1st Jul 2024 11:09
(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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Rainbow Rare Earths Ltd - developing Phalaborwa rare earths project in South Africa and Uberaba project in Brazil - Signs deal with Ecora Resources PLC which sees latter acquire 0.85% gross revenue royalty on future rare earths production from Phalaborwa asset. Ecora pays USD8.5 million. In addition, Rainbow issues 10.4 million new shares to Ecora at price of 11.37 pence each to raise USD1.5 million. "The royalty financing and share subscription agreements therefore provide Rainbow with a total of USD10 million, being substantial funding on terms that are considerably less dilutionary than conventional equity funding," it adds. Ecora says the deal is its first rare earth exposure and is in line with its aim to diversify and grow its portfolio "of future facing commodity royalties".
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Echo Energy PLC - Latin America-focused exploration company - Enters joint-venture agreement with founding partners of Boku Resources SAC. Deal will see Echo participate in Boku's gold and silver mining interests in Peru. "Through Boku, Echo has secured an opportunity to scale operations in Peru, with experienced local partners, producing gold and silver through primary mining and tailings cleaning, owning 50% of the production and potential resources," Echo adds. Echo says to commit total of USD750,000 to Boku over period of 18 months. Echo directors Stephen Birrell and Christian Yates have been appointed to the board of Boku.
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Oriole Resources PLC - West Africa-focused mineral exploration company - Receives two-year renewal for each of gold exploration licences in the Eastern Central licence package in Cameroon. The assets are held through its 90%-owned unit Oriole Cameroon Sarl.
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Sareum Holdings PLC - Cambridge, England-based pharmaceutical company - Reports "positive" findings from phase 1 probe of SDC-1801, a possible autoimmune disease treatment. Data shows blood plasma levels in SDC-1801 "significantly" top predicted therapeutic exposure. Says no deaths or adverse events reported due to SDC-1801. "The success of this stage of the clinical trial demonstrates that high blood levels of a dual TYK2/JAK1 kinase inhibitor can be achieved without serious side effects. Together with the long half-life observed, we believe this potentially gives SDC-1801 significant advantages over its competitors. We're grateful to the volunteers who participated in this trial, and to the clinical staff who enabled its timely completion," Chief Scientific Officer John Reader says.
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Feedback PLC - London-based medical imaging technology - Awarded contract by Queen Victoria Hospital NHS Foundation Trust. Feedback will provide it Bleepa community diagnostics centre offering. "This contract, which is worth GBP495,000 for an initial 12-month term with the ability to extend by another 12 months, has been awarded to Feedback as the successful bidder in a procurement process launched by QVH in November 2023, to provide a digital infrastructure to facilitate patient specific pathways through the CDC, linking both primary and secondary care settings," it adds.
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Argo Blockchain PLC - London-based cryptocurrency miner - Extends loan with Galaxy Digital Holdings Ltd through to December 28. Balance of loan is USD5.7 million, reduced from USD35 million. "With this further loan repayment, the company expects reduced monthly interest expense on the loan from USD440,000 in July 2023 to USD78,000 in July 2024," it adds.
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Induction Healthcare Group PLC - London-based software company serving healthcare providers and administrators - Sells Horizon Strategic Partners to Eolas Medical Ltd for GBP1.2 million. HSP is a provider of a clinical management platform in field of antimicrobial resistance guidelines. Induction adds: "In divesting this subsidiary, a non-core asset, the software platforms Guidance (often known as MicroGuide) and OPAT PMS, will be owned and operated by Eolas. This sale successfully completes the programme of divestment of Induction's non-core assets announced last year. The sale proceeds shall be used for the Group's working capital."
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Aptitude Software Group PLC - London-based provider of autonomous finance software - Wins Fynapse pact with existing Aptitude Accounting Hub client. Says client is a "leading global insurer". Three-year deal is worth over GBP4 million.
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By Eric Cunha, Alliance News news editor
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