RNS Hotlist with Zak Mir: I3E, IDEA, AMC, RMM, CHLL, LEX, LIFE, TM1, AQRU, PUR, DGI & KEFI via Vox Markets

In the present climate blowing the lights out fundamentally is not easy, but i3 Energy plc (I3E), an independent oil and gas company, has done so in its Q1 2022 operational and financial update.

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Q1 2022 average production was approximately 18,095 barrels of oil equivalent per day, representing a 100% increase over Q1 2021. The company said an increase in dividend pay-out for 2022 is also expected to be announced in due course.

Ideagen (IDEA) said that further to the announcement on 5 May 2022, and this morning’s announcement of the recommended cash offer by Rainforest Bidco Limited, the company confirms that it remains in discussions with Astorg and that Astorg has been granted access to due diligence. IDEA added that there can be no certainty that a firm offer will be made by Astorg, nor as to the terms of any such offer – presumably courtesy of the Nomad. Further announcements will be made in due course, in what could be a good old fashioned bidding war.

The second M&A of the day came from perhaps the most leftfield in the current geopolitical climate. Amur Minerals (AMC), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, said it has entered into a Share Purchase Agreement for the sale of 100% of its interest in Irosta’s wholly owned subsidiary, AO Kun-Manie. This is for a total consideration of $105 million, so around 4p a share. Stanmix Holding Limited will purchase AO KM and the benefit of all amounts owed by AO KM to Amur under intra-group loans. It will be interesting to see whether other parties come to the table given the size and strategic value of AMC’s assets.

Rambler Metals and Mining (RMM), a copper and gold produce, announced its reconciled operational results for the month of April 2022. For the month ended 30 April 2022, the Ming Mine averaged throughput of 1,185 dry metric tonnes per day (March 2022: 1,074 dmt per day), representing a 10% increase in daily throughput compared to March 2022. The company said its mining is now at a rate that can support the designed plant throughput, and it will now optimise the feed grade to the mill.

Chill Brands (CHLL), the international consumer packaged goods company, updated regarding its fundraising plans – where something of a bunfight developed. The company said that it had conditionally raised £3,500,000, and an alternative proposal was received by Chill Brands’ Board of Directors on Friday 29 April 2022. Following careful consideration, the Board has declined the proposal on the basis that it was not considered commercially viable as it would not provide the Company with sufficient working capital, or the funds required to resource business activities that are believed to be in the best interests of Chill Brands and its shareholders. It would appear to be 1-0 to CHLL so far.

Lexington Gold (LEX), the gold exploration and development company with projects in North and South Carolina, USA, said that it has received the remaining assay results with respect to Loflin further to the Company’s recently completed 5,000m reverse circulation drilling programme. The company said the drilling results for Loflin continue to return signficant shallow level intersections including intersections outside of the known north-eastern boundary of the main Loflin resource. The main Loflin deposit remains open to the north-east and also to the south and south-east and potentially links up with Loflin South.

Love Hemp Group (LIFE), the brand-led consumer goods company focussed on CBD health, updated on the temporary suspension of the trading in shares of Love Hemp. The company said it is in discussions with a new AQSE Corporate Advisor and expects to update the market with an appointment soon.

Technology Minerals (TM1), the battery metals specialist, announced the appointment of James Cable as a director and Chief Financial Officer of the Company with immediate effect. Cable has extensive experience of investment evaluation and financial transformation across several industries, including 28 years in natural resources. Presumably James is not related to Vince.

AQRU (AQRU), an incubator specialising in DeFi, said that its wholly owned subsidiary, Accru Finance Ltd., has surpassed $50 million in assets under management and 20,000 user signups on its proprietary yield-generating platform, AQRU.io, five months after the launch of the platform in December 2021. This represents AUM growth on AQRU.io of over $30 million in the 39 days since 1 April 2022.

Pure Gold Mining (PUR) announced a non-brokered private placement of 200,000,000 units of the company at a price of C$0.15 per Unit for aggregate gross proceeds of C$30 million. The company said it may elect to upsize the Offering to up to a maximum of 266,666,666 Units for aggregate gross proceeds of up to C$40 million based on demand. Each Unit will consist of one common share and one common share purchase warrant.

DG Innovate (DGI), the advanced research and development company, announced the extension of its Pareta© range of high-performance electric vehicle drives to now include a 400kW version suitable for heavy vehicle applications. The 400kW Pareta© integrated E-drive is being developed in collaboration with a tier 1 supplier to the commercial vehicle industry, with whom the company has a “good and evolving” relationship.

KEFI (KEFI), the gold and copper exploration and development company, updated regarding the Company’s Gold and Minerals SLA joint venture projects in Saudi Arabia. The company said “It’s great” to see the continued stream of results and news coming from Saudi Arabia as the Hawiah Copper-Gold and Jibal Qutman Gold projects push towards development.

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