2024-07-17 18:40:19
(Alliance News) – The following is a summary of London-listed company updates issued on Wednesday that were not reported separately by Alliance News:
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Critical Mineral Resources PLC – a clean energy metals exploration and development in Morocco – signs an exclusive option to acquire the Igli Project, a high-grade silver and copper project in Morocco’s Anti-Atlas region. “The choice of such a significant asset is an important milestone for the company, it underlines its significant momentum in Morocco, where it is a preferred partner for development assets after accumulating an extensive Moroccan portfolio of multiple raw materials essential to economies and for Western economies. the energy transition”, adds CMR. The terms of the contract include an exclusivity payment of $12,000 and an option payment of $80,000 which gives CMR 14 months from September 13 to agree to purchase 90% of the asset for $560,000 in cash. If the option is not exercised within seven months from September 13, CMR will have to pay an option holding fee of $60,000, to hold the option for another seven months. “A final payment of USD 150,000 is due six months after the 90 cash payment %, in cash or stock, at seller’s option. CMR has the right to acquire the final 10% of the Igli project for USD 500,000 in cash,” the statement added. Excluding the exclusivity payment, the acquisition of 90% will cost a total of USD 790,000, and the acquisition of exclusive ownership USD 1.3 million. In addition, the company announces that it has raised GBP 750,000 through the issuance of a convertible loan, the majority of which will come from Prism Group AG, a private investment office based in the United Arab Emirates , has announced the appointment of Dominic Traynor to the post of executive chairman, but he previously held a non-executive role. CMR says: “This appointment reflects Dominic’s increased involvement in the strategic management and general affairs of CMR, which continues to lead significant momentum in building a diversified portfolio of high-quality Moroccan metals exploration and development projects”.
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Nostrum Oil & Gas PLC – An independent oil and gas company focused on the Caspian Sea Basin – Competent Person’s Report on the Stepnoy Leopard fields, in which it has a direct 80% interest. The proven, probable and possible reserves amount to 174 million barrels of oil equivalent. “The competent person’s report shows the commercial viability and development potential of all SL fields. In particular, as a satellite development of Chinarevskoye processing facilities and export infrastructure, we achieve maximum capital efficiency that contributes to the economic robustness of the SL fields and our operational footprint we are increasing,” said Arfan Khan, Chairman and Managing Director of the Company.
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Tufton Oceanic Assets Ltd – An investment company based in Guernsey, England, specializing in second-hand commercial vessels – Will return US$31.5 million to shareholders through a compulsory buyback of 20.3 million shares. The repurchase will be made at a price of 1.55 USD per share, ie its net asset value as of June 30.
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Seen PLC – a social media and technology company based in London – Raised an additional GBP 45,000 through a subscription from “select existing investors”. The investment terms are the same as the May fundraising, which raised GBP763,000 at 3p a share.
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Litigation Capital Management Ltd – a Sydney-based asset manager and litigation finance provider – says the year ended 30 June was “once again successful”. Fiscal 2024 achievements are A$56 million, or approximately £29.9 million. A total of A$12.5 million has been achieved for the new financial year so far. “The average duration of deals closed in FY24 was 45 months – slightly longer than our general guidance of 36-42 months, which is unchanged from the investment profile completed during the period It is important to note that this extended delay did not have a negative impact on the performance of the investments”, states LCM. “We continue to invest in what we believe to be the highest quality legal claims, collaborating with leading law firms and attorneys in our respective markets.” LCM plans to report new commitments for the year just ended of more than A$250 million, compared to A$176 million for the 2023 financial year.
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DCI Advisors Ltd – British Virgin Islands based investor specializing in the luxury center sector – Entered into a €350,000 loan agreement with Discover Investment Co to provide DCI with additional working capital. “Discover Investment]previously made a loan agreement with the company in the amount of 350,000 euros in May 2023. To date, the company has received 13 loans from various shareholders for a total amount of approximately 3.46 million euros. ‘Euro” , he adds. DCI. The first six loans had identical terms and a 12 month interest rate of 12%. DCI explains: “Shareholder loans granted after September 2023 have the same terms as previous loans, except that the company has no right to early repayment and therefore the Company will cover all shareholder loans outstanding repayment of proceeds from the sale of the Company’s assets.”
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Nightcap PLC – London bar operator – Shareholders approve cancellation of AIM at general meeting and support re-registration as a private limited company. In June, Nightcap proposed exiting AIM, believing that “the current public market valuation does not reflect the underlying potential of our business”.
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Proven Growth & Income VCT PLC, Proven VCT PLC – venture capital trusts – ProVen Growth says net asset value per share as at 31 May was 54.7p, unchanged from the end of February. VCT’s net asset value created per share increased 0.6% to 65.6 pence, from 65.2 pence.
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By Eric Cunha, Editor-in-Chief Alliance News
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