Proactive news headlines: Braveheart Investment, Touchstone Exploration, Arix Bioscience, Directa Pl
Braveheart Investment Group PLC (LON:BRH) has said it is to pay a special dividend worth more than the current share price following the sale of its stake in Remote Monitored Systems PLC. The special dividend payment is 42.75p per share, compared to a current share price of 35.5p, and is worth GBP15.5mln in total. Braveheart sold all of its shares in RMS for GBP17.4mln after the price rocketed on hopes for the anti-viral/coronavirus (COVID-19) face mask developed by Pharm2Farm which RMS acquired earlier this year in which the investment group had a big stake in. AIM-listed Braveheart said it made a profit of GBP402,000 (2019: GBP122,000 loss) in the six months to end September 2020 on revenues of GBP895,000 (2019:GBP250,000).
Touchstone Exploration Inc (LON:TXP) (CVE:TXP) said the Ortoire exploration block in Trinidad continues to exceed expectations as it confirmed the completion of drilling at the Cascadura Deep-1 exploration well. Cascadura Deep-1 was drilled down to a total depth of 8,303 feet and was paused before reaching the planned depth of 10,600 feet because high-pressure gas zones were encountered while drilling. Nevertheless, the well encountered some 2,100 feet of the targeted Herrera sands across multiple stacked zones.
Arix Bioscience PLC (LON:ARIX) noted that portfolio company Artios Pharma and Merck KGaA have signed a three-year strategic research collaboration to discover and develop multiple-precision oncology drugs. As part of the agreement, Artios, which has pioneered DNA Damage Response (DDR) cancer treatments, will receive an upfront payment of US$30mln with Merck KGaA having an option over the development of compounds on up to eight targets. On each of these targets, Artios will be eligible to receive up to US$860mln plus double-digit royalty payments on net sales, which could make this a $7bn deal. Arix is the largest shareholder in Artios with a 12.7% stake on a fully diluted basis.
Directa Plus PLC (LON:DCTA) said good sales of graphene-enhanced face masks will mean its sales beating forecasts in the current year to end December. Sales of G+ enhanced face masks, including Co-Masks, have been very popular both with individual and corporate customers, said Directa, while Setcar, the group’s Environmental division, has also contributed to the improved revenue expectations for the current year. As a result, total revenues for the year will be around EUR6mln (2019: GBP5.5mln), the AIM-listed group added. Directa Plus said it had also been granted a second patent on the equipment used to manufacture its graphene additives, which will boost capacity five times and lower maintenance costs.
Iconic Labs PLC (LON:ICON) shares rose on Thursday as the media and technology group unveiled several new contracts secured for its JOE Media business. The company, which has a management services agreement with JOE Media, said the contracts concern the production and distribution of bespoke social content to clients in a number of sectors including gambling, video games and online music streaming. Iconic said the contracts have a value of over GBP750,000 and all commenced in the fourth quarter.
Clipper Logistics PLC (LON:CLG) has reported a strong rise in profits in its first half as business was boosted by an accelerated shift to e-commerce during the coronavirus pandemic. In its results for the six months to October 31, 2020, the group reported a pre-tax profit of GBP14.3mln, up 38.2% year-on-year, while revenues increased 19.8% to GBP305.2mln. As a result of the improved earnings, the company’s interim dividend was hiked 14.3% to 4p per share, while cash generated from operations rose to GBP49.1mln from GBP19.1mln last year.
Sareum Holdings PLC (LON:SAR) has confirmed its successful application for around GBP174,000 in grant funding from UK Research & Innovation (UKRI) to investigate the therapeutic potential for its SDC-1801 selective, small molecule TYK2/JAK1 kinase inhibitor, in treating severe cases of coronavirus (COVID-19). The AIM-listed drug developer said the grant, initially announced on October 27, has been awarded through the Innovate UK Sustainable Innovation Fund for projects that address and mitigate the health, social, cultural and environmental impacts of the COVID-19 outbreak.
Eurasia Mining PLC (LON:EUA) has updated on the definitive feasibility study (DFS) for its West Kytlim mine project in the Urals where final approval of the key document is now expected this month. The company noted that the DFS has now been approved by the working meeting of the Russian State Committee on Reserves. It said final DFS approval will be an important milestone for the project, because it will eliminate single asset risk – by unlocking production across several pits – and will allow concurrent mining that will enable increases in production volumes (versus a sequential approach to mining the deposits).
Zephyr Energy PLC (LON:ZPHR) has told investors that Cyclone Drilling Inc has been hired for the ‘dual-use’ State 16-2 well which remains on-track to spud before the year’s end. Cyclone was selected via a competitive process including extensive technical and commercial evaluation, the company noted. Cyclone’s fleet of modern rigs was purpose-built for operating in the remote locations and rugged environment of the Rockies, it added. Zephyr also noted that Cyclone has recent experience drilling similar stratigraphic wells, including a 10,200-foot-deep stratigraphic well drilled in 2019 which was also part-funded by the US Department of Energy (DOE).
