IQ-AI Ltd (LON:IQAI) said it has reversed the strategic decision to divest its StoneChecker (SC) division and instead will now retain the business. The AIM-listed company announced the divestment plans in December 2019, with the aim of focusing existing resources on further expanding its leadership position in the neuroimaging field. At that time, IQ-AI determined that the return on shareholder value would be maximized if existing resources were deployed to capitalize on the company’s core strength without the dilutive impact of launching and supporting a commercial version of SC software. On 5 August 2020, IQ-AI announced that it had signed a Letter of Intent with a major international group wishing to buy SC. However, in a statement today, IQ-AI said it has withdrawn from discussions and will retain the SC application in its product portfolio.
Asiamet Resources Ltd (LON:ARS) has struck a US$163.4mln deal to sell the BKM Copper project in Indonesia. PT Wasesa Indo Nusa (PT WIN), currently a private Indonesian shell company, is to acquire Asiamet’s wholly-owned subsidiary company Indokal, which holds the Kalimantan Surya Kencana (KSK) Contract of Work which in turn hosts the BKM project. It will be a phased transaction with an aggregate deal consideration of US$163.5mln. At first, US$10mln of cash will be paid to Asiamet upon execution of a binding sale agreement. The next US$40mln of cash will come as PT WIN completes an intended stock market IPO onto the Indonesian Stock Exchange in early 2021. Asiamet will then subsequently receive PT WIN shares equating to 22.5% of the company, in two tranches.
Woodbois Limited (LON:WBI) has said it is “on track” to meet its expectations for the full year after completing a restructuring of its balance sheet in the third quarter. In an update covering the period from July 1 to September 30, 2020, the Africa-focused forestry and timber firm said it has “significantly” reduced its debt to US$1.1mln from US$49.9mln, which in turn reduced interest charges in the quarter by 50% while the positive impact of the restructuring is expected to be even greater in the final quarter of its current year, with interest charges expected to be around 90% lower than in the second quarter.
Sareum Holdings PLC (LON:SAR) said the US Patent and Trademark Office has issued what is called a notice of allowance offering protection for its pre-clinical cancer immunotherapy drug candidate. The patent will protect the SDC-1802 molecule and its pharmaceutical preparation. SDC-1802 is a dual tyrosine kinase 2 (TYK2)/Janus kinase 1 (JAK1) inhibitor. TYK2 and JAK1 are members of the Janus Kinase (JAK) family of protein kinase enzymes that play roles in autoimmune diseases and tumour cell proliferation in cancer.
Thor Mining PLC (LON:THR) shares moved higher on Thursday as the group reported that results collected from historic stream sediment samples correlated with a gold trend at the Pilbara goldfield tenements in Western Australia. The AIM-listed firm said the sampling results had confirmed a 13 kilometre anomalous gold trend along the eastern thrust faulted mafic/ultramafic contact, adding that sample delineating the gold target zone are from separate drainage catchments, supporting the potential of gold mineralisation along the entire strike length.
W Resources PLC (LON:WRES) has extended its loan facility with BlackRock to access an additional US$7mln. The additional facilities will support the implementation of a comprehensive production programme to boost production at the La Parrilla tungsten and tin mine, the company said. It provides a significantly increased working capital buffer, W Resources noted.
Kromek PLC (LON:KMK) has announced the appointment of former FTSE 250 CEO Rakesh Sharma as a non-executive director of the group with immediate effect. The worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets noted that Sharma has 20 years’ experience in running international hi-tech engineering and manufacturing businesses, being instrumental in the growth of Ultra Electronics Holdings PLC. Having joined Ultra Electronics at its formation in 1993, Sharma presided over significant revenue and profit growth across multiple director-level and divisional roles, including in North America, latterly serving for six years as CEO.
