Proactive news snapshot: Green Dragon Gas, AFC Energy, Plastics Capital …

A glance at some of the day's highlights from the Proactive Investors newswire

Your daily round-up from the world of Proactive

Green Dragon Gas Ltd (LON:GDG) has detailed plans to spin-off its producing Chinese coal bed methane business which will IPO onto the Hong Kong Stock Exchange. The group’s exploration and appraisal assets will remain within the London-listed vehicle, which will be debt-free post transaction, and will be renamed as G3 Exploration Limited, Shareholders in Green Dragon will receive a stake in the new company via an in specie dividend.

Industrial fuel cell power company AFC Energy plc (LON:AFC) has been making solid progress in its collaboration with De Nora, having placed the first commercial order of cathodes with the Italian industrial technology firm as a prelude to initiating the mass manufacture of electrode capability.

Buoyant demand for its films and mandrels lifted sales at Plastics Capital Plc (LON:PLA) by almost a third in its latest half year. Revenues rose 31% to £36.6mln, with organic growth of 13.5%, though earnings were held back by a combination of heavy expenditure on plant upgrades, raw material price rises and adverse currency movements.

Sunrise Resources Plc (LON:SRES) said it has raised £500,000 through the conditional placing of shares with the funds to be used to advance its CS pozzolan-perlite project in Nevada. The company placed more than 333 million new ordinary shares of 0.1p each at a price of 0.15p each, representing 15.5% of the company’s enlarged issued share capital.

Sino Minerals, a contract miner working on the Manica gold project owned by Xtract Resources PLC (LON:XTR) produced a total of 6.287 kg of tax-paid gold in October and November. This gold is now available for dispatch to the South African refinery, with 40% attributable to Xtract and 60% to Nexus Capital Limited under the Collaboration Agreement signed on 20 June, 2017.

Summit Therapeutics PLC (LON:SUMM; NASDAQ:SMMT) reported a jump in third quarter revenue and continued to see progress in clinical trials for its therapies for Duchenne muscular dystrophy (DMD) and Clostridium difficile infection (CDI). In the three months ended 31 October, revenue rose to £1.7mln from £0.6mln the same period a year earlier, boosted by Summit’s exclusive licence and collaboration agreement with Sarepta Therapeutics.

Gfinity Plc (LON:GFIN) has added one of the most popular video games in the world, FIFA 18, to the line-up for the next season of its Elite Series esports competition.

Challenger Acquisitions Limited (LON:CHAL) said the first action film fan convention to be run by Star Sanctum - the private company it is backing - will be held in May of next year in London.

Stratex International plc (LON:STI) has updated investors on the operations of the Thani Stratex Resources (TSR) where a drill programme is underway to expand gold resources at the Anbat project in Egypt. Some 2,017 metres have been drilled in eleven holes, and it has now declared a maiden resource of 209,000 ounces of gold. Additionally, pit optimisation for a start pit sees 2.9 million tonnes of material grading 1.1 grams per tonne, to yield some 101,000 ounces.

Tertiary Minerals plc (LON:TYM) has raised £500,000 before expenses via a share placing with the funds raised to be used to progress the evaluation and due diligence of acquisition opportunities, and for work on its fluorspar projects in Sweden, Norway and Nevada in the US. The AIM listed firm, which is focused on building a strategic position in the fluorspar sector, said its joint broker Beaufort Securities has placed around 41.667mln new ordinary shares at 1.2p each.

Greatland Gold plc (LON:GGP) has given details of surveying operations at the Paterson project, where the Havieron gold-copper target’s potential strike length has extended to 1.5 kilometres. The company gave investors the results of ground gravity and Mobile Metal Ion (MMI) surveys, and based on analysis it believes the ‘peak gravity response’ at Paterson has not been tested thus far by drilling.

Curzon Energy Plc (LON:CZN) told investors that operations are underway at the Coos Bay coal bed methane project, where it is advancing workovers and clean-outs on up to five existing wells. The clean-out work has completed the first well, 9-21, and the rig has now moved onto the next well.

Seeing Machines Limited (LON:SEE) increased the size of its planned fund raise after heavy over-subscription. The fatigue monitoring and driverless software group pulled in £35mln through a placing at 5p, compared an original £30mln target.

Philippines-based gold miner Medusa Mining Limited (ASX:MML) has raised its production forecast for the current year though financial guidance is unchanged as a new shaft is taking longer than expected. Output from the Co-o mine in 2017 is now forecast at between 85,000-95,000 ounces against the 80,000 to 90,000oz previously forecast. Caspi Limited, one of Kazakhstan-focused

Chagala Group Ltd’s  (LON:CGLO) portfolio companies, has signed a short term lease on a new property. Chagala specialises in properties used as accommodation for oil workers in the Caspian region and this is a one-year lease agreement with Tengizchevroil (TCO) for a townhouse residential complex in Saraishyk.

Clinigen Group PLC (LON: CLIN)  the global pharmaceutical and services company announced that Chris Rigg has resigned with immediate effect as a director to seek a CEO role elsewhere. Shaun Chilton, Clinigen’s CEO, said: “I would like to thank Chris for his contribution in the first phase of the integration of Quantum Pharma. We wish him well for the future."

Shanta Gold (LON:SHG), the East Africa-focused gold producer announced that it will be hosting a site visit for analysts at its New Luika Gold Mine on December 5 and 6.

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