announce that we have been awarded this significant grant by the NSW government. It further demonstrates the support and commitment we have from the government and will help fund the ongoing feasibility studies on this important tin deposit," First Tin CEO Thomas Buenger says.
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Beacon Energy PLC - Isle of Man, UK-based oil and gas company - Enters into a non-binding heads of terms agreement for the acquisition of an unnamed, European oil and gas company. Extends the exclusivity extension period for the agreement further, extended to December 12 from November 28. Continues to work "diligently" towards concluding a definitive agreement and plans to update the market accordingly. The potential acquisition would be considered a reverse takeover.
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Hawkwing PLC - cash shell - Gets a statutory demand from a convertible loan note holder for the repayment of GBP2.2 million for the holder's unsecured convertible loan notes. States that it got legal advice that the holder's demand should not have been made. Says that it asked the holder to withdraw the demand.
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Ethernity Networks Ltd - Israel-based network data processing technology provider - Delivers its UEP2025 platform to an unnamed, existing prominent microwave wireless OEM customer, following the receipt of an order. Notes that this order is not "material" in value, however it represents an "important milestone" for the UEP2025. Believes there to be significant anticipated future commercial prospects for the product.
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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Plans to change its status to corporation from a publicly traded partnership from December 1. Explains that the change will allow it to be treated as passive foreign investment company. Adds that this change has been necessitated by recent changes to the US tax legislation, due to come into effect from January 1. Says the change is not expected to have any effect on non-US shareholders.
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By Abby Amoakuh; abbyamoakuh@alliancenews.com
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