Breakfast News – Thor Mining, Nu-Oil and Gas, Quiz and more…

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Banquet Buffet

Thor Mining 0.675p GBP8.65m (LON:THR)

Completion of the acquisition of American Vanadium Pty Ltd (AVU), including its subsidiaries and uranium and vanadium projects.

AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The Company announced on 1 June 2020 an option agreement to acquire AVU, subject to satisfaction of due diligence requirements. Thor will now proceed with the issue of 24 million Ordinary shares of 0.01p each, in full payment of the Acquisition Fee for a 100% interest in AVU.

. Colorado project claims include historical mines with historical production activity over a period of more than 100 years.

. Utah project claims have reported historical drilling with significant intersections of uranium and vanadium.

. Field sampling by Thor during due diligence period showed assay results of high grade uranium (up to 1.25%U3O8 ) and vanadium (up to 3.47% V2O5)


Update from the AIM Rule 15 cash shell. In line with the guidance issued in Inside AIM: Coronavirus – Temporary Measures 20 March 2020, the Company has been granted an extension to the deadline by which it must complete a reverse takeover (as set out in AIM Rule 15) (a “RTO”) by six months from 4 November 2020. Accordingly, the Company has approximately eight months from today’s date to complete a RTO.

Since the Company’s last notification on 8 July 2020, the Board has progressed discussions with two counterparties who are both in the circular economy industries and specifically in plastics recycling and manufacturing. The Board expects it will be able to provide a further update shortly with further details of a proposed transaction.

Quiz 7.59p GBP9.4m (LON:QUIZ)

Update on its retail store portfolio and current trading during the period between 1 April 2020 to 31 August 2020 . Prior to the Restructuring, the Group operated 75 standalone stores in the United Kingdom. As at 9 September 2020, the Group has so far reopened 48 stores and anticipates reopening a total of approximately 60 stores in the United Kingdom. Rental terms for the reopened stores are consistent with those targeted by the Group. They provide a flexible cost base going forward with rents payable predominantly based upon revenues generated rather than previous higher fixed rental arrangements. The average lease length on these stores is 24 months.

Further to the Restructuring, the Group closed its seven stores in the Republic of Ireland and three in Spain. As at 9 September 2020, the Group has reopened four of these stores with negotiations continuing in relation to two other stores. The Group has decided not to reopen any of the Spanish stores.

The Group’s total sales in the Period amounted to GBP12.8m, a 77% decline on the GBP55.2m revenues generated from 1 April to 31 August 2019 . Whilst sales generated in UK standalone stores and concessions remain below levels generated in the previous year, the Group is encouraged by the consistent improvement in like-for-like sales in recent weeks.

Mpac Group 300p GBP60.5m (LON:MPAC)

Acquisition of Switchback Group, Inc. (“Switchback”), a USA based supplier of packaging machinery and automation solutions to the food, beverage and healthcare markets (the “Acquisition”). The Board expects the Acquisition to be immediately earnings enhancing.

The initial consideration for Switchback is $13.0 million, payable in cash. Further earn-out consideration of up to $2.0 million may become payable depending on performance. The unaudited financial statements of Switchback for the year to 31 December 2019 showed revenue of $14.2 million and profit before tax of $2.1 million. Unaudited net assets at the same date were $4.4 million including net cash of $4.9 million.

Haydale Graphene 4.075p GBP13.9m (LON:HAYD)

Proposed placing and subscription at 3.5p.

Haydale has concentrated on technologies where it can demonstrate and sustain a technological advantage and where it can see a clear commercial pathway. To take advantage of that opportunity Haydale needs to be able to produce industrial volumes cost effectively. In the last 18 months Haydale has significantly increased its production capacity whilst improving the consistency of that output. A new contract win announced today requires Haydale to manufacture a significant volume of functionalised Graphene and this level of output is now possible.

Galantas Gold 20.5p GBP6.6m (LON:GAL)

Appointment of Alan Buckley FCA, Dip IOD, as Chief Financial Officer. The appointment, as of September 30, 2020, follows the reducing of work commitments by Leo O’Shaughnessy, the current non-board CFO. Mr. Buckley’s appointment is similarly non-board.

Alan Buckley (49) is a Fellow of the Irish Institute of Chartered Accountants. During his career, Mr.Buckley has held the positions of Chief Financial Officer and General Manager at Vedanta Lisheen Holdings Ltd and was Chief Financial Officer for Anglo American Lisheen Mining Ltd. Alan also has a continuing role as a Director of Shanoon Resources Ltd, an early stage mining and exploration company, founded in 2016, which has operating licenses in County Kilkenny, Republic Of Ireland.

Powerhouse Energy 3p GBP105.4m (LON:PHE)

The UK technology company pioneering hydrogen production from waste plastic, has raised GBP5 million, before expenses, by way of a Placing and Subscription at 2.5p per share. The Directors believe the Fundraising will provide the necessary cash resources for Powerhouse to reach profitability and to implement its wider strategy for international growth.

In addition, the Company has granted a warrant to Peel Holdings (IoM) Limited, providing a conditional right to subscribe up to approximately GBP10.2 million for up to 10% of the Company at a 10% premium to the Issue Price.

Tern 6.5p GBP19.6m (LON:TERN)

The investment company specialising in the Internet of Things (“IoT”), updated in relation to its wholly-owned portfolio company, Wyld Networks Limited (“Wyld”), and its existing cooperation agreement with one of the largest global satellite operators.

Wyld has received an initial purchase order for GBP112,600 to develop and deliver a small number of proprietary-designed Low Power Wide Area Network (“LPWAN”) IoT modems to be functionally tested with a pre-commercial low earth orbiting (“LEO”) satellite. The Board of Tern (the “Board”) believes that, following successful testing, a full deployment of this technology with a LEO satellite constellation could follow.

Tectonic Gold 0.35p GBP2.44m (AQSE:TTAU)

Completion of a capital raise to fund follow up drilling at the Company’s Specimen Hill gold project in Queensland. Australia. The raise was supported by existing shareholders and new high net worth investors.

GBP402,800 raised at 0.275p per share to fund ten-hole drilling program in October 2020. Attaching one-for-one “Drill Warrants” at 0.7p

Program targeting extensions identified by the successful 2019 drilling campaign (intersections up to 35g.t Au) at Specimen Hill

New discovery “Southern Copper” (surface samples up to 16% Cu and 9g.t Au)

Rio Tinto PLC acquired neighbouring tenement in March 2020

Pure play Australian gold focus following sale of Diamond and Mineral Sands projects

Directors taking 100% of accrued remuneration in options

Amryt Pharma 227p GBP360m (LON:AMYT)

positive top line results from its pivotal Phase 3 EASE trial of FILSUVEZ(R) (previously AP101 /Oleogel-S10) for the treatment of dystrophic and junctional Epidermolysis Bullosa (“EB”). – Primary endpoint met with statistical significance (p-value = 0.013). – FILSUVEZ(R) demonstrated a good safety profile

– EASE is the first Phase 3 trial to demonstrate a statistically significant increase in speed of wound healing in Epidermolysis Bullosa. – Rolling US regulatory submissions already underway with FDA with priority review request planned – EU regulatory submission planned with request for accelerated assessment.

– FILSUVEZ(R), a topical therapeutic gel, has the potential to be the first treatment approved for Epidermolysis Bullosa

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