Junior miner Vast Resources felt the love from investors as it moved a step closer to re-opening its Baita Plai polymetallic mine in Romania.
The firm said it had made ‘significant progress’ with the association licence – the last permit needed to begin mining – after the licence holder Baita SA held a board meeting earlier this week asking its shareholder, the Ministry of Economy, to approve the application.
Vast should discover the outcome from that within the next few weeks, after which – and assuming the Ministry of Economy gives the green light – it and Baita SA will lodge a joint application to Romania’s National Agency for Mineral Resources to get mining underway.
New start: Junior miner Vast Resources felt the love from investors as it moved a step closer to re-opening its Baita Plai polymetallic mine in Romania
Baita SA also told Vast that it will give it ‘all the necessary support’ to complete the various regulatory demands.
Vast has already brought two mines into production – Pickstone-Peerless in Zimbabwe and Manaila in Romania – and it hopes to have Baita Plai up and running by the middle of next year.
Given the progress made to date, that doesn’t seem farfetched.
Investors were getting excited too, with shares rising by almost 50 per cent over the week to 0.54p.
Jersey Oil & Gas took a bit of a hammering today, although it’s worth putting things into perspective.
The company surged last week on the news that its partner Statoil hit a big oil discovery in the Verbier side-track well in the North Sea – part of the same well which had failed only a month earlier.
Anyway, today Jersey announced it was looking to raise £24million to fund its share of an appraisal programme at Verbier – in which it holds an 18 per cent stake – as well as new exploration drilling at the nearby Cortina prospect.
The junior oiler is selling shares at a ‘minimum price’ of 200p, hence the stock’s 25 per cent fall to 217p.
In general it wasn’t the best of weeks for the junior market, with the AIM All Share losing 0.9 per cent, or 9.6 points, to end the week just below the 1,022 mark.
Golden outlook: Greatland Gold’s stock almost doubled to 2.26p this week after applying for a new exploration licence to expand its landholding at the Ernest Giles gold project in Western Australia
The blue chips didn’t exactly set the world alight either, although the FTSE 100 did at least muster some growth, rising 0.1 per cent, or 10 points, to 7,544.
One of those stopping the AIM All Share from falling too far under was Greatland Gold which continued its strong run.
The stock almost doubled to 2.26p this week after the explorer applied for a new exploration licence to expand its landholding at the Ernest Giles gold project in Western Australia to more than 2,000 kilometres.
If the licence application is successful then the eastern blocks of the Ernest Giles project will encompass a whopping 80 square-kilometres, or so.
That alone probably wasn’t enough to justify the sharp rise, with online speculation about the future of the project adding fuel to the fire.
In decline: MySQUAR , the Myanmar-language social media, entertainment and payments platform, saw its stock slide another 23 per cent to 2.1p, having been forced to restate last week’s trading statement after getting the maths wrong
Elsewhere, a schoolboy error cost MySQUAR, the Myanmar-language social media, entertainment and payments platform this week, with the stock sliding another 23 per cent to 2.1p.
The company was forced to restate last week’s trading statement after getting the maths wrong.
Average monthly revenues in the last quarter totalled $135,000, which was a 350 per cent year-on-year gain, rather than 450 per cent which it originally stated.
Investors had already shown their displeasure at the revenue figures last week, given that at one point in summer MySQUAR was taking in more than $200,000 a month.
Speaking of last week, you may recall that Mytrah Energy’s chairman Ravi Kailas was caught out using the company’s money as his own to help fund the purchase of a property.
Well, he repaid the $2.55m loan (more than originally thought) by close of play on Monday, plus an extra $16,000 charged to him by the Indian wind and solar power group.
He’s not completely off the hook yet though; an independent law firm has been brought in to carry out an in-depth investigation into the transaction.
Takeover target: Telit Communications, the industrial Internet of Things specialist, jumped at the start of the week following reports last weekend that potential bidders are circling
Once that’s been completed Mytrah said it would update shareholders again.
Wrapping things up this week is a usual suspect: Telit Communications.
The industrial Internet of Things specialist jumped at the start of the week following reports last weekend that potential bidders are circling.
Private equity firms such as Berkshire Partners, Vector Capital and Apax have been running the rule over the company’s automotive division, although none as yet have lodged an offer.
In response to the press coverage, Telit issued a stock market statement in which it reminded investors that it had been actively considering pruning its product line and confirmed that one of those on the block was the auto division.
After peaking at 185p on Tuesday, shares had fallen back to 167p on Thursday.
Original Link: www.thisismoney.co.uk/money/investing
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