Pathfinder Minerals extends licence resolution deadline again

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Pathfinder Minerals PLC (LON:PFP) headed south, shedding 27% to 0.825p, as the company said it still had not come to an agreement over a lost licence.


The company has been involved in lengthy discussions aimed at restoring an interest in mining concession 4623C in Mozambique and while these talks continue, the board announced it considers it prudent for the company to consider other commercial opportunities.


The board is actively assessing two independent opportunities, with due diligence on their suitability for Pathfinder now at an advanced stage. Shareholders, meanwhile, seem to be actively assessing whether this means a fundraising could be on the way.


1.00pm: Craven House Capital boosted by funding agreement


Craven House Capital PLC (LON:CRV) shares climbed 0.15p to 2p after its North American subsidiary entered into a loan agreement with LM Funding America (LMFA).


The subsidiary will borrow US$1.5mln from LMFA, giving it liquidity ahead of the repayment of the US$3.6mln convertible loan previously extended by LMFA.


Craven House owns 26% of LMFA.


11.45am: Lekoil’s shares double in 2020 as Baron Capital emerges as significant stakeholder


Shares in Lekoil Limited (LON:LEK) shot up 26% to 9.2p after Baron Capital Group was revealed as a significant shareholder.


The investment group declared a 5.72% stake in Lekoil, which has interests in Nigeria.


The shares have already doubled in value in 2020.


10.30am: Eco Atlantic is happy with Tullow’s Carapa discovery even if Tullow isn’t


Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) shares bounced back 8.7% to 56.54p on Friday as it commented on the Carapa discovery, offshore Guyana.


The discovery – revealed by Tullow Oil PLC (LON:TLW) on Thursday – was described by Eco as “very important”, with the company adding it is expecting 2020 to be a significant year.


Carapa-1 was drilled by Repsol in the Kanuka block, which is adjacent to both Eco’s Orinduik exploration area and Exxon’s prolific Stabroek licence block.


9.30am: Tri-Star plunges as future of its investment in Oman facility is in doubt


Doubts over the financing of its antimony and gold production facility in Oman sent shares in Tri-Star Resources PLC (LON:TSTR) crashing 55% to 15.5p.


The facility is owned by Strategic & Precious Metals Processing (SPMP), in which Tri-Star has a 40% stake. SPMP reckons it will require an additional US$160mln to reach full capacity and sustainable positive cash flow but thus far the financing terms it has been offered have been deemed unacceptable.


SPMP is currently in technical default of its current banking facility arrangements with Bank Nizwa and Al Aziz Bank as the most recent repayment obligation has not, as yet, been met.


Mobile Tornado Group Plc (LON:MBT) fell 7.9% to 3.5p after a full-year trading update revealed a revenue shortfall.


The directors of the mobile communications specialist now expect full-year revenues of around GBP3.3mln, leading to an underlying loss of around GBP300,000.


The shortfall in revenue has been driven largely by a delay to the full deployment of the company’s solution with a government agency and a major public utility in Israel.


Proactive news headlines:


Caledonia Mining Corporation Plc (LON:CMCL) has announced it is increasing its dividend thanks to an improved financial performance, driven by higher production and better gold prices. The quarterly dividend increases by 9.1% to 6.875 cents per share. At the same time, the AIM-quoted miner noted that it expects to commission the development of a Central Shaft at the underground Blanket mine in Zimbabwe and that it will work towards a production target of 80,000 ounces of gold per year by 2022.


Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) has described Tullow Oil’s Carapa discovery, offshore Guyana, as “very important” and said that it is expecting 2020 to be a significant year. Success in Tullow’s non-operated exploration well – which confirmed high quality, light sweet crude albeit in a smaller than expected section of net pay – comes after a disappointing outcome in the lab for 2019’s Joe and Jethro discoveries (which were found to be lower grade heavy and sulphurous crude).


Anglo African Oil & Gas PLC (LON:AAOG) has given a sceptical response to a revised proposal from Jub Capital, the investment manager focused on smaller companies. Jub made its initial proposal to acquire newly issued Anglo African (AAOG) shares plus the shares currently held by corporate-financier RiverFort and its associates on the last day of 2019, sending Anglo African’s shares soaring. Jub Capital has now tweaked its proposal, offering to pump GBP100,000 into Anglo African by subscribing for 10mln new shares at a penny a share; previously, the company had previously offered to subscribe for 30mln shares.


Polarean Imaging PLC (LON:POLX), the medical imaging technology company, with a proprietary drug-device combination product, announced late on Thursday that it was notified on 31 December 2019 that the company’s CEO, Richard Hullihen, has purchased a total of 347,100 ordinary shares in three transactions: 100,000 at 20.22p each; 100,000 at 20.02p each; and 147,100 at 23.87p each. Following the transactions, the group added, Hullihen holds a beneficial interest in 2,928,899 ordinary shares, representing 2.56% of the company’s issued share capital with voting rights.


Primary Health Properties PLC (LON:PHP) said late on Thursday that it intends to pay four interim dividends in equal instalments in 2020, with the first quarterly interim dividend of 1.475 pence per ordinary share to be paid on 21 February 2020 to shareholders on the register on 10 January 2020. The group said the dividend will comprise a Property Income Distribution (PID) of 1.275p per share and an ordinary dividend of 0.2p per share, and the company will be offering a scrip alternative with this dividend.


Impax Environmental Markets PLC (LON:IEM) said late on Thursday that it had sold a further 600,000 ordinary shares at a price of 330.0p per share from treasury. It added that, together with a share disposal announced earlier on Thursday, it sold a total of 850,000 ordinary shares from treasury, both at a premium to the group’s prevailing net asset value.


Diversified Gas & Oil PLC (LON:DGO), the US-based owner and operator of natural gas, natural gas liquids, oil wells and midstream assets, announced late on Thursday that, in accordance with the terms of its share buyback programme, it has purchased 123,638 ordinary shares in the company at a volume-weighted average price of 106.771p per share through broker Stifel Nicolaus Europe, with the shares acquired, in due course, to be cancelled.


Metal Tiger PLC (LON:MTR), the AIM-listed investor in strategic natural resource opportunities, announced on Friday that, under its share buyback programme, its broker Arden Partners has purchased 3,600,000 shares in the company at a volume-weighted average price per share of 1.385p.

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