DeepVerge (DVRG), the environmental and life science group of companies, announced that it has conditionally raised £10 million, in an oversubscribed Placing and Subscription at a price of 2 pence per share.
The company also provided Existing Shareholders and other investors who did not participate in the oversubscribed Fundraising the opportunity to invest in the company. The Issue Price of the Broker Offer is 2p, with an initial expected value of £1.0 million, but may be extended to £2.5 million with the express agreement of the company. It could perhaps be argued that the cash raised by DeepVerge was achieved despite the efforts of the bears to ensure this did not happen.
Synergia Energy (SYN) provided a September 2022 quarterly report. In India during the Quarter the company completed the re-frac on the C-77H well. Production continued on the company’s Cambay gas field, together with gas sales, from the C-73 and C-77H wells. The company also commenced plans to initiate a formal farm out process for up to 50% of the c. 1 TCF Cambay gas and condensate field. In the UK the company submitted two applications under the North Sea Transition Authority’s 1st Carbon Storage licensing round.
Rambler Metals and Mining (RMM), a copper and gold producer, announced an update on its financial position. Repayments of capital on a loan balance of $16.4 million provided by NewGen Resource Lending Inc, the company’s principal secured creditor, are due to commence on 31 October 2022. The company has been in active discussions with NewGen to defer or reschedule the repayment of its loan, which is intended to form part of a wider restructuring of the Company’s finances. However, an agreement has not yet been reached to defer or reschedule such capital repayments and the shares are to be suspended.
Atlantic Lithium (ALL) the African-focussed lithium exploration and development company, presented its Quarterly Report for the quarter ended 30 September 2022. The company said the publishing of the Pre-Feasibility Study in September marked a significant milestone in the Ewoyaa Lithium Project’s journey towards production. It has continued to build on this progress post-period end through the submission of an application for a mining licence to the Minerals Commission of Ghana and the completion of the extended drilling programme at the Project. Work is now ongoing to deliver a further Resource upgrade at Ewoyaa in the final quarter of the year or early in 2023.
Wildcat Petroleum (WCAT), a company targeting the upstream sector of the petroleum industry, announced a placing at 1.25p raising £225,500, net £211,970. The company said it was delighted to have raised additional funds to strengthen the balance sheet in difficult market conditions.
Tekcapital (TEK), the UK intellectual property investment group updated on Guident Corp, the US based subsidiary of Guident Ltd. The company said the main benefits of human-supervised remote monitoring and control of driverless and autonomous vehicles include providing an additional layer of safety via remote operations to address edge cases and protection of humans from dangerous or unforeseen activities.
Marula Mining (MARU), an African focused mining investment company, announced that it has raised £450,000 of gross proceeds at 2p. It has also conditionally agreed to issue £265,000 of secured Convertible Loan Notes to Brahma Finance (BVI) Limited repayable 2 years from the date of issue. Marula will also be putting forward a resolution to vary the investing strategy of the company. The company has also entered into an agreement with a South African based subsidiary of global commodity group Traxys SARL, under which the first $2.5 million of a $5 million lithium pre-payment facility has been advanced for the purchase of high-grade lithium ore from the Blesberg Lithium and Tantalum Project in South Africa.
Trident Royalties (TRR), the diversified mining royalty company, noted recent significant developments relating to its Mimbula Copper Royalty. The company said it was pleased to see significant progress from a key asset within Trident’s royalty portfolio. The near-term commencement of standalone copper production from Phase 1 is a substantial accomplishment, achieved during a challenging operating environment, while the Phase 2 expansion provides a future significant catalyst.
Oracle Power (ORCP), the international natural resources project developer, provided an update statement from its CEO, Naheed Memon, with respect to developments during Q3 2022. The company said it has begun Q4 with enormous optimism and a focused approach on delivering value for shareholders from a portfolio of assets which sit across the spectrum of energy and commodities.
Shield Therapeutics (STX), a commercial stage, pharmaceutical company, announced that US Food and Drug Administration has approved the extension of the expiration for Accrufer® (ferric maltol) from 36 months to 48 months.
Alkemy Capital Investments (ALK) presented its unaudited financial statements for the 6 months ended 31 July 2022. The company said the pace to decarbonise is accelerating and with a growing need for lithium hydroxide and now a growing preference from western OEM’s to source lithium hydroxide using more local supply chains, Alkemy is well positioned to benefit from these changes.
Manx Financial Group (MFX), the holding company providing a range of diversified financial services, announced that the Group’s wholly owned banking subsidiary, Conister Bank Limited, applied for a United Kingdom Branch Deposit Taking licence on 25 October 2022.
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