Market newbie Kendrick Resources (KEN), a mineral exploration and development company, said it has exercised its option to conditionally acquire the Espedalen, Hosanger, and Sigdal nickel-copper-cobalt exploration projects in Norway from EMX Scandinavia AB by the issue of 20,226,757 shares in the company to EMX.
50% of these shares shall be subject to a three-month voluntary escrow and the balance of 50% subject to a six-month voluntary escrow. Kendrick has also made a payment of $81,949 to EMX. This payment was to meet a shortfall of this amount in the exploration expenditure to be incurred during the option period.
NetScientific (NSCI), the international life sciences group announced that its wholly owned subsidiary ProAxsis has completed the development and validation of the AstraZeneca COVID-19 antibody test with “impressive performance evaluation results.” In June 2021 ProAxsis entered into an exclusive licensing agreement with AstraZeneca, under which ProAxsis took responsibility for completing the development of a SARS-CoV-2 serology ELISA (enzyme-linked immunosorbent assay).
Genflow (GENF), a UK-based biotechnology company focused on longevity, updated regarding the company’s cash position and to report on its key developments since listing. The highlight here is perhaps the robust balance sheet and net cash of £3.6m as at 13 May, giving the company 2.5 years of working capital. This ties in with clinical trials being expected to commence within an approximate 2-year timeframe which is in line with company expectations
Rockfire Resources (ROCK), the gold and base metal exploration company, said it has successfully secured 100% control of the Molaoi zinc project, through the acquisition of all shares in Hellenic Minerals IKE. As consideration for the transfer of all Hellenic shares to Rockfire, Rockfire will issue a total of 50m shares in the company at an issue price of £0.01 (1.0p).
Hemogenyx Pharmaceuticals (HEMO) announced its participation in the Immuno-Oncology Summit Europe 2022, at which CEO Dr Vladislav Sandler will make a presentation entitled “Anti-FLT3 CAR-T and Bispecific Antibody Therapies for Effective Elimination of AML and Conditioning for Hematopoietic Stem Cell Transplantation”. The conference will be held at Hilton London Canary Wharf on 23-25 May 2022.
Woodbois (WBI), the African focused forestry and carbon credit company, announced a new partnership with World Forest ID, which will enhance the traceability and identification of timber, originating from the company’s forest concessions in Gabon. World Forest ID is building an extensive global library of reference samples, from various forest regions, for use in cross verification.
Market newbie DG Innovate (DGI), the advanced research and development company, announced the appointment of Peter Tierney as the Company’s new Chief Executive Officer, effective from 1 July 2022. Peter Tierney is an experienced Chief Executive with over 30 years’ experience in operating and developing growth orientated service and manufacturing businesses.
Pantheon Resources (PANR), the AIM listed oil and gas company, said it has formally executed contracts for the Nabors 105AC drill rig to drill the Alkaid #2 well, scheduled to spud in July 2022.
If successful, Pantheon will commence a long term production test and truck and sell the produced oil to a nearby North Slope facility.
Jubilee Metals Group (JLP), a leader in metals processing with operations in Africa, provided a performance update of its new and expanded fully integrated South African Inyoni PGM and Chrome Operations and its Zambian Southern Copper Strategy, which involves integrating the Sable Copper and Cobalt refinery with the newly constructed copper concentrator, Project Roan. This new and significantly enlarged operational footprint follows an investment programme implemented over the past 12 months of £39.5m.
Synairgen (SNG), the respiratory company developing SNG001, announced the first presentation of the full data analysis from its Phase 3 SPRINTER trial evaluating the efficacy and safety of SNG001 in patients hospitalised with COVID-19. The data from this pivotal trial will be presented today at the Clinical Trials Symposium of the American Thoracic Society 2022 International Conference, being held in San Francisco, California from 13-18 May 2022.
UK Oil & Gas (UKOG) announced that following the Environment Agency’s Horse Hill production consent, the North Sea Transition Authority has now granted its formal consent for the recompletion of Horse Hill-2z into a water reinjection well. The company holds an 85.635% operated interest in the Horse Hill oil field and surrounding PEDL137 licence.
Union Jack Oil (UJO), a UK focused onshore hydrocarbon company, announced its audited results for the year ended 31 December 2021. The company said that during 2021 and to date, it has advanced a number of its key projects, especially at Wressle which have been transformational financially with substantial revenues and indications that the Wressle journey has only just commenced.
Horizonte Minerals (HZM), the nickel company focused in Brazil, published its unaudited financial results for the three month period to 31 March 2022 and the Management Discussion and Analysis for the same period. The company said it concluded the funding package of US$633 million in December 2021. The net proceeds of the fundraising will be used towards the construction of the Araguaia project as well as for general working capital purposes. The equity fundraise ($197million of the $633 million) was finalised and funds were received in December 2021.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced the assay results of the Diamond Drill programme at the Eclipse Gold Project, in Western Australia. The company said it was pleased to report the success of this strategically important diamond drill programme. It looks forward to moving the focus of its drilling campaigns to the high-grade lodes recently identified at Homeward Bound and extensions to the Eclipse shear, north-west of Jack’s Dream.
Wishbone Gold (WSBN) has signed the drilling contract for its Wishbone II Gold-Copper Project in Northern Queensland. Heritage surveys have been completed in the last few weeks over all the planned drill sites. The company said it is “delighted” to have secured a rig with such an experienced team to drill on the gold and copper targets. This program will run in parallel with its work on its properties in Western Australia.
Eurasia Mining (EUA) said that trading in its shares has been temporarily suspended pending an announcement. It will be interesting to see whether the naysayers finally get their comeuppance and the bulls their big M&A deal?
Nostra Terra (NTOG), the international oil & gas exploration and production company, announced that the Fouke 2 well (NTOG 32.5% WI), at the company’s Pine Mills oil field in east Texas, has been completed, tested and is now on production. The company said it is “very pleased” with the results of the Fouke 2 test and the plans by the operator to seek a substantial increase in the field production allowable. Royal Dutch Shell eat your heart out.
Cora Gold (CORA), the West African focused gold company, announced its final audited results for the year ended 31 December 2021. The company said 2021 was a year of strong progress for Cora, with significant Resource growth at Sanankoro and very well supported capital raises. With these milestone foundations in place, 2022 is expected to be just as formative, with the DFS nearing completion to determine the optimum route for production.
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