Edenville Energy PLC (LON:EDL) has extended its memorandum of understanding with contractor Sinohydro Corporation of China for the Rukwa Coal to Power Project in Tanzania.
The news sent shares in Edenville up 10.6% to 0.36p.
The MOU has been extended by 18 months to December 2019 to allow tasks to be completed on technical and financial aspects of project development and construction, Edenville said.
“With greater clarity now being provided on the Tanzanian Government's plans for power development in western Tanzania, Edenville and Sinohydro can now focus on optimising the project parameters in anticipation of the construction of the Sumbawanga to Tunduma section of the Zambia-Tanzania-Kenya (ZTK) power transmission line and associated infrastructure,” the company said.
A feasibility study on a 120MW plant has already been carried out but the potential for a larger plant of up to 300MW is now being considered. Much of Sinohydro's work is being focused towards this option
The People’s Operator PLC (LON:TPOP) slumped after the commercial mobile virtual network operator said it is urgently seeking funding.
In an annual general meeting statement, the group said it was in discussions with its sole creditor Barclays regarding the use of proceeds from the disposal of its US subsidiary to Ting.
It is seeking bridge funding to cover the period to the receipt of such proceeds.
Shares fell 19% to 0.01p.
Avanti Communications shares jump as it secures US$10mln contract with Viasat
Avanti Communications Group PLC (LON:AVN) shares rocketed after the satellite data communications firm said it has signed a US$10mln contract with Viasat Inc (NASDAQ:VSAT).
The two-year contract will provide Viasat with leased capacity on a steerable beam on the newly launched Avanti HYLAS 4 satellite.
“Avanti's contract with Viasat reflects the winning qualities of our HYLAS 4 satellite,” said chief executive Kyle Whitehill.
“This is a confirmation that our new carrier strategy helps operators to increase addressable markets and drive customer satisfaction without additional satellite and launch capex spend."
Shares rose 19.4% to 5.86p.
Rockfire Resources PLC rallies on positive drill results
Rockfire Resources PLC (LON:ROCK) has announced positive drill results for its Double Event prospect in the Australian state of Queensland, sending shares up 13%.
The company said recent drilling at Double Event has intersected gold in 13 out of 14 holes over a 400m strike length.
"To intersect near-surface gold in every hole bar one at Double Event is a great outcome,” said chive executive David Price.
“The system appears similar to the typical Charters Towers mineralisation style of narrow, sulphide-bearing quartz veins.”
Price said the next phase of exploration at Double Event will involve geophysics to accurately target high-temperature and high-grade "feeder zones" at depth.
Galantas Gold Corporation (LON:GAL) shares received a boost after saying it has reached the main gold vein in development works underground at its Omagh gold mine in Northern Ireland.
The main tunnel that Galantas has dug descends at a slope with a gradient of 1-in-7 from near the base of the former open pit.
Channel samples are being taken to confirm the grade of mineralisation.
Shares rose 16% to 7p.
Provexis gains as it secures retail listing with Holland & Barrett for dietary supplement
Provexis PLC (LON:PXS) shares edged higher after saying it has secured a retail listing with Holland & Barrett for its Fruitflow (R)+ Omega-3 dietary supplement.
The two-in-one supplement that aims to support healthy blood flow and normal heart function will be stocked at Holland & Barrett stores and online in August.
“The listing will help raise awareness of the proven benefits of Fruitflow(R) across a substantial consumer audience, and the company's expanding Fruitflow(R)+ dietary supplement business is expected to provide the company with an additional long term income and profit stream,” said Provexis chairman Dawson Buck.
Shares increased 12.5% to 0.4p.
Greatland Gold PLC (LON:GP) is also on the front foot after saying its first drill hole at its Havieron licence in Western Australia has produced “exceptional” results.
Drill assay results from the hole, HAD001, established the presence of high-grade gold at Havieron with a peak of 137.69g/t or 4.4 ounces per tonne of gold.
“We believe that these results begin to demonstrate the large scale of Havieron and the potential for Havieron to host zones of high-grade gold and copper,” said chief executive Gervaise Heddle.
Shares soared 27.35 to 1.4p.
Red Emperor shares surge on deal to buy 'significantly large' oil prospect
Red Emperor Resources PLC (LON:RMP) shares jumped 74% after saying it will acquire and drill a “significantly large” oil prospect on the Alaska North Slope.
The company has formed a consortium with 88 Energy Ltd (LON:88E) and Otto Energy Ltd to buy a majority of Great Bear Petroleum Ventures II LLC’s working interest in four leases on the western flank of the Alaska North Slope. The consortium will pay US$500,000 upon execution of definitive agreements with Red Emperor’s share being US$175,000.
Red Emperor’s working interest will be 31.5% in the prospect leases.
Topple PLC (LON:TOOP) gained after the provider of bespoke telecom services said it won a contract with an undisclosed leading UK utility switching business.
The company said the deal is expected to result in “significant” additional monthly revenue.
Toople will provide customers of the Manchester-based business with a range of products and services such as business broadband, fibre, business mobile phones and cloud.
Shares rose 22% to 0.82p.
