4th Mar 2024 14:29
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
----------
Beowulf Mining PLC - London-based mining company with projects in Sweden, Finland and Kosovo - Plans to consolidate 100% ownership of Vardar Minerals Ltd, a Balkan-focused metals mining company. Beowulf currently holds a 61% interest in Vardar, and has agreed with the company's minority shareholders to acquire their shares in exchange for 52.3 million Beowulf shares. The transaction is expected to complete by March 15, and will provide Beowulf with "full control and flexibility to drive the development of Vardar", as well as its exploration portfolio in Kosovo, the company says.
----------
Braveheart Investment Group PLC - Barnsley, England-based private equity and venture capital firm - Completes sale of 48% stake in Phasefocus Holdings Ltd, a medical microscopy company, to Bruker UK Ltd. The total proceeds receivable by Braveheart for the sale are around GBP2.1 million after expenses. Chief Executive Officer Trevor Brown says this represents a gain of GBP1.3 million over cost.
----------
Phoenix Copper Ltd- Base and precious metals explorer developing Empire open-pit copper and silver project in US state of Idaho - Completes refinancing of its USD2 million short term loan facility with Riverfort Global Capital Ltd into a new facility of up to USD10 million. The existing facility is being treated as the first drawdown on the new facility, Phoenix says. Further drawdowns are subject to the company receiving at least USD25 million from its proposed copper bond financing. Phoenix's directors "remain confident" that the financing will close, but say there can be no certainty.
----------
Cornish Metals Inc - Mineral exploration and development company focused on advancing its South Crofty Tin project in Cornwall - Says that following an assessment of shaft timbers in the New Cooks Kitchen shaft at its South Crofty project, the company has decided to begin refurbishment of the shaft ahead of schedule. Says refurbishing the shaft will improve the functionality of NCK, and enable larger equipment to access the mine. Shaft refurbishment and dewatering are expected to complete by the third quarter of 2025. The ongoing feasibility study at South Crofty is expected to complete within the first half of 2024, barring underground drilling, and a preliminary economic schedule for the project is set to be published in the second quarter. Chief Executive Officer Richard Williams says: "This is a key milestone for the project and demonstrates the confidence both we as a company and our largest shareholders have in the future of South Crofty. Importantly, management believes the project remains on track for production by the end of 2026."
----------
RockFire Resources PLC - Mineral exploration company with assets in Australia and Greece - Says drilling program at its 100%-owned Molaoi zinc deposit, Greece, encountered "the highest germanium grade drilled by Rockfire so far". From a 155-metre depth, hole MO_GTK_011 intersected 0.6 metres at 136.5 grams of germanium per tonne, as well as 34.4% zinc and 95.6 grams of gold per tonne. Chief Executive Officer David Price says: "Molaoi has an Inferred JORC resource of 250,000 tonnes of zinc equivalent metal. Our overall objective is to increase the resource to between 400,000 and 450,000 tonnes of zinc equivalent metal content, which would provide a 10-year mine life for a modest underground mining operation."
----------
Impellam Group PLC - Luton, England-based specialist recruitment solutions provider - Says conditions for its acquisition by Heather Global PLC have now been satisfied. The acquisition remains subject to a court sanctioning the scheme, and certain other conditions. The court hearing is scheduled for March 19, and Impellam expects the scheme to become effective on March 21. The original December deal saw Heather Global offer 1,084.4 pence for each Impellam share, valuing the company at GBP483.2 million.
----------
By Hugh Cameron, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.