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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

18 May 2020
Vast Resources plc
(“Vast” or the “Company”)

Placing and Subscription to raise £901,416.66 before costs

Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has raised in aggregate £901,416.66 before costs through a placing (the ‘Placing’) and a subscription (the ‘Subscription’) of 600,944,440 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.15p per Ordinary Share (the ‘Placing and Subscription Shares’).

The Placing was for 570,944,440 Ordinary Shares and was undertaken by the Company’s joint broker Axis Capital Markets Limited. The Subscription was for 30,000,000 Ordinary Shares of which 23,333,333 were taken up by Andrew Prelea and 6,666,667 were taken up by Paul Fletcher, Directors of the Company.

The cash raised from the Placing and Subscription will be applied to provide immediate funding of the costs of accelerating and expanding the Company’s drilling and metallurgical test work process as outlined in the Company’s announcement of 15 May and for general working capital.

Admission of and dealings in the Placing and Subscription Shares

Application has been made to AIM for the Placing and Subscription Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (‘Admission’) in two tranches. It is expected that Admission will become effective and dealing will commence in respect of the issue of 230,000,000 of the Placing and Subscription Shares on or around 22 May 2020 (the ‘First Admission’) and that Admission will become effective and dealing will commence in respect of the issue of 370,944,440 of the Placing and Subscription Shares on or around 2 June 2020 (the ‘Second Admission’). The Placing and Subscription is conditional on Admission.

Following the First Admission, the total issued share capital of the Company will be 10,924,805,145 and following the Second Admission this will be 11,295,749,585. The above figures of 10,924,805,145 and 11,295,749,585 respectively may then be used by shareholders, following the respective dates at which the Shares are issued, as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA's Disclosure and Transparency Rule.

Following Admission the Ordinary shares held by Andrew Prelea and Paul Fletcher will be 66,512,809 and 24,048,104 respectively representing 0.59% and 0.21% respectively of the total enlarged share capital of the Company.

CEO Andrew Prelea comments:

‘As a consequence of the recently released metallurgical test results, the Board and Management felt that it was prudent to accelerate further test work and reports on the Baita Plai project to enhance its value for the refinancing opportunity.
With the newly commissioned reports, expanded drilling and accelerated test work, the intention is to achieve a greate

Cobra Resources plc



("Cobra" or the "Company")



Exercise of warrants - issue of equity



Cobra Resources plc (LSE: COBR), the owner of the Wudinna Gold Project on the Eyre Peninsula in the Central Gawler Gold Province, a 450-kilometre-long arcuate belt in South Australia, announces that it has received notice of exercise of 1,500,000 warrants to acquire 1,500,000 shares at a price of 2p per share (the "New Shares").

When issued, the New Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in the share capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the New Shares.

Application will be made to the Financial Conduct Authority ("FCA") for admission of the Placing Shares to the standard listing segment of the Official List and to the London Stock Exchange (the "LSE") for admission to trading of the New Shares on the LSE's Main Market for listed securities (together "Admission"). It is expected that Admission will take place at 8.00 a.m. on 21 May 2020 and that dealings in the New Shares on the LSE's main market for listed securities will commence at the same time.

Total Voting Rights

Following Admission, the Company's total issued share capital consists of 187,087,499 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

Therefore, following Admission, the total number of voting rights in Cobra Resources plc is 187,087,499. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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13 May 2020



Modern Water PLC



("Modern Water" or "Company")





First Modern Water patented AMBC wastewater plant order from Ion Exchange (India)



Modern Water is pleased to announce that, following the collaboration agreement with Ion Exchange (India) Ltd (RNS: 23 December 2019[i]), an order for stage one of a two stage project with a total value of c. £900,000 project has been received. The estimated net value to Modern Water for stage one is approximately £50,000 and for both stages is between c. £235,000 and c. £270,000.



The project consists of an initial pilot plant for the zero-liquid-discharge system of the Company's All-Membrane Brine Concentration ("AMBC") plant and is expected to reduce the operational costs of wastewater treatment for the specialty chemical production facility of our collaboration partner. On completion of stage one, it is intended that a larger plant is to be installed with the smaller pilot AMBC plant to be used for demonstration with our collaboration partner's clients in projects across India, Oman, the United Arab Emirates and Saudi Arabia.



