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TRADING UPDATES: First Tin updates Tellerhauser estimates

Mon, 22nd Apr 2024 17:51

(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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Zenith Energy Ltd - Aberdeen-based oil and gas company with assets in Africa and Italy - Launches a second bond exchange offer following the conclusion of its first offer in early April. The exchange is directed to the remaining noteholders of the euro 10.125% notes, US dollar 10.300% notes, and sterling 10.375% notes, all due January 27, 2024. The offer is to exchange the euro notes to 14.625% notes, the dollar notes to 14.800% notes, and the sterling to 14.875% notes, all due May 21, 2026. Zenith says the new bond exchange offer is due to "a significant number" of noteholders being unable to participate in the first bond offer due to difficulties faced by their chosen investment platform.

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Avacta Group PLC - Wetherby, England-based life sciences company - Issues 7.5 million new shares in settlement of the quarterly principal amount of GBP2.6 million and interest repayment of GBP620,000 in respect of the company's unsecured convertible bonds. Avacta says it will review how to settle its future quarterly bond repayments. Following this settlement, the principal remaining under the convertible bonds will be reduced to GBP35.70 million from GBP38.3 million.

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Ormonde Mining PLC - Dublin-based natural resources company with assets in Newfoundland and Scotland - Says its 36%-owned investee TRU Precious Metals Corp intends to carry out an exploration project this spring and summer at its Golden Rose project in Newfoundland. Exploration will focus on assessing the critical minerals potential associated with the deposit-bearing Cape Ray-Valentine Lake Shear Zone. Executive Chair Brian Timmons says: "Not only does Golden Rose have high-grade gold discoveries along the same structures as nearby deposits, but it is also highly prospective for copper and other critical minerals. With a number of large gold companies seeking to diversify their exposure through copper, we believe this multi-mineral resource focus will make Golden Rose even more attractive for M&A in the future."

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First Tin PLC - tin development company with projects in Germany and Australia - Updates the mineral resource estimate for its 100%-owned Tellerhauser tin project in Germany, after analysis from an independent geological consultant. The total indicated and inferred tin mineral resource estimate has increased by 35% from the 2019 estimate to 138,600 tonnes from 102,900 tonnes. Estimates of total indicated only tin has increased 37% to 45,000 tonnes from 32,700. Chief Executive Officer Bill Scotting says: "This increased MRE is a large step forward for us at our Tellerhauser project in Germany. In a world requiring more tin, but with few advanced projects such as ours, increasing our resources from historic drilling data mining is extremely valuable. The additional data from the equivalent of 1311 drillholes and channel samples has enabled a more robust resource model with significantly more tonnes."

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By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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12 Mar 2024 19:58

IN BRIEF: Zenith increases stake in Italian gas concession to 50%

Zenith Energy Ltd - Oil and gas company focused on assets in Africa and Italy - Acquires an additional 10% interest in the Sant'Andrea onshore concession from Petrorep Italiana SRL. The concession covers around 164 square kilometres and is located in north-eastern Italy. After completion, Zenith's interest in Sant'Andrea will increase to 50%. The company intends to reactivate production at Sant'Andrea's S. Antonio-1 well, and expects initial production to reach 1,500 cubic metres of natural gas per day. Under the terms of the deal, Petrorep has paid Zenith's Italian subsidiary EUR248,000 to cover its share of future abandonment and plugging costs.

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13 Feb 2024 17:34

IN BRIEF: Zenith Energy raises GBP1.3 million via private placement

Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Completes private placement in the UK and Norway. Raises GBP1.3 million in total, resulting in the issue of 37.9 million shares. Shares are priced at GBP0.03 for the UK financing and NOK0.42 for Norwegian financing.

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18 Jan 2024 19:42

TRADING UPDATES: Coro Energy strikes finance deal in Vietnam

(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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29 Dec 2023 14:31

IN BRIEF: Zenith swings to loss on higher costs; revenue drops

Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Swings to a pretax loss of CAD1.9 million, or GBP1.1 million in the six months ended September 30 from CAD259,000 profit a year prior.

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6 Dec 2023 11:57

Zenith Energy demands over USD85 million from Tunisian government

(Alliance News) - Zenith Energy Ltd shares jumped up on Wednesday after it announced a formal claim for USD85.8 million in damages from the Republic of Tunisia over a blocked acquisition.

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30 Nov 2023 21:10

EARNINGS AND TRADING: Dispensa and SkinBioTherapeutics losses widen

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

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29 Nov 2023 14:20

Zenith Energy hails arbitral tribunal rejecting defendant request

(Alliance News) - Zenith Energy Ltd on Wednesday hailed an International Chamber of Commerce appointed arbitral tribunal which rejected the Tunisian national oil company's request to include Tunisia as co-defendant in claims against it.

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28 Nov 2023 14:57

TRADING UPDATES: Scancell trial progresses; OptiBiotix inks new deal

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1 Nov 2023 16:54

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TRADING UPDATES: Alumasc under CMA's eye amid "resilient" year

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

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18 Oct 2023 15:16

IN BRIEF: Zenith Energy continues to pursue claim against SMP Energies

Zenith Energy Ltd - Africa and Italy-focused oil and gas company - Updates on the legal claim of its fully owned subsidiary, Anglo African Oil & Gas Congo SAU, against SMP Energies. SMP Energies is the rig contractor that performed drilling services in wells TLP-103 and TLP-103C of the Tilapia oilfield in the Republic of the Congo during 2018 to 2019. It was ordered to pay EUR30,000 to AAOGC as damages for its "abusive procedural behaviour". Explains that SMP failed to pay the damages payment to AAOGC and consequently the Paris Commercial Court seized the amount of damages from an SMP bank account in France.

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