Proactive news snapshot: Aggregated Micro Power, Kavango Resources, Woodbois …
Aggregated Micro Power Holdings PLC (LON:AMPH) is being taken private in a deal that values the biomass wood fuels and low carbon heat and power specialist at £63.1mln. The 90p a share offer from the Asterion Industrial Infra Fund, which has board backing, represents a 32% premium to last night’s closing stock price.
Rare earth specialist Mkango Resources Ltd (LON:MKA) ended its third quarter with cash of US$10mln (US$4.5mln) helped by an investment from partner Talaxis in the Songwe Hill project in Malawi. Mkango recently bought a stake in a company that has developed a technology to recycle rare earth magnets. Losses in the three months to September were US$1.1mln (US$2.8mln).
Kavango Resources PLC (LON:KAV) has hit early-stage signs of mineralisation during drilling on its Kalahari Suture Zone project (KSZ) in Botswana. The exploration intersected disseminated sulphides in two high-level gabbro sills, said the standard-listed junior, which is exploring near the town of Hukuntsi. The sills were intersected at 340 metres and 367 metres respectively and were each about one-third of a metre thick.
Woodbois Limited (LON:WBI) has signed an offtake agreement with a West African timber supplier for all of its production in Liberia. The forestry group said the agreement, which is expected to be formalised in January, will generate “material additional trading revenue” and will have scope for increases.
W Resources PLC (LON:WRES) has raised £360,000 to provide working capital during the ramp-up period at its La Parrilla mine in Spain. The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each – a 12% premium on Thursday’s closing price of 0.35p – to an unnamed new Spanish investor “with experience in the mining industry”.
MetalNRG PLC (LON:MNRG) has switched commodities to buy 75% of a Romanian company that owns the rights to an oil and gas concession for the next fifteen years, as well as appointing a new executive director to deliver the project. The natural resource investor said the acquisition would involve an upfront payment and a free-carry component on the initial development capital. MetalNRG added it is entering into the exclusivity agreement in collaboration with a London-based oil and gas investment specialist. Pierpaolo Rocco has been hired as an executive director to lead the project, starting with due diligence, bringing with him twenty years’ experience of developing oil and gas projects for profitable outcomes.
Alba Mineral Resources PLC (LON:ALBA) has celebrated the completion of the first-ever exploration drilling campaign at the Clogau-St David’s gold mine in Wales. In an update on Friday, the developer and explorer said that drilling confirmed that shear zone-hosted quartz veining, thought to contain gold, continued at least 25m down below the historic mining area.
ADES International Holding PLC (LON:ADES) revealed a 169% year-on-year rise in third-quarter revenue amid improved utilisation and the post-acquisition scale-up of operations. The company reported a utilisation rate of 95% in the first three quarters of the year, versus 83% in the same period of 2018.
Quadrise Fuels International PLC (LON:QFI) made “staged progress” through the past year, expanding the breadth and depth of its market opportunity for its MSAR technology, the company said ahead of today’s AGM. The specialist fuel firm, in a statement, noted that it raised £4.5mln of new funds in the third quarter of the year, enabling it to continue business development activities.
Afarak Group PLC (LON:AFRK) said it sees “solid” long-term prospects for the stainless steel and ferrochrome industry despite the current soft phase of the market. The specialist alloy maker said it continues to focus on cost reduction and cash preservation, in the hope production cutbacks will eventually solve the oversupply situation.
Benchmark Holdings PLC (LON:BMK) said full-year adjusted underlying earnings (EBITDA) from continuing operations are expected to be around £11mln-£12mln, in line with expectations. The maintained guidance will come as a relief to shareholders after the aquaculture health, nutrition and genetics company warned in August of “challenging” conditions in the shrimp and sea bass/ bream markets.
Iconic Labs PLC (LON:ICON) has reshuffled its current board with the appointment of a new executive director and the loss of two non-executives Sam Asante, currently chief operating officer of the media group, previously worked at social media site UNILAD helping to establish commercial operations before moving to product and marketing.
Faron Pharmaceuticals Oy (LON:FARN), clinical-stage biopharmaceutical company, said it has entered into a liquidity providing agreement with Lago Kapital under which it will quote bids and offers for the company’s share within the framework for the Nasdaq First North Growth Market Finland rules for liquidity provision. The spread of the bid and offer prices is a maximum of 4% calculated on the bid price and the quotes on bid and offer must be at least Euro 3,000 worth of shares. The intention is to promote liquidity in the share, the group added.
Eurasia Mining PLC (LON:EUZ) said it has received notice to exercise warrants over 15,583,333 ordinary shares of 0.1 pence in the company at an exercise price of 0.6p each, and a further notice regarding warrants over 3,026,806 ordinary shares at an exercise price of 0.826p each. The group said all funds for the exercise of the warrant shares has been received and amount to a cash value of, in aggregate, £118,501. Christian Schaffalitzky, the group’s chairman commented: “None of the recently executed warrants or options were executed by directors. The First Equity warrant overhang is now fully removed. The directors also continue to make progress in ongoing talks in the current price environment for palladium and rhodium”.
GSTechnologies Ltd (LON:GST), the integrated information and communication technology infrastructure solutions provider, announced that William Knight has decided to stand down as a non-executive director from 2 December 2019 to focus on his other business interests. The company said it has commenced the search for a replacement non-executive director, to ensure that the board composition is appropriate following Knight’s departure and further announcements will be made as appropriate.
Pan African Resources plc (LON:PAF) announced that at its annual general meeting held on Thursday, 28 November 2019, all the ordinary and special resolutions, save for ordinary resolution number 13 – to authorise the directors to allot equity securities – were approved by the requisite majority of shareholders present or represented by proxy.
Oncimmune Holdings PLC (LON:ONC), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, announced that at its Annual General Meeting held on Friday, all resolutions were duly passed.
Ncondezi Energy Limited (LON:NCCL) announced that, at the Annual General Meeting of the company held Friday, all resolutions were duly passed on a poll.
IronRidge Resources Limited (LON:IRR) confirmed that all resolutions put to shareholders were duly passed by a show of hands at the company’s Annual General Meeting, held on 29 November 2019 in Brisbane, Australia.