Simon Humphrey, CEO of Modern Water, commented:

"Even with travel restrictions imposed by COVID19, demand for the Company's patented AMBC technology as a critical component of our end-to-end wastewater monitoring and recovery solution is growing. This first order from our Indian collaborators builds on, and is complementary to, the recent transformation of the Company's business model that has helped improve sales in our global monitoring division, with its 30 year global footprint of the Microtox range of products and services."



Ajay Popat, President of Ion Exchange (India), added:

"As we said on signing of our collaboration agreement, Modern Water's technology, both brine concentration and forward osmosis, are innovative and the right strategic fit to further improve competitiveness and attractiveness of our Zero Liquid Discharge solutions and brine recovery processes to our customers. We are now ready to move to the first installation as we deepen our working relationship with Modern Water."



Market Abuse Regulation (MAR) Disclosure



Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Canadian Overseas Petroleum
Reports 2020 Year End Results and Updates Timing of Annual Meeting and Filings Due to Covid-19

Calgary, Canada, May 13, 2020 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on sub-Sahara Africa, announces its results for the year ending December 31, 2019.



The Company at the end of its fiscal year-end, December 31, 2019, was experiencing liquidity issues which have extended into the current period of 2020. As stated previously, the Company does not currently have sufficient working capital, cash inflows and/or adequate financing to continue its operations. Accordingly, the Company's continued successful operations are dependent on its ability to obtain additional financing.



The Board of Directors has undertaken steps to mitigate these issues currently and going forward. These steps include the following:



1. In February 2020, the Company announced it had entered into a loan agreement in the form of a Promissory Note, secured by the Company's assets, with the President and CEO for CDN$200,000. The purpose of this loan was to ease the liquidity issue temporarily to allow the Company to enter into a larger Financing.

2. On April 29, 2020, the Company announced that it had entered into a £2,000,000 Equity Placing Agreement with Yorkville Advisors Global ("YA") and Riverfort Global Opportunities PCC. Closing of this facility is contingent of the clearing of a Prospectus which is currently in front of the UK Regulators.

3. On April 29, 2020, The Company announced the President and CEO had agreed to convert the Promissory Note for CDN$200,000 into Common Shares at the Benchmark Price in the announced Yorkville-Riverfort Equity Placing Agreement. Closing is subject to Regulatory Approval and satisfactory discussions with the Company's unsecured creditors.

4. The Company's Employees have agreed to accept Common Shares in COPL as payment for accrued unpaid salaries at the Subscription Price in the announced Yorkville-Riverfort Equity Placing Agreement. Closing is subject to Regulatory Approval.

5. The Company's Directors have agreed for the Company to write off accrued unpaid Directors Fees for 2019 and 2020.

6. The Company has entered into discussions with its major unsecured creditors, representing businesses who have provided services to the Company and are included in Accounts Payable. The Company's Board of Directors by resolution at a meeting Board of Directors held on May 12, 2020 has authorized management to enter into agreements with these businesses to convert their respective accounts receivable into Common Shares of the Company at the Subscription Price in the in the announced Yorkville-Riverfort Equity Placing Agreement.



Arthur Millholland, President & CEO, commented:



"This has been a difficult time for COPL. We certainly co

Union Jack Oil plc

("Union Jack" or the "Company")

Wressle Development Update



Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company notes the positive announcement made today by the Operator, in respect of the Wressle hydrocarbon development on North Lincolnshire licences PEDL180 and PEDL182. Union Jack holds a 27.5% economic interest in these licences.

"The Wressle development was granted planning consent on appeal on 17 January 2020. The Planning Inspector also allowed Egdon's application for costs against the North Lincolnshire Council ("NLC") and we can advise that the gross sum of c. £403,000 has now been received from the NLC as settlement in full of these costs. These monies will be divided between the partners, proportionate to their interests.



As previously advised, the plan for the Wressle development comprises the following key stages:

1. Discharging the planning conditions, finalising detailed designs, tendering and procurement of materials, equipment and services and finalising all HSE documentation and procedures

2. Installation of groundwater monitoring boreholes and establishing baseline groundwater quality through monitoring and analysis

3. Reconfiguration of the site

4. Installation and commissioning of surface facilities

5. Sub-surface operations

6. Commencement of production



Following NLC approval of the installation plan and discharge of the associated planning condition, we have now completed the installation of four groundwater monitoring boreholes on the Wressle site. These boreholes will be subject to monitoring and analysis throughout the life of the site, with an initial three months of sampling to determine baseline groundwater quality.



