TRADING UPDATES: UKOG signs lease; Alien Metals to buy Vivash Gorge

Mon, 30th May 2022 18:29

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

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Real Good Food PLC - Liverpool-based cake decorations - Completes sale of Wavertree property to Tutum Property Ltd, for net cash proceeds of GBP900,000 and a loss on disposal of GBP100,000. Proceeds will be put towards debt. "The property was vacated in March 2022 when the New Product Development and Marketing teams were relocated onto the Renshaw's main manufacturing site at Crown Street, Liverpool," the company noted.

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Cornish Metals Inc - Vancouver-based mineral exploration company - Completes sale of 1% net smelter return royalty on the Sleitat tin-silver project in Alaska, to Electric Royalties Ltd for USD100,000 cash and 1.0 million common shares of Electric. Says consideration shares are subject to voluntary lock-up period, where 50% of consideration shares are subject to a six month hold period, with the balance subject to a one year hold period.

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Abingdon Health PLC - lateral flow test developer and manufacturer - and Deepverge PLC - Dublin-based environmental and life science group - Sign one-year testing services framework agreement for Abingdon to manufacture a range of lateral flow tests for DeepVerge's Modern Water, Labskin and Skin Trust Medical divisions. Follows memorandum of understanding announced at the end of March.

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Adriatic Metals PLC - Cheltenham, England-based precious and base metals explorer and developer - Expects lower decline construction to the Rupice underground mine to start immediately. Expects upper decline construction to start by quarter end. Says haul road construction has started and that the mobilisation of underground mining equipment underway. "We are very happy with the advances made in construction activities so far, with the project progressing on time as planned. Site preparation activities at Rupice Surface Infrastructure have progressed well and with the recent mobilisation of Ciftay, the first phase of underground construction is due to start imminently," Managing Director & Chief Executive Paul Cronin comments. -

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Pensana PLC - London-based rare earth metal miner - Receives approval for its planning application for a larger rare earth refinery site at Saltend Chemicals Park near Hull, England from the East Riding Council. Says the GBP150 million Saltend project will have significant local and national benefits, including creating 450 jobs during construction and 125 full-time jobs thereafter.

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Alien Metals Ltd - London-based mineral exploration company focused on Australia, Mexico and Greenland - Enters into binding head of terms with Zenith Minerals Ltd to acquire 100% of Vivash Gorge iron ore project in Pilbara region of Western Australia. A previous iron ore mineral resource conducted by Fortescue Mining Group estimated 28 million tonnes at 58.8% iron over neighbouring ground to the site. "The potential acquisition of the Vivash Gorge iron ore project from Zenith Minerals will be a great addition to our growing iron ore portfolio. Given the adjacent DSO grade deposits defined by iron ore major Fortescue Metals Group, coupled with what we believe to be the tenement's highly prospective yet untested geology, Vivash Gorge provides Alien with a third strategically located high grade iron ore project within the Pilbara region," says Chief Executive Officer & Technical Director Bill Brodie Good.

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Smiths News PLC - Swindon, England-based newspaper and magazine wholesaler - Following McColl's administration, reduced bad debt to GBP5.6 million, and is filing claim with administrators of McColl's. Expects to further reduce bad debt risk to between GBP3.4 million and GBP4.5 million, which will impact profit after tax in its full year. "The Company continues to supply McColl's under its new ownership on improved payment terms, which provides partial mitigation to the impact on cash flow," Smiths says. Intends to pay interim dividend of 1.4p, as previously announced at the beginning of May. Expects to be able to recommend a final dividend.

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AEX Gold Inc - gold and strategic mineral assets mining in southern Greenland - Says its strategy remains to bring the Nalunaq gold project back into production and use base as a platform to discover and develop other gold and strategic mineral assets. For three months to March 31, net loss widens to USD4.1 million from USD3.2 million loss last year as general and administrative expenses rise to USD3.0 million from USD1.6 million.

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Catenae Innovation PLC - Newcastle-based digital media and technology company - Says it has received a purchase order for GBP95,000 from an existing customer to provide further digital technology solutions to the customer. It is expected that at least half of this purchase order will be fully satisfied in the current financial year, it says. Further, an agreement has been renewed with another existing customer securing in aggregate GBP19,000 of revenue, which the company anticipates more than half of the revenue will be recognised in the current financial year, it adds.

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Tekcapital PLC - the London-based intellectual property investor - Notes investee MicroSalt Inc, the US operating subsidiary of Salarius Ltd, receives equity investment of USD400,000 from a Spanish venture fund. "We are enthusiastic to receive this new investment which coincides with multiple project initiatives currently underway that require significant scale-up of MicroSalt production," says Microsalt Chief Executive Officer Rick Guiney.

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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Wholly owned subsidiary, UK Energy Storage Ltd, signs lease agreement with Portland Port Ltd, covering two sites with the intention of developing a planned integrated Energy-Hub, focused on hydrogen-ready gas storage. "UKOG is therefore delighted to announce the intention to develop an infrastructure project, fully in keeping with the government's new British Energy Security and Hydrogen Strategies and National Grid's 2021 Future Energy Scenarios, that could both materially strengthen the UK energy system's resilience to supply and demand shocks, plus provide the foundations for a potentially significant and strategic element of the future green hydrogen economy," says CEO Stephen Sanderson.

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Tungsten Corp PLC - London-based electronic invoicing company - Intends to ask the court to sanction the scheme of arrangement for takeover by Project California Bidco Ltd on June 15. Notes it has not received a response from Pagero to the revised offer from Kofax. Pagero has no obligation to declare an offer until July 4, but Tungsten intends to pursue moving forward with Kofax in the interim.

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By Elizabeth Winter; elizabethwinter@alliancenews.com and Abby Amoakuh; abbyamoakuh@alliancenews.com