TRADING UPDATES: Cadence adds to fundraise; Sylvania profit up

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

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Pires Investments PLC - London-based technology-focused investment company - Investee in Pluto Digital PLC now working alongside Maze Theory Ltd, a London-based digital entertainment studio, to release "high quality games that incorporate token economics to empower the next generation of gamers." Company adds: "Pluto has now announced the formation of a new gaming blockchain and metaverse studio, called Emergent Games, as part of a joint venture with Maze." Pluto will provide an investment pipeline for the new joint venture and has already invested GBP4 million in Maze Theory.

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CATCo Reinsurance Opportunities Fund Ltd - invests in catastrophe reinsurance risks - Markel CATCo Reinsurance Fund Ltd ups takeover offer, with shareholders now in line to pick up USD0.331 per share, an increase of 1.63% compared to the accelerated return under the previously announced transaction. Notes C shares will receive USD0.579 per share, an increase of 1.2%. Markel is CATCo's manager.

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Tekcapital PLC - intellectual property investor focused on university technology - Portfolio company Guident Ltd, the developer of software for improving the safety of autonomous vehicles and delivery robots, files eighth patent application in US covering improvements to its remote monitoring and control centre for AVs. Guident Chief Executive Harald Braun says: "We have achieved what we believe to be one of the lowest glass-to-glass - camera-to-monitor - latencies in the market. This technology is required by teleoperations, which enables a human to remotely monitor and control an autonomous vehicle, as it facilitates rapid image analysis for quick decision making."

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Chrysalis Investments Ltd - investor in technology and finance startups - Says Tuesday it completes sale of stake in Embark Group Ltd to Scottish Widows Group Ltd, a subsidiary of Lloyds Banking Group PLC, receiving net cash proceeds of GBP57.2 million - which represents a cash-on-cash return of 2.1x from the date of the company's initial investment in July 2019.

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Red Rock Resources PLC - London-based gold-focused exploration company with projects in Africa and Colombia - Completes drill programmes in Kenya and the Congo, with gold, copper and cobalt exploration results now expected imminently. "The results and analysis, which we shall announce as soon as we have them, will be key near-term milestones," Chair Andrew Bell says. Expecting drilling results from six targets in three countries over the coming weeks. Bell continues: "We also look forward to the slightly delayed listing of Elephant Oil Corp, a group in which we have been a longstanding shareholder, in the US. We anticipate this may happen in the first quarter, and if it does it will be the first of a series of planned monetisation or value crystallisation events, and a most important one."

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Savannah Resources PLC - London-based mineral resource development company - Wholly owned subsidiary, Savannah Lithium Ltd has been joined as the counter-interested party in litigation brought by the Parish of Covas do Barroso as plaintiff in the Mirandela Fiscal & Administrative Court in Portugal against the Republic of Portugal and the Ministry of Economy as defendants. "The litigation seeks to nullify certain administrative actions by the defendants in June 2016 including the addition of lithium to and the expansion in the area of the C-100 Mining Lease. The C-100 Mining Lease which contains the Barroso Lithium Project is fully granted, has a term of 30 years to 2036 and remains in good standing," company explains.

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Cadence Minerals PLC - London-based investor in mineral resources - To raise about GBP1.5 million through open offer of up to 7.4 million shares at 20.5 pence each, which will be offered at 1 open offer share for every 20 existing shares held. The open offer available to existing shareholders for "opportunity to invest on the same commercial terms" as placing announced earlier this week. Raises gross proceeds of GBP4.1 million from oversubscribed placing of 19.5 million shares at 20.5p on Thursday.

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Sylvania Platinum Ltd - Bermuda-based platinum group metals producer - Says Monday net profit for three months to December 31 up to USD15.5 million from USD8.6 million year before. Net revenue rises to USD37.9 million from USD29.8 million year prior. Sylvania Dump Operations achieves 16,605 4E PGM ounces in second quarter, up from 15,771 ounces year prior.

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By Paul McGowan; paulmcgowan@alliancenews.com

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