IQ-AI Limited (LON:IQAI) said the latest release of Imaging Biometrics’ (IB) StoneChecker software for assessing kidney stones has a number of important improvements that “point to a very a very exciting 2021” for the product. Developers have added workflow enhancements for retrieving computed tomography datasets as well as streamlining the reporting of the application’s output. IQ-AI said it is confident this latest release is “now positioned for widespread clinical adoption”.
Argo Blockchain PLC (LON:ARB) has reported higher revenues and wider mining margins over November, with the firm highlighting “extremely exciting” developments over the period in the cryptocurrency sector. In an update, the digital currency miner reported an average monthly mining margin of around 57% for November compared to 40% in October, while revenues generated for the period rose to GBP1.48mln from GBP1.2mln.
genedrive PLC (LON:GDR) said data from an 11-month study of its molecular diagnostic device in neonatal intensive care will be ready in early 2021. Hospitals in Manchester and Liverpool used the assay to screen babies before administering certain antibiotics known to cause deafness. In all, around 750 infants were assessed using the MT-RNR1 ID kit.
IronRidge Resources Limited (LON:IRR) has reported initial high-grade and broad low-grade drilling results from the third phase drilling programme at the Ehuasso and Ebilassokro and targets, both within the Zaranou Gold Project area. The African-focused minerals exploration company noted that the license borders with Ghana and is along strike from significant operating gold mines including Chirano – 5 million ounces (Moz) -Bibiani – 5.5Moz – and Ahafo – 17Moz. The group said initial reverse circulation (RC) and aircore (AC) drilling results for 4 metres (m) composites over the Ehuasso and Ebilassokro targets from the third phase drilling programme currently underway have been received, with highlights reported at a 0.1 grames per ton (g/t) cut-off and maximum 4m of internal dilution.
Impax Asset Management Group PLC (LON:IPX) has seen a surge of new money into its green and sustainable investment funds over the past year. Assets under management jumped 34% to GBP20.2bn in the year to September 2020 (2019: GBP15bn), with net inflows more than doubling to GBP3.5bn (2019: GBP1.4bn). The influx of new money has continued into the current year, the fund manager said, with net inflows of GBP1.9bn boosting assets under management to GBP23.4bn as at the end of November.
Quadrise Fuels International PLC (LON:QFI) has shared with investors the findings of a whitepaper detailing the potential economic and environmental benefits of implementing the company’s MSAR technology in the Americas. Key highlights of the report includes the view that the group’s technology enables production of a proprietary oil-in-water emulsion fuel oil that reduces energy costs for consumers and improves refinery profitability and yields. The paper, entitled “A clean solution to the Americas’ heavy fuel oil problem”, is available to view on the company’s website at: https://www.quadrisefuels.com/americas-white-paper
Kromek Group PLC (LON:KMK) has announced the launch of the D5 RIID, the world’s smallest high-performance radioisotope identification device. The ruggedised device, with ultra-low false alarm rate, is designed for military, homeland security and industrial use, the AIM-listed firm said. The D5 RIID was developed under a programme with the Defense Threat Reduction Agency of the US Department of Defense and detects a wide range of sources, including special nuclear material and mixed, shielded and heavily masked configurations, the supplier of detection technology noted.
Landore Resources Ltd (LON:LND) has told investors that the drill programme at its BAM gold deposit, part of the Junior Lake project in Ontario, Canada, is progressing as planned. Some 3,620 metres of diamond core drilling has so far been completed, comprising fifteen drill holes. All drill holes have successfully intersected prospective mineralised zones associated with the BAM gold deposit, the company said in a statement.
Digitalbox PLC (LON:DBOX) said the digital advertising market had “strengthened” towards the end of its third quarter, translating into “better than predicted session values” on its Entertainment Daily website. In a trading update, the digital media firm, which also owns the Daily Mash and The Tab websites, said this market improvement, which followed a “difficult” second quarter and “unpredictable” trading across the year, had continued during August and September, helping to mitigate what the company said was a “market-wide algorithm change that negatively impacted social media traffic in the lead up to the 2020 US elections”.
Live Company Group PLC (LON:LVCG) said it has established a new division, Live Company Sports and Entertainment Pty Limited (LCSE), which will focus on live sports, entertainment and music events. The AIM-listed media firm said the new division will target the fee-based promotion and organisation of global sports and entertainment events including motorsport, sailing, cycling, golf, music and lifestyle, adding that several existing contracts for events will be novated to LCSE’s South African subsidiary from Worldsport South Africa (WSSA). Live Company said the first event the division will focus on the largest participant based cycle race in the world, the Pick n Pay cycle tour, which is planned to take place in Cape Town in March 2021.
