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Ncondezi agrees in principle on reimbursement for Tete power project


Ncondezi Energy Limited (LON:NCCL) climbed 12% to 6.1p after it moved a step closer to a reimbursement agreement for work done on a project in Mozambique.

China Machinery Engineering (CMEC) has agreed in principle to pay US$26.7mln for work done on the integrated Ncondezi 300 megawatt coal-fired power project and coal mine in Tete, Mozambique.

CMEC and Ncondezi have agreed to finalise historical development costs once the project power tariff has been approved by Electricidade de Mocambique.

1.15pm: Argo pockets GBP182k after options are exercised

Argo Blockchain PLC (LON:ARB) soared 42% to 47p after options over 1.14mln of its shares are exercised at 16p a share.

The company pocketed GBP181,759 from the purchase.

The options were granted in connection with the company’s admission to the Official List and to trading on the Main Market.

12.10pm: EQTEC borrows from major shareholder

EQTEC PLC (LON:EQT) added a fifth to its value at 3.115p after a substantial shareholder in the company lent it money.

The gasification technology has agreed an unsecured term loan facility of GBP1.25mln with Altair Group Investment that will enable it to repay money owed to Riverfort.

The loan facility is for a term of 12 months and the principal and any accrued interest are repayable in full on the last day of this year but the company can repay the loan early without penalty. The loan facility is unsecured and has a coupon of 6% per annum, payable quarterly in arrears.

11.05am: Entain soars on bid hopes

Entain PLC (LON:ENT), the gaming firm, was worth taking a punt on this morning as it rocketed 27% to 1,438.5p on bid news.

The company, once known as GVC, confirmed it has received but rebuffed a proposal for a possible GBP8.1bn takeover offer from its partner in the US, MGM Resorts International (NYSE:MGM).

The owner of Ladbrokes and Coral, said MGM proposed offering 0.6 of its shares for each Entain share, which based on last closing prices would value the bookmaker at 1,383p per share.

10.10am: Mustang Energy gallops higher as bowls legend Corsie lifts stake again

Mustang Energy PLC (LON:MUST) leapt 24% to 15.5p after renowned bowls player Richard Corsie bought another pile of shares in the company.

Corsie, a Scotsman who has won the World Indoor Bowls Championships singles title three times, upped his stake to 7.73% from 6.54% previously back on December 16 and has now increased it further to 10.11%..

In total, Corsie owns 860,000 Mustang shares.

9.15am: IDE Group secures new contract; Tiziana lifted by COVID-19 treatment news

IDE Group Holdings PLC (LON:IDE), up 44% at 1.117p, was the top riser on Monday, the first session of 2021, on the back of a contract win worth GBP22.5mln over three years.

The mid-market network, cloud and information technology managed services provider said the contract is with an existing customer.

There is the opportunity to extend the contract by two years, IDE added.

Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) jumped 14% to 104.6p after good news about its nasally-administered monoclonal antibody, Foralumab.

The company said top-line data will be available later this month from its recently-completed clinical trial in coronavirus (COVID-19) patients that received Foralumab.

Anecdotal feedback from the study, carried out in Brazil in collaboration with the Harvard Medical School and Santa Casa de Misericordia de Santos Hospital, was “positive and suggests that the treatment was well-tolerated”, the company said.

Proactive news headlines:

Tiziana Life Sciences PLC (NASDAQ:TLSA, LON:TILS) said top-line data will be available later this month from its recently-completed clinical trial in coronavirus (COVID-19) patients that received its nasally-administered monoclonal antibody, Foralumab. Anecdotal feedback from the Brazil study, carried out in collaboration with the Harvard Medical School and Santa Casa de Misericordia de Santos Hospital, was “positive and suggests that the treatment was well-tolerated”, the company said. Tiziana added that the scientific approaches used “could potentially be effective against SARs, MERS, and all variants of coronaviruses”.

Great Western Mining Corporation PLC (LON:GWMO) has announced the first pour of gold and silver at its Mineral Jackpot property. The company produced a dore bar as a pilot exercise using material from test spoil heaps on the Mineral Jackpot property, which is in Mineral County, Nevada. The success of the trial proves the concept of being able to extract gold and silver from up to 12,000 tons of material available from 38 spoil heaps on the property, Great Western said.

