Proactive news snapshot: Tower Resources, Redx Pharma, Tekcapital, Strategic Minerals …

News

Tower Resources PLC (LON:TRP) has agreed to farm-out a 24.5% working interest in its Thali licence in Cameroon to Australia-based private company OiLR. The farm-out will provide US$7.5mln towards the cost of the NJPOM-3 well at Thali, which has an estimated total cost of US$15-16mln.


Redx Pharma PLC (LON:REDX) said late on Friday that bid discussions with Yesod Bio-Sciences Limited have been terminated and, separately, revealed that it has secured funding via a share subscription. In a statement, the board of the AIM-listed drug discovery and development company said it had decided that the possible offer from Yesod substantially undervalued Redx and its assets.


Tekcapital PLC (LON:TEK), the UK intellectual property investment group, said its portfolio company Salarius has signed a distribution agreement for its Saltme! snack brand. The agreement covers North America and is with one of North America’s largest natural food wholesalers. Tekcapital has a 91.7% stake in Salarius.


Strategic Minerals PLC (LON:SML) (OTCMKTS:SMCDY) remains in good shape, according to its managing director John Peters. He was commenting in a update on operations, in which the company highlighted its continuing access to cashflow from the Cobre stockpile, progress at the company’s Leigh Creek copper mine development, and continuing exploration at Redmoor. There has also been progress on arbitration related to a dispute around a purchaser of material from Cobre, the group added.


BigDish PLC (LON:DISH) said the fourth week of February was a record week for new client additions. The dining deals and discounts offerer revealed that 58 new restaurants signed up to its yield management platform in the final full week of February, taking the total number added in February up to 166.


IronRidge Resources Ltd (LON:IRR) has entered into an agreement with Major Star to acquire 100% of the Bodite and Bianouan gold licences in Cote d’Ivoire. In return, Ironridge will issue 1,550,388 shares at 18p each to the seller, Major Star. The issue price is at a significant premium to IronRidge’s current share price of 11.75p.


Midatech Pharma PLC (LON:MPTH) is to start a second Phase I study for its child brain tumour treatment MTX110. Columbia University in New York will run the new trial, but use a different delivery system to the ongoing safety and dosing study at the University of California.


SIMEC Atlantis Energy Limited (LON:SAE) has announced the successful production of 100 tonnes of fuel pellets for large scale combustion testing and the successful completion of large scale milling tests on the 100% waste-derived fuel pellets to be used at the Uskmouth power station, post-conversion. In a statement, the AIM-listed global developer, owner and operator of sustainable energy projects said this is a key milestone for the project and provides further confidence that the energy pellets developed as a high calorific value, low-cost alternative to coal are able to be produced in commercial quantities and can be milled using industry-standard designs.


Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON) has acquired rights for the potential new use of AOC3 protein inhibitors, the overexpression of which has been connected with many vascular diseases such as stroke. In a statement, the Finland-based clinical stage biopharmaceutical company noted that the Invention has been discovered by Faron’s scientific network, with one of Inventors academician Sirpa Jalkanen, the wife of Faron’s chief executive officer, Markku Jalkanen.


MetalNRG PLC (LON:MNRG) has completed the final stage required for a permit at its Gold Ridge Mine operation in Arizona. Gold Ridge has been awarded an MSHA Identification Number by the Federal Mine Safety and Health Department, which has cleared the way for detailed operational plans and drilling logistics.


MTI Wireless Edge Ltd (LON:MWE) upped its dividend by a third as profits and cashflow picked up strongly over the past year. The antennas and agtech specialist said revenues rose by 13% to US$40mln (US$35.5m), with profits rising by 29% to US$3.4mln as margins benefited from a greater scale.


Bacanora Lithium PLC (LON:BCN) has turned in a pre-tax loss of GBP4.9mln for the six months to December 2019, down from the GBP11mln lost during the corresponding period in 2018. The loss includes US$2.8mln of general and administrative costs, and share-based payment compensation of US$300,000. The overall loss was lower due to reduced corporate overheads.


Anglo Pacific Group PLC (LON:APF) (TSX:APY) has entered into a financing agreement which will see it help fund the construction of Incoa Performance Minerals LLC’s calcium carbonate mine and associated infrastructure in the Dominican Republic, as well as a processing facility located in Mobile, Alabama, in the USA. In a statement, the AIM-listed firm said that the financing, made together with Orion Mineral Royalty Fund LP – Series 1 and Orion Mineral Royalty Fund LP – Overflow Series 1, will fund Incoa’s production of high quality ground calcium carbonate to be marketed principally to the domestic US calcium carbonate market.


NQ Minerals PLC (NEX:NQMI) (OTCMKTS:NQMLF) has agreed a definitive term sheet with the Traxys Group and a leading European natural resources bank for a US$60mln debt facility. The new debt will be used to refinance debt raised to start mining and processing at the flagship Hellyer base and precious metals mine in Tasmania.


Polarean Imaging PLC (LON:POLX), the medical imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, said it will receive approximately US$45,000 after issuing 232,010 new ordinary shares of GBP0.00037 each at par value following the exercise of warrants by Amphion Innovations PLC. Following the exercise, Amphion will hold 232,010 ordinary shares, representing 0.2% of the company’s issued share capital with voting rights, and will not hold any Polarean warrants.


Oriole Resources PLC (LON:ORR) has raised GBP245,000 through a private placement. The proceeds, together with the recently announced proceeds from the sale of shares in Tembo Gold Corp will be used to support ongoing exploration at the company’s Bibemi project in Cameroon.


Live Company Group PLC (LON:LVCG) announced late on Friday that it has agreed amendments to its existing loan facility and equity sharing agreement (ESA) with investors YA II PN, Ltd and RiverFort Global Opportunities PCC Limited – formerly Cuart Investments PCC Limited. In a statement, the AIM-listed firm said the maturity date of the existing loan facility, of which approximately GBP0.7mln in principal remains outstanding, has been extended to June 2021 from December 2020. It added that the terms of the ESA have been amended so that the subscription amount will now be received over a period of 36 months commencing in March 2020, as opposed to over a period of 12 months.


Solo Oil PLC‘s (LON:SOLO) proposed reverse takeover with ONE-Dyas gas fell through due to a failure to renegotiate terms after a slump in European gas prices. In addition, cost forecasts rose, while the share price was knocked by Brexit uncertainty.


Greencoat UK Wind PLC (LON:UKW) announced that its Annual General Meeting will be held at the offices of Greencoat Capital LLP, 4th Floor, The Peak, 5 Wilton Road, London, SW1V 1AN at 2.00pm on 30 April 2020.


Genel Energy PLC (LON:GENL) said it will announce its full-year 2019 results on 19 March 2020. The company said there will be a presentation for analysts and investors at 0900 GMT on the day, with an associated webcast available on the company’s website.


Proactive Research has published an initiation note on Condor Gold PLC (LON:CNR), an AIM and TSX-listed exploration and development company focused on the 100%-owned La India Gold Project, located in Nicaragua. Following a recent site visit, analyst Ryan D. Long noted that: “The next major milestones for the company will be the award of the additional environmental permits for the extraction of ore from the America and Mestiza open pits.”

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