Challenger Acquisitions (LSE: CHAL) entered into a Letter of Intent (‘LOI’) with Cindrigo Limited and Cindrigo Energy Limited, which form part of a group of companies pursuing renewable energy projects built on broad Swedish expertise and experience in the waste to energy and biomass energy sector. The LOI contemplates Challenger making an offer to acquire all of the shares of Cindrigo, which if it completes would constitute a Reverse Take Over (‘RTO’) so, at the request of Challenger, the FCA has suspended its listing on the LSE pending either a further announcement on specific details of the RTO, the publication of a prospectus, or an announcement that the RTO is not proceeding.
Jangada Mines Plc (AIM: JAN) reported a maiden total resource estimate of 5.70Mt million tonnes at an average grade of 0.51% vanadium pentoxide (‘V2O5’), 10.09% titanium dioxide (‘TiO2’) and 50.42% of ferric oxide (‘Fe2O3’) for a contained resource of 28,990 tonnes V2O5 for its Pitombeiras Vanadium Project in Brazil. This included an indicated resource estimate of 1.47 million tonnes at an average grade of 0.50% V2O5, 9.85 % TiO2 and 49.78% of Fe2O3 for a contained resource of 7,297 tonnes V2O5 and inferred resource estimate of 4.23 million tonnes at an average of 0.51% V2O5, 10.17% TiO2 and 50.64% of Fe2O3 for a contained resource of 21,693 tonnes V2O5. The mineralisation is at or near surface with significant further upside as the resource remains open in all directions and only two out of eight known VTM targets have been drilled to date. An additional 2,000 metres step out and infill drilling is planned to begin in September 2020 to increase the size and the categorisation of the resource, with a preliminary economic assessment to be completed on its finalisation with targeted release Q1 2020.
Dekel Agri-Vision Plc (AIM: DKL) has been advised by the Italian manufacturer, Oltremare Srl, that the second shipment of milling equipment for the large scale cashew processing project at Tiebissou in Cote d’Ivoire has left Italy. This shipment is expected to arrive at the port of Abidjan in approximately four weeks and the remaining two shipments are to be expected in the coming months. This marks the second of four shipments due to be despatched from Italy comprising of twelve 40ft containers. Tiebissou is set to become Dekel’s second producing project.
Emmerson Plc (LSE: EML) has appointed Shore Capital Stockbrokers Limited to act as Corporate Broker with immediate effect this week. The experience and track record of Shore Capital will be invaluable during this pivotal time in Emmerson’s development and in taking its projects forward to deliver the best value for stakeholders.
FastForward Innovations (AIM: FFWD) received a positive update from its investee company EMMAC Life Sciences, in which it has a 2.3% interest. EMMAC has secured its Good Distribution Practice licence for the distribution of medicinal products in Switzerland meaning it now has the ability to import, distribute and export medicinal products, including medicinal cannabis, for the domestic Swiss, EU and international markets. This further cements its position as the leading independent medical cannabis and wellness company in Europe, which is experiencing increasing demand for premium-quality medical cannabis products with the European medical cannabis market predicted to be worth in excess of $8 billion by 2023.
Katoro Gold Plc (AIM: KAT) announced the exercise by Power Metal Resources Plc of its option to increase its ownership interest in the Haneti Nickel Project in Tanzania. Power Metal Resources previously held a 25% interest in the Haneti Project with an option to increase this to 35% by payment to Katoro of £25,000 in cash, which has been received. The ownership of the project is now therefore Katoro 65% and Power Metal Resources 35%.
In the news this week…
Those who invested in junior gold miners amidst rising gold prices are doing better than those who invested in bullion.
Apple has become the first US company to be valued at $2tn after its share price hit $467.77 in trading in the US.
A report published by Waitrose entitled How Britain Shops Online demonstrates the effect the pandemic has had on online shopping, finding that 77% of the public now do their grocery shop online.
The malfunction at the Lindt factory causing ‘chocolate snow’.
The highest level weather warning has been issued ahead of Storm Ellen in Northern Ireland.
France’s champagne making vineyards have agreed to reduce their grape harvest by nearly 22% from last year in order to recover from a collapse in sales during the pandemic.