As previously advised, on current plans, the Company envisages first oil during H2 2020".



David Bramhill, Executive Chairman of Union Jack commented: "Excellent progress is being made in respect of the development process at Wressle leading to "first oil", expected during H2 2020.

"The project remains economically robust with an estimated break-even oil price of US$ 17.62 per barrel."

Hemogenyx Pharmaceuticals plc

("Hemogenyx" or the "Company")

Conditional Placing to raise £2,500,000





Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical group, is pleased to announce that the Company has raised £2,500,000 (before expenses) through an oversubscribed placing of 35,714,286 ordinary shares of 1p each (the "Placing Shares") at a price of 7p per share (the "Placing Price"). The fundraise is conditional on shareholders approving the special resolution to be proposed at the Company's Annual General Meeting ("AGM") to be held on 4 June 2020 inter alia allowing the Directors to issue equity securities for cash.



The funds raised will be used to:

· progress the Company's studies into the use of its advanced humanized mice for the potential development of human neutralizing antibodies to be used against COVID-19 and related COVID-19 work;

· to advance IND-enabling studies for HEMO-CAR-T, the Company's product candidate which is being developed as a potential blood cancer treatment; and

· for general working capital purposes.



Dr. Vladislav Sandler, Chief Executive Officer, commented, "We are gratified by the greater recognition that is now being given to the work that Hemogenyx is doing. We have raised these funds to support two initiatives that we have announced: our recently initiated studies into the use of our advanced humanized mice in the development of new treatments to fight viral infection, in particular isolating human neutralizing antibodies in the fight against COVID-19, and our ongoing work into the development of HEMO-CAR-T, which could, if successful, provide a new and potentially effective treatment for AML and other blood cancers."



Admission



The Company has conditionally raised £2,500,000 before expenses at the Placing Price through the issue of the Placing Shares subject to shareholders passing the special resolutions at the Company's AGM to be held on 4 June 2020 giving the Directors the authority to issue the Placing Shares.



An application will be made for the Placing Shares to be admitted to the Official List of the UK Listing Authority by way of a Standard Listing ("Admission") and it is expected that Admission will become effective and that dealing in the Placing Shares will commence on or around 5 June 2020. The Placing Shares will rank pari passu with the existing ordinary shares of the Company.



Total Voting Rights



Following Admission, the enlarged issued share capital of the Company will comprise 432,968,255 ordinary shares of 1p each. No ordinary shares are held in Treasury. The total number of voting rights in the Company is therefore 432,968,255. The figure of 432,968,255 ordinary shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their investment in, or a change in their interest in, the share capital of the C

Table 1: Batch 1 Head Assay Results

Cu % Pb % Zn % Mo %* Au g/t Ag g/t As % Cd % Bi % Fe % S %
Batch 1 0001 Sample Cu-Mo 8.53 0.96 1.36 4.81 326 0.23 0.02 0.46 4.55 4.62
Batch 1 0002 Sample High Cu 12.21 0.01 0.26 4.24 227 0.01 0.01 0.32 7.02 8.93
Batch 1 0003 Sample Poly 10.85 0.02 0.20 4.67 261 0.00 0.01 0.38 5.43 7.83
Molybdenum results are outstanding from the laboratory
Upon receipt of the head assay results for the Batch 1 samples (1 – 3), it was felt that the head assay results may not be a fair representation of the expected grade ranges. As such, instructions were given to halt further test work on the Batch 1 sample, and that a second batch of samples be taken from underground and sent to Grinding Solutions. This was duly done with an instruction to minimise any possible preferential sampling.

The second sample batch returned the following assay results as per Table 2.

Table 2: Batch 2 Head Assay Results

Cu % Pb % Zn % Mo %* Au g/t* Ag g/t* As % Cd % Bi %* Fe %* S %*
Batch 2 0004 Sample Cu-Mo 7.09 0.36 0.32 0.07 0.01
Batch 2 0005 Sample High Cu 10.74 1.12 3.80 0.38 0.04
Batch 2 0006 Sample Poly 4.74 0.26 0.72 0.08 0.01
*Assay results for these elements are outstanding from the laboratory
The flotation test work is to be carried out in a number of phases to produce three primary saleable concentrates, a copper concentrate, a lead concentrate and a zinc concentrate. A molybdenum concentrate is intended in the near future.

