Prairie Mining jumps as it confirms ongoing partnership negotiations with Poland’s JSW

A look at some of the biggest risers and fallers in London on Tuesday

Prairie confirmed the negotiations were ongoing but cautioned that they were still at an early stage

Prairie Mining Limited (LON:PDZ) shares surged 18.5% to 32p in late-afternoon trading after it confirmed ongoing partnership talks with Polish firm Jastrzebska Spolka Weglowa SA (JSW).

The miner signed a non-disclosure agreement with JSW in March to allow for talks over a possible cooperation agreement for its coal projects in Poland.

Prairie own the Jan Karski project in the east of Poland as well as the Debiensko hard coking project in the south-west.

The company said talks were continuing at present but cautioned that they were still at an early stage.

Elsewhere, Block Energy Plc (LON:BLOE) shares rose 2.2% to 3.3p after it told investors that production sharing contract (PSC) terms for the West Rustavi licence have been accepted by the government of the Republic of Georgia.

The company owns a 25% stake in West Rustavi which hosts some 608bn cubic feet of gas and 37.9mln barrels of oil.

It becomes effective from September 1 and it will allow planned works to be carried out.

“We are delighted to have received the Production Sharing Contract for West Rustavi which will allow us to hit the ground running with our high-impact work programme,” said Paul Haywood, director at Block Energy.

In the fallers, FTSE 250-plastic packaging firm RPC Group PLC (LON:RPC) dropped 0.4% to 761.6p after it agreed to sell the Foodservice business of its Letica subsidiary for US$95mln to Graphic Packaging International.

As a result of the sale, RPC has reached an agreement to settle the earn-out associated with the group's acquisition of Letica in March 2017, paying US$7.5mln to the former shareholders of Letica. The cash payment compares with the circa 20% (roughly US$29mln) earn-out settlement previously indicated.

Meanwhile, preparations for the sale of the spirits closures business at Bridge of Allan, Scotland, are complete and the business is being marketed to interested parties.

1.00pm: Conroy Gold and Natural Resources surges after fundraising to advance gold assets

Conroy Gold and Natural Resources PLC (LON:CGNR) shares surged 8.7% to 12.5p in lunchtime trading after it successfully raised £500,000 in a placing to fund development of its gold assets.

The AIM-listed gold miner said the funds, which had been raised through the placing of around 3.6mln new shares at a price of 13.75p each, a 10% premium, would be used to fund the advancement of its gold assets, particularly the development of the Clontibret deposit together with exploration focussed on the Clay Lake, Glenish and Slieve Glah gold prospects in Ireland.

Meanwhile, in the blue-chips NMC Health plc (LON:NMC) shares jumped 3.6% to 3,950p after it denied reports it was looking to acquire assets in India.

In a brief statement, the FTSE 100-listed company said it “has taken note of questions it has been receiving on the back of various news articles regarding acquisition of assets in India.

NMC denies such news and reaffirms its current focus on the GCC (Gulf Cooperation Council) market for capital deployment.”

It added: “The Fertility business and O&M vertical remain the only exceptions to the above and maintain a wider geographic focus.”

Elsewhere, there was good news for budget airline Ryanair Holdings PLC (LON:RYA) as its shares rose 3.1% to 14.3p after it was revealed that a US-based value investment fund acquired a noteworthy stake in the company.

The budget airline, in a stock market statement, informed investors that Harris Associates had taken a 3.07% stake, with the 3% reporting threshold being crossed last week.

It marks something of an endorsement for the ailing airline, coming as Ryanair has moved closer to resolving disputes with its workforce - a deal was reached with Irish pilots last week (albeit it has yet to be voted through by the union) – and as the airline’s shares are down some 30% for the past year.

11.00am: CSF Group shares collapse as it proposes AIM de-listing following annual loss

Shares in data centre operator CSF Group PLC (LON:CSFG) plunged 38.3% to 1.4p in late-morning trading after proposed a de-listing of its shares on AIM after a swing to loss in its annual results.

The company said that the cancellation had been proposed to reduce its administrative costs, adding that it had only been able to raise “very limited amounts of capital” through equity financing, defeating what it said was one of its main reasons for listing.

The move follows the publication of CSF’s full year results on Monday, when it swung to a pre-tax loss of £356,996 from a £1.3mln profit the year before.

CSF added that revenues on a monthly basis were now not enough to cover its overheads, which had under increasing strain due to “intense” competition and pricing pressures.

In the risers, IG Design Group PLC (LON:IGR) shares rose 3.6% to 542p as it agreed to buy US gift packaging firm Impact Innovations for £56.5mln on a cash and debt free basis.

The company, which makes celebration, gifting and stationery products, also said it has raised £50mln through a share placing to help fund the acquisition. The placing price of 510p represents a discount of 0.06%  to the volume weighted average price of 510.3p for the five days to August 24.

IG Design said the placing was significantly oversubscribed with strong support from new and existing institutional shareholders.

Meanwhile, shares in Kore Potash PLC (KP2) surged 4.2% to 4.9p after an environmental and social impact assessment (ESIA) for its Dougou mining licence was approved.
Approval of an ESIA is a prerequisite to commencing construction of a mining project in the Republic of Congo, Kore said.

The permitting for the development of the Dougou deposits creates potential to use potash from these deposits to increase the production rate or extend the project life at the nearby Kola Project, currently the subject of a definitive feasibility study.

9.00am: Altona Energy jumps as it inks licensing deals for pyrolysis technology

Shares in Altona Energy PLC (LON:ANR) were off to a strong start in early trading, up 15.3% at 0.3p,  after it secured exclusive licensing deals for its pyrolysis technology in Australia and China.

