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TRADING UPDATES: Argo gets GBP18 million loan; Genedrive fundraises

Fri, 10th Sep 2021 16:14

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

Argo Blockchain PLC - cryptocurrency miner - Enters into a GBP18.1 million loan agreement with a maturity date of October 29 with Galaxy Digital LP, using a portion of the company's Bitcoin holding as collateral. Argo's outstanding loan with Galaxy Digital of GBP14 million will be rolled into the new loan agreement, resulting in a total outstanding principal amount of GBP32.1 million. The proceeds of the loan will be used to continue the build out of Argo's West Texas data centre and to meet its operating cash flow requirements. The loan will enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations.

Genedrive PLC - molecular diagnostics company - Proposes fundraising by way of a placing to raise up to GBP6.0 million at a price per share of 25 pence. The company also announces it will be making an open offer at the issue price to raise up to GBP4.5 million. The placing price represents a discount of 40% to the closing price on Thursday. The net proceeds of the fundraising and the company's existing cash resources will be directed to the final development of the Genedrive COV19 ID Kit and supporting the commercial roll out of antibiotic induced hearing loss test, Genedrive MT-RNR1 ID Kit as well as providing additional funding to cover the company's other product development, commercialisation and general corporate costs.

Gresham House PLC - asset manager - Reports completion of the placing and retail offer, which were both oversubscribed. A total of 4.4 million shares have been conditionally placed by Canaccord Genuity Ltd and Jefferies International Ltd with some existing and new institutional investors at a price of 910p per share. In addition, retail investors have subscribed via the PrimaryBid platform for a total of 219,780 new shares. The placing price of 910p represents a discount of 2.2% to the closing price on Thursday, the last day prior to the completion of the placing.

Tritax EuroBox PLC - logistics real estate assets manager - Proposes placing of new shares in the company to raise GBP170 million via its placing programme. The issue will comprise 152.5 million new shares at a price of 111.5p each. The placing price represents a discount of 3.0% to the company's closing share price of 115p per share on Thursday. Investment in the company's pipeline will continue to further grow and diversify the company's portfolio, expanding into new geographies and consolidating in existing countries, with an increased focus on higher return assets. Tritax EuroBox says its manager is confident that the proceeds of the placing can be deployed into this pipeline within 3 to 4 months of completion of the placing.

Separately, Tritax EuroBox says conditional contracts have been entered into to acquire the land for the development of a new high specification and sustainable logistics asset in Oberhausen, in the Rhine-Ruhr region of Germany. The company will now enter into a forward funding agreement to construct the building. The property will comprise a single building of 23,346 square metres of ground level logistics space with additional mezzanine and office accommodation, capable of being split into four separate, equally sized units. This acquisition is structured as a forward funding development opportunity, where Tritax EuroBox has agreed an aggregate fixed purchase price of EUR29.9 million comprising land purchase, construction of the buildings and developer's profit. The company will also benefit from a 12-month rental guarantee provided by Verdion of EUR1.3 million from completion of construction, which is expected to be in the fourth quarter of 2022.

Aquila European Renewables Income Fund PLC - investment firm - Raises EUR90.0 million before costs and expenses through the issue of 87.4 million shares. These shares will be issued at EUR1.03 per share, which represents a premium of 5.0% to the company's ex-dividend net asset value as at June 30. Following admission, the company will have 406.2 million shares overall. "Our strong pipeline of opportunities and new capital from our supportive institutional investor base, will allow us to extend this excellent track record of deployment," says Chair Ian Nolan.

Target Healthcare REIT PLC - care homes operator - Raises proceeds of GBP125 million through a significantly oversubscribed issue of new shares at 115p each. Following admission, the company will have 620.2 million shares in issue. "Our conviction in both the quality of our existing portfolio, which is characterised by its inflation linked, long-income characteristics, as well as the compelling investment opportunity in the part of the care home market that we are focused on, is steadfast. We look forward to deploying the proceeds into high quality, fit for purpose homes with strong sustainability credentials, further diversifying the portfolio whilst simultaneously playing a role in meeting a key societal challenge," says Chair Malcolm Naish.

Curzon Energy PLC - energy company - Extends its outstanding loan with Sun Seven Stars Investment Group to September 30. The loan consists of a principal amount of GBP260,000 and carries a 10% interest rate. Separately, the company says it continues to conduct mutual due diligence with Poseidon Enhanced Technologies in contemplation of a reverse takeover of Curzon by Poseidon Enhanced Technologies.

Nostrum Oil & Gas PLC - oil & gas company - Receives agreement from all the members of the informal ad hoc noteholder group to extend the expiry of the current forbearance agreement from Friday to September 28.

Lekoil Ltd - Cayman-based oil exploration & production company - Says it has not received scheduled payment of USD394,581 pursuant to the loan agreement between the company and Olalekan Akinyanmi. Lekoil says it has commenced legal proceedings to recover the amounts due and owing to the company.

