3.00pm: SolGold wins by TKO in Ecuador
SolGold plc (LON:SOLG) was one of the top risers on Friday, advancing 22% to 35p following a favourable court judgement.
The Ecuadorean Constitutional Court has unanimously and definitively rejected the petition heard on 5 June 2019 calling for a referendum on mining in the provinces in which SolGold's 85%-owned Cascabel project and other wholly owned exploration projects are located.
The court rejected the petition on the basis of technicalities and did not rule on the merits of the case.
1.40pm: Bould Opportunties perks up on news regarding its warrants
Bould Opportunities PLC (LON:BOU), the cash shell that was once Photonstar, rose by more than a third to 0.03p on news about its share warrants.
The warrants, which if exercised would give the holder a 3% stake in the company, were issued in consideration of fees owed by the company.
The company has been informed that the warrants have been subsequently purchased by Antos Glogowski, who acquired Photonstar Technology from Bould.
12.50pm: Wound-care specialist in the wars
Wound-care specialist Advanced Medical Solutions Group PLC (LON:AMS) was in the wars, sliding 5.3% to 303p, after a trading update.
The company reassured investors that it had performed “well” in the first half of the year, despite taking a Brexit-related sales hit in the US.
In the run-up to 29 March, the date the UK was due to leave the European Union, many of AMS’s US customers stockpiled the company’s products in case of any initial post-Brexit disruption but with the Brexit date delayed, they are in no hurry to top up their inventories.
Noon: Andalas borrows to finance work-over programme
Andalas Energy and Power PLC (LON:ADL) lost one-eighth of its value at 0.14p after it issued a convertible loan note.
The £1mln-valued AIM-listed oil producer said the unsecured interest-free loan note issue would finance a US$650,000 four-well workover programme on the Betun-Selo KSO in Sumatra, Indonesia.
Betun currently produces 70 barrels of oil per day but through the work programme, Andalas hopes to get this up to 150 barrels of oil per day.
11.15am: Edenvile finds the market hard to please
Edenville Energy PLC (LON:EDL) shares dropped 14% to 0.05p even though the Tanzanian coal mine developer reported its first revenues.
The company said it was “in the best position it's been for many years” after reporting £337,125 of revenue for 2018, though this was dwarfed by the £1.2mln cost of sales, and losses before tax increased to £1.8mln from £1.2mln the year before.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">New post: "Edenville Energy 'on track' to become cashflow positive in 10 months" <a href="https://t.co/jDHfRGJtiy">https://t.co/jDHfRGJtiy</a></p>— SykesFanClub (@SykesFanClub) <a href="https://twitter.com/SykesFanClub/status/1141987464661413888?ref_src=twsrc%5Etfw">June 21, 2019</a></blockquote>
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“With the expected start of mining of the Northern Area in the coming weeks we remain on track to become cashflow positive within the next 10 months,”declared company chairman, Jeffrey Malaihollo.
10.30am: Losses at PetroNeft double
News of a delay in interest payments due to Petroneft Resources PLC (LON:PTR) prompted a 25% plunge in the company’s share price to 0.9p.
The postponement of the commencement of the development of the Sibkrayevskoye oil field in Russia has pushed back the date by which Petroneft expects to start receiving interest due on its shareholder loans to WorldAce until 2020 at the earliest.
Losses double at Irish oil and gas explorer Petroneft Resources https://t.co/OtNZQq9Z6R via @IrishTimesBiz
— Irish Times Business (@IrishTimesBiz) June 21, 2019
The company has put two of its licences up for sale to raise money to pay off its loan from Petrogrand but admitted in its 2018 annual report that the ability to re-finance the Petrogrand loan represents a material uncertainty that may cast significant doubt upon the group's ability to continue as a going concern.
The oil explorer reported a loss before tax of US$7.56mln for 2018 compared to a loss the year before of US$3.24mln.
9.30am: Recruiter in prime condition; Hansard Global turning Japanese
Shares in recruitment firm Prime People PLC (LON:PRP), up 10% at 90p in early trade on Friday, were deemed just the job after well-received full-year results.
