TRADING UPDATES: Gaming Realms BetMGM deal; Argo bitcoin-backed loan

(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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Gaming Realms PLC - London-based mobile betting games developer - Launches Slingo Originals content in Michigan, US alongside BetMGM. "BetMGM has launched with an initial three Slingo games, with more games scheduled to follow shortly," Gaming Realms adds. "The company has also signed agreements for Michigan with a number of other leading operators in the market, and its full portfolio of Slingo Originals games is set to go live in Michigan over the coming weeks."

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Argo Blockchain PLC - cryptocurrency miner - Secures GBP14 million six-month loan agreement with Galaxy Digital LP. Argo says its bitcoin holding to be used as collateral. "The proceeds of the loan will be used, in conjunction with the funds raised previously, to continue the build out of the company's West Texas data centre and to meet the company's operating cash flow requirements. It will allow Argo to retain its current bitcoin holding, whilst further expanding its mining operations. Argo is delighted to have worked with Galaxy as its financing partner and looks forward to building a solid relationship with Galaxy going forwards," Argo adds.

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Supply@Me Capital PLC - fintech company - Updates on Captive Bank funding strategy. Notes focus is to secure inventory monetisation of Italian portfolio. Shifts strategy to allow direct investment into a fintech bank owned by an unnamed Italian financial services firm. Signs commercial agreement with Italian firm to manage its "origination of new client companies and a multi-annual inventory funding plan".

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Crossword Cybersecurity PLC - Richmond, England-based cyber security and risk-focused technology commercialisation company - Says digital publisher, betting platform and owner of Racing Post Spotlight Sports Group halves time spent on supplier management after using Crossword's Rizikon Pro platform.

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Great Western Mining Corp PLC - gold, silver and copper explorer in US state of Nevada - Completes first phase of drilling for gold and silver at Rock House Group assets, Nevada. Notes six holes drilled totalling 515 metres. "GWM has now completed the initial RC drilling programme for RH as well as the Olympic Gold project, previously reported, with a total of 17 holes drilled since mobilisation in April. Once assay results become available, the next phase of follow-up drilling can be determined for later this year," Great Western adds.

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SDX Energy PLC - London-headquartered oil and gas exploration, production, and development company - Begins South Disouq drilling campaign of two wells. "The upcoming drilling campaign will consist of one step-out development well and one exploration well," SDX adds, noting it has a 55% working interest in the Egypt asset.

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Infrastructure India PLC - investor in infrastructure assets in India's energy and transport sectors - Pens revised terms for loans. Agreement means a moratorium for interest payments until April 2022 and principal payments until November 2022. Combined interest rate for loans reduced to 10% from more than 12%.

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Castillo Copper Ltd - base metal explorer focused on Australia and Zambia - Says mineralisation intersected in first three drill holes at Big One deposit at Mt Oxide project. "Factoring in the IP survey results to our re-designed drilling campaign at the Big One Deposit has delivered excellent initial results, with significant mineralisation intersected," Managing Director Simon Paull says.

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Serinus Energy PLC - oil and gas production in Romania and Tunisia - Sancrai-1 exploration well in Romania begins drilling. Serinus adds: "The Sancrai-1 well will be drilled to a depth of 1,600 metres and has been designed to test two prospective hydrocarbon zones. The Sancrai-1 well is the final commitment of the third exploration phase of the Satu Mare concession."

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Ariana Resources PLC - London-based gold exploration and development company - Second court hearing on share capital reduction, cancellation of share premium account, cancellation of deferred shares and authority to buyback stock went as expected. Court backed capital reduction plans. "The company will shortly be completing the required submission to Companies House documenting the reduction in its share capital accordingly and this will complete the capital reduction process," Ariana says.

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Genel Energy PLC - London-based oil company - Receives USD26.3 million from Kurdistan regional government for April oil sales. Also receives outstanding payment from March invoices. Genel adds: "The company received USD3.1 million under the recovery mechanism, and the Tawke override payment of USD8.2 million. Taken together with the payments announced on 26 May 2021, Genel received a total of USD31.1 million relating to oil sales during March 2021. Following the receipt of these payments, Genel is now owed $145 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020."

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Sunrise Resources PLC - miner focused on operations in US state of Nevada and Western Australia - Receives assay results from drilling of Baker's gold project, Australia. Says five holes drilled to depth of 100 metres to 200 metres, 589 metres in total. "The drill programme was completed on schedule and under budget. The high-grade gold drill intersection in hole 21SBRC002 was made in a three-hole traverse drilled to test beneath a surface gold-in-soil anomaly and warrants immediate follow up," Executive Chair Patrick Cheetham says.

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Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Reverse circulation drill programme begins at Luanshimba copper-cobalt project in Democratic Republic of Congo.

