(Alliance News) - The following is a round-up of updates by London-listed companies, issued Thursday and not separately reported by Alliance News:
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Horizonte Minerals PLC - Nickel company developing two assets in Brazil - Announces a construction milestone has been achieved at its 100%-owned Araguaia nickel project in Brazil, following the successful delivery to site of the rotary kiln, a key long lead item. Chief Executive Jeremy Martin says: "The rotary kiln is a key part of the process flow sheet at Araguaia. Its safe delivery to site is therefore an important milestone in the construction schedule given it is one of the key long lead packages."
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Touchstone Exploration Inc - Calgary, Canada-based oil and gas company focused on Trinidad & Tobago - Provides an update on the construction of the Cascadura facility and Royston-1X production testing in which it has an 80% working interest. Says construction of the Cascadura natural gas and liquids facility is progressing and has completed the second production test of the Royston-1X well. Notes production flowed to the surface at non-commercial rates. Says this section of the formation appears to be a low permeability reservoir, and further testing will not be conducted. Adds the next well test will target a gross interval of 106 feet within the intermediate sheet, which is the primary target of the well.
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Directa Plus PLC - London-based graphene product maker - Granted two new Italian patents, the EP patent, which relates to the 'apparatus for treating materials with plasma', and the ET patent, which relates to the 'composition comprising graphene for the treatment of textile articles'. Says this represents a step forward in Directa Plus' intellectual property strategy and protects the company's unique production process and the evolution of its graphene technology. Directa Plus' IP portfolio now comprises of 22 patent families, with 84 patents granted and 38 patents pending, company says.
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Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Says terms for the restructuring of the existing debt facilities for its UK business have been agreed with Lloyds Bank, for approximately GBP10.1 million. The existing overdraft facilities have been restructured into a two-year term loan of GBP7.7 million, with the other facilities remaining largely unchanged. The proposed new debt facilities are conditional on the company completing an equity fundraise of GBP1.5 million. Says plans for the equity raise are underway and include discussions with a cornerstone trade investor.
But, warns should it be unable to complete the fundraising, the prospects for recovery of value, if any, by shareholders would be uncertain. Adds audit of results for year to December 31, 2022 will not be completed in time to meet AIM listing rules. Therefore, trading in shares will be suspended on July 3.
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By Jeremy Cutler, Alliance News reporter
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