The firm said it had received notice from two of its investors, Riverfort Global Opportunities PCC Limited and YA II PN Ltd, to convert £150,000 of a £5.5mln loan in shares in the company, meaning the remaining balance had been reduced to £3.6mln.
UKOG has now allotted around 17.8mln new shares to the investors as a result of the conversion, taking its total issued share capital to around 6.9bn shares.
2.00pm: IDE Group bounces as it secures new contracts and raises extra funds
IT firm IDE Group Holdings PLC (LON:IDE) bounced 10.1% higher to 4.7p in mid-afternoon trading after the group secured new contracts and raised new funds as 2019 drew to a close.
The AIM-listed firm said since its interim results in September it has agreed “several additional multi-year customer contract renewals” including a two-year deal worth over £1mln per year as well as two smaller two-year agreements worth at least £1mln in total.
IDE added that it has also raised £1.5mln through the issue of secured loan notes to its three largest shareholders, the proceeds of which will be used to repay its outstanding finance leases as well as for working capital.
Elsewhere, Kodal Minerals PLC (LON:KOD) jumped 5% to 0.04p as it began compiling documents ahead of submitting an application for a mining licence at the Bougouni Lithium project in Mali in mid-January.
The firm said it has completed underlying engineering and appraisal work to support the application and that technical reports and documents were currently being translated into French for final review and approval.
12.00pm: Cyanconnode rockets as it enters Thai market with order for smart metering system
The AIM-listed company said the 33,000 unit order, received from its distributor partner The JST Group, is for the Metropolitan Electricity Authority, a state-backed enterprise under Thailand’s Ministry of Interior.
Cyanconnode will receive an upfront payment of US$400,000, around 25% of the contract value, with another 200,000 units expected to follow the successful deployment of the original 33,000.
Mosman Oil and Gas Limited (LON:MSMN) was 9.5% higher at 0.2p as its partially owned associate GEM International Resources Inc undertook a capital raise.
GEM raised new capital through an issue of 8mln new shares priced at 5 Canadian cents per share and, at the same time, converted some C$270,500 via a debt-for-equity swap.
Mosman, in a statement, noted that it has now capitalised C$50,000 of its loan to GEM, as part of the swap, and, consequently it holds 1.76mln GEM shares representing around 9% of the company. And, the remaining C$50,000 debt to Mosman has been repaid.
Revenue for the six months ended 30 September amounted to US$2.59mln and operating income totalled US$2.59mln, up from US$2.32mln. Net cash from operating activities was positive, at US$20,000.
It reported a US$470,000 loss for the period, and, ended September with US$398,000 of cash and equivalents.
Proactive news headlines:
GSTechnologies Ltd (LON:GST) today released interim results showing a 1.11% increase in revenue whilst the company described a period with “increasing market complexity”. Revenue for the period amounted to US$2.59mln and operating income totalled US$2.59mln, up from US$2.32mln. Net cash from operating activities were positive, at US$20,000.
Iconic Labs PLC (LON:ICON) told investors it has been informed by chairman David Sefton that he wishes to resign from the board at the conclusion of today’s AGM. Sefton will continue to be involved with the company though not as a director. John Quinlan will now take the role of interim chairman.
BigDish PLC (LON:DISH) released its half-yearly results statement which confirm that the food technology company has sufficient funding until the third quarter of 2020. The company had £1.29mln of cash in the bank at the end of September.
Faron Pharmaceuticals Oy LON:FARN) told investors it has filed a request for arbitration with the Stockholm Chamber of Commerce to seek damages related to a dispute over a terminated manufacturing agreement with Rentschler Biopharma. In October, Faron revealed it had received a contract termination notice from German producer Rentschler Biopharma, which was providing active pharmaceutical ingredient manufacturing.
Mosman Oil And Gas Ltd (LON:MSMN) said its partially owned associate GEM International Resources Inc has raised new capital through an issue of 8mln new shares priced at 5 Canadian cents each and, at the same time, converted some C$270,500 via a debt-for-equity swap.
Cadogan Petroleum Plc (LON:CAD), an independent, diversified oil & gas company focused on Ukraine, announced that the Bitlyanska exploration license expired on the 23rd December. During the license validity term, the company said, it has fully fulfilled the work programme and obligations without any breach. The group added that the application for a 20-year exploration and production license was filed in due time and is progressing positively; all required intermediate approvals, including that of the regional Council of L’viv, had been secured in due time. It concluded that further announcements will follow in due course.
Diversified Gas & Oil PLC (LON:DGO), the US-based owner and operator of natural gas, natural gas liquids, oil wells and midstream assets, announced that, in accordance with the terms of its share buyback programme, announced on 30 April 2019, it has purchased 50,721 of the company’s ordinary shares in the market at a volume-weighted average price of 107.72p per share through Stifel Nicolaus Europe. It added that the shares acquired will, in due course, be cancelled.