Mayan Energy and Trinity Exploration slump after fundraisings
Going the other way, Mayan Energy Ltd (LON:MYN) shares slipped by 10% as it announced a £850,000 equity raise and a £605,000 deal to buy interests in 12 well bores.
The group placed 141.6mln new ordinary shares at a price of 0.6p each with a warrant for every two shares subscribed exercisable at 0.9p. The placing price represents a discount of 11.8% to the last closing price on June 22.
The company has entered into a conditional sale and purchase agreement to buy interests in seven additional vertical wells at the Stockdale Field in Wilson County along with three horizontal and two vertical Austin Chalk wells in Wilson and Gonzalez Counties, Texas. Completion of the deal is subject to full due diligence and Mayan and the vendor entering into a joint operating agreement.
Shares in Trinity Exploration & Production PLC (LON:TRIN) tumbled by 20% after saying it has conditionally raised US$18mln.
The company raised the funds through the conditional placing of 56.3mln new ordinary shares at an issue price of 15p and the conditional subscription of over 35.1mln new ordinary shares.
Trinity said it also intends to provide the opportunity to subscribe to up to 10.1mln new ordinary shares at the same issue price to raise up to US$2mln before expenses, bringing total proceeds to US$20mln.
The proceeds will be used to accelerate its onshore drilling programme, to provide working capital and to repay debts.
Proactive news headlines:
Greatland Gold PLC (LON:GGP) said its first drill hole, HAD001, at its Havieron licence in Western Australia has produced “exceptional” results.
MySQUAR Limited (LON:MYSQ), the Myanmar-language mobile apps developer, has made a giant stride toward launching its cross-border money transfer (remittance) service. Last week, beta remittance tests were conducted and successfully completed between MySQUAR and its partners along the Singapore to Myanmar remittance corridor.
Galantas Gold Corp (LON:GAL)(CVE:GAL) has now reached the main gold-bearing vein in underground development work at its Omagh mine in Northern Ireland. Limited production will now begin, with greater output expected in a couple of months when larger scale stoping work begins.
Internet domain names specialist Minds + Machines Group Limited (LON:MMX) continues to see exceptionally strong demand for its .vip domain in China.
Tissue Regenix Group PLC (LON:TRX) has been granted a Human Tissue Authority licence which will allow it to import and distribute its US-made products in the UK market.
Richland Resources Ltd (LON:RLD) has raised £300,000 via a convertible loan. The money will be used as working capital while the company seeks to secure further funds to allow mining to recommence at its Capricorn sapphire project in Australia.
Allergy Therapeutics PLC (LON:AGY) has announced the publication of positive data in the journal Immunotherapy, demonstrating the long-lasting efficacy of Pollinex Quattro grass in patients with grass pollen allergy.
Haydale Graphene Industries PLC (LON:HAYD) has been selected as a core tier one partner of the University of Manchester's recently completed £60mln Graphene Engineering Innovation Centre (GEIC). Under the partnership, the company will install and commission one of its HT60 plasma reactors into the new facility in Manchester.
Chaarat Gold Holdings Ltd (LON:CGH) has reshuffled its board. Chief executive Robert Benbow moves to become chief operating officer, reflecting his role as the prime mover in developing the company's Tulkubash gold project in Kyrgyzstan. Artem Volynets, previously in charge of the company's expansion strategy, becomes chief executive. And Martin Andersson, one of the company's major investors moves from being chairman to being executive chairman.
Columbus Energy Resources PLC (LON:CERP) has signed a sale and purchase agreement to buy out Touchstone Exploration Inc’s (LON:TXP) 50% stake in their Icacos field joint venture project in the South West Peninsula of Trinidad.
United Oil & Gas PLC (LON:UOG) is continuing to evaluate new opportunities following a busy year which saw the explorer acquire five new licenses expanding its portfolio into Jamaica, as well as operations in Italy and the UK.
Asiamet Resources Ltd (LON:ARS) has purchased the shares in Beutong Resources Pte Ltd that it does not already own for A$4.375mln. The AIM-listed company bought a 50% stake in Beutong, which wholly-owns the Beutong copper-gold deposit in Indonesia, by exercising its option agreement with PT Media Mining Resources.
Weichai Power has received relevant approvals from the People's Republic of China (PRC) for its proposed equity investment in Ceres Power Holdings PLC (LON:CWR).
Highlands Natural Resources PLC (LON:HNR) said it has made an application to acquire leases in Arizona that are prospective for commercial volumes of carbon dioxide (CO2).
Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has been granted a one-year extension of its PEL50 licence which covers the Tamar Block in the Walvis oil basin, offshore Namibia.
AfriTin Mining Limited (LON:ATM) has announced it has achieved ‘excellent recoveries’ in the Dense Medium Separation (DMS) test work on a bulk sample of 2 tonnes which is a potentially representative sample of the V1, V2 pegmatite bodies.
Belvoir Lettings PLC (LON:BLV), the UK's largest property franchise, announced that Andrew Borkowski stepped down as a non-executive director of the company as of today and Paul George is joining the board as a non-executive director, with immediate effect. The group noted that George is currently Executive Director of Corporate Governance and Reporting at the Financial Reporting Council.