TRADING UPDATES: Active Energy rejects "baseless" legal action

Fri, 23rd Feb 2024 21:30

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

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Amaroq Minerals Ltd - Toronto-based mining company focused on gold and energy-transition mineral assets in southern Greenland - Announces closing of fundraising completed last week, in which it raised net proceeds of around GBP44 million through placing 62.7 million shares with institutional investors in the UK, Iceland and Canada. Says shares are admitted to trading as of Friday. Will use net proceeds to accelerate mining of the target block at its Nalunaq gold project and associated works; accelerate exploration this year across Vagar, Nanoq and Gardaq joint venture licences; and add capital to Gardaq.

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Active Energy Group PLC - London-headquartered biomass-focused renewable energy company - Says that Player Design Inc has continued to provide no substantive reasons for its decision to not supply CoalSwitch fuel for the Ashland facility in Maine. Adds that it has recently become aware that PDI and its owner Tyler Player in January commenced legal action against Active Energy in Maine, which "seeks alternative forms of redress and forms an attempt by PDI to obfuscate its contractual responsibilities." Says it "will vigorously defend" itself against "any baseless legal claims".

Company also seeks to resolve other disputes with PDI, including return of USD1.1 million it paid for Ashland's development. PDI has also presented what Active calls "unfounded claims" regarding intellectual property related to the CoalSwitch production process. Company adds however that commercial conversations continue, and that future customers remain committed to receiving coal switch fuel as soon as possible.

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Riverstone Energy Ltd - Guernsey-based investor in renewable and non-renewable energy companies - Announces tender offer for up to 15.0 million shares, to be acquired at a single price equal to GBP10.50. Board has arranged for the tender offer to return USD200 million or GBP158 million. Company explains that its cash balance, around USD291 million on Thursday, exceeds the amount it currently requires for its investment purposes. Will therefore use USD200 million of its cash to give all eligible shareholders with the opportunity to participate in the tender offer. Company will hold an extraordinary general meeting on March 26 to seek approval for implementation.

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By Emma Curzon, Alliance News reporter

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