|Two days later we had Budget Day in the UK then fast forward to the end of the week, and today some readers might be lucky enough to be enjoying the Cheltenham Festival. Punters be warned – it might not be the best day to bet the ranch: amidst all the panic loo roll and hand sanitiser buying, you may have missed that today is Friday the 13th, the second of the three to occur this year. But while Friday 13th may bring with it centuries old legends of bad omens, at least it marks the end of the working week and the start of the weekend! Hurrah! And to set you on your way have a read of the news our clients have put out this week…
MGC Pharmaceuticals Ltd (ASX: MXC) announced the first patients have begun treatment this week in the Phase II Clinical Trial in partnership with the University of Notre Dame Australia in Perth, evaluating the effects of CogniCann® in treating dementia and Alzheimer’s disease. The Trial is looking to confirm the clinical efficacy of the drug (CogniCann®) and determine the therapeutic individual dose response. Results of the trial are conservatively expected by the end of Q3 2021.
Armadale Capital Plc (AIM: ACP) announced positive results from an Improved Mine Plan, which incorporates a staged ramp up to 500,000 tonnes of processed ore per annum after two years and to 1 million tonnes ore after four years at its 100% owned Mahenge Liandu graphite project in Tanzania. This anticipated production profile increases production output by 100% compared to the March 2018 Scoping Study and is anticipated to significantly transform Definitive Feasibility Study economics currently being finalised. Crucially, significant further upside remains as this Improved Mine Plan is based on less than 25% of the Resource over a mine life of 17 years.
Oracle Power Plc (AIM: ORCP) noted the strong support for the development of a mine and 1,320MW power plant, in addition to a coal gasification plant, at the Company’s 100% owned Thar Block VI Project in Pakistan, as highlighted in a letter from the Minister of Energy for the Government of Sindh to the Chairman of the CPEC Authority. The Company will shortly submit the final LOI application documents to the Private Power and Infrastructure Board and a Joint Investment Agreement and Shareholders Agreement will be drafted is expected to be signed in mid-2020.
United Oil and Gas (AIM: UOG) has appointed Rockhopper Exploration Plc CFO Mr Stewart MacDonald as a Non-Executive Director of the company. The appointment follows United’s recent acquisition of a 22% interest in the producing Abu Sennan field in Egypt from Rockhopper. The deal was part settled in shares and as a result, Rockhopper now holds 18.5% of United. Under the terms of the transaction, for as long as Rockhopper has a stake of 10% or more, it is entitled to appoint a director to the Board of United. A win win all round, as United stands to benefit from Mr MacDonald’s intimate knowledge of Abu Sennan and his experience in Egypt.
Board moves at Europa Oil and Gas (Holdings) Plc (AIM EOG) this week. In comes current co-CEO of Reabold Resources Stephen Williams as a Non-Executive Director and out goes Roderick Corrie who is stepping down after 12 years of service. The change also prompted the appointment of Brian O’Cathain, who has been on Europa’s Board since January 2018, as Senior Independent Non-Executive Director. Mr Williams come with a great track record at Reabold, where he has overseen the building of a diversified portfolio of investments in the UK, Romania and the US and the company’s participation in nine wells, eight of which resulted in discoveries.
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