Orosur Mining (OMI) shares soared 18.42% to 22.5p as it enters non-binding LoT
On Wednesday, the company entered into a non-binding Letter of Intent with Meridian Mining SE to finalise a Joint Venture on Meridian's Ariquemes Tin project (Ariquemes) in Brazil.
The LOI will offer an exclusivity period of 90 days to complete due diligence and to finalise a JV over Ariquemes, the terms of which have already been discussed between the parties.
While final terms may differ, it is expected that the Company will have the right to earn 75% equity in the Ariquemes project over a four year period. Orosur’s CEO Brad George highlighted that the Company is now well supported and maintains a strong balance sheet.
Vectura Group (VEC) shares ticked up 13.72% to 154.1p as it accepts £852m takeover
Shares in the inhaled medicines-focused pharmaceutical company jumped on Friday after it confirmed that it had accepted a £852 million takeover offer from Philip Morris International.
The offer forms part of Philip Morris’ efforts to expand into products beyond tobacco and nicotine, as part of a natural evolution into a broader healthcare and wellness company.
In February 2021, it outlined its ambition to generate at least $1bn in annual net revenues from Beyond Nicotine products by 2025, identifying respiratory drug delivery as a key focus.
Phillip Morris said it believes that the undertaking of Vectura's capabilities and experienced management team will play a pivotal role in driving its Beyond Nicotine business forward.
88 Energy (88E) shares jumped 10.29% to 1.875p after the group confirmed it is debt free
Last week, shares in 88E jumped after it told investors that it has completed the sale of the Alaskan Oil and Gas Tax Credits, thereby allowing the group to fully repay its existing debt.
The Alaskan-focused explorer announced last month that it had entered into an agreement that would facilitate the sale of all the Alaskan Oil and Gas Tax Credits which were held by Accumulate Energy Alaska, Inc. ("Accumulate"), a 100% owned subsidiary of 88 Energy.
The deal accelerates the timeframe of 88E’s value realisation from the Tax Credits, which under current estimates would not have been fully paid out by the Alaskan state until 2026.
The recent transaction positions the company as debt free and follows its recent activity at the Merlin-1 well in Alaska where the Group kick-started a drilling programme earlier this year.
Cambridge Cognition (COG) shares rose 10.03% to 181p as it secures £1m cancer trial
The London-listed firm said it has won a £1 million contract as the cognitive assessment partner for a late phase cancer trial focused on improving outcomes for cancer patients.
The Group, which provides digital solutions to assess brain health, said this contract marks its second win for a top ten pharmaceutical firm ‘with a strong pipeline of oncology products.’ The revenue from the contract is expected to be recognised over the next six years.
According to GlobalData, oncology is the leading therapeutic area for drug development and accounted for nearly a third of clinical trials in 2020. Therefore, the Company said this latest contract positions the business within the world's most consistently active disease space.
Centamin (CEY) shares fall 2.59% to 102.3p it remains well below its pre-pandemic worth
Shares in the gold mining company which is focused on the Arabian-Nubian Shield have lost around 15% in value since the beginning of the year and nearly 50% in value since July 2020.
Investors have voiced concerns about the falling gold production at the Group's Sukari mine due to maintenance works, which resulted in Centamin lowering its annual production target.
In May 2021, the Group approved the commencement of a pre-feasibility study ("PFS") at its Doropo Project in Côte d'Ivoire. At the time, the Group said the Doropo Project showed strong development potential with the completion of a positive preliminary economic assessment.
It said the PEA confirmed that Doropo has’ robust economics and excellent potential to become a profitable producing mine suitable for Centamin's investment criteria and strategy.’ Looking ahead, the Company said it expects to announce the results of the PFS in mid-2022.