Initial flotation test work has concentrated on producing a saleable copper concentrate with minimal deleterious elements which may reduce the overall value of the concentrate.

Initial flotation tests on Batch 2 samples returned the following,

Sample 4 produced a concentrate grading 26.6% copper at an 84.8% copper recovery
Sample 5 produced a concentrate grading 20.0% with a 94.6% copper recovery and a 92.5% molybdenum recovery.
Sample 6 recovered a bulk concentrate grading 28% copper, 14% zinc and 2.8% lead with recoveries of 91% for copper, 94% for zinc, 83% for lead and 89% for molybdenum.
Of great interest is the confirmation of the historical metallurgical results as derived from historical mine records. Specifically, for the copper concentrate, the historical recovery of copper into the copper concentrate for the period 1999 – 2009 was 85.5% with concentrate grading 28.2% copper.

Of note also from the historical processing records, a gold flotation recovery of 75.9% and a silver flotation recovery of 47.3% was achieved into the copper concentrate. Processing records for gold and silver are present for the period 1999 – 2003 which indicate an average feed grade of 0.38g/t gold and 48.3g/t silver for this period.

The higher gold and silver values reported in the head assays for sample 1 – 6 offer confirmation to the results from the underground sampling conducted in 2011 and 2012. These historic underground samples have not be

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On 30 January 2020 Katoro entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with Blyvoor Gold Operations (Pty) Ltd ('Blyvoor') and its holding company, Target Mine Consulting (Pty) Ltd ('Target'). Katoro and Blyvoor are together, the JV Partners.



Blyvoor has the necessary mining licence, environmental impact assessment ('EIA') and supporting approvals in place to commence operations once funding has been secured and plant construction completed. The life of the "New Order Mining Right" is thirty years, renewable in 2047, and the EIA (approved in 2000) was updated in 2017 to reflect the proposed mining process for the tailings dam.



SCOPING STUDY RATIONALE:



Minxcon (Pty) Ltd ('Minxcon') was mandated by Blyvoor Gold Operations (Pty) Ltd - on behalf of the JV Partners - to complete a Scoping Study on the Blyvoor Gold Tailings Retreatment Project situated in Carletonville, South Africa to independently assess and evaluate all historical technical studies and development work that has been done in terms of the Blyvoor tailings facilities, to amongst others provide an opinion on:



· Whether the historic technical work done is adequate in scope and standard to immediately proceed with a definitive / bankable feasibility study; and

· Economic, technical and operational feasibility of the Blyvoor gold tailings retreatment project



Blyvoor had completed a number of studies in developing the project. Minxcon was mandated to review, optimise and collate these into a single scoping study (Preliminary Economic Assessment) on the TSF retreatment project.



SCOPING STUDY KEY OUTCOMES:



Scoping Study Element

Findings



Project Financials

The Study demonstrated an unlevered Project Net Present Value ('NPV5') of US$131million, a 25% Internal Rate of Return ('IRR') and Return on Investment of 260%.



Total estimated free cash flow of US$267.4m across the life of the Project.



Note - The study utilised:

· A constant exchange rate of ZAR 17/USD over life of project, compared to the current exchange rate of c. ZAR 18.85/USD.

· A constant gold price of US$1,500 per ounce over life of project, compared to the current price of c. US$1,700 per ounce.



Operational Costs/Gold Price

The Project has an All-in Sustaining Cost ('AISC') of US$727 per ounce of gold and an All-in Cost ('AIC') of US$920 per ounce of gold.



It was assumed that the plant will be owner-operated while tailings deposition will be completed by a contractor.



Mine Life/Production Level

Mine life of 25 years, with mining and processing planned to take place at 250,000 tons per month for the first 36 months, building to a production capacity of 500,000 tons per month and 35,000 ounces of gold production per annum.



Overall production estimated at 661,171 ounces of gold over 25 years generating revenue of ZAR16.86 billion (c. US

07 May 2020





Katoro Gold plc ('Katoro' or the 'Company')



BLYVOOR GOLD PRODUCTION JV - SCOPING STUDY RESULTS



Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel exploration and development company, is pleased to announce the results of the scoping study (the 'Study') completed in respect of the Company's Blyvoor near term gold production opportunity (the 'Project').



