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Proactive news snapshot: Advanced Oncotherapy, Westminster Group, Faron Pharmaceuticals …

Published: 15:45 11 May 2018 BST

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Advanced Oncotherapy PLC (LON:AVO) has received the first payment relating to its exclusive distribution agreement with partner company Yantai Cipu. The AIM-listed cancer treatment developer said the £6.5mln payment from Yantai had been received through its affiliated entity Liquid Harmony, with the remaining balance of £10mln to be received in the coming weeks.

Westminster Group PLC (LON:WSG) confirmed last night that its long-awaited airport security contract had put been on hold due to the US withdrawal from the Iranian nuclear deal. The security group had not previously identified the country but confirmed last night the contract was for one of Iran’s sixty airports.

Faron Pharmaceuticals Limited (LON:FARN) said early follow-up analysis of its unsuccessful phase III clinical trial suggests the treatment did not produce the expected interferon-beta bioactivity seen in the phase I/II study. The company said it is still too early to understand why this was the case, but it cited a number of possible causes. It is investigating the formulation of the drug, its administration and deactivation.

Echo Energy PLC (LON:ECHO) has clarified its position regarding the economic situation in Argentina which, at a cash level, could be argued to be a positive for the explorer. The company, in a statement, noted the increase in Argentina’s interest rate to 40% - which triggered a currency free-fall - and confirmed that it does not hold its cash in Argentinian Pesos.

Avation PLC (LON:AVAP) has announced that it has extended the lease for an Airbus A320 aircraft by a further seven years. The company said the lease for the aircraft was due to expire on 18 May 2018 but has now been extended to 18 May 2025 with the existing operator.

Falcon Media House Ltd (LSE:FAL) told investors that it has raised £200,000 of additional capital through the issue of convertible loan notes. It takes the group’s cash fundraising from convertible notes up to £3.13mln.

Six new wells have been spudded at Highlands Natural Resources Plc’s (LON:HNR) East Denver oil and gas project in the US state of Colorado. Work began on the wells – named Buckskin, Citadel, Hagar, Ouray, Thunder and Grizzly – last month and was funded by Highlands’ partners at the project.

Canadian Overseas Petroleum Ltd (LON:COPL) (CVE:XOP) highlighted “significant progress” as it released an update for the first quarter ended March 31. The oil and gas junior is working on a financing package for OPL 226 for its appraisal and development project offshore Nigeria, as well as the required necessary government consents.

Falcon Oil & Gas Ltd (LON:FOG) (CVE:FO) highlighted its strong position as it filed interim financial statement for the three months ended March 31. The company boasted a cash position of US$8.5mln and noted that it is debt free.

Lionsgold Limited (LON:LION)  shares will be suspended from the start of London trading today following its acquisition of TRAC Technology, which is now called Goldbloc Limited. As revealed last month, the firm has 55% of TRAC Technology, which has developed Goldbloc digital currency, and has now made a £1.35mln share-for-share offer to the remaining shareholders.

Cadence Minerals Plc (LON:CAD) has relayed what are described as high-grade zinc and gold results from exploration work at Auroch Minerals’ Bonaventura Project in South Australia. The AIM-quoted company owns a 7% interest in Auroch which has, using reconnaissance rock-chip sampling, confirmed high-grade zinc mineralisation (also containing lead, copper and silver) in the Grainger target area.

SDX Energy Inc. (LON:SDX) (TSXV:SDX), the North Africa focused oil and gas company, hosted a call for private investors at 9am BST on Friday 18 May 2018. The group said its management will provide an operational update on its Egyptian and Moroccan assets on the call.

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