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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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SolGold PLC - Australian gold and copper mining company with operations in Ecuador and Australia - Says first drill hole at Tandayama-America, at the Cascabel project, discovers highly mineralised system. The mineralisation intersected at Tandayama-America is very similar to the "QD10" quartz-diorite source intrusion at the company's flagship Alpala project which lies only 3 kilometres to south. The QD10 source intrusion at Alpala is almost wholly responsible for the presence of the high-grade core of the deposit which has 442 million tonnes at 1.40% copper equivalent containing 3.8 million tonnes copper and 12.3 million ounces gold in the measured plus indicated categories. Chief Executive Nicholas Mather says: "This discovery will impact significantly on the upside for the Alpala development. The quartz diorite host with close similarities to the richly endowed QD10 intrusion at Alpala is indeed an encouraging element." Separately, significant minority of shareholders vote against reappointment of board members Mather and Clare.
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Bluefield Solar Income Fund Ltd - investment company focused on the acquisition and long term management of a portfolio of low carbon assets in the UK - Notes significant minority of shareholders vote against option for directors to issue or sell up to 10% of company's share at annual general meeting. Resolution was not passed as 27% vote against. Says it will continue to engage with shareholders to understand the reasons for the votes.
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TMT Investments PLC - venture capital company investing in high-growth technology companies - Says portfolio company Bolt, a ride-hailing and food delivery company has successfully raised EUR150 million in an equity finance round led by D1 Capital Partners. The transaction represents a substantial valuation uplift of approximately USD14.1 million, or 64%, in the value of TMT's investment in Bolt, compared to the previous amount as of June 30.
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JPEL Private Equity Ltd - investment company focused on private equity partnerships and direct investments in Europe, North America and Asia - Completes transfer of its indirect minority interest in MBI Holding Inc. The company's indirect interest in MBI is its largest investment representing approximately USD65.0 million of its NAV. The transaction is being completed at an 8.5% premium to that valuation. Has also returned its eighth capital distribution in respect of the company's US dollar Equity Share class. Will return USD75 million to US dollar Equity Share class holders. Redemption proceeds will be comprised of existing cash on JPEL's balance sheet and proceeds from the sale of the indirect interest in MBI.
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Caledonia Mining Corp PLC - Zimbabwe-focused gold producer - Enters into an option agreement over Glen Hume, including a further option agreement in respect of another area in Zimbabwe. This option agreement gives the company the exclusive right to explore and subsequently, if exploration is successful and at its sole discretion, acquire the mining claims over an area known as Connemara North, a property which, like Glen Hume, is situated in the Gweru mining district in the Zimbabwe Midlands that has historically produced significant quantities of gold. The total is an initial payment of USD300,000, followed by a further payment of USD5 million which will be payable if Caledonia decides to exercise its right to acquire the mining claims.
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SIMEC Atlantis Energy Ltd - renewable energy company - Chief Executive Tim Cornelius says 2021 to be "exciting". He adds: "Today, we have announced that we have effectively put in place a war chest which will allow us to capitalise on new opportunities next year. Further, this facility is a prudent way of ensuring that we have access to a pool of capital now and are not left second guessing what will happen with equity capital markets post Brexit in 2021. To be working with a US institutional investor for the first time since our long-standing relationship with Morgan Stanley demonstrates the appetite new investors have for exposure to our flagship projects."
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Kavango Resources PLC - exploration company targeting mineral deposits in Botswana - Offers exploration update for its LVR project in the Kalahari Copperbelt. Chief Executive Michael Foster says: "The LVR joint venture is rapidly turning into a significant copper/silver exploration project for Kavango. We were extremely fortunate to secure this earn-in arrangement when we did at the start of this year. The proximity of one of the licences to the major metal discoveries at T3 & A4 (Sandfire), and the known regional geological structures, make these licences highly prospective. Now that we have started exploration work and have already identified zinc anomalies in the local soils, we are increasingly encouraged by the potential here. We look forward to undertaking airborne geophysical surveys early in the new year."
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ReNeuron Group PLC - developer of cell-based therapeutics - Says US Patent & Trademark Office has completed its examination of patent application 15/613,030, entitled: "Low oxygen culture conditions for maintaining retinal progenitor cell multipotency", and has issued a notification of allowance for the issuance of a patent. "This important allowed patent protects both the composition of ReNeuron's hRPC cell-based therapeutic candidate and its method of use. As such, it constitutes a principal layer of intellectual property pertaining to the company's retinal disease programme," company adds.
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Trident Royalties PLC - AIM-listed mining royalty and streaming company - Says technical update for the Warrawoona Royalty over exploration licence E45/3381, which forms part of the broader Warrawoona gold project, owned and operated by Sydney-listed Calidus Resources Ltd, has successfully passed a number of important development and finance milestones. Calidus has stated that it is fully funded to commence gold production at the project, scheduled in early 2022, following the completion of a definitive feasibility study in September 2020. Trident has a binding agreement to acquire a 1.5% net smelter royalty over the eastern part of the planned Warrawoona mine.
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Trinity Exploration & Production PLC - oil and gas company focused solely on Trinidad & Tobago - Signs memorandum of understating with The National Gas Co of Trinidad and Tobago Ltd, to explore and develop new projects to enable energy transition in Trinidad and, potentially, in the wider Caribbean and Latin America. "This collaborative initiative is part of Trinity's and NGC's wider growth strategies; aiming to derive further value from existing licences, to establish a broader portfolio of energy assets via acquisition and partnerships, and to challenge and further reduce carbon output," company adds.
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Tirupati Graphite PLC - London based flake graphite company, with primary mining and processing projects in Madagascar and India - Successfully develops and commercialises technology to manufacture flame retardant polyurethane foam for use in manufacture of the FRF at its Patalganga plant in India. "The FRC is being produced to the latest European approved standard aimed at protecting passengers and staff against onboard fire incidents on railway vehicles and defines the requirements for the fire behaviour of materials and components including the foam used in passenger coach seats and berths, a standard which has recently been adopted by the Indian Railways," company adds. Tirupati has received an initial procurement order of FRC at USD4,000 per million tonnes, enabling the Indian manufacturer to manufacture enough FRF for 50 carriages with further sales expected on a continued basis.
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Global Petroleum Ltd - oil and gas, upstream exploration company presently focused on Africa and the Mediterranean - Says interpretation of the seismic data recently acquired, notably the 2D seismic data over the relatively under-explored eastern part of PEL0094, Block 2011A, is progressing well. The company expects the interpretation of this data to enhance significantly the prospectivity already identified in this area. Given the progress made, the company expects to be able to publish an updated prospective resources estimate for PEL0094 in the latter part of January.
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By Paul McGowan; paulmcgowan@alliancenews.com
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