Power Metal Resources PLC (LON:POW) hares surged higher on Wednesday after the firm said it has decided to take out an option over the Alamo Gold Project in Arizona. Alamo is a package of mining claims covering an area of approximately 766 acres and is situated in west-central of the US state and nugget gold found so far is indicative of a large mineralised system, the AIM-listed junior believes..” The option gives the Power Metal the opportunity to acquire a 50% stake from current owner Frisco for US$60,000 and increase that to 75% after payment of a further US$200,000. In addition, Power Metal will assume operatorship and over four years pay US$200,000 in property payments, US$850,000 on exploration and a final US$50,000 earn-in fee.
Itaconix PLC (LON:ITX) (OTCQB:ITXXF) has said it continued to enjoy improved momentum in its first-half with strong demand for its range of specialty polymers. In a trading update for the half-year to June 30, 2020, the leading innovator in sustainable specialty polymers, said unaudited revenues for the first six months of the year were US$1.1mln, representing around 80% growth over the equivalent period in 2019 and about 62% over the second half of 2019. Itaconix said volumes and revenues increased from new and recurring orders in detergent, odour control, and personal care applications.
Zoetic International PLC (LON:ZOE) has made a three-pronged change to streamline its cultivation strategy. The cannabinoid (CBD) specialist is expanding its seed testing programme via a partnership with GVB Biopharma; it is terminating the lease on its Colorado production facility; and it has struck a European joint-venture to grow high-quality hemp seeds.
W Resources PLC (LON:WRES) shares rose on Wednesday as it signed a series of government-guaranteed loan facilities with Spanish banks. The tungsten, tin and gold miner said it has secured three new facilities totalling around €1.02mln, all for a term of five years. The firm has also agreed extensions to a €500,000 revolving credit facility to June 4, 2025, from May 30, 2020, and to a €300,000 overdraft facility for June 18, 2025, from June 18, 2020.
ADM Energy PLC (LON:ADME) (FSE:P4JC), a natural resources investing company, has announced the appointment of influential German industry investor Dr Stefan Liebing to its board as a non-executive director with immediate effect. Liebing is the chairman of Afrika-Verein der deutschen Wirtschaft e.V., the prestigious German-African Business Association, where, as part of his role, he advises the German Government on investment in Africa. He chaired the G20 Compact with Africa investment summits in 2018 and 2019, held under the patronage of Chancellor Angela Merkel. He is the CEO of Conjuncta GmbH, a boutique investment and project development company. Previously, Liebing was a director of International Gas Business at EnBW Energie Baden-Wuerttemberg AG, one of the largest energy supply companies in Europe, and earlier in his career held various senior positions at Royal Dutch Shell.
Scancell Holdings PLC (LON:SCLP) said it has completed a “significantly oversubscribed” placing as part of plans to raise up to £15mln to support the continued initial development of a coronavirus (COVID-19) vaccine as well as clinical trials and partnering discussions for its antibody technology.
Metal Tiger PLC (LON:MTR) said it has invested in Toronto-listed Pan Global Resources Inc (CVE:PGZ) via a share subscription. It has invested the equivalent of £146,000, buying 1.38mln units – comprising one share and one half-share warrant – priced at 18 Canadian cents per unit. Pan Global is a Spain-focused base-metals explorer with two projects, Aguilas and Escacena, with the latter being the main focus.
Iofina PLC (LON:IOF) said its performance in the first half has been “solid in spite of the difficult events affecting the world” as it updated on production from its iodine plants during the coronavirus (COVID-19) pandemic. The AIM-listed chemical products group said it produced 284.4 metric tonnes (MT) of crystalline iodine in the first half of 2020, in line with the 286.7 MT produced a year earlier. With all five plants running as normal, the firm expects iodine production for the second half to be between 340-360 MT, noting that prices had remained “encouragingly” steady at US$35 per kilo or above in the second quarter of 2020 and into the third. Iofina also said that it is continuing to progress a debt refinancing package with a new lender, although the process has been impacted by the pandemic and the new terms are likely to include a term loan as well as a revolving line of credit to meet the company’s debt repayment obligations.
Nuformix PLC (LON:NFX) said there has been increased interest in its assets and their potential treatment for coronavirus (COVID-19), as well as the resultant fibrosis. “These business discussions are confidential and further announcements will be made as and when appropriate,” the drug developer told investors as it reported its preliminary results for the year ended March 31, 2020. The group, a specialist in cocrystal technology, also touched on its strategy review in the few weeks since the resignation of chief executive Dan Gooding. The new approach will focus on licensing agreements and fee-for-service work; the use of its technology to create ‘out-licensing’ opportunities; co-development tie-ups to extend the patent life of generic products.
Kodal Minerals PLC (LON:KOD) has told investors it is looking ahead to a challenging but exciting period with full permitting of the Bougouni Lithium project targeted. Posting full-year results for the period to March 31, 2020, the group said it expects to see Bougouni move into the next stage of development, including final engineering design and financing negotiations for construction. The pre-revenue explorer reported a £629,504 loss for the year ended March 31, down from £712,611 in the preceding year.
Symphony Environmental Technologies PLC (LON:SYM), a global specialist in technologies to enhance the properties of plastic and some non-plastic products by making them biodegradable, and/or to provide protection against threats to health and safety, announced that it has extended the subscription period of warrants over 5,000,000 ordinary shares of 1p each in the company which were granted on July 19, 2019, to Vincel Investment Holdings Limited to November 25, 2020. All other terms and conditions remain the same. The subscription period of the further 5,000,000 warrants that were also granted on July 19, 2019, but with an exercise price of 25p, remains the same.
Open Orphan PLC (LON:ORPH), a rapidly growing specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials has announced that at its annual general meeting held on Wednesday, all resolutions put to the meeting were duly passed.
Adamas Finance Asia Limited (LON:ADAM) has announced that its 2019 and 2020 annual general meetings (AGMs) will be held at 4.00pm and 5.00pm Hong Kong time respectively on August 14, 2020. The company postponed the 2019 AGM due to the civil unrest in Hong Kong at the end of 2019. Subsequently, the coronavirus (COVID-19) pandemic presented further issues in convening such a meeting earlier. The group said the venue for both the 2019 and 2020 AGM is Infinitus Plaza, IP 12/F 4, 199 Des Voeux Road Central, Sheung Wan, Hong Kong.
FastForward Innovations Ltd (LON:FFWD) investee company EMMAC Life Sciences said it intends to list on Nasdaq through a merger with Andina Acquisition Corp (NASDAQ:ANDA). EMMAC is Europe’s largest independent cannabis company and has signed a non-binding letter of intent to merge with Andina, which is a SPAC or blank check company.
Oriole Resources PLC (LON:ORR) has joined NR Private Markets’ Investor Lounge. The Investor Lounge provides an opportunity for private investors and mining news subscribers to gain further insight into companies that have passed its vetting process, providing them access the latest mining news and updates. John McGloin, Oriole’s Non-Executive Chairman said: “Having recently concluded a successful fundraise for £419,500, feedback from our shareholders is that they would like the opportunity to participate in future raises. We see the NR Private Markets platform as a mechanism for this.”