Sirius Real Estate Limited (LON:SRE) said it has completed transactions for three business parks in Germany totalling EUR26mln (GBP23.3mln) which it said will generate a total of EUR1.9mln (GBP1.7mln) of annualised net operating income. The FTSE 250 firm said the acquisitions comprise two previously announced purchases in Norderstedt, Hamburg for EUR9.1mln and in Nuremberg for EUR13.7mln, as well as a new acquisition for EUR3.2mln immediately adjacent to its existing Mannheim II business park. Sirius said the acquisitions have been acquired at an “attractive” blended net initial yield excluding costs of direct vacancy of 7.2% and will provide a mix of around two-thirds production and storage space and one-third out-of-town office space.

Zephyr Energy PLC (LON:ZPHR) has told investors that the drill crew for its State 16-2 well in Utah has been operating around the clock since the December spud and progress to date is fully in line with expectations. The company also noted that following the spud it subsequently received the third US$600,000 tranche of the US$2mln grant funds allocated by the US Department of Energy. A final tranche of US$200,000 is due once drilling operations are complete. Zephyr highlighted that its strategic goal for 2021 is to establish production and positive cash flow, either with its existing assets or through acquisition.

Power Metal Resources PLC (LON:POW) has updated on exploration work at the Ditau project in Botswana. Ditau, which includes two prospecting licences held in a joint venture with Kavango Resources PLC (LON:KAV), is prospective for rare earths. The group said the first stage of orientation work at Ditau is now complete, including geophysical and geochemical surveys.

i3 Energy PLC (LON:I3E) said it has relinquished UKCS licence P.1987 in the North Sea., cutting its licence fees outlay. The licence was relinquished at the end of its two-year second term; to move into the third term of the licence an approved field development plan would have been required. Licence P.1987, which encompasses UK Block 13/23d contains contingent resources that have been evaluated as sub-commercial by i3 and in an ‘independent competent person’ report and as such do not represent a viable commercial development, the company said.

Jersey Oil and Gas PLC (LON:JOG) has announced the US$850,000 settlement of a dispute with TGS-Nopec Geophysical Company (TGS), Previously, TGS claimed uplift payments from Jersey Oil and Gas totalling US$1.05mln, though this was challenged by the company. Since then, hearings took place in Norwegian courts and, based on legal advice, a settlement was subsequently negotiated.

Tirupati Graphite PLC (LON:TGR) has said it is fast-tracking the expansion of primary graphite output from its Vatomina and Sahamamy projects in Madagascar. The company is on track to commission Vatomina in the second quarter of 2021 and to build production to 6,000 tonnes per year. This will take capacity across both projects to 9,000 tonnes per year of flake graphite output.

Metal Tiger PLC (LON:MTR) said it has spent around A$146,000 on increasing its stake in Southern Gold Limited to around 17.72%. The investor in natural resources bought 1.23mln shares in the Aussie-listed gold explorer at an average price of around A$0.1193 a share. Southern Gold has a substantial portfolio of high-grade gold projects in South Korea that are largely greenfield epithermal gold-silver targets in the south-west of the country, Metal Tiger told investors.

Ncondezi Energy Ltd (LON:NCCL) has provided an update on historical development cost reimbursement negotiations with China Machinery Engineering Corporation for work on the integrated Ncondezi 300MW coal-fired power project and coal mine in Tete, Mozambique. “It is with great pleasure that we update investors on the positive progress regarding agreement of project historical development costs to be reimbursed to the company at financial close,” said Ncondezi chief executive Hanno Pengilly in a statement. “Following an extensive third-party audit review of the company’s historical costs over a 10 year period, and following successful negotiations with CMEC, Ncondezi has been able to demonstrate US$26.7mln of historical expenditure on the project.”

Mosman Oil and Gas Ltd (LON:MSMN) has agreed to sell its interest in the Welch project, Texas, in a cash deal worth US$420,000, after a prior deal failed to close. The new deal is with Steadfast Energy Partners LLC and Silver Dollar Energy Investments LLC. This transaction is expected to close on January 15, 2021. The company pointed out that project ranking in its recent strategic review prioritised assets with lower operating costs.

