TRADING UPDATES: Armadale Capital eyes Mahenge project financing

Tue, 27th Feb 2024 21:12

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

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Armadale Capital PLC - Africa-focused natural resource projects investor - Says still focused on finalising the structure of Tanzanian government's 16% free carried interest in Mahenge Liandu graphite project, as well securing funding to allow commercial production. Armadale says: "Discussions continue to progress with the government of Tanzania regarding the framework and structure for their 16% carried interest. The company is hopeful this will be finalised in conjunction with project funding." It adds: "The company is continuing discussions with several potential financiers regarding the debt funding required for project development. Continued strong demand fundamentals for graphite remain in place and there is projected to be an increasing demand as production of electric vehicles continues to increase."

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Crystal Amber Fund Ltd - invests in small and mid-cap UK equities - Says last week disposed of just under 35% of its holdings of deferred consideration units of Prax Exploration & Production PLC, at a 20% premium to carrying value. Crystal Amber adds: "Combined with the anticipated payment at the end of March from the DCUs, this is expected to increase cash receipts by GBP5.7 million, equivalent to 7.3p a share. In aggregate, these are expected to increase net asset value by 2.3p a share."

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Cora Gold Ltd - West Africa-focused gold developer - Says some noteholders submit voluntary conversion notices to company to convert USD2.3 million of convertible loan notes for 82.0 million shares in firm at conversion price of USD0.0278. "The company intends to use the cash obtained through the conversion to strengthen its working capital position," Cora Gold adds.

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Intelligent Ultrasound Group PLC - Cardiff, Wales-based provider of artificial intelligence ultrasound software - Says ScanNav FetalCheck being used in "largest ever trial on the use of aspirin to prevent pre-eclampsia". Pre-eclampsia is a condition that causes high blood pressure during pregnancy. "We are very pleased that a trial of this size is using ScanNav FetalCheck to accurately measure gestational age as an important factor in the prevention on pre-eclampsia. We see this as continued endorsement of our technology for situations when scanning needs to be undertaken by healthcare professionals with limited experience of ultrasound," Chief Operating Officer Nicholas Sleep says. The study is being funded by the Bill & Melinda Gates Foundation.

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Bens Creek Group PLC - owner and operator of metallurgical coal mines across the US, including the 10,000-acre Bens Creek mining project in West Virginia - Says largest shareholder advances further USD3 million to support "company's operating requirements". "This further advance will enable Bens Creek to address its working capital requirements which have resulted from the challenging trading environment that the company is currently experiencing," Bens Creek adds.

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Faron Pharmaceuticals Oy - Turku-Finland-based clinical-stage biopharmaceutical company - Says to report annual results for 2023 on March 14, and not February 29 as first communicated.

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By Eric Cunha, Alliance News news editor

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