| Client News:
MGC Pharmaceuticals Limited (ASX: MXC) received valid applications for a total of A$1,142,460 following the closing of the Share Purchase Plan announced in February. This, combined with the strategic placement completed in February, has raised a total of A$2,142,460. The funds will be used to fill current and ongoing orders for MGC’s cannabinoid-based medicines in Australia, Europe, and Latin America, as well as for operating expenses and general working capital.
Shard Credit Partners completed a £12 million senior secured unitranche loan facility to support the MBO by MAPD Ventures of North West law firm Jackson Lees Group Ltd and to finance a nationwide buy-and-build acquisition strategy. This represents the first investment from Shard’s current fund in the North West region of the UK, which will form the centre of the buy-and-build acquisition strategy to create a more significant legal services group. This marks Shard’s fourth consecutive MBO financing in the North of England in the last 13 months.
Kibo Energy (AIM: KIBO) revised timings for commissioning of the Bordersley 5 MW gas-fuelled power generation plant in the UK as a result of the coronavirus outbreak. Milan based AB Impianti S.R.L (‘AB’), who are managing the end-to-end Engineering, Procurement, and Construction scope of works) for the project, had to temporarily halt their operations but are now working remotely with their factories operational again. Whilst guidance on new timings for commissioning cannot yet be given, Kibo continues to see positive progress. This includes funding interest from multiple entities to develop more than 20 sites of sustainable power generation assets in the UK, with advanced discussions underway to secure up to $100,000,000.
Harvest Minerals Limited (LSE: HMI) has achieved substantial permanent annual savings of US$400k as part of its cost savings programme at its Arapua Project in Brazil, which produces the soil remineraliser KPFertil. This saving reduces the break-even point considerably at the project, with further savings also expected during the year.
Oracle Power Plc (AIM: ORCP) appointed Glen Lewis as a Non-Executive Director with immediate effect. Mr Lewis has worked in the coal industry since the 1980s and has led the development of a number of significant coal deposits, including United Colliery and Dartbrook Coal in the Hunter Valley in Australia. He has held a number of senior roles at Xstrata Coal, including General Manager of Operations, and was appointed as Managing Director of ASX listed NuCoal Resources Ltd in 2010. His appointment will bring an invaluable wealth of experience and extensive network to the Oracle Power team as the company looks to development its Block VI Thar Project in Pakistan towards production.
Savannah Resources Plc’s (AIM: SAV) financial results for 2019 demonstrated meaningful progress across its diverse project portfolio and ended the year with a positive cash position of £3.5m. Advancing the Mina do Barroso Lithium Project in Portugal, which Savannah has become the sole owner of, is a priority for the company, with the focus on completing the project’s pre-development phase as soon as possible. This means lodging the EIA and other licence related documentation, finishing the DFS, obtaining popular acceptance, and making preparations to secure the finance required to build the project, for which advanced negotiations are underway. Away from Portugal, preparations are being made to accelerate the Pre-Feasibility Study at the Mutamba Mineral Sands Project in Mozambique after three key Mining Concessions were awarded during December and January covering the project’s 4.4Bt resource, and a strategic review is to be undertaken on the Block 4 & 5 Copper Projects in Oman. With Mina do Barroso ideally positioned to be at the heart of the emerging EV supply chain in Europe, and Mutamba progressing in partnership with Rio Tinto, Savannah is focussed on becoming a sustainable and responsible mine operate in the near future.
Cora Gold Limited (AIM: CORA) has raised £2.89 million through a subscription of new shares at a price of 4.75 pence by existing strategic shareholders, directors and other investors. These funds will be used to progress exploration and development at the Sanankoro Gold Project, following the successful scoping study in January which showed strong economic fundamentals of an 84% IRR and +US$19m/year free cash flow generation. The company is currently working on metallurgical test work and other development activities with the objective of increasing the current oxide resources and enhancing Sanankoro’s mine life, ahead of moving into feasibility study work next year.
Dekel Agri-Vision (AIM: DKL) appointed a new Non-Executive Director to the Board. Mr. Aristide C. Achy Brou is taking over from Mr. Bernard Francois, who is stepping down to pursue other business interests. As well as extensive experience working on the commodity trading desks of the likes of BP, JPMorgan and Goldman Sachs, Mr Achy Brou and his family have been involved in rubber plantations and processing operations in Côte d’Ivoire for over 40 years, all of which will come in handy as Dekel advances and grows its diverse portfolio of agriculture projects in the country.
Europa Oil & Gas (AIM: EOG) announced that its 30% owned Wressle development project in North Lincs passed an economics test with flying colours. The rerun of the economic model was undertaken by operator Egdon Resources to reflect recent moves in the oil and gas markets. The results confirm the development of the Wressle Oil Field is economically robust in the current low oil price environment and show the Project has an estimated break-even oil price of US$17.62 per barrel. Good news for Europa as with production expected to commence at an initial gross rate of 500bopd later this year, Wressle is expected to more than double Europa’s existing UK onshore production to over 200bopd.
In the Press:
Jubilee Metals Plc (AIM: JBL) appeared in This is Money’s Small Cap Share Ideas. |