Applied Graphene Materials PLC (LON:AGM) has launched a new commercial offering to provide research and development (R&D) services to support businesses in harnessing the potential of graphene in their products. The AIM-listed firm said its Innovation Accelerator will offer customers a range of solutions including exclusive graphene-enhanced dispersions tailored for their systems, support from Applied Graphene’s technical experts to develop a customised projects, formulation services and full system application testing and product characterisation. Applied Graphene said the service represents a potential new revenue stream for the group, with partners to pay a one-off fee for a package that includes R&D, quality control testing, on-going stability trials and a starter kit of a graphene dispersion. Tailored dispersions made to customer product specifications will be priced separately.
Mosman Oil and Gas Ltd (LON:MSMN) has updated on the Falcon-1 well at the Champion project in East Texas. The company said that drilling is progressing well towards two prospective zones identified previously by seismic, forecast at between 7,400 and 7,500 feet. Currently, the drill programme is at around 7,160 feet. Once the well reaches target depth of 7,500 feet it will be conditioned and prepared for wireline logging.
NextEnergy Solar Fund Ltd (LON:NESF) has been upgraded by broker Stifel in a note on the evolving renewables fund sector. Many funds were knocked back to discounts to their net asset value after March’s coronavirus-triggered market correction and with renewables funds also hit by power price worries. NextEnergy Solar, which at 6.8% has the highest dividend yield in the sector, was upgraded to a ‘positive’ rating from ‘neutral’ by Stifel, with its shares having settled at around a 5% premium to NAV.
Bacanora Lithium PLC (LON:BCN) has entered a conditional sale and purchase agreement with Erris Resources PLC (LON:ERIS) for its 50% interest in Deutsche Lithium (DL), the owner of the Zinnwald lithium project in Germany. Under the agreement, Bacanora said it will sell its stake in DL plus €1.35mln (£1.23mln) in return for 90.6mln new shares in Erris, together with a net profit royalty. Following the transaction, Bacanora said it will own a 44.3% stake in Erris.
IQGeo Group Plc (LON:IQG) said it has appointed the Central Service Association (CSA) as a new software reseller for its geospatial productivity and collaboration solutions. The CSA is a cooperative body made up of utility firms and distributors to help provide accurate and reliable services.
CMC Markets PLC (LON:CMCX) has said its net operating income in the current financial year will be towards the upper end of the current range of forecasts. The six months to the end of September 2020 saw the spread-betting firm put in a record performance, with strong trading across all parts of the business. Net trading revenue from certificates for deposit (CFDs) during the period shot up to around £200mln from £85mln in the corresponding period of 2019.
OptiBiotix Health PLC (LON:OPTI) has appointed a former Tesco PLC (LON:TSCO) lead development manager, Aneta Zlotkowska as its head of Quality & Operations. Zlotkowska’s main responsibilities at Tesco were within the distribution business unit in logistics and operations. She will join the AIM-listed life sciences business at the beginning of 2021 and one of her primary objectives will be to attain a British Retail Consortium certification for OptiBiotix.
Oriole Resources PLC (LON:ORR) told investors that it has extended the Bibemi and Wapouzé exploration licences in Cameroon. It comes as drill equipment is being mobilised to the Bibemi site ahead of a maiden 3,000-metre drill programme. The licence tenure was renewed for a third two-year exploration term. Oriole has a team on the ground in the field present, with work presently underway to high-grade prospects in the Bakassi project area.
Amryt Pharma PLC (NASDAQ:AMYT) (LON:AMYT) said the top-line results from its successful phase III study will be run as a late-breaking abstract at the European Association of Dermatology and Venereology Virtual Congress later this month. The EASE trial of FILSUVEZ showed the gel was effective in accelerating wound healing in people with epidermolysis bullosa, a rare, chronic and distressing genetic skin disorder. The treatment has been granted rare paediatric disease designation and has also been given fast track status by the US Food and Drug Administration.
Tharisa PLC (LON:THS) has boasted of “extraordinary resilience and resourcefulness” as it reported its production numbers for the third quarter. The miner said platinum group metals (PGM) production was up 15.7% to 40,500 ounces in the three months ended September 30, 2020. Chrome concentrate production meanwhile increased by 15.4% to 370,800 tonnes. It comes as reef mining volumes rose by 8.9% and reef milling volumes increased 14.9%.
