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Proactive news snapshot: Immupharma, Oracle Power, OPG Power Ventures, Faron Pharmaceuticals …

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

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Your daily round-up from the world of Proactive

Immupharma PLC (LON:IMM) has landed a licensing deal worth almost US$100mln for Lupuzor, its treatment for the autoimmune disease lupus. US speciality drugs group Avion Pharmaceuticals will fund the US$25mln costs of a reformatted phase III clinical trial next year following agreement of the trial design with the US Food & Drug Administration. The UK group will receive up to US$70mln of milestone payments, with US$5mln due on regulatory approval of the product and a further US$65mln dependent on sales targets.

Oracle Power PLC (LON:ORCP) saw its shares soar on Thursday following news that influential Emirati Sheikh Ahmed Bin Dalmook Al Maktoum will invest £500,000 into the company. The AIM-listed energy group said following the investment Al Maktoum will hold an 11.5% stake in the company, with warrants that will allow him to expand this stake to 22.3%. Al Maktoum’s investment forms part of a larger placing to raise £700,000 by issuing shares at 0.25p each, an 8.7% premium to Oracle’s closing price on Wednesday.

OPG Power Ventures PLC (LON:OPG) told investors it has successfully continued its strategy of deleveraging whilst focusing on its profitable long-life assets in Channai. The India-based power generator, in results for six months ended 30 September, reported an 8.9% increase in profit from continuing operations to £7.4mln, while earnings per share rose by 23.1% to 1.97p. First-half revenue amounted to £78.4mln, compared to £77.9mln in the same period of last year, and, pre-tax profit was reported at £9.7mln for the period.

Faron Pharmaceuticals Ltd. (LON:FARN) said regulators have given the company the green light to expand a phase I/II clinical trial of its cancer immunotherapy to the US. It follows the Food & Drug Administration’s approval of Clevegen as an investigational new drug. American patients will now be recruited to Faron’s MATINS study, which will assess the tolerability, safety and potential efficacy of the new treatment in people with certain types of solid tumour.

MetalNRG PLC’s (LON:MNRG) latest underground sampling revealed 30.4 grammes per tonne of gold within a narrow vein at its Gold Ridge project in Arizona.

W Resources PLC (LON:WRES) has kicked off tungsten and tin production at its La Parrilla mine in Spain, with its boss saying he is “pleased with the initial concentrate grades”. In an update on Thursday, the tungsten, tin and gold miner said that its new concentrator has been completed and is producing tungsten grades to “shipment criteria levels”, which are expected to improve as the plant reaches steady-state production.

Bahamas Petroleum Company (LON:BPC)  has said it is on-track to start drilling on-schedule as it updated on two key developments ‘in country’. In a stock market statement, the exploration company highlighted that a new Bahamian-domiciled mutual fund is to be established to exclusively hold shares in Bahamas Petroleum. Separately, BPC also updated on the environmental authorisation process which is said to be “proceeding to schedule”, consistent with the drilling timetable.

discoverIE Group PLC (LON:DSCV) has delivered a 22% rise in first-half profits as its target markets continued to grow their share of its revenue stream. For the six months ended 30 September, the customised electronics maker delivered an underlying operating profit of £17.7mln, 22% higher than the prior year, while revenues climbed 10% to £232mln.

MetalNRG PLC’s (LON:MNRG) latest underground sampling revealed 30.4 grammes per tonne (g/t) of gold within a narrow vein at its Gold Ridge project in Arizona. The AIM-listed company said the sample was taken from pillars left behind from internal mine workings at level 6, with an exposed vein 0.6 metres (m) wide on a mined face of 1.3m. The sample also contained 69 g/t of silver.

Vast Resources PLC (LON:VAST) has re-jigged the ownership structure of its Chiadzwa diamond concession in Zimbabwe. Consultancy partner Botswana Diamonds PLC (LON:BOD) will now have a 2.5% stake and Vast 97.5% in a special purpose vehicle (SPV) that will house the assets in Marange’s diamond fields. As part of this new agreement, BOD will supply consultancy services free of charge for five years while Vast will provide all capital requirements up to US$10mln.

