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Proactive news headlines: e-therapeutics, Ergomed, Metal Tiger, Tower Resources …

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

e-therapeutics PLC (LON: ETX.L) is teaming up with Belgian life sciences giant Galapagos to uncover a new means of treating idiopathic pulmonary fibrosis, a serious lung disease with a poor prognosis. The work, which will lean into ETX’s expertise in network biology and in-silico phenotypic screening, will focus on approaches to modulate one specific mechanism involved in IPF and other fibrotic conditions. Financial details were not provided; however, the UK company said it will receive “upfront and near-term payments material to [its] cash position”. It is also eligible for pre-clinical and clinical development and commercial milestone payments.

Ergomed PLC (LON:ERGO) executive chairman, Dr Miroslav Reljanović has told shareholders in advance of Wednesday’s closed annual general meeting that the company, which is focused on providing specialised services to the pharmaceutical industry, “had a good first quarter, with solid overall growth in revenue.” In a statement released ahead of the AGM, Reljanović concluded: “At this time the Company is confident that results will be in line with current market expectations for the 2020 financial year.” In a later statement, Ergomed said that all the resolutions put to shareholders at its AGM were duly passed.

Metal Tiger PLC (LON:MTR) said Cobre Limited (ASX:CBE), in which it owns an 18.8% stake, has commenced its third drilling programme at the Perrinvale VHMS project in Western Australia. The natural resources investor said a diamond drill rig was now onsite while a reverse circulation drill rig is due to be mobilised to the site this week. The programme includes 6,000 metres of reverse circulation and diamond drilling, with the dual aim of extending current mineralisation at the project as well as drill testing new targets.

In a separate announcement, Metal Tiger also said it has completed a third financing arrangement with its lender under an umbrella facility, which will see it borrow a further A$1.17mln. The natural resources investor said it has entered a stock lending arrangement under which the lender will be able to borrow up to 289,109 shares in Australian explorer Sandfire Resources (ASX:SFR), while the company also has the right to sell 289,109 Sandfire shares to the lender in three years at 80% of the A$5.05 reference price. The lender also has the right to buy 289,109 Sandfire shares in three years at a premium of 145% to the reference price. Metal Tiger said it will use the proceeds to fund potential investment opportunities, adding that it can also agree with the lender to increase the size of the financing arrangement at later date.

Tower Resources PLC (LON:TRP) has told investors that its projects in Cameroon, South Africa and Namibia remain attractive even amidst crude oil market volatility. Posting its 2019 full-year results, the company noted that Brent crude is now trading at around US$40 per barrel, longer-term pricing (the December 2025 future) is pitched above US$52 per barrel, and there is potential for a tightening of supply in the coming years due to industry-wide cuts in capital investment. Even if prices slide back to US$45 per barrel the company believes its projects are attractive.

Haydale Graphene Industries PLC (LON:HAYD), the global advanced materials group, has announced the appointment of Theresa Wallis as an independent non-executive director and chair of its Audit Committee with effect from June 10, 2020. It also announced that Roger Humm, its senior independent non-executive director and current Audit Committee chair, will step down from the board on the same date. The company noted that Wallis has broad business experience, having worked most of her executive career in financial services, moving into technology commercialisation in 2001, which includes 13 years with the London Stock Exchange, where from 1995 to 2001 she was chief operating officer of AIM. David Banks, Haydale’s chairman commented: “Theresa brings a wealth of corporate governance and commercial experience to the Company and will provide invaluable assistance as we seek to exploit the commercial potential of our stable of world leading technologies".

Catenae Innovation PLC (LON:CTEA), the AIM-quoted provider of digital media and technology, said it has received notification for the exercise of a warrant over 15,000,000 ordinary shares in the company at an exercise price of 1.25p per share providing the company with proceeds of £187,500. The conversion shares are subject to a six-month lock-in. In addition, Catenae said it has issued 2,083,333 new ordinary shares in order to settle existing liabilities amounting to £35,000 through the issue of new ordinary shares at a price of 1.68p per share.

DP Poland PLC (LON:DPP) has announced that its annual general meeting will be held at Shafts Farm, West Meon, Hampshire  GU32 1LU on June 26, 2020, at 9.00am. In light of the current coronavirus (COVID-19) situation and related legal and other requirements of governmental authorities, it is required that shareholders do not attend in person but instead appoint the chairman of the meeting as their proxy (either electronically or by post) with their voting instructions. If any shareholder has a question they would like to put to the board relating to the business to be conducted at the AGM, this should be submitted to the chairman via [email protected].

Adamas Finance Asia Limited (LON:ADAM), the London quoted company focused on providing shareholders with attractive uncorrelated, risk-adjusted returns from a diversified portfolio of pan-Asian investments has said that it will hold its delayed 2019 AGM and 2020 AGM concurrently on August 14, 2020. The company announced on November 14, 2019 that due to the civil unrest in Hong Kong at the end of 2019 it was further postponing the 2019 AGM. Since then, the coronavirus (COVID-19) pandemic has presented further issues in convening such a meeting. Given the extenuating circumstances at the end of 2019 and through Q1 of 2020, the group said its board's opinion is that seeking to complete the business for 2019 immediately before the 2020 meeting is the most efficient way forward at this time.

Silence Therapeutics PLC (LON:SLN) a leader in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announced that at its annual general meeting held on Tuesday all resolutions set out in the notice of meeting were duly passed on a poll.

Eckoh PLC (LON:ECK), the global provider of secure payment products and customer contact solutions, has said it will announce its audited results for the year ended March 31, 2020 on Tuesday, June 16, 2020.

Emmerson PLC (LON:EML), the Moroccan focused potash development company, announced that Align Research has completed a research note on the company. The note covers the world-class potential for its flagship Khemisset Potash Project focusing on the recently released Feasibility Study, confirming its potential to be a low capital cost, high margin mine development and uses comparable analysis to provide context as to the potential of the Project. The full note can be downgraded via the following link: http://www.alignresearch.co.uk/cpt-company/emmerson/ 

APQ Global Limited (LON:APQ) has advised that Parish Group, a wholly-owned subsidiary of APQ Global, has replaced Aspida as the investment group’s company secretary and administrator with immediate effect.

Proactive Research has issued a note on Eco Equity in which analyst Ed Stacey points out that the company has established “a unique position within the fast-growing market for legal cannabis.” He concludes: “We are expecting the first small scale crop harvest and first revenues in 2020, leading to a rapid transition to profitability and cash generation thereafter.”

Power Metal Resources plc (LON:POW) the AIM-listed metals exploration and development company has announced that the company's website has been updated and may be viewed through the following link: https://www.powermetalresources.com/. It also noted that the website now includes a section covering the company's 49.9% owned joint venture, Red Rock Australasia Pty Limited, which has a land package of 1,835 sq km under application in the Victoria Goldfields, Australia, which may be viewed through the following link: https://www.powermetalresources.com/s/52/australia

genedrive PLC (LON:GDR), the near-patient molecular diagnostics company, has announced that its chief executive officer, David Budd will be presenting at an investor webinar being hosted jointly by Turner Pope Investments (TPI) Ltd and Vox Markets on Friday, June 12, 2020, at 2pm.

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