Strategic Minerals PLC (LON:SML) rose almost 10% on Thursday afternoon after it announced a future plan for magnetite supply arrangements with its largest customer.
The battery materials producer said its client continues to progress its applications for environmental planning but has not, as yet, received approval.
READ Strategic Minerals says unit has agreed plan for magnetite supply arrangements with its largest customer
Strategic Minerals (SMG) has been working with the client to ensure that, irrespective of the progress of the applications, SMG will be in a similar position to that which it would have, had its underlying contract with the client been applied. In other words, it is insuring against delays in the application process.
An agreement-in-principle has been reached with the client and documentation is currently being finalised; it is expected to be signed in the coming weeks.
2.00pm: Avanti Communications climbs following trading update
Satellite broadband specialist Avanti Communications PLC (LON:AVN) was flying high after its fiscal third-quarter trading update.
The shares climbed 18% to 6.48p after the debt-laden company said it continues to pursue “multiple lines of funding to complement the restructuring which the board expects to conclude positively in the short to medium term”.
HYLAS 4, the satellite launched last month, was said to be “in excellent health” and will move to its operational position in July.
Encouragingly, the order backlog increased in the quarter to US$87.9 million from US$84.1 million.
Total revenue in the first nine months of the current financial year declined to US$31.3mln from US$45.9mln in the corresponding period of 2016. The underlying loss (Lbitda) broadened to US$18.0mln from US$11.4mln.
Noon: Transense Technologies dives after announcing hefty discounted placing
Another tiddler getting its share price hit after a share placing today is Transense Technologies PLC (LON:TRT), the provider of sensor systems.
The company has conditionally raised gross proceeds of £1.0mln by way of a placing, subject to approval by its shareholders at a general meeting, of up to 2.5mln shares at 40p a throw.
The shares fell 3p to 41p on the news.
The company had previously sought to give all shareholders the opportunity to participate in previous fund-raises by way of an offer for subscription, but on this occasion, will not be doing so because it was to minimise the associated costs.
The proposed issue price of 40p is below the shares’ nominal value of 50p, so the board is proposing a share sub-division that will have the effect of reducing the nominal, or par, value of the shares to 10p.
The funds to be raised have been earmarked for marketing costs, further research and development and working capital for its Translogik business.
"The group continues to pursue and is encouraged by opportunities for its Translogik and SAWSense divisions and we are very pleased by the support shown by investors in this fundraise for the future development of our business," said Graham Storey, the chief executive officer of Transense.
10.00am: BlueRock rocked by discounted share placing
BlueRock Diamonds PLC (LON:BRD) has raised funds through a share placing and, as is normally the case, the shares have tanked as a result.
The shares were placed at 1.2p; the shares fell 0.3p to 1.225p.
READ: Bluerock Diamonds tops up with £350,000 placing as mining begins at new pipe at Kareevlei
The company has raised £350,000 to fund development of a second kimberlite pipe, K1, at the Kareevlei diamond mine in South Africa.
The pipe is said to have a very similar geology to the existing mining area (K2) and is just 40 metres away at its closest point.
K1 has an inferred grade of 6.3 carats per hundred tonnes or 40% higher than the inferred grade of K2.
9.00am: Stratex goes stratospheric
Stratex International PLC (LON:STI) was one of the top risers after it said things are to get moving at the Dalafin gold project.
IAMGOLD Corporation (TSE:IAG, NYSE:IAG) has completed its preliminary studies at the company’s 85%-owned Dalafin gold project in Senegal and the drilling will commence shortly.
READ: Stratex says IAMGOLD to commence drilling at Dalafin gold project in Senegal
Stratex said IAMGOLD is focusing on exploration at Madina Bafe prospect as part of initial US$4mln earn-in to 51% of the project.
The gold exploration group said full review of historical diamond drill core and reverse circulation (RC) chips is completed. Also, regolith mapping has been completed and is currently being digitised.
The shares were up 11.1% at 0.75p.
Other Proactive news headlines:
Cradle Arc PLC (LON:CRA) has unveiled a maiden ore reserve for the open pit portion of the Mowana copper mine in northeast Botswana. The new report, produced by Wardell Armstrong International (WAI), sees 31.8mln tonnes of proved and probable reserves at a grade of 1.17% of copper, representing 370,800 tonnes of contained copper.
