Parsley Box shares jump 69.70% to 2.8p after it announces intention to go private
Parsley Box said it intends to re-register as a private limited company, pending a shareholder vote on December 14. The proposal needs 75% approval to pass.
Parsley Box listed on AIM in March 2021 at 200p/share, which has since collapsed to just under 3p.
"There has been limited liquidity in the ordinary shares for some time and, consequently, the admission of the ordinary shares to trading on AIM does not necessarily offer investors the opportunity to trade in meaningful volumes or with frequency within an active market." the company said.
Parsley Box estimates re-registration as a private limited company would save it £400K/year in administrative costs.
Eco Atlantic Oil & Gas shares sink 58.33% to 17.5p after Gazania-1 well in South Africa fails to find hydrocarbons
Eco Atlantic Oil & Gas said its Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned.
Eco Atlantis said it will undertake a detailed analysis of the results to inform its future plans for Block 2B.
Eco Atlantic and its JV partners will now move on to executing plans for more exploration wells, including a two-well campaign on Block 3B/4B, offshore South Africa, planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Blockin in offshore Guyana.
Gil Holzman, Co-Founder and CEO, commented:
"While it is naturally disappointing not having made a commercial discovery, the Gazania-1 well was only the first of four wells we have planned for the next 18-24 months across our wider portfolio. We now move on to executing our plans for more exploration wells."
N4 Pharma shares drop 26.79% to 2.05p on £1m placing via discounted shares
N4 Pharma said it raised £1m before expenses through a placing of 50m new shares at an issue price of 2p/share. This represents a 29% discount to N4 Pharma's last closing price of 2.80p on Thursday. The placing was undertaken by Turner Pope Investments (TPI).
Additionally, N4 Pharma will conduct a broker offer through TPI at an issue price of 2p, with an initial expected value of £250K. The offer may be extended to £1m in the event it is oversubscribed.
N4 Pharma said the net proceeds would be used to progress its development work relating to the loading of SiRNA onto Nuvec, including to commit to doing in-vivo studies and to explore acquisition opportunities. Nuvec is the company's proprietary delivery system for cancer and vaccine treatments.
Power Metal Resources shares rise 15.79% to 1.65p as it ups stake in Kalahari Key to 87.71%
Power Metal Resources said it completed a transaction to increase its interest in Kalahari Key Mineral Exploration Ltd to 87.71%. Kalahari Key holds a 100% interest in the Molopo Farms Complex Project, therefore Power Metal now holds 87.71% interest in Molopo Farms as well.
Power Metal Resources said a 2,600m diamond drill programme at Molopo Farms was progressing well with two holes now completed at target area T1-6, and a third drill hole in progress at target area T1-14.
Paul Johnson, CEO, commented:
"Today's confirmation that Power Metal has now completed the transaction and increased its interest in Molopo Farms to 87.71% s great news for the Company. ... We have completed the Transaction whilst in the midst of the Molopo Farms drill programme where we are progressing well with the third drill hole targeting the superconductor at target area T1-14.
A further exploration update is expected to follow in the near term as we continue, what for Power Metal, is a particularly exciting drill programme."