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Proactive news headlines: Redx Pharma, Tower Resources, Inspired Energy, World High Life …

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

Redx Pharma PLC (LON:REDX) has said it is raising US$30mln ostensibly via the issue of convertible loan notes. Funds Redmile Group and Sofinnova Partners are putting up US$19mln and US$10mln respectively. The remainder is coming from a direct subscription of shares by Sofinnova. The fresh injection of cash will be used to repay US$6.1mln of short-term debt, and, perhaps more importantly, to take its oncology and fibrosis drugs to “key inflection points”. In a separate announcement, RedX unveiled its interim results to March 31 – a period in which it made significant clinical progress. RedX ended the six months to March 31, 2020, with cash US$2.3mln and a loss from operations of US$4.4mln.

Tower Resources PLC (LON:TRP) has provided an update regarding progress on the farm-out process in respect of its Thali production-sharing contract (PSC) in Cameroon being conducted through its wholly-owned subsidiary Tower Resources Cameroon SA. The AIM-listed, Africa-focused oil and gas company said the binding Heads of Terms (HoT) with OilLR Pty Ltd, which was signed on February 28, 2020, and amended on March 29, 2020, is progressing towards completion, with the first payment into escrow now expected in late July or first half of August. Tower Resources said is continuing discussions with other potential farm-in partners to the Thali PSC, on similar terms to those agreed with OilLR. As previously announced, the HoT has been structured to accommodate such additional investors.

Inspired Energy PLC (LON:INSE) chairman Michael Fletcher will tell Tuesday’s annual general meeting (AGM) that the group's order book increased to £61.1mln as of May 31, 2020, up from £60.1mln the month before. In a statement to be delivered to the meeting, which investors are encouraged not to attend in person in respect of social distancing rules, the AIM-listed firm's chairman said it was largely unaffected by the coronavirus pandemic until very late in March and the business delivered a strong performance in the first quarter, with trading in line with expectations at the time and ahead of the same period last year. In a later statement, Inspired Energy all resolutions proposed at the AGM were duly passed.

World High Life PLC (LON:LIFE) (OTCQB: WRHLF) announced that its wholly-owned subsidiary, Love Hemp's global online CBD retailer, CBDOilsUK has launched a new look for its website, www.cbdoilsuk.com. The group said the new website has been optimised for growth, functionality, and an enhanced end-to-end user experience, with over 2,900 integrated customer reviews. Since launch, World High Life added, the new website has experienced a 52% increase in traffic, returning customer rates are up 110%, whilst revenue has increased 8% in the last 30 days.

Powerhouse Energy Group PLC (LON:PHE), the waste to energy group, has said its DMG technology continues to attract substantial interest internationally. In its 2019 results statement, the company said it is carefully filtering potential opportunities to engage exclusively with experienced project developers and so maximise its future licensing revenues. "2019 has been a transformative year for Powerhouse with the first commercial plant using our DMG technology now under development,” said Cameron Davies, the chairman of Powerhouse.

Blue Star Capital PLC (LON:BLU), the technology company investor, said it was pleased with the performance of its portfolio companies over the half-year to March 31,2020, as its asset value jumped by 13%. The company, which has stakes in micropayments group SatoshiPay, fingerprint security group SThaler and a suite of esports business, said net assets had risen to £5.97mln from £5.2mln six months earlier. Losses for the period were £189,000 (2019: £495,000) which, it added, included a substantial loss relating to non-cash adjustments to the carrying value of investments. This equates to a net asset value per share of approximately 0.19p.

ECSC Group PLC (LON:ECSC), a leading provider of cyber security services, including Artificial Intelligence-based managed services, said its chairman, David Mathewson will tell shareholders at Tuesday's annual general meeting that group revenue remains at the same level as for the equivalent period in 2019. In his statement, Mathewson said that the group's coronavirus (COVID-19) response continues to be led by the current medical and science-based advice, and guidance from the UK and Australian governments and ECSC has maintained its ability to remotely deliver the full range of consultancy services. “A new managed service contract win of £190k over a three year period, utilising the ECSC Kepler AI technology confirms continued growth despite the current challenges all organisations are facing,” the chairman added.

