Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

TRADING UPDATES: Bradda Head excited by drilling prospects in Arizona

14th Jun 2024 16:35

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

----------

Bradda Head Lithium Ltd - North American-focused lithium explorer provides drill hole geochemical results for its Basin project in Arizona - Says the lithium-in-clay, resource-expansion drilling programme has concluded with the completion of eight drill holes on the Basin North target portion of the Basin project, and all assays have been received. Estimates a resource expansion exceeding 2.5 million tonnes of lithium carbonate equivalent would generate a USD3 million royalty payment to Bradda Head from Lithium Royalty Co. Expects mineral resource estimate to be completed within the next few weeks. Chair Ian Stalker comments: "This is a particularly exciting juncture in the company's trajectory, as we await the updated resource which could unlock a significant royalty payment from the LRC."

----------

Zephyr Energy PLC - oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America - Provides update on operations on the state 36-2R LNW-CC well in the Paradox Basin, Utah. Says completion operations on the well have now concluded safely and successfully and the Helmerich & Payne drilling rig is being rigged down and transported off location. Production testing equipment will then be mobilised to site. Testing is expected to commence within two weeks and is expected to take less than ten days to complete. Chief Executive Colin Harrington says: "We can now look forward to commencing the highly anticipated production test over the course of the next fortnight".

----------

SysGroup PLC - Liverpool, England-based IT services, cybersecurity, and cloud hosting provider - Raises GBP300,000 via retail offer at 33 pence per share. Takes total fundraise to GBP11.3 million, including placing and open offer.

----------

Asian Energy Impact Trust PLC - investment company focused on sustainable energy infrastructure assets in Asia - Provides update ahead of Friday's general meeting. As of Thursday, says cash balances were USD33.1 million plus USD1.8 million at UK subsidiary, AEIT Holdings Ltd. A further USD4 million of payments including VAT, are expected to be paid by June 30, to settle the company's known liabilities. If resolution is passed, plans to return around USD20 million to shareholders, or 11.4 US cents per share. The liquidators would expect to make an initial distribution of cash to shareholders by the end of July. Adds process to sell the company's investments is well advanced.

----------

Blencowe Resources PLC - London-based mineral exploration and development company - In the six months to March 31, pretax loss widens to GBP725,840 from GBP486,076 a year prior. Administrative fees and other expenses rise to GBP682,486 from GBP446,424, while exploration costs increase to GBP23,669 from GBP16,642. Basic and diluted loss per share is 0.31 pence compared with 0.28p loss a year prior. "Blencowe will continue to market its achievements and remains positive on the medium and longer term outlook for graphite. We will continue to build our project and add value as this will ultimately be significant as demand continues to rise, while supply of graphite (particularly high quality) remains static," company says.

----------

Pantheon International PLC - London-based internationally focused investment trust - Says Pantheon, the investment manager of PIP, appoints Charlotte Morris as co-lead manager with immediate effect to work alongside Helen Steers. Morris succeeds Jie Gong in the role.

----------

Arc Minerals Ltd - copper exploration company focused on mines in Africa - Announces the start of an exploration drilling programme over its PL135/2017 and PL162/2017 licences at its Virgo Project in Botswana. The maiden exploration drilling programme will comprise a combination of reverse circulation and diamond drill holes to test these anomalies. Executive Chair Nick von Schirnding says: "I am very pleased that drilling is now underway at our Virgo Project. This will be a busy and exciting period for the company and I look forward to reporting back on the results from these activities."

----------

CPPGroup PLC - Leeds, England-based technology-driven assistance and insurance provider - Sells legacy operations in Italy through the sale of its wholly owned subsidiary, CPP Italia Srl to IGS EMEA SL for EUR0.5 million cash. For financial 2023, CPP Italy contributed earnings before interest, tax, depreciation and amortisation of GBP0.2 million to the overall Ebitda of GBP4.8 million. As at December 31, CPP Italy had net assets of GBP0.1 million. The impact of the disposal will not be material. Sale marks the final step in the group's withdrawal plans from its legacy operations, with Spain and Portugal closed, Italy and Mexico sold, and the UK in active run-off.

----------

Southern Energy Corp - natural gas exploration and production company - Receives an extraordinary resolution from the holders of its outstanding convertible unsecured subordinated debentures approving certain amendments to the debenture indenture entered into between the company and Computershare Trust Co in June 2019. This seeks to extend the maturity date of the debentures by one year to June 30, 2025 and increase the interest on the debentures from 8.00% to 10.00% per annum starting June 30. Southern Energy says it will enter into a second supplemental indenture with the trustee to effect the debenture amendments by June 30. The company has 4,286 debentures outstanding at face value of CAD1,000 each. As a condition of the debenture holders' approval of the debenture amendments, Southern Energy will issue a total of 1.9 million share purchase warrants to the debenture holders for no additional consideration. Each warrant entitles the debenture holder to purchase one share of Southern Energy at CAD0.25 each for a period of 12 months.

----------

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest
Value8,155.72
Change-49.17