TRADING UPDATES: Team rescinds Tavistock deal; PetroTal hedges further

Tue, 20th Apr 2021 22:10

(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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Advanced Medical Solutions Group PLC - surgical and advanced woundcare specialist company - Receives CE mark approval for its laparoscopic gastrointestinal sealant device, Seal-G MIST. In addition, the existing CE mark for the Seal-G open device has been extended to include a blue colourant that aids visibility for the surgeon during product usage. Patient enrolment for the first human clinical study of Seal-G and Seal-G MIST began in Israel in February 2021 with a small number of patient procedures and successful follow-ups already completed. The 160-patient study will also recruit patients in the UK and Italy with final study results expected in early 2022. The open-label trial will collect clinical evidence on the usage, safety, performance and usability of Seal-G and Seal-G MIST.

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PetroTal Corp - Peru-focused oil and gas development and production firm - Notes remaining 1.4 million barrels of oil in the North Peruvian Pipeline now been hedged by Petroperu, thereby securing future total true-up revenue payments of about USD31 million for the original 1.8 million barrels. Says now over 1.2 million barrels in total are now hedged, representing 32% of forecast oil production for April 2021 to December 2021. About 338,000 barrels have been hedged, representing 9% of forecast oil production covering August 2021 to December 2021, in a Put structure with a USD60 per barrel strike.

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Water Intelligence PLC - provider of precision, minimally-invasive leak detection and remediation solutions - Buys intellectual property assets from US firm FastDitch Inc. The IP assets will be used to launch a new subsidiary of the company's core American Leak Detection unit, dedicated to providing water infrastructure solutions. The subsidiary will operate under the tradename Intelliditch. "As set forth in a recent market communication, the group is accelerating its growth plan given the anticipated increase in market demand for water infrastructure solutions stimulated by the Biden Administration's American Jobs Plan," company says. The IP will be used to manufacture proprietary lightweight HDPE lining solutions for earthen or concrete water channels enabling cost-effective reduction of water loss, it adds. The purchase price for the IP is a 25% equity stake for FastDitch in Intelliditch and options for 100,000 shares of Water Intelligence at an exercise price of 822.5 pence.

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Savannah Resources PLC - lithium project in Portugal and heavy mineral sands project in Mozambique - Plans placing of up to 258.0 million shares at a price of 4 pence each to raise up to GBP10.3 million. "Alongside Savannah's existing working capital, the majority of the net proceeds raised are to be allocated to progressing and enhancing Mina do Barroso the company's flagship asset. This includes expanding the project's team in preparation for the upcoming development phase, conducting further exploration on the project to increase its resources, and evaluating opportunities to maximise its ESG credentials," company explains.

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Ariana Resources PLC - exploration and development company operating in Europe - Continues to work with its legal advisors and is advancing court proceedings over proposed reduction of share capital via a cancellation of the company's share premium account, the cancellation of the deferred shares, and the authority for the company to buy back shares. "Any delays pertaining to the legal process have now been overcome and the company is close to completing the submissions required by the court process," company says. It adds: "Although the company has no control over the process and respective timelines, the board remains confident that court proceedings will still be completed and will notify shareholders as soon as practicable."

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Ethernity Networks Ltd - Israel-based networking and security solutions provider - Receives notice of payment of fourth investment, for GBP400,000, under the investment agreement, signed last September, with 5G Innovation Leaders Fund LLC, a US-based specialist investor. 5G Fund will make the investment of GBP400,000 by way of prepayment, in the next five days, for new shares, valued at GBP438,000. The proceeds from the investment will be used by the company for general corporate and working capital purposes.

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Galantas Gold Corp - Northern Ireland-focused gold producer - Proposes private placement of a minimum of 17 to 22 million "units" at CAD0.30 per unit, where each unit comprises one common share and one warrant. The minimum gross proceeds expected to be raised are CAD5.1 million, about USD4.0 million, with maximum gross proceeds of CAD6.6 million. Each warrant will be exercisable into one additional share at an exercise price of CAD0.40 for 24 months from the closing date of the placement. There will be a 4-month hold period on the trading of securities issued in connection with this offering. "The net funds raised will be mainly used for bringing the Galantas Gold Mine into full commercial production and for exploration to expand the high-grade gold resources," company explains.

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Landore Resources Ltd - Canada-focused minerals explorer - Finds presence of Bonanza grade gold on the BAM Gold Deposit, Junior Lake property, Ontario, Canada. Chief Executive Bill Humphries says: "This significant Bonanza gold discovery in the footwall of the BAM Gold Deposit has further demonstrated its potential to become a multi-million ounce open pit resource with significant underground mining potential." Bonanza grade gold reporting 432.0 grams per tonne gold over 0.32 metres has been intersected in drill hole 0421-785 from 191.5 metres on cut grid line 2850E in the footwall below the currently defined East pit of the BAM Gold Deposit. The gold is hosted in a quartz vein in a deformation zone.

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Team PLC - Jersey-based active fund management firm - No longer plans to proceed with takeover of Berkshire-based investment manager Tavistock Investments PLC. "The basis and rationale for a possible combination of the two companies was set out in the TEAM announcement of March 23. Since that date, TEAM have engaged constructively with shareholders of Tavistock but have not been able to fully engage with the board of Tavistock. As a consequence, the board of TEAM believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders to pursue," company explains. On March 23, Team announced a possible all-share offer for Tavistock worth GBP15.2 million, or 2.5 pence per share. Tavistock believes offer undervalues Tavistock and feels there is no commercial logic to justify a combination of the two businesses.

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Kistos PLC - London-based energy sector investor - Raises GBP52.5 million through issue of 33.9 million shares at 155 pence each via placing, subscription and PrimaryBid offer. Proceeds will go towards its EUR222.8 million acquisition of Tulip Oil Netherlands BV. Company announced plans for the deal back in March. Tulip Oil Netherlands is focused on offshore gas field exploration in the Dutch North Sea. The EUR222.8 million deal with sellers Tulip Oil Holding BV includes EUR60 million in cash and the issue of EUR15.8 million of shares to Tulip Oil Holding. The deal will also see Tulip Oil Netherlands issue EUR60 million worth of bonds to Tulip Oil Holding, while a EUR87 million bond refinancing makes up the rest of the acquisition fee. Tulip Oil will become a shareholder and debt holder of Kistos, upon completion of the deal.

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By Paul McGowan; paulmcgowan@alliancenews.com