The AIM-listed miner said the agreement with Leinad Ltd, a Cypriot company which retains the rights to pyrolysis technology, would allow Altona to use the technology to construct, manufacture, operate and sell or otherwise deal in a plant subject to the agreement in return for a 95% in net revenues generated from the technology, with Leinad receiving the remaining 5%.

Pyrolysis is an industrial process through which materials at subject to heat in an air-free environment to separate them. It is also the process through which substances such as coke, used in steelmaking, are produced from coal.

Altona said the deal would provide it with an opportunity to extract value from its substantial coal resources in South Australia which “may otherwise be unrealised”.

Meanwhile, IronRidge Resources LTD (LON:IRR) was up 8.9% at 24.2p as it hit high grade lithium in drilling at the Ewoyaa project in Ghana.

Among the better intercepts were 128 metres grading 1.21% Li2O, 111 metres grading 1.35% Li2O, and 65 metres at 1.58% Li2O.

The broad, high-grade lithium mineralised zone that the company has identified remains open to the North Extension and North-East Zone with additional drilling results pending.

Elsewhere, researchers have shown that ANGLE PLC’s (LON:AGL) Parsortix liquid biopsy system can be used to identify people with glioblastoma – an aggressive type of brain cancer, causing its shares to rise 4.3% to 48.5p.

Parsortix detects and captures circulating tumour cells (CTCs), which provide the tell-tale signs of cancer and their capture can allow doctors to more accurately assess treatment options.

It had previously been thought that clusters of CTCs in brain cancers would not pass through the blood-brain barrier meaning ANGLE’s system wouldn’t have been able to detect them.

Proactive news headlines:

Europa Metals Limited (LON:EUZ) has mobilised a drilling rig at its Toral project in northern Spain as it prepares to begin a campaign to evaluate the potential extension of a mineral structure.

IronRidge Resources Ltd (LON:IRR) has hit high grade lithium in drilling at the Ewoyaa project in Ghana. Among the better intercepts were 128 metres grading 1.21% Li2O, 111 metres grading 1.35% Li2O, and 65 metres at 1.58% Li2O.

BATM Advanced Communications Limited (LON:BVC), a provider of real-time technology for networking and lab systems, entered the second half of the year with a strong order backlog.

Researchers have shown that ANGLE PLC’s (LON:AGL) Parsortix liquid biopsy system can be used to identify people with glioblastoma – an aggressive type of brain cancer.

Echo Energy Plc (LON:ECHO) has told investors that testing results from the CSo-2001(d) well, within the Fracción D asset onshore Argentina, indicate a significant pressure depletion across this western flank of the field.

SDX Energy Inc’s (LON:SDX, CVE:SDX) interim results reveal a 35% rise in net revenues and an 83% improvement in cash generation. The Egypt and Morocco focused oil and gas producer yielded some 3,234 barrels of oil equivalent output per day in the six months ended June 30, and, it continues to bring online successful wells drilled during 2018.

Thor Mining PLC (LON:THR) has successfully completed laboratory test work for the extraction of copper from several core samples from its Kapunda copper project in South Australia.

Mineral sands miner Base Resources Limited (LON:BSE) doubled profits in the year just ended as all three of its core metals saw higher prices. Production was steady at 91,672 tonnes of rutile, 464,988 tonnes of ilmenite and 37,157 tonnes of zircon; but prices of the metals rose by 17%, 28% and 46% respectively.

Chaarat Gold Holdings Ltd (LON:CGH) is raising up to US$100mln to help fund the acquisition of a producing and profitable polymetallic mine in the Russian Commonwealth. BP May but could do with an update for this fundraise and acquisition.

Galantas Gold Corp (LON:GAL) has restarted the production of concentrate from its Omagh gold mine in Ireland. Underground development continues. The company posted a net loss of C$1.2mln for the six months to June.

Bluebird Merchant Ventures (LON:BMV) has completed a A$250,000 placing into Southern Gold Ltd. The placing was part of the requirements for Bluebird to meet the formal joint venture agreement on the Kochang gold and silver mine in South Korea.

Grit Real Estate Inc. (LON:GR1T) announced that it has completed the acquisition of an effective interest of 80.1% in Cognis 1 Limitada, the sole owner of an 'A' grade corporate residential complex known as Acacia Estate, located in Zone 5 A/B, Area da Costa do Sol, Maputo in Rua do Rio Inhamiara Road, Mozambique. and the corresponding rental enterprise conducted on the property as a going concern.

AdEPT Telecom plc (LON:ADT) has announced the immediate appointment of Cantor Fitzgerald Europe as its nominated advisor and broker to the company.

Advanced Oncotherapy PLC (LON:AVO) announces that, further to its announcement of 2 July 2018, Peter Sjostrand, Gabriel Urwitz, Chunlin Han, RenHua Zhang and Yuelong Huang have been appointed as non-executive directors, with immediate effect.

Tlou Energy Limited (LON:TLOU) has released a presentation given today by the group’s general manager, Solomon Rowland, at the Africa Oil Gas & Energy Australia Conference being held in in Perth, Western Australia on the company's website.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AdEPT Technology Group PLC named herein, including the promotion by the Company of AdEPT Technology Group PLC in any Content on the Site, the...


Crossword Cybersecurity 'delighted' with 25% revenue growth despite...

Crossword Cybersecurity PLC's (LON:CCS) Mary Dowd talks to Proactive London about their 25% revenue growth growth plan. In a trading update for the year to December 31, 2020, the company said overall revenues are expected to show an increase of 25% to £1.6mln. Dowd goes on to explain the...

13 hours, 13 minutes ago

10 min read