Braveheart Investment Group PLC (LON:BRH) said it has been advised by investee company, Pharm 2 Farm Limited of a short delay in the planned testing of its anti-viral face mask material. In a statement, Braveheart said the Health and Safety Executive (HSE) and its Advisory Committee on Dangerous Pathogens, has revised the policy on working with coronavirus (SARS-CoV-2) and has scheduled an inspection at the test facility where P2F is conducting its trials. This has had the consequential effect of delaying the trial while HSE undertake an inspection of the CL-3 laboratory to ensure all the appropriate safeguards are in place.
Malvern International PLC (LON:MLVN) said its language schools in London, Manchester and Brighton have now reopened and are following government guidance on coronavirus (COVID-19) lockdown restrictions. The London and Manchester schools reopened on August 10 and the Brighton school reopened last month, the company said in its results statement for 2019. Around 50 students have enrolled at the centres and enquiries and bookings are starting to pick up. The governments of the Gulf Cooperation Council countries are now allowing sponsored and self-funded students to travel to the UK, and students are beginning to arrive. Barring unforeseen circumstances, the company is expecting student numbers for the language centres to return to normal levels from summer 2021.
Chaarat Gold PLC (LON:CGH), the AIM-quoted gold mining Company with an operating mine in Armenia, and assets at various stages of development in the Kyrgyz Republic, has provided an update on the current situation in Kyrgyz Republic. Following the recent political disruptions in the Kyrgyz Republic, the group confirmed that its projects in the country have not been materially impacted. Nevertheless, the company added, it has taken preliminary precautionary measures to ensure the continued safety of its personnel and operations. Chaarat said it will provide an update on the situation as and when appropriate.
Broker Liberum has hiked its share price target for Shanta Gold Limited (LON:SHG) after its began construction at its second Tanzanian asset, Singida. The target price from Liberum, which is ‘house’ broker to the company, was upped to 25p from 23p, with the shares closing the previous day at 18.75p.
Stockbroker Panmure has begun its coverage of San Leon Energy PLC (LON:SLE) with a ‘buy’ recommendation and a 59p price target, suggesting more than 100% upside to the current price. Analyst Ashley Kelty, in a note, highlighted San Leon’s low-risk and value-creating model. “In our opinion, San Leon offers investors exposure to Nigerian production and development assets, with a clear path to near-term cashflow and significant longer-term upside,” Kelty said.
Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said it was notified that today Value Generation Limited, a company beneficially owned by Paul Johnson, chief executive officer of the company, purchased on market 1,000,000 ordinary shares of 0.1 pence each at a price of 1.064p each, with £10,640 invested. Following the purchase Johnson has a beneficial interest in a total of 57,000,000 Power Metal ordinary shares, representing approximately 6.97% of the issued share capital of the company.
Metal Tiger PLC (LON:MTR), the AIM-listed investor in natural resource opportunities, noted that Pan Asia Metals Limited has today been admitted to trading on the ASX under the ticker PAM, following completion of its IPO, which raised, in aggregate, A$4.28mln. Metal Tiger currently holds 10,862,477 Pan Asia shares, representing 8.62% of its issued share capital.
Block Energy PLC (LON:BLOE), the exploration and production company focused on Georgia, said that employees have exercised options to acquire, in aggregate, 943,107 ordinary shares of 0.25p each. The options exercise will be satisfied out of existing shares held in the Block Energy Employee Benefit Trust (EBT). Following the exercise of these options, the remaining number of shares held by the EBT will be 38,348,495, representing 8.76% of the current total issued share capital.
discoverIE Group PLC (LON:DSCV), a leading international designer, manufacturer and supplier of customised electronics to industry, has said it will issue its trading update for the six months ended September 30, 2020, on October 15, 2020, ahead of publishing its half-year results on November 30, 2020.