Ariana Resources PLC (LON:AAU) has announced a Joint Ore Reserves Committee resource update for the Kepez prospect, which is part of the Red Rabbit joint venture. The new estimate represents a roughly 270% increase on a gold-only basis from the previous estimate.
Bezant Resources PLC (LON:BZT) is raising £800,000 to move forward with its Mankayan copper-gold project at Luzon in the Philippines. Executive chairman Colin Bird is putting up £50,000, which will take his stake to 2.5%, once the fund raise completes.
Internet domains firm CentralNic Group PLC (LON:CNIC) saw significant revenue growth in its wholesale and retail divisions in 2017.
Clinigen Group PLC (LON:CLIN) has extended its relationship with Bristol-Myers Squibb (BMS) in a deal that will provide access to the latter's products in South Africa. The UK business' commercial medicines arm will lend local regulatory expertise, supply and distribution infrastructure and experience in managing licensed drugs in the region.
OptiBiotix Health PLC (LON:OPTI) has entered into an evaluation agreement with a global dairy company for its SweetBiotix calorie free sweet fibres.
Coinsilium Group Limited (AQSE:COIN) has turned a profit for 2017 as it saw demand for its advisory services continuing “unabated” into the new financial year.
Brady PLC (LON:BRY) has seen “substantial progress” in the four months of the year following the completion of a restructuring in March, according to executive chairman Ian Jenks.
Biomass boiler specialist Aggregated Micro Power Holdings PLC (LON:AMPH) has upgraded its sales guidance for the year just ended for a second time. Turnover for the year to March will be more than £42mln, against the £40mln forecast previously. AMP had already raised its revenue forecast from £30mln.
Sareum Holdings PLC (LON:SAR) said it had regained the rights to a pre-clinical technology that may have the potential to treat acute myeloid leukaemia and other blood-borne cancers. The Aurora+FLT3 kinase inhibitors were handed back by Hebei Medical University Biomedical Engineering Center (HMUBEC), a Chinese group, which encountered "ongoing issues relating to the intravenous formulation".
Bluejay Mining PLC (LON:JAY) is engaged in a number of positive discussions with potential off-take partners, it told investors in its full-year results. Another bulk sample will be taken from the active beaches at Moriusaq, in northern Greenland, in 2018, where the current resource has been defined to supply final product parcels to customers.
Advanced Oncotherapy PLC (LON:AVO) said it has received the final investment payment from Yantai Cipu, its partner company in China. The AIM-listed proton therapy developer said the £10mln payment completed Yantai’s £30mln investment in the company, in addition to a £6.5mln payment received in May.
Highlands Natural Resources PLC (LON:HNR) told investors that it has leased an 800-acre area in Kansas where it sees potential for abundant, low-cost nitrogen gas resources. With this move, the company believes it can become a low-cost nitrogen producer which would complement its DT Ultravert well services business (which requires nitrogen supplies).
Pan African Resources PLC (LON:PAF) shares retreated on Thursday morning as the firm revealed that PAR Gold Propriety Limited has disposed of 130mln of its shares, representing 5.8% of the miner's issued share capital.
Mosman Oil And Gas Limited (LON:MSMN) told investors that it has now seen the first flow of fluids following the installation of two Electrical Submersible Pumps at the Arkoma project in Oklahoma. The company said that it is too early to provide oil or gas measurements, though stabilised flow rates are due at the end of June.
Arc Minerals Ltd. (LON:ARCM) has announced the appointment of Don Bailey as a director of the company effective from 1 June 2018. The group said Bailey spent 30 years with Rio Tinto where, as Joint Global Head of Mining Operations, he was responsible for the development of numerous major international projects. Subsequent to his time with Rio Tinto, Don was a founder member, CEO and chairman of LionOre Mining International Ltd which was acquired by Norilsk Nickel in June 2007.
Motif Bio PLC (LON:MFTFB) (NASDAQ:MTFB), a clinical-stage biopharmaceutical company specialising in developing novel antibiotics, announced that it will give a company presentation and meet with investors at the following Jefferies Global Healthcare Conference held on June 5-8, 2018 in New York, USA.