2nd Jul 2024 11:00
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Northamber PLC - London-based distributor of audio-visual and information technology equipment - Buys Renaissance Contingency Services Ltd from sellers Michael Conway and Denis Woods for up to EUR900,000 in cash. Renaissance is a distributor of cyber security solutions and services. Northamber pays an initial EUR600,000, with EUR300,000 to come should performance targets be met.
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San Leon Energy PLC - oil and gas production company focused on Nigerian assets - Shares in the company are cancelled from AIM trading as it has been suspended for more than six months. Shares were suspended pending its 2022 results, its half-year results from last year and an AIM admission document in relation to the further investment in Energy Link Infrastructure Malta Ltd.
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Gensource Potash Corp - Saskatchewan, Canada-based fertiliser development company - Admission of shares on AIM cancelled, with its shares now exclusively trading on TSX Venture Exchange.
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Fulcrum Metals PLC - mineral explorer in Canada - Exercises option to acquire a 100% interest in the Charlot-Neely Lake, South Pendleton and Snowbird uranium projects, collectively referred to as Dunn. The assets were owned by Gary Clayton Dunn and Jonathan Stewart Dunn who granted the Dunn option to Fulcrum. "This takes the company one step closer to a definitive agreement with Terra Balcanica Resources Corp over the sale of all of its uranium projects totalling over 59,000 hectares and comprising: Charlot-Neely Lake, Fontaine Lake, Snowbird and South Pendleton," it adds. Panther Metals PLC, which owns 15% of Fulcrum, noted the announcement. Also on Monday, Panther Metals updates on Obonga Project in Ontario, Canada. It said a magnetic geophysical drone survey will "greatly enhance our drill targeting" on three prospective areas. On Thursday, Panther Metals said it landed an exploration permit covering the Wishbone prospect at Obonga.
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Helium One Global Ltd - Tanzanian-focused producer of low-carbon helium - It updates on its progress at its Rukwa project area in Tanzania ahead of its extended well test at Itumbula West-1. It says that it is on track to deepen ITW-1 well and commence EWT in fault-fracture helium play in July. "This is a very exciting time for the company as the test will enable us to determine commercial flow rates, reservoir performance and helium concentrations over a longer period of time. The results of this EWT will enable us to better determine resource estimates and fully evaluate the potential of this new fault-fracture helium play we have at Itumbula," says Chief Executive Lorna Blaisse.
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Pathfinder Minerals PLC - AIM-listed cash shell seeking reverse takeover - Says makes progress in finalising documentation for proposed acquisition of Rome Resources Ltd. That includes work on an AIM admission document. "In this regard, the company continues to diligently progress the proposed transaction towards completion and currently expects to publish an AIM admission document in respect of the proposed transaction in early July 2024," Pathfinder Minerals says.
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Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Following closure of retail offer, says 20.0 million shares issued at price of 2.0 pence per share. Says retail offer was "significantly oversubscribed".
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Orcadian Energy PLC - oil and gas development company - Says Shell International Trading & Shipping Co Ltd agrees extension to repayment date of loan to July 5. "Orcadian now expects to drawdown USD1.43 million to settle the outstanding loan to STASCO this week from its industry partner," Orcadian adds. "Upon repayment of the STASCO loan, Orcadian will provide the partner with a security over its 18.75% interest in the Pilot field."
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Power Metal Resources PLC - London-based exploration company - Says initial field work at Balthaga lithium asset completed. CEO Sean Wade says: "The team covered the whole area of the 13 licenses and visited nearly every defined target. We are really pleased with the outcome of this initial field programme and to get the team on the ground giving them a much better understanding of the geology. I'm glad to report that the majority of the identified targets proved fruitful with some new targets also discovered. The team would have liked longer in the field to carry more detailed work, however the extreme conditions precluded a longer field programme." On Friday, Power Metal said pretax profit in six months to March narrowed to GBP480,000 from GBP1.6 million. It reported no revenue, compared to a nominal GBP1,000 a year prior.
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By Eric Cunha, Alliance News news editor
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