28th Mar 2024 14:28
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Tungsten West PLC - London-based miner focused on restarting production at the Hemerdon tungsten and tin mine in Devon - Raises GBP1.6 million by adding an initial tranche to its existing 2023 convertible loan notes. The loan note has been amended to include 'Tranche D', which Tungsten explains is on "substantially the same terms" as A, B, and C. The amended CLN also extends the maturity date of the notes to January 31. The proceeds of tranche D will be used to start work on an updated feasibility study, which Tungsten expects to complete in the third quarter of this year. Following this, the firm plans to launch a financing round, which it believes will help it to restart tungsten and tin production in early 2026.
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SLF Realisation Fund Ltd - realising all remaining assets in the portfolio of the ordinary share class and the 2016 C share class - Says that within its ordinary share class portfolio, 'Borrower 24' has settled their facility, repaying a negotiated GBP1.1 million. It had a carrying value of GBP1.0 million at December 31.
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Baron Oil PLC - London-based oil and gas exploration company - Gives update on licence P2478, in which it holds a 32% interest. Explains that the licence will be surrendered to the UK North Sea Transition Authority on March 31, following "unavoidable and significant delays to the acquisition of 3D seismic data", which was stipulated in the deed of variation for the extension of phase A. Adds that these delays were in large part down to continuous wind farm construction activities in the area. Technical Director Jon Ford says: "Despite strenuous efforts by the licence administrator on behalf of the joint venture, ourselves and the NSTA to establish a way forward for the licence, we have reluctantly agreed that there is no clear pathway to acquiring the necessary 3D seismic and subsequently drilling an exploration well on P2478 in a timely fashion given the competing activities in the licence area."
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Zambeef Products PLC - Lusaka-based cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - Announces the death of Chair Michael Mundashi, who died on March 26 "due to an illness". Mundashi had held the role of chair since December 2019. Zambeef says: "We mourn with and pass our condolences to his family. A further announcement will be made in due course."
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Altona Rare Earths PLC - resource exploration and development company focused on critical raw materials in Africa - Enters deal with Sustineri Group Ltd, and with the beneficial owners of Phelps Dodge Mining Zambia Ltd, to buy the latter. Phelps Dodge Mining is the registered holder of licence 21403-HQ-LEL in the Mufumbe, Zambia. The consideration to transfer the exclusive rights for the tenement from Sustineri to Altona is GBP40,000, to be satisfied by 80,000 Altona shares at 5 pence each. A further USD150,000 is due 12 months after completion, payable in share also. CEO Cedric Simonet says: "We are delighted to make our entry into Zambia with this acquisition; a country where world-class copper and cobalt discoveries regularly make the news."
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Asiamet Resources Ltd - mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Appoints execution partners for BKM copper project, which is located in Central Kalimantan, Indonesia. Says the partners will help with engineering, procurement, and construction, optimising project integration and cost estimation accuracy. Additionally, selects PT Rexline Engineering Indonesia for "comprehensive engineering design", and also engages the Beijing Research Institute of Mining and Metallurgy for process infrastructure engineering.
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DG Innovate PLC - Caerphilly, Wales-based electric mobility and energy storage company - Enters memorandum of understanding with EVage Automotive Pvt Ltd, an Indian electric vehicle maker and automotive technology company. The memorandum covers the establishment of a joint venture in India to manufacture and supply a range of DG Innovate's Pareta e-drives. The proposed venture will be 60%-owned by DG Innovate, and 40% by EVage.
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By Holly Beveridge, Alliance News reporter
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