Reabold Resources (RBD), the oil & gas investing company said it has now received its share of the initial gross consideration of £10 million (c. £3.2 million net to Reabold) from the sale of Corallian Energy Limited to Shell U.K. Limited, as announced on 1 November 2022.
The balance of the total consideration, £22 million (c. £9.5 million net to Reabold), is expected to be paid during 2023. On 31 October 2022, the Company stated its intention to distribute some of the net proceeds of the sale to Shareholders upon receipt of the second tranche of funds from Shell.
Comment: One would hope that the market would start to appreciate not only the Corallian deal, the management of Reabold in delivering it via a giant such as Shell, and if nothing else, the millions coming into the company which are due to be delivered onto shareholders.
Panther Metals (PALM) the company focused on mineral exploration in Canada, noted that Fulcrum Metals PLC have announced the successful pricing of an IPO to raise gross proceeds of approximately £3 million. Dealings will commence at 8:00am on 14 February 2023 under the TIDM “FMET” with a market capitalisation at the Placing Price of £8.725million. PALM will hold a 20% interest in FMET worth £1.745m at the Placing Price. The company said the Big Bear Project has outstanding potential and well deserves the injection of capital that Fulcrum are planning.
Comment: Getting an IPO over the line these days is always a cause for celebration, with the added point in this case being that FMET gives validation and backs the Panther Metals concept, one that the market has perhaps not fully appreciated thus far.
Asiamet Resources (ARS) provided an update on recent works undertaken to finalise various components of the Feasibility Study Update (FS Update) for the BKM Copper Project, located in Central Kalimantan, Indonesia. The company said the final updates and reviews of the pre-production Capital Cost for the project are expected to be finalised shortly. Engaging a new in-country group capable of supplying and installing major parts of the BKM processing plant at highly competitive pricing at this time has meant a short extension to our delivery date.
Comment: Confessing up to a time slip may have been the way to go for ARS, especially as it seems to have worked in the company’s favour, and as we await the FS update. Ideally, the shares continue their post November recovery, off the back of this particular forthcoming news.
Capital Metals (CMET), a mineral sands company in Sri Lanka, updated regarding the temporary suspension of the company’s Industrial Mining Licences announced on 12 December 2022. The company said whilst it was advised that the ownership structure is legally correct, the overarching objectives are to satisfy the GSMB that the spirit of the law is reflected in its ownership structure and have the IMLs promptly reinstated.
Comment: The company has delivered a defiant RNS today, which should be enough to at least maintain the recent share price recovery, especially in highlighting the way that it is focusing on off-takers.
Scotgold Resources (SGZ), the gold exploration and production company announced that following the accelerated bookbuild which was announced on 9 February 2023, it has conditionally raised gross proceeds of £2.5 million at 40p.
Vela (VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to report an update for the quarter ended 31 December 2022. The company said its gross asset value increased by 8.3% during the quarter ended 31 December 2022. This was largely attributable to a rise in the quoted price for EnSilica’s shares in this period.
Rambler Metals and Mining (RMM), a copper and gold producer, announced an update regarding its gold purchase and sale agreement with Elemental Altus Royalties Corp. in relation to production from its 100% owned Ming Mine, located in Newfoundland, Canada. The company said at this stage there can be no guarantee that Elemental Altus will agree to defer or reschedule the sale and delivery of gold, or interest due on the gold purchase and sale agreement, or the terms on which any deferral will be agreed. Accordingly, its financial position remains uncertain.
Pantheon Resources (PANR), the AIM-quoted oil and gas company, provided an update. The company said it is less than 40% through the recovery of the frack fluid (well cleanup) and is confident that Alkaid #2 will ultimately prove a commercial success. Nothing we have seen to date diminishes our confidence in our projects.
Comment: Pantheon continues to regroup after its recent tussle with the bears/front-running shorters. That said, it will be interesting to see whether today’s defiant comments regarding the company’s projects lead to more mud being thrown PANR’s way.
Ananda (ANA), an AQSE-listed medical cannabis company, offered a medical cannabis research roundup. The company said this month has continued the theme of more basic science exploring the in vivo efficacy and mechanisms of both certain individual cannabinoids and terpenes, particularly with regard to inflammation, but also the efficacy of mixes of cannabinoids and terpenes – which have demonstrated the higher efficacy of the mixes.
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