Tharisa PLC (LON:THS) posted sharply lower profits in the year just ended as lower production and weaker chrome prices hit revenues. Production of both platinum metals and chrome dipped due to disruption at the Tharisa mine caused by investments in the pit and fleet. PGM production was 139,000oz, down 8%, while chrome output was 11% below the previous year at 1.29Mt.

Providence Resources PLC (LON:PVR) has confirmed it will now hold a larger stake in the Avalon exploration prospect, offshore Ireland. Following Total SA’s decision to exit Frontier Exploration Licence (FEL) 2/19, which hosts Avalon, the Irish authorities have now rubberstamped the reassignment of the French oil major’s project equity to the remaining partners, Providence and Sosina. Providence will now retain an 80% interest in FEL 2/19 and it will now be the operator of the project.

I3 Energy PLC (LON:i3E) is turning the pages of its drilling plans, lining up a new multi-well campaign in the North Sea. The explorer, in a stock market statement, today confirmed the completion of the three-well 2019 drill programme within budget and without any safety, environmental or health issues. Looking ahead, it is now planning a summertime appraisal of the Serenity discovery and the Liberator West area.

Advanced Oncotherapy PLC (LON:AVO), the developer of next-generation proton therapy systems for cancer treatment, said it was informed on 28 November 2019 that Philippe Glatz now has a total interest in 15,659,162 ordinary shares, equivalent to 6.42% of the company's issued ordinary share capital.

Primary Health Properties PLC (LON:PHP), a leading investor in modern primary healthcare facilities, has announced that, following the successful merger and integration of MedicX Fund, its deputy chairman and senior independent director Helen Mahy has informed the board that she does not intend to stand for re-election at the company's Annual General Meeting scheduled for April 2020 and will accordingly retire from the board at that time. The group said its Nomination Committee, therefore, will shortly commence a process to identify a suitable replacement for Mahy as an independent non-executive director and the company will make a further announcement in due course.

Anglo Pacific Group PLC (LON: APF) (TSX:APY) has announced the appointment of RBC Capital Markets as the company's joint corporate broker with immediate effect. It added that RBC will work alongside the Company's Joint Corporate Brokers, Berenberg and Peel Hunt LLP.

Zoetic International PLC (LON:ZOE)  announced that at the General Meeting held Wednesday all resolutions were passed. Consequently, it added, under the buy-back agreement that the company has entered into with Diversion Technologies LLC, Zoetic has purchased 950,000 of its ordinary shares at a price of 7.80p each. The firm said no payment will be made to Diversion but, instead, £74,100 will be applied to reduce the debt owed by Diversion to the company, and Diversion will also make a further payment in cash to extinguish the debt, the amount of which will be determined at the time of settlement of the transaction.

Seeing Machines Limited (LON:SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announced that at its Annual General Meeting held earlier Thursday, all resolutions were duly passed.

Mosman Oil and Gas Limited (LON: MSMN) has advised that all resolutions put to shareholders at the Annual General Meeting, held Thursday, were duly passed on a show of hands.

Europa Metals Ltd. (LON:EUZ), the European focused lead, zinc and silver developer, announced that the resolutions proposed at its Annual General Meeting held on Thursday, as set out in the notice dated 5 November 2019, were all duly approved by shareholders.

genedrive PLC (LON:GDR), the near-patient molecular diagnostics company, announced late Wednesday that at the Annual General Meeting, held yesterday, all resolutions proposed were duly passed.

Thor Mining P{LC (LON:THR) (ASX:ASX) announced that at its AGM held on Thursday, all resolutions were passed other than resolution 2, with resolutions 3 and 8 having been withdrawn in light of the proxies received prior to the meeting. Resolution 2 was to re-appoint David Thomas as a director and, as a result, he stood down from the board with effect from the end of the AGM. Resolution 3 was to re-appoint Alastair Middleton as a director who has decided not to seek re-election and, therefore, also stepped down from the board with effect from the close of the AGM.  Resolution 8 was intended to authorise the directors to issue 10% of the issued shares of the Company under ASX Listing Rule 7.1A.

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