HIGHLIGHTS:



· The Study demonstrated an unlevered Project Net Present Value ('NPV5') of US$131million, a 25% Internal Rate of Return ('IRR') and a Return on Investment ('ROI') of 260%



· Mine life of 25 years building to a production capacity of 500,000 tons per month and 35,000 ounces of gold production per annum. Overall production of 661,171 ounces of gold over the 25 years, generating revenue of US$992m



· Low cost operation with an estimated All-in Sustaining Cost ('AISC') of US$727 per ounce of gold and an All-in Cost ('AIC') of US$920 per ounce of gold. Total Project capital costs of US$110m across the life of the Project, with peak funding requirement of US$36.4m



· The Study utilised a gold price of US$1,500 per ounce compared to the current price of c. US$1,700 per ounce



· Based on the current data available, Minxcon has estimated the potential Mineral Resource at the Project which is used in the Study to be 1,290,000 ounces of gold with 277,000 ounces in the Measured and Indicated categories and 1,013,000 ounces in the Inferred category



· Following rigorous independent evaluation and assessment the Project demonstrates robust technical and economic viability



Louis Coetzee, Executive Chairman of Katoro, said:



"When Katoro signed the Project agreement in January 2020 we believed the Project represented a unique opportunity for near-term gold production and potentially considerable financial returns.



"We were keen to subject the Project to thorough independent validation, and the completion of the scoping study was an important step in that process with pleasing results.



"The Study (Preliminary Economic Assessment) results announced today have exceeded the board's expectations and importantly back our initial confidence by demonstrating the robust technical and economic viability of the Project.



"The Study has highlighted areas where, in the build up to production, we can add further technical and economic value, and has confirmed that sufficient historical work has already been undertaken to allow the Project to immediately progress to the definitive feasibility stage.



"A detailed review of the Study is now underway and a further update to the market will be provided in due course considering the findings in detail and outlining the next steps in project development, including with regard to project level financing negotiations."



BACKGROUND:



On 30 January 2020 Katoro entered into a binding condition

6 May 2020



Integumen PLC



("Integumen" or "Company")



Integumen to double production of Modern Water reagent to meet demand



RAWTest AI real-time alert system to be retrofitted in new Modern Water's Microtox units



Further to the previous notification of production commencement (RNS[i] dated 30 March 2020), Integumen announces completion of the first batch of reagent for Modern Water plc ("MW"). Shipment has commenced to meet the back-orders and growing demand for water contamination detection bacteria from existing clients. With the increase of water hygiene controls around the world due to the COVID-19 public health crisis, Integumen has doubled production volume with a total list price value of £500,000 per batch, after the current initial production run. Revenues from sales of reagent produced under the revenue sharing manufacturing agency agreement with MW are split 60% / 40% in favour of Modern Water, after costs.



MW's Microtox is designed to be modular and expandable. Integumen is integrating its RAWTest[ii] AI real-time alert solution within MW's hardware capacity to expand the capability of the instruments to detect bacteria, nitrates and phosphates. The roadmap for this integration includes the ability to detect viruses such as SARS-Cov-2.



Integumen and MW have accelerated integration following increased orders of the Microtox range in Europe and SE Asia, including 10 new top-of-the-range Microtox CTM units to be shipped to China in the third quarter 2020.



The environmental arm of DEFRA[iii] has confirmed it is looking at wastewater epidemiology and US Center for Disease Control ("CDC") is already monitoring human waste[iv], the ministry of ecology[v] in China are mandating the hygiene monitoring of water and wastewater and dormant buildings during the epidemic have built up contaminated water in their pipework[vi]



Gerard Brandon CEO Integumen plc and Non-Executive Chairman of Modern Water commented:

"Due to the COVID19 outbreak, wastewater based epidemiology has recently become a high priority for governments looking to monitor for infection hotspots. The importance of SARS-CoV-2 or any future pandemic infections presented in wastewater to be identified quickly is critical to enable action to prevent the spread of infectious diseases within an enlarged community. This is evidenced by US CDC monitoring human waste[vii] the ministry of ecology in China mandating the hygiene monitoring of water and wastewater or simply that dormant buildings during the epidemic have built up contaminated water in their pipework[viii].



"With increasing demand, the unique combination of MW's gold standard water contamination detection system and Integumen's advanced real-time alert system are forming a vital part of society's frontline of defence against inevitable future outbreaks of infectious diseases."