Another chunk of convertible bonds in York Potash project developer Sirius Minerals PLC (LON:SXX) has been converted into equity.
Some 173 bonds worth US$34.6mln were converted into 112.5mln shares. It means US$54.4mln of the US$400mln bonds issued as part of Sirius’s phase one plans have now been converted into shares.
Trading in the shares of Savannah Resources Plc (LON:SAVP) was suspended as the company flagged up the potential purchase of assets in West Africa. Savannah said it has entered into a binding exclusivity agreement with a West Africa-focused business that would see the Aim-listed firm acquire most of the African company’s oil and gas assets. A detailed transaction structure has also been agreed in outline, Savannah revealed.
LGO Energy PLC (LON:LGO), the oil and gas producer and explorer onshore Trinidad with the ambition to grow in South America, which is re-branding as Columbus Energy Resources, is hosting a re-branding launch event at 18:00 hrs on Thursday 15 June 2017 at Patch St Paul's, 58-60 Carter Lane, London EC4V 5EA.
Drilling has commenced at Carlibaba, the proposed location of a second open pit mining operation Vast Resources PLC’s (LON:VAST) Manaila polymetallic mine in Romania. Vast added that technical consultants have confirmed that the feasibility study for the Faneata tailings storage facility, which consists of more than 40 years' material from the nearby Baita Plai polymetallic mine, is nearing completion.
Bezant Resources plc (LON:BZT) has completed the acquisition of the entire issued share capital of Kellstown Investments Corp, which owns the equipment for the FKJ-083 mining licence in Choco, Colombia.
Kellstown also holds intellectual property rights that can be used by its contractor Exumax under the mining services agreement.
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.
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.