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Pathfinder Minerals PLC - Mineral sands miner in Mozambique - Company holds virtual meeting with TZM Resources SA board, title holder of mining concession 4623C in Mozambique. "The purpose of the meeting was to confirm to TZM that in the absence of an acceptable resolution of the dispute with the government of Mozambique, Pathfinder intends to refer the matter to the International Centre for Settlement of Investment Disputes under the Mozambique - United Kingdom Bilateral Investment Treaty (2004)." Pathfinder says TZM runs risk of losing benefit of investment in licence. Chief Executive Officer Peter Taylor says: "We believe the opportunity to resolve this matter and the consequences of failing to do so are clear to the government of Mozambique and to TZM. Whilst we reserve our position with respect to the Treaty claim, constructive dialogue with TZM is a positive development and we will continue to engage with them."

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NQ Minerals PLC - Australian mining company - Proposes debt restructure plans, in "well advanced" talks with "major financial institutions". "In December 2020, the company was successful in restructuring the Hellyer debt with a USD55 million package and the company is now persuing means to follow on from this to restructure its debts with the intent to position NQ as a leading company in its sector with a balance sheet and financing capabilities equivalent to that of its peer group," NQ says. NQ adds that debt restructuring plans can secure its future and back growth plans. Company adds: "The company also advises that it is working with NQ's creditors to support the company through this proposed balance sheet restructuring and refinancing exercise. The implementation of this strategy will require adherence of a number of investors and, whilst the company is engaging with all of them, there can be no assurance that there will be enough support to approve the proposed changes."

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Rainbow Rare Earths Ltd - rare earth element mining in Burundi, East Africa - Receives notice from government of Burundi of temporary suspension of trial mining and processing operations at its Gakara project. Rainbow Rare adds: "George Bennett, CEO, is due to arrive in Burundi on Monday 5 July 2021 for discussions with the ministry relating to the suspension of exports and the mining convention currently in place between the government of Burundi and RMB." Company says it will not see a "material impact" on short-term cashflow projections.

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Proactis Holdings PLC - spend management solution provider - Says probe into cybersecurity incident concludes. Proactis says: "The investigations confirm that none of Proactis' customer systems were compromised and only a very small amount of low level internal and non-commercially sensitive data, limited to a standalone, services-based business unit in the US was accessed by the perpetrators." Notes there will be little financial impact from incident.

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Avingtrans PLC - critical components supplier - Stainless Metalcraft has received planning permission for the new training school to be located at its Chatteris site, with work due to begin on construction imminently. Stainless Metalcraft is part of Avingtrans's Process Solutions & Rotating Equipment division.

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Midatech Pharma PLC - Cardiff-based drug delivery technology company - Raises GBP10.0 million through issue of 35.1 million shares at GBP0.285 each. Cash to go towards developing Q-Sphera technology.

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Intuitive Investments Group PLC - closed-end investment company focused on life sciences sector - Forks out GBP99,750 to buy 350,000 shares in Midatech.

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Okyo Pharma Ltd - London-headquartered biotechnology company - Retains services of Ora Inc, an ophthalmology contract research organisation for development OK-101, a treatment of dry eyes.

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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Extends distribution pacts with Er-Kim on Alkindi distribution and marketing to Bulgaria and Romania. "Under the terms of the agreement, Er-Kim will receive the exclusive rights to distribute and market Alkindi and Efmody in Bulgaria and Romania. The combined market in both countries is estimated to be more than USD13 million in paediatric adrenal insufficiency and adult congenital adrenal hyperplasia," Diurnal says.

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Cizzle Biotechnology Ltd - London-based biotechnology firm developing blood test to detect forms of lung cancer - Says makes "significant progress" in develpment of CIZ1B biomarker test since May float. "In addition to the work currently being undertaken at the University of York, we have now selected manufacturers and contract research organisations to conduct the required reagent generation, test manufacture and clinical validation to achieve CE marking and/or FDA 510(k) clearance for the test," Executive Chair Allan Syms says.

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daVictus PLC - Asia-focused food & beverage sector investor - Says not in position to publish 2020 results by June 30 deadline. "The finalisation of the annual report and completion of the audit have been delayed primarily due to the impact of the global Covid-19 pandemic which led to the movement restrictions in Malaysia for some time, with the Malaysian government now having extended its movement control order since beginning of June 2021," daVictus says. Requests for shares to be suspended.

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Forbes Ventures PLC - investment company - Advised by Malta corporate advisors HG & Partners Ltd of delay to listing of GBP40 million two-year notes. "The directors are frustrated at the continuing delays and are entirely reliant upon information relayed by its Maltese corporate advisors as to the progress towards listing and closing," Forbes says. Says unable to publish 2020 results before June 30 deadline, so requests shares suspended from trading.

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UIL Ltd - closed-end Bermuda-incorporated investment company - To begin valuing Somers Ltd investment at its net asset value. Will lead to an increase in UIL's own NAV per share. June 28 NAV per share would rise to 435.09 pence per share from 395.11p.

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By Eric Cunha; ericcunha@alliancenews.com

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