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Proactive news spotlight: Ortac, Galileo, Landore, Union Jack Oil, Aminex, Solo Oil, Redx Pharma, Belvoir Lettings, Satellite Solutions, BATM

A round-up of the small cap news stories on Monday, November 6.
Coffee and paper
End of day news wrap

Ortac Resources Limited (LON:OTC) is to acquire a further 33.8% stake in Casa Mining, the gold company with assets in the Congo, in an all-shares deal worth around £1.1mln.

In conjunction with the exercising of a loan note, it will take Ortac's total holding in Casa to around 70%. Ortac also plans to acquire the rest of Casa.

Galileo Resources PLC (LON:GLR) has hired a consultant to help it explore its Star zinc property in Zambia. An initial soils programme ought to be complete within six weeks, with a drill programme envisaged in due course.

Landore Resources Ltd (LON:LND) is considering a secondary listing on the Toronto Stock Exchange as it seeks to exploit the much larger acreage it has at Junior Lake following the acquisition of the contiguous Lamaune property.

Metal Tiger PLC (LON:MTR) said agreement has been reached to extend the deadline for the conversion of warrants related to the proposed flotation of its KEMCO Mining joint venture to February 28, 2018.

Elsewhere in the resources sector, Union Jack Oil PLC (LON:UJO) has struck a deal with Egdon Resources Ltd for a 20% stake in the Fiskerton Airfield oil project, in Lincolnshire.

To acquire the stake Union Jack is paying around £137,000 and it will cover costs related to new seismic reprocessing, estimated at £35,000.

Aminex plc (LON:AEX) and Solo Oil PLC (LON:SOLO) told investors that gas production is being restricted at the Kiliwani North well in Tanzania.

The rate is being temporarily reduced to less than 1mln cubic feet per day because the KN-1 well is now thought to be draining only a single compartment within the greater Kiliwani North structure.

Elsewhere, big changes are underway at Redx Pharma Plc (LON:REDX) after the drug discovery group rejoined the junior market Monday.

The company had been in administration since May after a £2mln loan from Liverpool City Council made to its subsidiary, Redx Oncology, fell due.

Belvoir Lettings PLC (LON:BLV), the UK's largest property franchise, was crowned Franchise/ Network of the Year at the Negotiator Awards 2017, a set of awards for the residential estate and letting agency industry.

Satellite Solutions Worldwide Group PLC (LON:SAT) has made three acquisitions for a total of £1.8mln that are “strategically compelling and are immediately accretive to earnings”.

It has bought two fixed wireless broadband Internet service providers and a satellite broadband customer base, paid from part of the proceeds from July’s £8mln share placing.

Telco Systems, a unit of BATM Advanced Communications PLC (LON:BVC), has teamed up with Taiwan-listed to NEXCOM International to enhance chips made by ARM and Intel.

The enhancements will use Telco’s NFVTime software and NEXCOM’s DNA 1160 and NSA 3640 white box appliances.


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