Bellzone Mining PLC (LON:BZM) almost tripled in value as it said formal approval for Kalia ferronickel project should be ratified by the Guinea government in the next few weeks.
Bellzone is being bankrolled by Hudson Capital, which is providing working capital support while the feasibility study at Kalia is completed.
Michael Farrow, Bellzone’s chairman, said: “We very much look forward to the approval and ratification of the agreement which will enable Bellzone to re-commence work on the Kalia Ferronickel project as quickly as possible."
Shares rose 0.63p to 0.95p.
Nektan PLC rocked by chief executive departure
Nektan PLC (LON:NKTN) investors were caught on the hop today after the mobile gaming services provider unexpectedly announced the resignation of its chief executive.
Leigh Nissim has stepped down from the role with immediate effect after having accepted a new role elsewhere which he’ll start in September.
Nissim will remain with Nektan for another couple of months but founder and former boss Gary Shaw will assume the role of interim chief executive until a successor is found.
Investors weren’t best pleased at the surprising departure. Shares dipped more than 11% to trade at 32p.
Bushveld Minerals runs continues as it repays bridge loan
Vanadium producer Bushveld Minerals Limited (LON:BMN) has repaid the final instalment of its US$11mln bridge loan to Barak Fund.
Bushveld – which also has tin and coal assets in Southern Africa – had already repaid US$8.8 at the end of May followed by a further US$1.2mln last week.
Shares jumped 6% to 9.51p.
Oracle Coalfields buoyed by financing talks
Oracle Coalfields PLC (LON:ORCP) jumped 15% to 3p as it updayte on the finance package for its Thar coal-fired power station project in Pakistan.
Oracle said it has been involved in extensive and detailed discussion with potential Chinese partners over Thar since it had made the Priority List of the Chinese-Pakistan Economic Corridor.
Shahrukh Khan, Oracle’s chief executive, said: "Not only does it heighten the Project's significance within Pakistan, it provides the basis for closing out the Company's financing arrangements with an assortment of Chinese Banks, Sinosure and Chinese Investors.
“Progress also continues to be made simultaneously from an operational standpoint and the company looks forward to updating the market in the near-term," he added.
Proactive news headlines...
Eland Oil & Gas PLC (LON:ELA) received very strong support for its latest fund raise with the maximum US$19.5mln (£15.2mln) subscribed and the books closed early. The Nigeria-focused oil producer said about 27.55mln new shares were issued at 55p through the bookbuild.
Profits at property fund manager and investor First Property Group PLC (LON:FPO) rose to a record level last year, rising 24.4% to £9.14mln, helped by a stronger euro.
Gold explorer Lionsgold Limited (LON:LION) has raised £550,000 to fund its mine expansion in India and also its online gold trading platform IndexGold. Shares were issued at 1.1p, on par with the market price, with warrants attached that exercise at 1.5p. Chief executive Cameron Parry subscribed for 3mln or 6% of the issue to give him a 3.9% stake.
Porta Communications PLC (LON:PTCM) has agreed terms for a new five year £3.3mln revolving credit facility. The international communications and marketing group said the facility will replace the company’s existing £3mln confidential invoice discounting facility in the UK, and will provide working capital for the company.
Industrial fuel cell power group AFC Energy plc (LON:AFC) has reshuffled its boardroom, with three new faces taking a seat at the table. John Rennocks, who has held senior positions at various blue chip companies including Smith & Nephew PLC (LON:SN.) and Inmarsat Plc (LON:ISAT), has joined as non-executive chairman.
Christopher Humphrey, former chief executive of Anite, will take over as chairman of Eckoh PLC (LON:ECK) at the company’s forthcoming annual general meeting. He will succeed Chris Batterham, who has been non-executive chairman of the secure payments group since 2009.