Recent trading updates from recruitment firms have been mixed but Prime People, which is focused on professional and technical staff working in the property & built environment, energy & environmental and technology, digital & data analytics sectors, said current trading is consistent with the prior year.
In the current quarter, its key performance indicators of instructions from clients, interviews arranged and committed business are comparable with the same period last year and all of its main markets continue to experience shortages of available talent, the group added.
Financial services firm Hansard Global (LON:HSD) surged 14% higher to 48.94p after it was granted an investment manager licence in Japan.
The company said it marked the first step towards enabling the company to enter the Japanese market with a new, innovative 'next generation' savings product.
“We are well advanced in implementing our business plan, which includes registering our next generation product, the appointment of a general manager and engaging in productive discussions with distributors in the local market,” said Gordon Marr, the chief executive officer of Hansard.
Proactive news headlines:
Security and managed services specialist Westminster Group PLC (LON:WSG) has signed an agreement with Hazar International that will see the two companies work together on projects in Saudi Arabia. Hazar has been working in aviation and other sectors in Saudi for over 30 years and will form a joint venture with Westminster to target screening and other security work at the Kingdom’s airports and ports as more of its infrastructure is devolved to the private sector.
Africa-focused oil and gas explorer Tower Resources PLC (LON:TRP) has raised £150,000 after its chief executive, Jeremy Asher, subscribed for another slew of shares. The cash injection will keep the business ticking over while bosses continue with talks regarding the financing of the NJOM-3 well on the Thali licence, offshore Cameroon, which they hope to wrap up soon.
Bushveld Minerals Limited (LON:BMN), the vanadium producer, has provided a maiden mineral resource estimate for the Brits Vanadium Project in South Africa that it said confirms it as a high-quality asset.
ANGLE PLC (LON:AGL) said it believes there is the potential to develop the company’s liquid biopsy as a companion diagnostic in clinical trials to assess which patients might respond to immunotherapies being developed for cancer. This, the firm said, would require building on the work carried out by the University Medical Centre Hamburg-Eppendorf.
FairFX Group PLC (LON:FFX) has received permission from the Financial Conduct Authority (FCA) to provide credit facilities and loan products to its business and retail customers.
BigDish PLC (LON:DISH) said it has received the £2.1mln it raised from an institutional investor at the start of June as the restaurant booking platform issued an update on its expansion plans. The firm, which uses its technology to help restaurants fill tables during quieter periods, said the launch of its platform in Brighton and Reading would be happening “soon” following a slight delay to focus on the recruitment of new territory managers as part of a UK-wide rollout.
Premier African Minerals Limited (LON:PREM) has raised US$350,000 via a convertible loan note with Regent Mercantile. The annual interest rate is 10% per annum with the money to be advanced in one payment. Big Pic in May.
Adamas Finance Asia Limited (LON:ADAM) has announce the appointment of Stuart Crocker as an independent non-executive director of the company with effect from 21 June 2019. The Crocker noted that, who was in the British Army until 1985, began his career in banking at Merrill Lynch and has lived in the Middle East for over 20 years, and latterly was CEO of HSBC Private Bank UAE and Oman and subsequently the Global Head of the Private Banking Group at Abu Dhabi Islamic Bank.
Adamas Finance also announced a change to the company's AIM market quotation from US Dollars to Pounds Sterling, with the change to take effect from 8:00am on 24 June 2019.
Keywords Studios PLC (LON:KWS), the international technical services provider to the global video games industry, announced that 64,521 new ordinary shares have been issued to the founder of Blindlight LLC in respect of the non-contingent deferred share consideration due on the first anniversary of the company being acquired. It pointed out that, since acquisition the shares to be issued relating to Blindlight have been fully represented in the reported earnings per share numbers through the basic and diluted weighted average denominators used.
Integumen PLC (LON:SKIN) announced that it has received notification from a warrant holder to exercise warrants over 6,766,667 shares in the company, with the consideration for the exercise of amounting, in aggregate, to a cash value of £101,500.
Bluebird Merchant Ventures Limited (LON:BMV), the Korean focused gold development group, today announced that 4,000,000 warrants at 4p expired on 18 June 2019, and a further 2,060,000 warrants expired on 20 June 2019.