Catenae Innovation PLC (LON:CTEA) said it has over £1mln on its balance sheet with the "streamlined" business geared to take advantage of a "pipeline of opportunities". The commentary was provided in the tech firm’s interim results statement, in which it was revealed it made a reduced loss of £364,013 in the six months ended March 31, 2020. The delayed 2019 results were also published earlier. They showed Catenae booked a net loss of  £825,230 for the year to September 30.

Alien Metals Ltd (LON:UFO) has highlighted “a year of growth” as the company released its full-year results for the year to December 31, 2019. During the year, the company's technical director, Bill Brodie Good embarked on an acquisition-led strategy focussing on strengthening the company’s portfolio of diversified assets to encompass silver and precious metals projects in Mexico and newly acquired silver and iron ore projects in Western Australia. The company also holds copper assets. As of December 31, 2019, the company had total assets of US$700,000, of which US$200,000 was cash. The company made an operating loss of $1mln during the year, equating to a loss per share of US$0.001 cents.

IronRidge Resources Ltd (LON:IRR) has been granted a new exploration licence in Ghana at Mankessim South. The licence provides IronRidge with full ownership of a contiguous prospective lithium exploration licence adjacent to its Ewoyaa lithium project, which already boasts a 14.5mln tonne resource. Field teams have been re-mobilised to the site to commence low-cost regional exploration programmes, including grid auger drilling, mapping and sampling within the newly-granted license and surrounding resource footprint area.

Rose Petroleum PLC (LON:ROSE), the Rocky Mountain-focused oil and gas company, is to change its name to Zephyr Energy, reflecting a fresh start for the company. In its results statement covering 2019, the company noted that last year saw an overhaul of the management team and a sharpening of the company’s focus to concentrate on responsible exploration and production investment in the Rocky Mountain region of North America. “The company is now positioned as a clean, low-overhead, unlevered and value-focused vehicle from which to build. I believe we have the team, strategy and value set to deliver on all of our ambitious objectives, and I look forward to the future with cautious optimism," said Rick Grant, the non-executive chairman of Rose.

ECR Minerals PLC (LON:ECR) has posted interim financial results for the six months to March 31, 2020. The company recorded a loss of £1.85mln during the period, including an exceptional £1.6mln charge relating to the disposal of its Argentine subsidiary. Post-period end, the company’s cash position was strengthened by a £500,000 equity financing and the receipt of A$500,000 from Fosterville South Exploration Ltd in April 2020. The group operating loss for the period was reduced to £369,102, set against the £438,145 loss booked for the six months ended March 31, 2019.

Greatland Gold PLC (LON:GGP) has received notification from the Western Australian Department of Mines, Industry Regulation and Safety that it has won a government conducted ballot in regard to an application for a fourth exploration licence in the Paterson region, known as Rudall. Greatland is in a strong financial position with approximately £6mln in cash as at June 30, 2020, and remains well-financed to conduct all planned activities over the next 12 months. Sentiment surrounding progress at its jointly-held Havieron licence remains high. The Rudall licence application covers an area of approximately 65 square kilometres and is located 20 kilometres south-southeast of Havieron.

Power Metal Resources PLC (LON:POW) closed out the six months to March 31, 2020, with net assets of £2mln, after booking a £240,000 loss. The metals exploration and development company had a busy first financial half, as it struck deals on assets in Botswana and the USA, and undertook exploration in Tanzania and the Democratic Republic of Congo. Subsequent to the period end, deals were also done in Australia, and further progress made on the African portfolio.

Oriole Resources PLC (AIM:ORR) has raised £419,500 via a placing and subscription of shares at 0.3p. The placing price represents a 14% discount to the price of the company's shares at close of market on June 29, 2020, and a 11% discount to the 30-day volume-weighted average price (VWAP). The proceeds will primarily be used to support ongoing exploration at the company's projects in Cameroon, including moving the programme at Bibemi towards drill mobilisation later this year.

