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Proactive news summary: Corero, Sula Iron & Gold, Faroe, LGO, Redx...

Published: 16:05 24 Feb 2016 GMT

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Roman Abramovich is looking at ways to drum up energy out of a load of British trash… and we’re not talking about Chelsea here.

The Russian oligarch and football club owner is a 21% shareholder in AIM quoted Velocys (LON:VLS), which has now started an engineering study for the development of a new waste-to-liquids project in the UK.

The project would take hundreds of thousands of tonnes of ‘post-recycled’ waste and convert it into sustainable fuels.

Sula Iron & Gold (LON:SULA) has raised £290,000 through a placing at 0.16p to fund the development of its Ferensola gold project in northern Sierra Leone.

Nick Warrell, chief executive said: "We are delighted to have raised these additional funds and with the continued interest from investors in our exciting gold project at Ferensola."

In other news, LGO Energy (LON:LGO) shares advanced over 35% after it told investors it now has a potential $20mln funding deal on the table.

The company said it has signed a non-binding term sheet with an institution for the $20mln funding and talks continue to make it binding.

Over at Corero Network Security, (LON:CNS) the  cyber security specialist continues to expand its offering - with the launch of a beta version of its latest software monitoring solution.

Its Cloud-based Corero SmartWall Network Threat Defense - Virtual Edition (vNTD Monitor) monitors so-called DDos events (distributed denial of service solutions).

In commodities, North River Resources (LON:NRRP) updated investors on its mining licence application for its flagship Namib lead-zinc project, saying it was preparing to accept the notice it received earlier this month from the  ministry.

Meanwhile, junior explorer SolGold (LON:SOLG) released its results for the six months to 31 December.  The company has been busy drilling its Cascabel copper prospect in Ecuador and at the end of December the company had £349,000 of cash and equivalents.

Faroe Petroleum (LON:FPM) revealed that drilling at its Barents Sea Kvalross exploration well had not been successful.

The results of two drilling targets showed poor reservoir quality in one, and in the other, good quality reservoir sands but was ‘water wet’ meaning  no commercial discovery was made.

Elsewhere, First Property Group (LON:FPO) has had its contract to manage a twenty one property portfolio for UK PPP extended for another five years.

The contract was due to mature on 5 February next year, but will now run until 2022.

And finally, Redx (LON:REDX) has reached a pre-clinical proof of concept stage with a second compound in its anti–biotic portfolio, with gonorrhoea one of the diseases it may treat.

The sexually transmitted disease affects over 100mln people annually, but its increasing resistance to anti-biotics is making it a growing problem.

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