Proactive news snapshot: Metal Tiger, Thor Mining, Berkeley Energia, Galantas Gold …

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

Your daily round-up from the world of Proactive

Metal Tiger Plc (LON:MTR) has said it is “pleased to note” the recommended offer from Sandfire Resources Ltd (ASX:SFR) for MOD Resources (ASX:MOD) (LON:MOD). Metal Tiger has had a long-standing relationship with MOD exploring for copper in Botswana.

Thor Mining PLC (LON:THR) is to send drilling samples from its Pilot Mountain tungsten project back to the lab to see whether they contain gold.

Berkeley Energia Limited (LON:BKY) has kicked off the its initial drill programme across its large licence holding in Western Spain. The first phase of a 13-hole programme will see six holes drilled, with the company targeting lithium, cobalt, tin, tungsten and rare earths - several of which have previously been mined in commercial quantities in the area.

Galantas Gold Corp (LON:GAL) is expecting to book approximately US$460,000 in concentrate sales for the second quarter of the year, as underground production from the Omagh gold mine in Northern Ireland continues.

BATM Advanced Communications Ltd (LON:BVC) has raised US$18mln through a placing and subscription of shares to support the development of its technology. The company said it will issue 33.2mln new ordinary shares at a price of 42.5p each, representing 7.6% of its enlarged share capital, as part of the fundraise. In morning trading on Tuesday, BATM shares were trading at 44p each, down 2.2% on Monday's closing price.

Tekcapital PLC’s (LON:TEK) Guident portfolio company has exclusively licensed an “important” patent application from Michigan State University which allows driverless cars to ‘talk’ to one another.

Aquaculture and genetics firm Benchmark Holdings PLC (LON:BMK) said it was on track to meet its strategy goals as it shrugged off a challenging shrimp market to deliver a 25% rise in first-half earnings.

Supported care housing developer Ashley House PLC (LON:ASH) is struggling to reach financial close on three schemes before the end of its trading year this month. If closure of the schemes is pushed into July, Ashley House will post a loss for the year to June though still be profitable over the second half.

Cabot Energy PLC (LON:CAB), in a statement ahead of today’s AGM, described 2018 as “an important year of transition” as it reformed the group’s management team. “Our immediate focus was to stabilise the business with the aim of creating a sustainable production platform to unlock the long-term growth potential of the company,” said James Dewar, interim non-executive chairman.

ITM Power PLC (LON:ITM) has hailed the start of construction of a 10 megawatt (MW) hydrogen electrolysis plant at the Shell Rheinland refinery in Wesseling, Germany. The energy storage and clean fuel firm said the new plant, which features advanced polymer electrolyte membrane (PEM) technology, would be the largest of its kind in the world and was expected to be completed in the second half of 2020 with the capacity to produce up to 1,300 tons of hydrogen per year at peak rates.

Remote Monitored Systems PLC (LON:RMS) reported a reduced loss for 2018 as it looks to target profitability at its Geocurve surveying business in 2019. For the year ended 31 December, the survey, inspection and monitoring company reported an operating loss of £1.08mln, less than the £2.15mln loss in the prior year, while revenues increased to £857,970 from £788,718 in 2017.

INTOSOL Holdings PLC (LON:INTO) has issued an update on the development of its travel design technologies, VIRTOSOL II, VIRTOWORLD and [email protected]

C4X Discovery Holdings plc (LON:C4XD) has teamed up with fellow UK-based biopharma, PhoreMost, to look for treatments for Parkinson’s Disease and other ‘undruggable’ diseases.

The latest X-Ray Diffraction analysis conducted by IronRidge Resources Ltd (LON:IRR) on metallurgical composites has reaffirmed the dominance of spodumene as the main ore in the Ewoyaa project in Ghana.

Eland Oil & Gas PLC (LON:ELA) told investors that production averaged 9,880 barrels of oil per day, up 32%, over the first five months of 2019. The company, in a statement, noted that system uptime was recorded at 88% for the period.

Mosman Oil And Gas Ltd (LON:MSMN) told investors that it is preparing to drill a third well at the Stanley project. The company expects that the drill programme will start in the next 90 days.

Drug developer ValiRx Plc (LON:VAL) has agreed to terminate a financing agreement with European High Growth Opportunities Securitisation Fund. As part of the deal, ValiRx is paying the investor a £212,500 break fee; slightly higher than the £150,000 bosses had previously expected.

