(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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Rambler Metals & Mining PLC - Surrey, England-based copper and gold producer - Secures a forward sale for 550 metric tonnes of copper over a 3-month period at a price of USD8,300 per tonne. Notes that this is equivalent to roughly 1 month of payable copper production from the Ming Mine over this period, subject to the completion of the 2023 budget. Does not disclose the name of the customer.
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Star Phoenix Group Ltd - oil and gas company focused on Trinidad and Indonesia - Gets a notice letter on December 2 by Dentons UK & Middle East LLP to terminate their conditional fee agreement with immediate effect, citing mainly "a broken-down relationship of trust between the two parties." Does not agree with the "assertions" in relation to the termination of CFA. Plans to review possible remedies for any damage to the company's reputation or financial loss from the inaction of CFA. In June, the company reached a conditional fee agreement with Dentons based on a no-win no-fee business model to recover outstanding sums due from LandOcean.
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MaxCyte Inc - Gaithersburg, Maryland-based platform for cell-based research - Signs a strategic platform license agreement with Curamys. Under the agreement, Curamys obtains non-exclusive clinical and commercial rights to use MaxCyte's Flow Electroporation technology and ExPERT platform. In return, MaxCyte is entitled to receive platform licensing fees and program-related revenue. "At Curamys, our goal is to use cell fusion-based technologies to transform the biomedical sciences by helping to identify genetic factors contributing to numerous rare diseases with unknown medical causes. MaxCyte's Platform will enable us to advance this technology so we can expand our global reach and ultimately, help more patients living with rare diseases," Curamys Chief Executive Jung Joon Sung comments.
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Mobeus VCTs - London Main Market-listed venture capital trusts - Receives applications reaching the GBP22 million limit of its fundraising. On October 5, it announced the launch of new offers for subscriptions to raise up to GBP14 million, as well as an allotment facility to raise a further GBP8 million.
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Contango Holdings PLC - natural resource development company with operations in Africa - Enters into a non-binding memorandum of understanding with an unnamed, leading multi-national company for its Muchesu coal project in Zimbabwe. The parties will collaborate on coking coal, as well as the manufacture of coke. Aims to conclude the first phase of the due diligence exercise in the first quarter of 2023. "The signing of this MOU is hugely material for Contango. The MNC is active in Zimbabwe and is a world leader in its field. I believe their interest in the Muchesu coal project is testament to its highly attractive characteristics, both in terms of scale and coal quality," CEO Carl Esprey comments.
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Corcel PLC - London-based mining and mineral resource development company - Exercises its option to buy the Mt Weld for GBP200,000 in total. The project is a granted mineral tenement, located 1.4 kilometres west-north-west of Lynas Rare Earths Ltd in Western Australia. "Formally acquiring this very attractive tenement immediately adjacent to Lynas Rare Earth's sizeable REE mine, begins a process of expansion of Corcel's primary battery metals exposure following the recent agreement to restructure our current PNG nickel-cobalt interests. We look forward to working with our new technical partners on planning and executing a high-impact drill campaign in early 2023," CEO Scott Kaintz comments.
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Helium One Global Ltd - London-based helium explorer in Tanzania - Completes the analysis of its proprietary high-resolution Falcon Airborne Gravity Gradiometry and aero-magnetic data over the Balangida rift basin in Tanzania. Identifies high-grade helium macro seeps enriched with other high-value noble gasses. "With so much operational focus on the Rukwa Rift Basin, where we are targeting drilling in Q1 2023, I am pleased to be able to report continued progress at Eyasi and Balangida. There is potential for these basins to have salt deposits in the younger stratigraphy, and the Balangida Rift Basin is likely to contain volcanic tuffs, both of which have the capacity to be effective top-seals. Furthermore, the Balangida Rift Basin offers potential for other high-value noble gasses, with recent seep analysis assays showing 2% argon," CEO David Minchin says.
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Cenkos Securities PLC - Investment advice company - Appoints Ben Procter as chief financial officer and chief operating officer with immediate effect, subject to approval by the Financial Conduct Authority. He previously worked as co-head of finance technology, head of service Management & billing at UBS in both the UK and the US.
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Angus Energy PLC - London-based oil and gas development company - Expects to resume drilling at Saltfleetby gas filed in Lincolnshire, UK early next week. Expects to begin the well clean-up operations on December 16.
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Glantus Holdings PLC - Dublin-based data platform for accounts payable and shared services - Extends the completion date for the software sale to December 12. Gets GBP1.3 million of the GBP1.40m consideration, with the balance of GBP140,000 expected to be paid on December 14.
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Golden Rock Global PLC - special purpose acquisition company focused on fintech sector - Completes GBP100,000 fundraising through the issue of convertible loan notes to Director Wei Chen. The loan notes are unsecured, pay a coupon of 12%, have a conversion price of 3.125 pence per share and maturity date of December 1, 2023. All accrued interest will be settled in cash.
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Investec Bank PLC - London-based international bank - Announces indicative results of GBP420.0 million for its tender offer for notes due 2028. The expiration deadline for the offer was 1600 GMT on December 2. Says GBP398.2 million in notes validly tendered for purchase. Accepts valid tenders with final acceptance amount equal to GBP350.0 million.
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R&Q Insurance Holdings Ltd - Bermuda-based specialty non-life insurer formerly known as Randall & Quilter Investment - Completes a USD60 million loss portfolio transfer from one of the largest self-insurance pools in the US to R&Q's wholly-owned rated carrier, Accredited Surety & Casualty Co Inc. It provides the business with economic finality in relation to legacy general liability. "We are pleased to have been able to provide a successful finality solution for these legacy liabilities, the fourth legacy transaction we have completed this year. We have considerable expertise in the California market, which leverages the value of Accredited's rated and fully admitted paper for legacy transactions," Global Legacy Chief Executive Officer Andy Pinkes says.
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By Abby Amoakuh, Alliance News reporter
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