EVGEN PHARAMA (LON:EVG)
SECTOR – HEALTHCARE
RATING – BUY*
MARKET CAP – £14m
CURRENT PRICE – 19p#
TARGET PRICE – 97p
COMPANY DESCRIPTION
Evgen Pharma is a clinical stage drug development company focused on the treatment of cancer and neurological conditions.
2017FY results ahead of expectations
NORTHLAND VIEW
Evgen’s final results for the year ended 31 March 2017 were ahead of our expectations.
The group reported a Total comprehensive loss of £3.1m (2016: loss of £3.1m), vs. our £3.5m target.
The group posted a Net cash outflow (before short-term investment movements) over the period of £3.3m (2016: inflow of £6.9m)
Cash and short term investments and cash on deposit at 31 March 2017 was £3.9m (31 March 2016: £7.1m), broadly as forecast (£4.2m expected).
Evgen’s results demonstrate that the group continues to be a good custodian of investor capital. The lean but productive operation is delivering two Phase 2 clinical programmes which could generate outsized returns should they generate positive clinical results.
SECTOR – MINING
RATING – CORP*
MARKET CAP – £8.8m
CURRENT PRICE – 0.4p#
COMPANY DESCRIPTION
Keras Resources is an exploration company with interests in gold projects, located in Australia, a manganese project and a cobalt-nickel project, located in Togo.
Award of shares in Calidus and settlement of liabilities
NORTHLAND VIEW
Keras Resources has been awarded shares in Calidus Resources, transferred its shares to Keras (Gold) Australia to Calidus and Dave Reeves and Peter Hepburn-Brown have been appointed to the Board of Calidus.
The Warrawoona gold project acquisition finance facility is being repaid. The amount of the facility outstanding was US$2,448,972.60. Of this, US$2,200,000 is being repaid by Calidus, and the balance of US$248,972.60 (£192,412.85) is being settled in Keras shares. 54,666,623 shares will be issued at a price of 0.352p, a 5% discount to the 5 day VWAP prior to the extension being signed on 20/03/2017. 59,542,743 warrants have been repriced at 0.46p.
The Company is also settling a total of £226,671 due other creditors through the issue of 59,605,543 shares at a price of 0.38p, a 5% discount to the 5 day VWAP prior to 09/06/2017.
Following Admission there will be 2,195,133,438 Ordinary Shares in issue.
The rebirth of Keras Resources is nearing completion with the shares of Calidus Resources expected to commence trading on the ASX within the next two weeks. Going forward Keras will maintain its exposure to the Australian Gold Projects through interest in Calidus but focus its efforts on its manganese and cobalt-nickel projects located in Togo.