Cineworld shares rebound 18.33% to 9.75p after plummeting yesterday on warning of significant share dilution
Cineworld Group said yesterday its admission levels had been below expectations, and the company was therefore evaluating "various strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction". The company is now in active discussions with stakeholders regarding such a move that would result in a "very significant dilution" for shareholders.
The lower admission numbers were a result of a "limited film slate", which is expected to persist until November, Cineworld said. In the meantime, lower demand is likely to affect the company's trading and liquidity position.
Cineworld shares plummeted 60.46% yesterday, and corrected up 18.33% today.
Empire Metals shares rise 17.07% to 1.2p after it identifies significant structure at Pitfield Copper-Gold Project
Empire Metals said it has identified a significant structure at its Pitfield Copper-Gold Project in Western Australia. The structure closely aligns with a previously identified surface copper anomaly stretching over 7km. The anomaly was found by an airborne survey, which indicated potential for the presence of magnetite.
Shaun Bunn, Managing Director, said:
"This is a tremendous result for Empire, and clear evidence of the mineralised potential of this geologically significant asset.
...
These surveys, combined with the historical geochemical mapping completed by CRA and others, will allow our technical team to develop a comprehensive geological map and database for the Pitfield project, with the expectation that over time we can define several highly prospective copper resource targets."
Agriterra shares rise 17.29% to 4.98p on continued volatility following US$7.9m cash injection from Magister Investments
Agriterra shares continued their rollercoaster ride today, this time rising 17.29%, after the company said on 29 July it had secured new debt funding from its majority shareholder Magister Investments, worth US$7.9m.
The capital will enable immediate repayment of an existing high-cost US$6.1m facility owed to an external banking institution. It will also enable cheaper financing of grain purchasing in Mozambique, without making use of local borrowing/overdraft facilities that typically carry higher interest rates, the company said.
Management estimates that this debt refinancing will enable Agriterra to save approximately US$600K in annual interest and fee costs during the first year.
Power Metal Resources shares rise another 18.75% to 1.43p on discovery of large magnetic conductor at Molopo Farms Complex project in Botswana
Power Metal Resources said on Tuesday it had completed two ground-based electromagnetic geophysics surveys at its Molopo Farms Complex project in Botswana. Preliminary results highlighted a large shallow dipping magnetic conductor at drillhole K1-6. A planned 2022 diamond drill programme's start date has now been brought forward. The programme will focus on testing the central and stronger part of the magnetic conductor. At present, the plan is to drill 6 holes for approximately 2600m.
Paul Johnson, CEO, commented:
"Today's exploration news is, in my view, potentially one of the more significant the company has released in its 3-year history as Power Metal.
We have confirmed that drillhole K1-6 at Molopo Farms, drilled during the 2020/2021 programme, intersected the edge of a very large-scale and strong magnetic conductor. Significantly, drillhole K1-6 highlighted that the edge of the magnetic conductor was mineralised, with widespread nickel sulphides demonstrated from assay testing and follow up petrological analysis."
Shares rocketed 45.71% on the day of the announcement and today rose again by 18.75%.