Edtech specialist Dev Clever (DEV) provided an update on the agreement with Veative Labs, which was announced on 12 April 2021. Dev said the parties continue to work towards completing the acquisition by Dev Clever of the entire issued share capital of Veative Labs Private Limited.
By Zak Mir
This process has been elongated by COVID, but the parties remain committed to closing the transaction as soon as practically possible. The acquisition for VLPL will be amended to the issuance of 175 million new ordinary shares in Dev. Completion of the VLPL acquisition remains subject to the publication of a prospectus approved by the FCA.
Moroccan focused potash development company, Emmerson (EML) delivered an update on progress at its Khemisset potash project. It said work on site at Khemisset continues to gain momentum, and it continues to advance the status of the ESIA permit process and the financing process. The company said it is seeking a balanced project financing package that delivers an appropriate and sustainable capital structure for the Company. It is anticipated that the funding package will comprise multiple elements including both debt and equity tranches.
Dimension stone company Fox Marble (FOX) announced its unaudited interim results for the six months ended 30 June 2021. The company said that factory output and efficiency continues to grow with gangsaw output growing by 61% on 2020 and tile output growing 123%, despite a slow first quarter as projects were delayed by weather and Covid-19 resurgence. Binary bet investors will have noted that Samuel Wordsworth QC has submitted his opinion in respect of the Fox Marble’s €195M claim against the Republic of Kosovo. His opinion supports the company’s claim that the Republic of Kosovo has breached the provisions of the Kosovo Investment Law.
Independent oil and gas company focused on Nigeria, San Leon Energy (SLE) announced its interim results for the six months ended 30 June 2021. This includes an update on its indirect interest’s in OML 18. During the period of 2021 to date, $1.9 million of Loan Note payments have been received. In July San Leon agreed to the conditional payment waiver with regard to approximately $32 million of MLPL’s Loan Notes and interest that fell due on 5 July and this has since been extended to the end of September 2021.The company said it is well-positioned either to pursue the proposed transaction with Midwestern, or to continue with its existing assets and strategy and await receipt of the remaining substantial Loan Notes repayments. “Whichever route is taken, the progress on the ACOES system is expected to be of substantial benefit.”
Copper-gold exploration and development company, Bezant Resources (BZT) announced its unaudited interim results for the six months ended 30 June 2021. Post balance sheet on 2 August 2021 it entered into an agreement with Caerus Mineral Resources (CMRS) for exploration and possible development of a number of copper/gold licences in Cyprus. The company said that the period under review has been very active in its mission towards copper and gold, with a view to establish new positions, consolidating current positions and monetarising legacy positions.
Quantum Blockchain Technologies (QBT) said has filed an application for its first patent– the ASIC UltraBoost. The application made to the UK patent office represents a “major breakthrough” in Bitcoin mining, as a result of a very material optimisation of the mining algorithm. The ASIC UltraBoost is described as being an improvement of the Bitcoin mining process eliminating redundant computation of a key part the Bitcoin mining algorithm, resulting in a faster and more efficient mining process.
There was a swing to profit – just- for Latin American focused upstream energy company, Echo Energy (ECHO) as it announced its unaudited interim results for the six months ended 30 June 2021. Here there was gross profit of $0.4 million (H1 2020: loss of $1.6 million). Revenue increased 5% to $5.9 million in H1 2021 (H1 2020: US $5.6 million), with a reduction in cost of sales of 33% in H1 2021 compared to equivalent period in H1 2020. The company said it is to refocus capex away from high-risk exploration into lower risk-production opportunities with swift pay back.
Premier African Minerals (PREM) served up its interim results for the six months ended 30 June 2021. The company said negotiations proceed regarding RHA Tungsten Private Limited and there is a strong potential future for RHA. Premier continues to engage directly with MN Holding Limited in terms of its focus on cash generative assets. The group had an operating profit of $3.943 million for the six months ending 30 June 2021. This was due to the reversal of the impairment of the evaluation and exploration assets of Zulu Lithium.
Nickel company focused in Brazil, Horizonte Minerals (HZM) said that it has received credit approvals from a syndicate of five international financial institutions, in addition to the previously announced approval by the two export credit agencies for a senior secured project finance facility of up to $346.2 million to fund the construction and development of its Araguaia ferro-nickel project.
US focused oil and gas exploration and production company, Nostra Terra (NTOG) announced its unaudited results for the six-month period ended 30 June 2021. This revealed a 130% increase in revenue for the period to $963,000 (30 June 2020: $417,000). Gross profit from operations for the period were $250,000 (30 June 2020: $115,000 loss). There was 25% increase in total production for the period to 15,211 barrels oil (30 June 2020: 12,152 barrels oil). Post period the company was able to announce a doubling of its senior lending facility to $10 million, an increased borrowing base, and a substantial boost to its reserve base.
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