8th Mar 2024 20:03
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Panther Metals PLC - Canada-focused mineral exploration company - Announces updated JORC compliant 102.8 million tonne mineral resource estimate for the Coglia nickel-cobalt project in Western Australia. Looks forward to the proposed scoping study as this should highlight to the market the value the company has created in the ground over the last two years at Coglia. Explains MRE represents a 30% increase in total nickel tonnes in comparison to the maiden 2022 MRE. Says confidence in the resource has greatly increased. Further, announces an extension to the Obonga project purchase agreement with Broken Rock Resources Ltd over the Obonga Project in Ontario, Canada. This allows for an additional year to meet the exploration commitment announced in 2021.
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Tern PLC - London-based investor in early-stage 'internet of things' technology businesses - Announces that InVMA Ltd, which trades as KonektioTM has been placed into administration. In November, Tern said it had decided not to invest further in Konektio and following this decision, 75% of Tern's holding in Konektio was transferred into a valueless class of Konektio deferred shares. Notes at November 29, Tern's 8.8% holding in Konektio's equity had an unaudited book valuation of GBP222,624. Tern directors believe that it is unlikely that any value will be realisable from the holding and therefore it will now be held at zero value. Company says it is "disappointing" but it was clear to the Tern board that the Konektio business had "lost focus" in the second half of 2023.
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Cindrigo Holdings Ltd - Guernsey-based renewable energy company - Says subsidiary Dravacel Ltd has applied for a further six month extension to the exploration licence at its Slatina 3 geothermal project in Croatia which, when granted, will extend the expiration of the licence to the end of October 2024. Expresses confidence that it has demonstrated that sufficient work has been done to demonstrate its commitment and belief in the commercial viability of the project, and that the licence extension will be granted shortly. Further, says Tri Ri Asset Management and Cindrigo agree to postpone drawdown of funds from TRAM for Slatina 3 development, under the GBP10 million convertible loan with TRAM until the licence extension is granted. Cindrigo believes that once the extension is granted, and funds are drawn down and work recommences, it will have sufficient time and remain in a position to progress the project to the exploitation phase.
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Ondine Biomedical Inc - Vancouver-based life sciences company - Announces partnership with the York Health Economics Consortium to evaluate the use of Ondine's light-activated antimicrobial, Steriwave, to reduce the incidence of surgical site infections. Notes SSIs are one of the most common healthcare-associated infections and affect one in every 20 patients who undergo a surgical procedure in the NHS.
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Hydrogen Utopia International PLC - London-based operator of facilities which turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels - Announces that Ohrid Organics Ltd's subsidiary, King Fild DOO had its first commercial medicinal cannabis harvest in North Macedonia. The harvest amounted to 200 kilogrammes of which 50kg was used to test King Fild's drying equipment. Notes 150kg of finished goods are now available for sale. A second harvest of approximately 250kg is expected in 2 weeks. HUI exercised its option to acquire 49% of Ohrid Organics on December 29.
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LungLife AI Inc - California-based developer of clinical diagnostic solutions for early lung cancer detection - Raises GBP1.8 million via a placing and subscription at 35 pence each. Notes placing raises GBP1.56 million and subscription GBP0.25 million. Says fundraise conditional on shareholder approval at a special meeting on March 21.
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Kefi Gold and Copper PLC - exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield - Updates on fundraise, announced Monday. Raises GBP495,916 at 0.6 pence per share via retail offer which is completed and closed. Says in total, fundraise is expected to raise GBP5.0 million, including a GBP4.5 million placing. Fundraise is conditional on shareholder approval at a General Meeting March 26.
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Empire Metals Ltd - minerals explorer and developer, primarily focused on the Pitfield titanium project in Western Australia - Announces preliminary results from the on-going mineralogical and metallurgical studies on the high-grade giant sediment-hosted titanium discovery at the Pitfield Project, in Western Australia. Notes study results show favourable mineralogy and metallurgy in the high-grade titanium samples drilled at Pitfield; resulting in a relatively simple processing flowsheet and highly concentrated end product.
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Mobius Investment Trust PLC - emerging markets investment trust - Reports net asset value per share at November 30 was 144.3 pence, up 7.5% from 134.2p the year prior. Says net asset value per ordinary share total return in the 12 months to November 30 was 8.5% compared to negative 12.3% the year prior. Explains 2023 continued to present challenges for emerging markets. After an optimistic start as China lifted its zero-Covid policy, bringing hope of a return to familiar patterns in the global supply chain, the US banking crisis, global inflation fears coupled with concerns over the ongoing conflict in Ukraine and uncertainties surrounding the European economies dominated the agenda. Raises final dividend to 1.25p per share from 1.20p last year.
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HydrogenOne Capital Growth PLC - fund investing in clean hydrogen - Notes portfolio company Sunfire GmbH has announced a successful equity funding round, part of a wider funding package totalling more than EUR500 million. Says this success underscores both the company's strategy of backing the leading innovators in the hydrogen industry, and its valuation of Sunfire.
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Investment Evolution Credit PLC - AQSE-listed financial services firm specialising in online consumer loans - Signs implementation agreement for the establishment of a new Delaware subsidiary company MRAL Spain Corp, which will conduct consumer credit lending operations in Spain. Explains this represents a significant development in IEC's growth strategy and continued expansion in the global consumer finance market. Says the agreement has been entered into between IEC, IEC's wholly owned US subsidiary Investment Evolution Corp and Spain's Investment Evolution Credit SA.
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By Jeremy Cutler, Alliance News reporter
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