Westminster Group PLC (LON:WSG) said it is looking to raise around GBP5mln before expenses from a proposed placing of new ordinary shares in the company via an accelerated bookbuild. The leading supplier of managed services and technology-based security solutions worldwide said the placing will be conducted at a price of 4p per share and will comprise approximately 125,000,000 new ordinary shares, representing approximately 44% of the group’s enlarged share capital. The placing price represents a discount of approximately 36.5% to Westminster’s closing middle market price of 6.3p per share on December 2, 2020.
Capital Limited (LON:CAPD) has announced the successful completion of the bookbuild for its placing of new common shares following Wednesday’s announcement of the fundraise related to a transformative new deal with Centamin PLC. The group said a total of 51,800,000 shares had been placed, at a price of 58p each raising gross proceeds of approximately GBP30mln (approximately US$40mln), more than the GBP22mln initially targeted. Berenberg and Tamesis Partners acted as joint book-runners for the placing. The 51,800,000 placing shares represent approximately 38% of the company’s existing issued share capital, and the placing price represents a discount of around 8% to Capital’s closing price of 63p on December 1, 2020. In early trade on Thursday, shares in Capital were trading at 61p each, down 3.2% on Wednesday’s closing price.
Strategic Minerals PLC (LON:SML), the iron, copper and tungsten junior, has raised GBP650,000 through a placing at 0.4p per share to progress its three key projects. Directors and employees have also accepted GBP48,900 of their salaries in shares, with both the placing and salary shares having a warrant attached. Strategic Minerals said it needs to renew equipment at the Cobre magnetite stockpile and push ahead with work at the Leigh Creek copper mine (LCCM) in Australia and the Redmoor tin/tungsten project in Cornwall.
Block Energy PLC (LON:BLOE) said it has closed the bookbuild for a share placing which is set to raise GBP5.28mln to be used to boost production at the West Rustavi field and recently acquired projects. The company, in a statement after Wednesday’s close launching the fundraise had said it intended to bring in GBP5mln. An accelerated bookbuild process was undertaken by stockbroker Mirabaud Securities. It announced on Thursday that some 176mln new shares will be sold to investors at a price of 3p per share. Block shares closed at 4.15p on Wednesday, and were down 15% to 3.50p in early trade on Thursday, still above the placing price.
Mkango Resources Ltd. (LON:MKA) (CVE:MKA) has announced the completion of an extensive hand-auger drilling and soil sampling programme to identify rutile prospects within its 869 square kilometre Mchinji licence (EPL 0544/19) in Malawi, The group said four geological teams have completed 75 auger drill holes containing 581 samples and a further 446 soil samples have been collected from a soil sampling programme on a regular 500 metre (m) sampling grid with 21 soil samples collected from other points of interest.
Power Metal Resources PLC (LON:POW) the AIM-listed metals exploration and development company said it has received notices to exercise warrants over 5,000,000 new ordinary shares of 0.1p each in the company at an exercise price of 0.7p pence per ordinary share. It added that subscription monies of GBP35,000 have been received by Power Metal in respect of these exercises.
Salt Lake Potash Limited (LON:SO4) (ASX:SO4) said that further to its announcement of a trading halt on the Australian Securities Exchange (ASX) on November 27, 2020, it has requested a short period of voluntary suspension of trading on ASX during which it expects to complete satisfaction of the conditions precedent to enable drawdown of the debt financing and to finalise arrangements for a capital raising as previously announced. The voluntary suspension will remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on December 10, 2020. Trading in the company’s ordinary securities will continue on AIM during this period.
PCF Group Plc (LON:PCF), the AIM-quoted parent of the specialist bank PCF Bank Limited, has said its results for the 12 months ended September 30, 2020, will be announced on Wednesday, December 9, 2020. The group added that there will be a dial-in facility available for an analyst and investor call on Wednesday, December 9, 2020, at 10.00am GMT. The presentation will be available on the investor section of the PCF Bank website at the same time: https://pcf.bank/investors. The access details for the call are as follows: United Kingdom Toll-Free: 0800 358 9473; United Kingdom Toll: +44 333 3000804; Pin: 11764671. Further international dial-in numbers can be found here: https://event.sharefile.com/d-s7bae1d9235d495a8. There will also be presentations by Scott Maybury, chief executive officer of PCF Bank, on Monday, December 14, where investors will be able to ask questions. To register for the presentation, please visit PCF Group Investor Presentation at https://zoom.us/webinar/register/7116057881330/WN_RJ_QTgmpSgeAbPvPgL_M2A. A recording of the presentation will be available after the event at www.equitydevelopment.co.uk