Kibo Energy PLC’s (LON:KIBO) 60%-owned MAST Energy Developments subsidiary has finalised a five-year power purchase agreement (PPA) for its Bordersley Reserve Power generation project. MAST acquired the 5-megawatt gas-fuelled plant for £175,000 last week and has moved quickly to finalise the PPA with Norwegian fuel and energy trader Statkraft Markets.

Iraqi Kurdistan-focused oiler Genel Energy PLC (LON:GENL) is to buy back up to US$10mln worth of its own shares over the next ten days as bosses scratch their heads over the current share price.

ANGLE PLC (LON:AGL) is raising £18mln from new and existing investors as it gears up for potential commercialisation of its Parsortix liquid biopsy early next year. Parsortix is a simple blood test which can help doctors spot signs of cancer at an early stage.

ECR Minerals PLC (LON:ECR) has begun exploring for gold exploration at the Timor gold project in Victoria, Australia after completing a review of the site. A review of Timor, the third active project of ECR’s five Victorian plays, highlighted multiple gold exploration targets in historically mined areas, with some areas of high-grade gold deposits that were not developed fully at depth due to the limitations of mining technology at the time, but now have potential for modern open cut and underground mining techniques.

Strategic Minerals PLC (LON:SML) raised £890,000 of new capital with the issue of 63.5mln shares via a share placing. The proceeds will be used primarily to close the purchase of shares in Cornwall Resources and to provide working capital for the Leigh Creek copper mine project.

OptiBiotix Health PLC (LON:OPTI), the life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, has announced the appointment of goetzpartners securities to provide financial advisory services to the company, including sector specific equity research and investor support services. The group said these services will be provided in addition to the services provided by its current broker, finnCap, extending the companies reach into European investment markets.

SDX Energy PLC (LON:SDX) said that Michael Raynes has resigned as a director of the firm following the news he is departing as CEO of Waha Capital, a 19.48% shareholder of SDX through its wholly-owned subsidiary SDX SPV Limited. The company noted that Waha intends to appoint a new nominee to its Board upon the finalisation of the appointment of Waha's new CEO in the near future.

Supermarket Income Reit PLC (LON:SUPR) has announced a 12-month extension of the maturity date for its the £100mln Revolving Credit Facility with HSBC from 30 August 2020 to 30 August 2021. It added that the original terms of the facility are unchanged, and the facility contains one further 12-month extension option to August 2022.

Xpediator PLC (LON:XPD) is to pay the final maximum deferred consideration payment of £350,000 to the vendors of Regional Express to allow it to develop potential significant new business opportunity and to focus on longer-term growth opportunities. The group noted that Regional Express has recently secured a potentially significant framework contract which will require additional investment that is expected to impact upon its ability to reach its profit target under the deferred consideration arrangements. It added that the deferred consideration payment will be settled by the payment in November 2019 of £315,000 in cash  and the issue of new ordinary shares in the Group to the value of £35,000 at the prevailing rate in November 2019.

Adamas Finance Asia Limited (LON:ADAM), the pan-Asian diversified investment vehicle, announced that, as at 31 March 2019, its net asset value was US$1.10 per share. The group noted that, since 31 December 2018, the NAV per share has decreased by 5.1% primarily due to the issuance of new shares as announced on 13 February 2019.

Taptica International Ltd (LON:TAP), the brand advertising and performance-based mobile marketing technologies group, confirmed its renaming as Tremor International Ltd (LON:TRMR) with effect from 8 am today.

VR Education PLC (LON:VRE), the leading virtual reality technology company focused on the education space, has announced the appointment of Shore Capital as its joint corporate broker, with immediate effect, following its acquisition of Stockdale Securities. It said Shore Capital and Davy will act as the group's joint brokers.

Venn Life Sciences Holdings PLC (LON:VENN) said it has made excellent progress in selecting a further independent non-executive director, with an appointment expected by the end of August 2019. The group added that, following further consideration of its composition, the board has concluded that its chairman, Brendan Buckley will no longer be considered an "independent director" with respect to the company's application of the QCA Code. It reiterated its view that Brendan Buckley is of independent character and judgement and will play a key role in the development of Venn Life Sciences.


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