Panthera Resources PLC (LON:PAT) has agreed with Moydow Holdings Ltd to extend the date for completion of the sale of the Kalaka gold project to Moydow, to January 14, 2021. While substantial progress has been made, the extension of time is required due to the limited progress over the holiday period. On July 22, 2020, Panthera announced that it had entered into a conditional sale and purchase agreement to divest its interests in the Labola gold project in southwest Burkina Faso and the Kalaka gold project in southwest Mali to Moydow.

Westminster Group PLC (LON:WSG) said that following a placing in December it has redeemed all remaining convertible secured loan notes and convertible unsecured loan stock and has also fully repaid the mezzanine loan facility from RiverFort and YA II. The AIM-listed firm said there were no conversions of the loan notes and that the repayment of the debts, totalling around GBP2.6mln, will strengthen its balance sheet and also result in an annual saving of around GBP0.3mln in interest and fees, which it said was a “major objective” of the recent GBP5mln placing that was completed on December 22, 2020.

EQTEC PLC (LON:EQT), a world-leading gasification technology solutions company for sustainable waste-to-energy projects, announced that it has agreed an unsecured term loan facility of GBP1.25mln with Altair Group Investment Limited, a substantial shareholder in the company. The loan facility is for a term of 12 months and the principal and any accrued interest are repayable in full on December 31, 2021, but the company can repay the loan early without penalty. The facility is unsecured and has a coupon of 6% per annum, payable quarterly in arrears. It will be used to pay all sums due to Riverfort Global Opportunities PCC Ltd and YA II PN, Ltd in full and final settlement of amounts owed to them, releasing and discharging any secured assets and obligations under any previous agreements with those lenders.

Guild Esports PLC (LON:GILD), a UK-based owner and developer of esports teams announced that it has appointed Tennyson Securities as its joint broker. Tennyson Securities is the new home of the primary team that recently left Mirabaud Securities, providing continuity of Guild’s broking relationships. Tennyson Securities will work alongside Zeus Capital.

Iconic Labs PLC (LON:ICON), a multi-divisional new media and technology business, advised that at its annual general meeting held on December 31, 2020, all resolutions were duly passed on a poll vote, except for resolutions 8, empowering the directors’ to disapply statutory pre-emption rights, and 9, the purchase by the company of its own shares.

Mkango Resources Ltd. (LON:MKA) (CVE:MKA) has announced that to minimise dilution to shareholders, Talaxis Limited has agreed to amend the terms of a warrant held by it. Under this amendment, Talaxis has agreed to a cashless exercise of the warrant for 1,000,000 common shares in lieu of payment for 12,000,000 shares at 6.6p each. The warrant was due to expire on December 31, 2020. This amendment significantly reduces the dilution to other Mkango shareholders and avoids the company issuing 12,000,000 shares at a significant discount to the current market price. Following the issuance of the shares, Talaxis will increase its ownership of Mkango from 14,285,715 shares to 15,285,715 shares post-warrant exercise, representing an increase from 10.7% to 11.3% of the issued and outstanding shares. The group also said that Shaun Treacy, a non-executive director of Mkango, has exercised warrants for 1,200,000 new shares at a price of 6.6p each, for total proceeds to Mkango of GBP79,200 (US$107,000). Following the warrant exercise, Treacy will own a 1.4% interest in Mkango. After these two transactions, no further warrants are outstanding. William Dawes, chief executive of Mkango commented: “The cashless warrant exercise agreed with Talaxis minimises potential dilution to other Mkango shareholders as the Company enters a transformational period of growth, with anticipated 2021 news flow including results from the ongoing feasibility study for the Songwe Hill rare earths project and the recently completed rutile exploration programme in Malawi, and developments concerning Maginito and its interest in UK rare earth magnet recycler, HyProMag. Furthermore, the warrant exercise by the non-executive director, Shaun Treacy, demonstrates confidence in the Company and the market outlook. With the growing global demand for critical materials related to electric vehicles and wind power, Mkango is uniquely positioned in the rare earths sector, where we anticipate increasing market focus and corporate activity.”

Faron Pharmaceuticals Ltd (LON: FARN), the clinical-stage biopharmaceutical company has announced that Dr Markku Jalkanen, the group’s chief executive officer will present in a pre-recorded presentation at the virtual H.C. Wainwright BioConnect Conference that will be available on-demand starting Monday, January 11, 2021, at 6.00am ET. An audio webcast of the presentations will be available in the Investors section on Faron’s website at

Entain’s potential merger with MGM is not as simple as investors may hope

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