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TRADING UPDATES: Eqtec trading in line; Surface Transforms fundraise

3rd May 2024 20:10

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

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Gunsynd PLC - investor in companies and projects within the natural resources, life sciences and beverage sectors - Notes the announcement by Metals One PLC in relation to the second stage payment from the company pursuant to the subscription and shareholders agreement between Metals One, Metals One Finland Oy and Gunsynd. Discussions regarding various options in relation to the farm-in agreement are ongoing and the company will make a further announcement once these are concluded.

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Surface Transforms PLC - Liverpool-based manufacturer of carbon-ceramic brake discs for automotive and aircraft applications - Raises GBP6.5 million, through a placing and subscription of shares at 1 pence each. Further, intends to raise GBP2.0 million via open offer to investors on the basis of 1 open offer share for every 1.760363190 existing ordinary shares held. Retains option to increase this to GBP3.0 million. Chair David Bundred says: "The board obviously regrets the circumstances that have led to this distressed fund raising and completely understands the frustration and anger of shareholders. The board is however now confident the combination of this GBP6.5 million placing, the GBP2 million open offer and the GBP13 million local authority loan is sufficient for working capital and capital expenditure needs over the next few years."

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Savannah Resources PLC - lithium development company - Announces as part of its ongoing work towards a definitive feasibility study on the Barroso Lithium Project, an upgrade to the JORC 2012 compliant resource for the NOA orebody together with further results from the current drilling programme. Says NOA resource upgrade completed following recent drilling with 93% of the total resource now in the Indicated category (previously 67%), increasing the overall geological confidence in the resource and meeting the requirements for inclusion in the DFS. The size of the resource has increased by 3% due to extending the mineralisation on the western pegmatite. Notes further exploration potential outlined to the west, as the pegmatite is still open along strike to the west and at depth to the north.

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Mirriad Advertising PLC - London-based provider of in-content advertising technology - Plans to raise GBP5.5 million via a placing and subscription at 1.25 pence per share. A further GBP550,000 is to be raised via retail offer at the same price. Net proceeds will be used to fund ongoing operational expenditure and working capital alongside modest investments in technology and sales support operations.

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Eqtec PLC - Cork, Ireland-based thermochemical conversion technology company - Issues trading update. Says 2023 unaudited revenue was EUR2.5 million, in line with guidance. Notes steady monthly revenue being earned in the fourth quarter of 2023 and first quarter of 2024. Says equipment sales and commissioning revenues expected in the second half of 2024. Chief Executive David Palumbo says: "We believe the company is successfully executing its strategic pivot, with a very visible change in the mix of our revenues and with good, strong and reliable, month-on-month revenue delivery. Whilst the process has been tough at times, I am confident in the delivery of our vision by the Eqtec team."

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Contango Holdings PLC - metallurgical coal producer focused on its 70%-owned Muchesu coal project in Zimbabwe - Says the after the GBP940,000 capital raise in early April, the company has been able to continue operations on site to satisfy requests from potential offtake customers for samples. Since the placing, notes 120 tonnes of product have been mined, screened and washed for two new potential industrial customers in the southern African region. These potential off takers have arranged to collect the two 60-tonne samples this week. Additional samples had already been sent to other identified potential off takers prior to the placing. Collectively ongoing offtake discussions represent demand of more than 50,000 tonnes per month. Whilst the company does not expect all these discussions to result in a positive outcome, it reasonably believes several contracts are likely to materialise during this quarter to June 2024, along with ongoing discussions with respect to coking coal offtake. A further 250 tonnes of thermal coal has now been extracted and will next week be collected by a potential offtake partner, which will subsequently undertake a 'burn test'. Further, remains engaged with several groups which have expressed interest in a potential joint venture and/or purchase of the mine.

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Bluejay Mining PLC - Greenland and Finland-focused mineral exploration company - Announces that an application to expand Mineral Exploration Licence 2015-08 covering a portion of the company's 100% owned Dundas Ilmenite Project in North-West Greenland, to include newly identified high grade sedimentary hosted copper showings has been accepted by the Greenland Mineral Licensing and Safety Authority. When granted, the proposed enlargement increases the licence area of MEL 2015-08 from its current size of 86 km squared to 2,833 km2. Notes the licence expansion comes at no cost. Explains the acquisition comes as part of the company's new growth strategy to secure high quality copper and industrial gas projects whilst continuing to progress Disko to drilling in 2025.

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Pantheon Resources PLC - oil and gas company, focused on developing the Ahpun and Kodiak onshore oil fields in Alaska - Shares the results of an updated Independent Expert Report by Lee Keeling & Associates Inc. This update covers the Alkaid horizon within its Ahpun Field over which it has a 100% working interest. LKA estimates base case possible reserves of five million barrels and 27 billion cubic feet of recoverable natural gas at the Alkaid horizon, in addition to contingent resources totalling 74 million barrels of marketable liquids and 396 bcf of recoverable natural gas. LKA estimates high case contingent resources totalling 123 million barrels and 634 bcf. LKA's attribution of reserves in the immediate vicinity of the Alkaid-2 well and its economic modelling of the overall Alkaid horizon estimating real rates of return in excess of 20%, support Pantheon's previous assessment that the Alkaid-2 long term production test demonstrated the commerciality of the Alkaid horizon in Ahpun.

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Horizonte Minerals PLC - nickel development company focused on projects in Para State, Brazil - Says waivers linked to interim funding package announced in December have been further extended to May 15. Discussions with secured creditors, and existing and new potential investors on alternative scenarios continue to be held with a view to a potential restructuring solution to attempt to achieve some recovery value for the company's creditors. These include raising financing at the subsidiary level, or disposing of the Araguaia project whilst in care and maintenance, liquidation of the assets of the project, or the consideration of other options available under Brazilian laws. Company says it does not believe that any of these options are likely to recover any value for shareholders.

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Ceps PLC - Bath, England-based investment company focussed on industrial sector - Confirms that on April 30, an order of the High Court of Justice, Chancery Division confirmed the reduction of the share capital in the company and the cancellation of its share premium account, which was approved by a special resolution passed on March 20. As a result, the nominal amount of each ordinary share in issue will be reduced by GBP0.097 to GBP0.003. This is expected to become effective on or around May 13.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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