ADM Energy PLC (LON:ADME) said it believes it has the foundation to expand its investment portfolio as oil majors continue to seek exit strategies in West Africa. Alongside the AIM-listed company’s results for the past calendar year, ADM's chief executive Osamede Okhomina said 2019 “was an important year to lay the foundation for our growth strategy”, where the group is focused on adding highly accretive proved and probable (2P) reserves assets in West Africa on top of its stake in the producing asset at the Aje field offshore Nigeria.

Vast Resources PLC (LON:VAST) has been granted an exploitation licence for the Manaila Carlibaba project in Romania, which will allow the company to re-examine the exploitation of the mineral resources within the larger licence area. The Manaila Carlibaba exploitation perimeter contains a JORC 2012 compliant measured and indicated resource of 3.6mln tonnes at 0.93% copper plus other associated metals, with 1mln tonnes inferred grading 1.10% copper. The enlarged exploitation license is 138.6 hectares in size, an increase of 410% in surface area from the existing exploitation license at Manaila.

Canadian Overseas Petroleum Limited (LON:COPL) has reported a loss of US$301,00 in the three months to March 31, 2020, and ended the period with cash resources of US$0.05mln. Since May, however, COPL's share price has risen nine-fold as the junior oiler reached a settlement in principle with partner Essar in their dispute over the OPL 226 licence offshore Nigeria, with the company now carried on an appraisal well. COPL has also refinanced itself through two placings to raise £1.2mln in addition to a US$2mln equity funding facility.

European Metals Holdings Limited (LON:EMH) has said that David Reeves has resigned as a director and non-executive Chairman of the company effective immediately to concentrate on his other business interests. The group noted that Keith Coughlan has been appointed as executive chairman on an interim basis. Coughlan commented: "Dave has been a significant driving force behind the development of the Cinovec Project. It was Dave who first introduced the Company to the opportunity of buying Cinovec in 2013. Since that time he has steered the direction of the Company and has been an extremely hands on Chairman. The demands on Dave's time from his executive role have significantly increased as he concentrates on the development of the Warrawoona Gold Project for Calidus Resources. We wish him every success in that endeavour."

Stobart Group PLC (LON:STOB), the aviation and energy infrastructure group, has announced the appointment of Clive Condie to its board as a non-executive director with effect from July 1, 2020. Condie has more than 35 years' experience in the aviation industry including having worked for British Airways and Manchester Airport. Until June 2018, Clive served as chairman of London Luton Airport; a position he held for almost five years. He also acted as interim chief executive of London Luton Airport in 2014 and is also a non-executive director of CLH-PS, the largest fuel pipeline and storage facility in the UK. David Shearer, Stobart’s non-executive chairman, commented: "I am delighted to welcome Clive to the Board of Stobart Group at this important time. His breadth of experience across the aviation and airport sectors will prove invaluable to us as we implement our long-term strategy to develop London Southend Airport."

San Leon Energy PLC (LON:SLE), the independent oil and gas production, development and exploration company focussed on Nigeria, announced that Mark Phillips informed the company on June 29, 2020, that he has decided to step down as a non-executive director of the company with immediate effect. Oisin Fanning, San Leon’s chief executive, commented: "In the four years since Mark joined our board, our Company has transformed and he leaves us as a successful, cash generative oil & gas company.  I am very grateful to him for all the support he has given San Leon and I wish him well in his future plans. He added: "As has been well publicised, our current nominated adviser, Cantor Fitzgerald Europe, will shortly be ceasing its nominated adviser activities and I am pleased to report that we are in the latter stages of the appointment process with our proposed new nominated adviser.  Once their appointment is concluded, it is our intention to work with them to review the composition of our board in line with best practice corporate governance. We expect this is a process that will be carried out during the summer and we envisage appointing at least one new Non-Executive Director of the Company as part of it.  I will look forward to updating shareholders on this in the coming months."

