17th Jul 2024 19:39
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Critical Mineral Resources PLC - exploration and development of clean energy metals in Morocco - Signs exclusive option to acquire Igli project, a high grade silver and copper project in the Anti-Atlas region in Morocco. "The option for such a prominent asset represents a significant milestone for the company. It underscores its considerable momentum in Morocco, where it has become the partner of choice for development assets after accumulating an extensive Morrocan portfolio with multiple commodities critical for Western economies and the energy transition," CMR adds. Terms for deal include USD12,000 exclusivity payment and a USD80,000 option payment granting CMR 14 months from September 13 to seal a deal to buy 90% of the asset for USD560,000 in cash. If the option has not been exercised by seven months after September 13, it must pay a USD60,000 option maintenance fee, to keep the option for another seven months. "A final payment of USD150,000 is due 6 months following the 90% cash payment in either cash or equity at the vendor's discretion. CMR has the right to acquire the final 10% of the Igli project for USD500,000 in cash," it adds. Excluding the exclusivity payment, the deal to acquire 90% will cost it USD790,000 in total, and a deal for sole ownership USD1.3 million. In addition, it announces it has raised GBP750,000 through the issue of a convertible loan note. The bulk of this will come from Prism Group AG, a Swiss and UAE based private investment office. Finally, it announces Dominic Traynor has been made executive chair, from a non-exec role. CMR says: "The appointment reflects Dominic's increased involvement in CMR's strategic management and corporate affairs as it continues to gain significant momentum in building a diversified portfolio of Morrocan high-quality metals exploration and development projects."
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Nostrum Oil & Gas PLC - Caspian Basin-focused independent oil and gas company - Reports competent person's report at Stepnoy Leopard fields, which is has 80% working interest in. Gross proved, probable and possible reserves stand at 174 million barrels of oil equivalent. "The SL CPR demonstrates the commercial viability and potential of the SL Fields full-field development. In particular, as a satellite development to the Chinarevskoye host-processing facilities and export infrastructure, we achieve maximum capital efficiency that serves to strengthen the SL Fields economic robustness whilst adding scale to our operating foot-print," Chief Executive Officer Arfan Khan says.
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Tufton Oceanic Assets Ltd - Guernsey, England based investment company specialising in second-hand commercial sea vessels - Will return USD31.5 million to shareholders through compulsory redemption of 20.3 million shares. Redemption to take place at price of USD1.55 per share, its June 30 net asset value.
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Seeen PLC - London-based social media and technology company - Raises further GBP45,000 from subscription from "certain existing investors". Terms of investment are the same as that from fundraise in May that saw it raise GBP763,000 at 3 pence each.
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Litigation Capital Management Ltd - Sydney-based asset manager and provider of dispute financing - Says year ended June 30 was "another successful" one. Realisations in financial 2024 total AUD56.0 million, around GBP29.9 million. Says realisations in new financial year so far total AUD12.5 million. "The average duration of cases concluded in FY24 was 45 months - slightly longer than our general expectation of 36-42 months, which remains unchanged. This largely reflects the Covid related delays that we have previously communicated which impacted several of the investments that concluded in the period. Importantly, elongated time has not adversely impacted on investment performance," LCM says. "We continue to invest in what we believe are the highest quality legal claims, collaborating with leading law firms and barristers in our respective markets." Expects to report new commitments for year just ended above AUD250 million, compared to AUD176 million in financial 2023.
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DCI Advisors Ltd - British Virgin Islands-based investor, which specialises in the luxury resort sector - Enters into loan agreement for EUR350,000 with Discover Investment Co to provide DCI with additional working capital. "[Discover Investment] has previously entered into a loan agreement with the company for EUR350,000 in May 2023. To date, the company has received 13 loans from different shareholders amounting to approximately EUR3.46 million," DCI adds. Says first six loans had identical terms, and have a 12-month interest rate of 12%. DCI explains: "Shareholder loans made after September 2023 have identical terms with the previous loans, except that there is no right of prepayment by the company and they will therefore last 12 months. The company's intention is to repay all outstanding shareholder loans from the proceeds of the sale of company assets."
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Nightcap PLC - London-based bars operator - Shareholders approve AIM cancellation at general meeting, and back re-registering as a private limited company. Nightcap in June proposed AIM exit, believing its "current public market valuation does not reflect the underlying potential of our business".
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ProVen Growth & Income VCT PLC, Proven VCT PLC - venture capital trusts - ProVen Growth says net asset value per share at May 31 amounts to 54.7 pence, unmoved from end of February. ProVen VCT's NAV per share climbs 0.6% to 65.6p from 65.2p.
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By Eric Cunha, Alliance News news editor
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