3.20p: Serica wins regulatory OK for development plan
The AIM-listed company sought approval for the plan in June. Serica said peak production is expected to be 7,800 gross barrels of oil equivalent per day. Serica operates the Columbus Development with a 50% interest.
Also in the green, shares of i3 Energy PLC (LON:I3E) marched up 29% to 53.48p after the O&G explorer said it’s not planning an equity financing.
AIM-quoted i3 said it has sufficient cash resources whilst it conducts a joint venture farm-out process for the Liberator oil field and undertakes to upsize a development credit facility with UK-based lenders. Shares of i3 had fallen over the past month on market speculation that the company would embark on fundraising efforts.
PhotonStar said the subsidiary, which handles the legacy light-emitting diode (LED) fixed lighting side of the business, ceased trading as of Wednesday. The group’s directors believe the assets and the vast majority of the liabilities of PhotonStar LED are ring-fenced from the group's other operations.
12.15p: DekelOil wins cashew-project contract
DekelOil Public Limited (LON:DKL) shares added on 5.9% to 3.60p as the Côte d'Ivoire-based palm oil producer said its subsidiary won a €6.5 mln contract in Côte d'Ivoire.
In a statement, AIM-listed DekelOil said its Capro CI SA subsidiary signed a contract with Overseas Projects & Services Limited to construct a large-scale cashew-processing project at Tiebissou. The project will have an initial capacity to process at least 10,000 tonnes of raw cashew nut per year, but it can be scaled up to process about 30,000 tonnes each year.
AIM-quoted Concepta said its myLotus product range, which helps women monitor their fertility levels, will be launched at the Fertility Show in London taking place on November 3 and 4. The product received CE-mark certification from regulatators earlier this week, paving the way for UK sales.
On the flipside, Cradle Arc PLC (LON:CRA) shares tumbled 18% to 0.98p after the metals explorer said it raised £396,000, before expenses, through the placing of new shares to help complete improvement of processing facilities at the Mowana mine.
Cradle Arc said the placing of 44,000,000 new ordinary shares at a price of 0.90p each was made with certain new and existing shareholders. Net proceeds of the placing will be used alongside funding from a US$2.0mln loan facility provided to Leboam Holdings, Cradle Arc’s 60% owned subsidiary.
11.00am: FastJet shares plunge
The AIM-quoted company said it will be able to operate beyond the end of October because of some improvement in trading and cash generation. Fastjet, which is majority-owned by easyJet PLC (LON:EZJ), is negotiating with key creditors to reduce its outstanding balances. As of October 24, fastJet had cash balances of US$ 3.4mln, of which US$2.7mln is restricted cash held inside Zimbabwe.
The AIM company, whose platforms put estate agents in touch with dozens of approved conveyancers, said market data indicates there was further slowing in the UK housing market in the autumn, which is likely to have some impact on the group’s second-half results. ULS said revenue during the first half of the financial year is expected to be up 3% from a year ago, to $15.8 mln, even as there was a fall in the number of transactions across the UK market.
At the same time, Oncimmune Holdings PLC (LON:ONC) shares tumbled 20% to 96.45p, with the early- stage cancer detection test developer posting an annual pretax loss that was wider than last year’s result.
AIM-quoted Oncimmune said its annual pretax loss was £6.34mln compared with £5.32mln a year ago. Administrative expenses rose to £4.76mln from £3.86mln in the year-ago period, but revenue increased to £240,000 from £215,000.
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Europa Metals Limited (LON:EUZ) has hailed the results of the said Phase I drilling programme at its Toral project in Spain. The reverse circulation (RC) drilling programme performed at the eastern end of the Toral deposit successfully confirmed both the extension of the deposit and the continuity of the mineralised structure at the eastern margin of the resource.
Futura Medical PLC (LON:FUM) said it has dosed the first patient in its Phase III clinical study of MED2002, a gel used to treat erectile dysfunction. Headline data from the trial is expected next year.
hVIVO PLC (LON:HVO) said its vaccine for mosquito-borne diseases “warrants further development”. The company made the assertion following the release of partial data from a Phase I trial related to safety and humoral response (which relates to the drug’s potential to induce immunity).
Horizonte Minerals PLC (LON:HZM) (TSX:HZM) saw its shares bounce higher on Wednesday after the firm announced the appointment of Endeavour Financial, a leading financial advisor in the mining sector, to advise on the arrangement of the project financing for the Araguaia Ferronickel Project.
Cradle Arc PLC (LON:CRA) has raised £396,000, before expenses, via a conditional placing to help complete the rehabilitation and improvement of the current processing facilities at the Mowana copper mine in Botswana.
i3 Energy PLC (LON:I3E) has provided a financial and operational update in which it confirms that, contrary to rumours in the market, it is not planning an equity financing.
Higher vanadium and coal prices again boosted mining royalty specialist Anglo Pacific Group PLC (LON:APF). Income rose 27% to £12.1mln in the three months to September for a nine-month total of £32.9mln (£28.9mln).
European Metals Holdings Limited (LON:EMH, ASX:EMH) saw its shares rise in early trading Wednesday after it updated on its Cinovec project in the Czech Republic. The miner said in the third quarter, additional roast optimisation testwork had been completed and sustained improved recoveries meant lithium carbonate production was predicted to increase to 22,500 tonnes per annum (tpa) from 20,800 tpa previously.
WideCells Group PLC (LON:WDC) said that following the convertible bonds financing agreement entered into with the European High Growth Opportunities Securitization Fund, it has now received a third notice of exercise of its conversion rights from the investor for the principal amount of £5,000.00, resulting in the issue to the Investor of 2,000,000 new ordinary shares in the company.
appScatter Group PLC (LON:APPS), the intelligent app management platform, has announced the appointment of finnCap Ltd as its nominated adviser and broker with immediate effect.
Motif Bio PLC (LON:MTFB) (NASDAQ:MTFB), a clinical-stage biopharmaceutical company specialising in developing novel antibiotics, has said it will participate in the Jefferies London Healthcare Conference on 14-15 November 2018, hosting one-on-one meetings.
Bushveld Minerals Limited (LON:BMN) has said it will host an Energy Storage 101 interactive webinar for the investment and media community on Tuesday, 13 November 2018 at 12:00 GMT. The group said investors can pre-register, access the webinar and submit questions on the following website link: http://webcasting.brrmedia.co.uk/broadcast/5bd2eae5b01efb6b20c2f9eb