Iofina PLC (LON:IOF), the iodine from brine specialist, said it had signed a two-month debt repayment extension with senior secured lender Stena Investments. Terms are for an aggregate payment of US$3.05mln to be made to Stena on 1 September. Junior secured lender, Southern Rock Insurance (SRICL), has yet to agree an extension and Iofina said it will try to continue to work with the lender during the 21 day grace period of the current loan. In a separate statement, Iofina announced that at its annual general meeting on Tuesday, which was held as a closed meeting in response to the coronavirus (COVID-19) lockdown restrictions, all resolutions put to shareholders were duly passed.

Angling Direct PLC (LON:ANG), the largest specialist fishing tackle and equipment retailer in the UK, confirmed that at its general meeting held on Tuesday for shareholders to approve the issue of the second placing shares, all resolutions were duly passed, and, accordingly, the company has raised, in aggregate, gross proceeds of £5.5mln further to the announcement made in connection with the placing on June 11, 2020. Andy Torrance, Angling Direct's chief executive officer, said: "We are pleased to confirm that, following updated government guidelines, all our retail sites re-opened as planned on 15 June and have since seen strong initial customer demand, with re-opening coinciding with the start of the coarse fishing season. We are also particularly pleased to announce that our 36th store opened in Bristol on 15 June. In addition, and as already reported, the Group has continued to enjoy strong on-line demand and this has been sustained through June. As a result of our recent cash generation and the £5.5m equity fundraise, we have a sound financial footing and are actively implementing our strategy to achieve further profitable growth. We appreciate the ongoing support of our existing shareholders and, once again, would like to welcome new shareholders onto our register. We look forward to the remainder of the year with cautious optimism."

Tissue Regenix Group (LON:TRX), the regenerative medical devices company, said that, at its annual general meeting held on Tuesday, all resolutions were duly proposed to shareholders and passed.

Metal Tiger PLC (LON:MTR), the AIM-listed investor in natural resources opportunities, announced that at its annual general meeting held on Tuesday, all resolutions placed before the meeting were approved, and, as a result, the company is proceeding with a 1 for 10 share consolidation with a record date of 5.00pm today.

Woodbois Limited (LON:WBI), the Africa-focused forestry and timber trading company, announced that at its annual general meeting held on Tuesday, all resolutions were duly passed on a poll, which included proxies lodged before the meeting.

W Resources PLC (LON:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, said that at its annual general meeting, held on Tuesday, all resolutions put to shareholders were duly passed.

Live Company Group PLC (LON:LIVE) announced that its annual general meeting (AGM) will be held on July 23, 2020, at 2.30pm at 14 Coach & Horses Yard, Mayfair, London W1S 2EJ. As a result of the current crisis of coronavirus (COVID-19) and the UK government's restrictions, the AGM will be run as a closed meeting and shareholders will not be permitted to attend the AGM in person and are strongly encouraged to submit their proxy in advance of the meeting to ensure that their votes are registered.

Instem PLC (LON:INS), a leading provider of IT solutions to the global life sciences market, announced that at its annual general meeting held on Tuesday, all resolutions were duly passed.

Cadogan Petroleum PLC (LON:CAD) said that at its annual general meeting, held on Tuesday, all resolutions proposed were passed.

Bushveld Minerals Limited (LON:BMN), the AIM-quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, has said its annual general meeting will be held at 11am on August 5, 2020, at 18-20 Le Pollet, St Peter Port, Guernsey GY1 1WH. It also said its Annual Report is available on, and can be downloaded from the company's website:   http://www.bushveldminerals.com/financial-reports/

Bahamas Petroleum Company PLC (LON:BPC), the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, announced that it will be holding its annual general meeting at 10.00am BST on July 24, 2020, at the company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP. In addition to ordinary business, the company, in connection to the proposed merger with Columbus Energy Resources PLC announced on June 11, 2020, it will seek shareholder approval of the authority to allot the consideration shares for the merger, as well as various other related matters.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, said on Monday that it has elected to pay the interest of $29,591.45 due on June 29, 2020, on the $7,101,947 Bond issued to Atlas announced on January 31, 2020, by the issue of 13,915,053 shares at an issue price of 0.17271p per share.

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