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TRADING UPDATES: 4D Pharma warns of wind-up; Star Phoenix files claim

Fri, 5th Aug 2022 14:58

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

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Condor Gold PLC - mine developer in Nicaragua - Gets the final results of metallurgical tests for a feasibility study conducted on the La India Open Pit. It was conducted by the Bureau Veritas Laboratories in Richmond, British Columbia. Says low-grade composites averaged 94% at the 75 micron target grind. Says study indicated a net metallurgical recovery of 91%, which will be used in the technical economic models for the forthcoming feasibility study.

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Novacyt SA - Surrey-based biotechnology group focused on clinical diagnostics - Launches its first fully freeze-dried direct-to-PCR assays. It enables the transportation of assays at ambient temperatures to remote regions or in areas without a centralised cold storage supply chain.

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Schroder British Opportunities Trust PLC - investment company - makes an additional investment into digital-first home healthcare firm Cera Care Ltd. The investment is part of a new funding round to accelerate Cera's growth. Anticipates that the funding round will lead to an uplift in the fair value of its existing holding in Cera of roughly GBP2.1 million, or an approximate uplift on its NAV of 2.8 pence per share, compared to the valuation as at March 31.

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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Confirms that it has received the first funding tranche of USD1.2 million under its new USD10 million financing facility with Mercer Street Global Opportunity Fund LLC. It is a fund managed by Mercer Street Capital Partners LLC.

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Hamak Gold Ltd - British Virgin Islands-based gold exploration firm focused on Liberia - Receives positive channel sampling results at its Nimba license. Intersects significant gold mineralization from its Block-1 grid. Says the results are suggestive of a bulk tonnage gold target.

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Star Phoenix Group Ltd - oil and gas company focused on Trinidad and Indonesia - Says its wholly owned subsidiary Range Resources Drilling Services Ltd has submitted three claims of GBP1.8 million against Range Resources Trinidad Ltd in the Supreme Court of Trinidad and Tobago. The claims are in respect of breach of loan, service and equipment rental contracts.

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4D Pharma PLC - Leeds, England-based pharmaceutical company - Says its administrators have published a proposal for members and creditors. Says it is uncertain whether rescuing the company in accordance with Paragraph 3,1,a is achievable, considering the uncertainty of the ongoing sale of business process. Aims to is to achieve a better result for the company's creditors as a whole. Notes that a wind-up could be possible.

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Critical Metals PLC - Africa-focused natural resources investor - Enters into an investment agreement with its wholly owned subsidiary Critical Metals Mauritius Ltd, Madini Occidental Ltd, and Madini Occidental's shareholders Russell Fryer and Madini Minerals.

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Online Blockchain PLC - Ongar, England-based cryptocurrency firm - Adds Optimism to its portfolio of bridges. It is a Layer 2 Ethereum scaling solution has a USD1.20 billion total value locked.

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GreenX Metals Ltd - developing Arctic Rift copper project in Greenland - Plans to deploy three advanced all-terrain vehicles for its exploration programme at the Arctic Rift Copper project in Greenland.

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First Class Metals PLC - Lancashire, England-based minerals exploration company - Starts ground exploration and reconnaissance work across six of the seven properties.

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United Oil & Gas PLC - oil and gas company operating in Egypt, Italy and UK - Finds 7 metres of net oil pay in the Primary Abu Roash C reservoir on its Abu Sennan licence, onshore Egypt. Plans for the testing programme to include both primary and secondary Abu Roash G targets. Optimistic about its prospects, with oil prices remaining high.

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Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Starts next exploration phase at its Molopo Farms Complex Project in southwest Botswana. The project is targeting nickel, copper and platinum-group-element mineralisation. The next stage is planned diamond drilling. It is focused on the discovery of economic nickel sulphides and following up on the results from the drill programme completed in 2021.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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