Resolute Mining Ltd - Australian gold miner - Reports the early voluntary repayment of an additional USD30 million on its revolving credit facility. The repayment was made from the first instalment of proceeds received on the sale of the Bibiani gold mine and brings Resolute's total voluntary repayments in 2021 to USD50 million, strengthening the balance sheet and reducing borrowing costs. The early repayment reduces the revolving credit facility balance to USD100 million while Resolute retains the flexibility to redraw funds to the USD150 million threshold, up until the maturity date in March 2023.

One Media iP Group PLC - digital music rights acquirer - Signs a further deal on the composition rights to the music composed and produced by Ian Levine. The acquisition is in line with management's expectations and the company's business plan. Michael Infante, chief executive of One Media iP says: "Ian continues to push the boundaries of Northern Soul and High NrG and to see him and Evelyn Thomas back in the studio is like seeing Weller get back with the Jam in Northern Soul circles."

Ilika PLC - solid-state battery technology firm - Starts trading on the OTCQX Best Market, in the US. Graeme Purdy, Ilika chief executive, says: "We are very pleased to be graduating to the OTCQX market. This will provide our valued US investors with greater liquidity and execution services through OTCQX. It will also help us to build our visibility among US investors."

St Peter Port Capital Ltd - investment firm - Reports a proposal to cancel the admission of the company's shares to trading on AIM from October 12, to wind up the company, and to appoint a liquidator whose task will be to return the company's surplus cash to shareholders.

Prospex Energy PLC - investment company - Says CEO Mark Routh has written to all shareholders to seek their support in advance of the general meeting and to present the Prospex board's recommendations. "I am contacting all shareholders to communicate the company's recommendations for voting at the general meeting. We believe it is necessary for the company to have a board committed to representing all shareholders, with knowledge of its assets and a determination to drive shareholder value," says Routh.

Arkle Resources PLC - mineral exploration company - Reports results from its sixth and seventh drillholes of the diamond drilling programme being undertaken at Mine River gold project in Wicklow. Hole 7 was an easterly step out from the visible gold hole and intercepted multiple gold bearing zones, while hole 6 to the west did not return grades of economic interest suggesting the vein pinched out, company says. "While awaiting laboratory analysis I can report good indications in Holes 8 and 9," says Chair John Teeling.

Panthera Resources PLC - gold exploration and development company - Says the next batch of assay results from the recent air-core drilling programme at Bassala have been received. These have confirmed the presence of additional significant gold mineralisation including the highest grade assays received to date comprising 5 metres at 6.59 grammes per tonne gold. The remaining nine of the 22 targets identified at Bassala are planned to be drilled after the wet season.

Deltic Energy PLC - natural resources investing company - Says, following the recent farm out with Cairn Energy PLC - oil & gas exploration and development company - in relation to five of Deltic's gas licences in the Southern North Sea, the acquisition of 3D seismic data over licence P2428 and surrounding areas has commenced. The acquisition of approximately 700 square kilometres of 3D seismic data, which is focussed on the Plymouth Zechstein reef prospect, will take six to seven weeks to complete with processed data due to be delivered mid-2022. Under the terms of the farm out agreement, Cairn are responsible for 100% of the costs of the associated work programme up to the point at which a well investment decision is made.

SolGold PLC - miner - Makes progress on its Tandayama-America porphyry copper-gold deposit which lies 3 kilometres north of the Alpala deposit at Cascabel project, held by Exploraciones Novomining SA, an 85% owned subsidiary of SolGold. The company says drill hole assays from hole 13 comprise the best drilling intersections achieved at the Tandayama-America deposit to date. Assay results from drill holes 14 to 23 are pending and drilling of holes 24 to 27 is currently underway.

Caracal Gold PLC - gold producer with operations in East Africa - Makes progress on operations at its producing Kilimapesa gold mining & processing operations in Kenya, where it is advancing a phased mine optimisation strategy. Caracal says it prepares to connect mains power to the processing plant within the next eight weeks, reducing operating costs by USD100 per ounce. Meanwhile, the company continues to increase processing plant throughput, with the redesigned plant operating more efficiently and at increased rates. Caracel says new mine plan was implemented and supported by a strengthened geological team, which is gaining a deeper understanding of the structural geology.

IQ-AI Ltd - Jersey-based medical services firm - Says the Gallium Maltolate phase I clinical trial will now commence towards the end of the final quarter of 2021. This rescheduling is the consequence of a change in the trial agent's encapsulation supplier. Elsewhere, IQ-AI says it continues to experience increased interest in its software platforms and further installations are anticipated to be contracted during the fourth quarter, when the company will also be deploying its software at two more US National Cancer Institute-designated cancer centres on a trial basis.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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