Edenville Energy (LON:EDL) – CORP: Placing
Market Cap: £2.6m; Current Price: 0.4p
Raises £500,0000
Edenville Energy has raised £500,000 through the issue of 125,000,000 shares at a price of 0.4p per shares with 1-for-2 warrants issued with an exercise price of 0.54p.
Following the issue of shares the Company will have 746,353,005 shares in issue.
Edenville has also been awarded a new prospecting licence (PL10884/2016) that replaces PL6101/2009, subsequent to the carve out of the Company’s Mkomolo Mining Licence (ML562/2016).
NORTHLAND CAPITAL PARTNERS VIEW: Edenville Energy will use these funds to advance commercial mining operations at the Rukwa Coal Project, located in Tanzania. The Company is focused in the near-term on taking advantage of the Government of Tanzania’s recent ban on coal imports to become a coal producer.
Arian Silver Corporation (LON:AGQ) – CORP: Interim results
Market Cap: £1.5m; Current Price: 0.8p
LBT of US$3.5m
LBT in H116 totalled US$3.5m, including a non-cash share based payment charge of US$2.8m and impairment of US$0.2m. In H115 PBT totalled US3.5m but included US$5m from the sale of the San Jose Project.
Net cash totalled US$1m in H116 compared to net debt of US$25.6m in H115, the large improvement in net cash is largely due to the removal of the debt associated with the San Jose.
NORTHLAND CAPITAL PARTNERS VIEW: Arian Silver Corporation continues its due diligence metallurgical programme at the Noche Buena tailings project and the Company also continues to assess other near-term production projects located in Mexico and elsewhere.
Connemara Mining Company (LON:CON) – CORP: Interim results
Market Cap: £1m; Current Price: 1.7p
LBT of €96k
LBT totalled €96,000 in H116 compared to €88,000 in H115.
Net debt totalled €75,000 in H116 compared to €190,000 in H115.
NORTHLAND CAPITAL PARTNERS VIEW: Connemara Mining Company is focusing most of its activities on the Inishowen Gold Project, located in Donegal. To date two drill programmes have identified gold veins that remain open at depth and along strike. The Company has also sampled the adits and shafts of an old mine on the licences and visual observations suggests vein widths of 2m, assay results are awaited.