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Metal Tiger buoyed by strong response to partner's fund raise

Main share price risers and fallers in London at 4pm: Metal Tiger, Ilika
picture of copper
MOD's funding was heavily oversubscribed

Metal Tiger PLC (LON:MTR) rose strongly as its partner in T3 copper deposit in Botswana saw a decent sized funding heavily oversubscribed.

Aussie-listed MOD Resources Limited (ASX:MOD) raised US$14.6mln to institutions, professional and sophisticated investors.

Metal Tiger holds 4.975% of MOD. Funds will go towards further exploration at T3. Shares rose 9% to 2.67p.

Materials development group Ilika plc (LON:IKA) warned that revenue from licensing contracts is likely to be delayed as it continues negotiations on potential original equipment manufacturer deals. Shares dropped 15% to 41.3p.

1pm..Albert pulls his weight for marketeer Adgorithms

Marketing group Adgorithms Ltd (LON:ADGO) climbed 15% to 19p as it picked up a contract with a global wellness conglomerate to use its ‘Albert’ artificial intelligence system in South America.

Describing the contract as significant, Adgorithms will deploy Albert across all the customers' online advertising campaigns, with a minimum of $300,000 annually in software fees.

This contract followed a four-month pilot that compared Albert with the customer's existing advertising agency.

CPPGroup PLC (LON:CPP) perked up on the acquisition of Blink Innovation for €1mln and an earn-out based on future product developments.

Blink’s first product will be a real time flight interruption insurance, which will enable passengers to complete a journey with no  additional cost and no claims process to negotiate.

It is due to launch in April.

CPP shares rose 9% to 13.64p.

Chris Akers’ high profile tech investment firm  Concha PLC (LON:CHA) dropped 5% on a loss before tax of £3mln in the six months to December up from  £384,000 a year ago.

News around Concha hads been dominated by advertising technology company Ve Interactive Limited after its value plunged following a rescue deal last week.

Concha paid £4.0mln for a 0.43% stake in Ve Interactive in March 2016 when it touted it as an “exiting investment opportunity”. At the time, Ve was valued at £930mln.

Its value is now said to be £300mln following a £3.0mln emergency cash injection, led by Scottish billionaire Doug Barrowman’s Aston Ventures, last week and Concha is taking part in talks over another round of funding.

 

10.00am...Ortac Resources climbs as Sturec permit re-issued

Ortac Resources Ltd (LON:OTC) shot higher as it was re-issued with a permit for the Sturec gold mine in Slovakia.

Vassilios Carellas, chief executive, welcomed the decision but highlighted the decision is not yet fully finalised.

“This decision, whilst welcome, does allow for an appeal process to be made by potential complainants, within a period of approximately one month from the issue of this permit.”

Shares in the AIM-listed junior rose 33% to 0.04p.

Panmure Gordon PLC (LON:PMR) was the best riser as Bob Diamond announced a plan to buy into the venerable City institution.

The former Barclays boss will offer 100p per share to take around 44% of the City stockbroker to match a stake already owned by Qatari investment fund, Qinvest.

The offer is a 68% premium to the share price yesterday and the shares rocketed higher to 98.6p.

Circassia Pharmaceuticals PLC (LON:CIR) jumped 18% to 103.2p on a deal to license two lung disease drugs in the US from AstraZeneca (LON:AZN).

Rights to the drugs, Tudorza and Duaklir for COPD or smoker’s cough, will cost Circassia US$230mln, plus future sales based royalties once Duaklir gets US approval.

Tudorza generated US sales of US$80mln, while Duaklir is in phase III development in the US having been approved in Europe in 2014.

Steve Harris, Circassia's chief executive, said: “It represents a transformational opportunity for the company, doubling the number of marketed products in our portfolio, with the potential to triple the current number within two years.”

Proactive news headlines 

IGas Energy Plc (LON:IGAS) has revealed the extent of its proposed financial restructuring, with the debt-for-equity element expected to substantially reduce its debt. The UK shale gas group told investors that it will reduce debt from US$122mln to a maximum of US$10mln by issuing new shares to its lenders.

Range Resources Ltd (LON:RRL ASX:RRS) confirmed that its production averaged 495 barrels of oil per day in the six months ended December, with 24.4mln barrels oil equivalent in proved and probable (2P) reserves.

AIM-quoted natural resources specialist Rose Petroleum PLC (LON:ROSE) has made a major breakthrough in its bid reclaim US$760,000 of value added tax from the Mexican authorities. It has received the first tranche, US$72,100, and expects to bank US$210,000 by the end of the month. Shares rose 5% to 0.137p.

Uranium mine developer Berkeley Energia Limited (LON:BKY) unveiled “outstanding” results from the latest drilling on the Zona 7 portion of its Salamanca Project and sketched out plans to maximise the potential of its land holding in Spain. Shares rose 4% to 56.5p.

Horizonte Minerals Plc (LON:HZM; TSE:HZM) has confirmed that the feasibility study at its Araguaia nickel project in Brazil is on track to be completed by the end of 2017.

Niche lender Private & Commercial Finance Group plc (LON:PCF) is to tap the market to provide additional capital as it pursues its banking ambitions.

Ortac Resources Ltd (LON:OTC) has had the permit for its Sturec gold mine in Slovaki re-issued, sending it share price up 27%.

Jubilee Platinum PLC (LON:JLP)  raised £3.3mln from a placing at 5p as it bought another chunk of platinum tailings material in South Africa, its third tailings deal in a week. Shares eased 5% to 5.44p.

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