Thor Mining (LON:THR) – CORP: Placing
Market Cap: £3m; Current Price: 0.09p
Placing to raise £525,000
- Thor Mining has raised £525,000 in a placing conducted by Northland Capital Partners.
- Thor will issue 1,050,000,000 shares at a price of 0.05p per share with half a warrant exercisable at 0.075p per share (valid for 12 months).
- Shares to be issued in two tranches. The first tranche of 175,000,000 shares will be issued shortly and the balance will be issued following a GM to obtain the necessary authorities.
NORTHLAND CAPITAL PARTNERS VIEW: Thor Mining will use the majority of the proceeds from this placing to advance its Spring Hill Gold Project, located in Australia. Thor is in the process of finalising the 100% acquisition of the project and just waiting on ministerial assent, and approval from the Foreign Investment Review Board. Thor will use the proceeds to complete additional drilling that will allow the Company to test the continuity of the screen fire assay upgrade. Previous reassays demonstrated an average increase in grade between 37% and 57% for the samples tested and as a result, this work programme could lead to a low cost but significant resource upgrade. The Company will also test a number of exploration targets close to its Molyhil project, also located in Australia.
W Resources (LON:WRES) – CORP: Definition study
Market Cap: £10m; Current Price: 0.3p
Completion of the development study
- W Resources has completed a development study at its La Parrilla Tungsten Project located in Spain.
- Hard rock production will commence over two stages. The first stage is the Fast Track Mine that will leverage the existing tailing plant to produce 79,000mtu of WO3 in concentrate and 57t of tin in concentrate from mid-2016. The second stage is the Full Mine that is planned to increase production to 330,00mtu of WO3 in concentrate and 208t of tin in concentrate in 2018.
- Opex for both stage 1 and 2 estimated to be US$121/mtu. Capex for stage 1 is estimated to be US$16m. For stage 2 the capex is estimated to be US$36m.
- The combined stage 1 and 2 projects have NPV of US$124m and an IRR of 70%.
- Forecasts, rating and price target remain under review.
Altona Energy (LON:ANR) – CORP: Directorate change
Market Cap: £4.5m; Current Price: 0.6p
From yesterday: Nicholas Lyth to join the Board
- Altona Energy has appointed Nicholas Lyth as a Non-Executive Director.
- Discussions between the joint venture partners are progressing and the Company will update the market soon.
NORTHLAND CAPITAL PARTNERS VIEW: A positive appointment for Altona as Mr Lyth is a Mandarin speaking experienced AIM Director and a qualified accountant serving on the boards of AIM companies including; Univision Engineering Ltd, China Rerun Chemical Company Ltd and Taihua plc.
Accsys Technologies (LON:AXS) – Prelims
Market Cap: £67.2m; Current Price: 75.6p
Good progress in financial and operational metrics
- Revenue +38% to €46.1m with Accoya wood revenue +39% to €40.7m on a 32% increase in volume to 33,483m3. Gross margin increased 400bps to 27% reflecting higher Accoya volumes, price increases and operating efficiencies. EBITDA loss reduced to €0.4m in H2 and underlying EBITDA FY loss of €2.4m (FY14: €5.0m loss). Underlying cash outflow reduced by €3.5m to €1.3m and period end cash of €10.8m (FY14: €15.2m). Targeting becoming cash flow positive in the year ahead.
- Revenue increased 54% in the UK and Ireland to €17.8m (where Latham (James) (LON:LTHM) is a leading distributor); 56% in Solvay’s licence regions and 59% in the Americas. Trading in Benelux has remained disappointing with the ongoing economic problems in the Eurozone. 56 Accoya distributor, supply and agency agreements in place.
- n Solvay progressing towards its first Accoya plant in Freiburg - €2m prepaid in respect of marketing agreement with €0.7m recognised as revenue in the FY15. MoU signed with a large international chemical plant to build and operate a new Tricoya plant – production due to start in 2017. In March, Accsys acquired the remaining 50% share in Tricoya Technologies. Sales of Medite Tricoya increased 73%.
- n Exceptional costs of €2.9m relating to arbitration ruling in the dispute with Diamond Wood. Working relationship recommenced.
NORTHLAND CAPITAL PARTNERS VIEW: Good progress in financial and operational metrics with growth in both volumes, pricing and processing capacity to above 40,000m3. The evolution of the business model is continuing with Accsys moving beyond the licensing model towards a royalty and manufacturing based business. Its acetylated products (Accoya and Tricoya) are gaining market acceptance with a number of functional advantages. The UK and Ireland remains Accsys’s largest market to date, where Latham (James) (LON:LTHM) is a leading distributor.