The waiting game is finally over, at least the initial part, as far as a deal for Quetzal Capital (QTZ). The company said it has agreed to subscribe for Convertible Loan Notes of £1 each in TAP Global Limited, for an aggregate amount of £1,500,000. Under the terms of the CLNs, Quetzal has the right to subscribe for addition CLNs up to a further 500,000 CLNs of £1 each at any point before 31 May 2022. The funding will assist TAP Global's continued rapid expansion. TAP Global has also signed a call option in favour of Quetzal, that gives Quetzal the right to acquire 100% of the issued share capital of TAP Global, subject to certain terms being agreed on a Sale and Purchase Agreement. One such term will be the achievement of a minimum valuation for TAP Global of £26.5m as a result of any conversion event.
Mila Resources (MILA), the post-discovery gold exploration accelerator, announced a drilling update from the Kathleen Valley Gold Project in Western Australia. The company said the objective of the drill programme is to build on the existing JORC Inferred Resource and unlock the full potential of the project, which is located in a region which hosts some of the largest gold projects in Australia and which is adjacent to Bellevue Gold's discoveries.
NFT Investments (NFT), a company specializing in non-fungible tokens (NFTs), announced it has sold a 25% equity stake in Kodoku Studios, a NFT-focused gaming company involved in the new NFT-gaming genre, acquired at a cost of £500,000. Kodoku is a London, UK-based studio that is developing a platform called "The Pit", which will enable players to wager their NFTs as well as offer a unique opportunity for other creators to host their own NFT arenas.
GreenRoc Mining (GROC) announced the full suite of assay results from its drilling and channel sampling programme undertaken at the Amitsoq Island deposit from June to August 2021. These results confirm the high-grade nature of the Amitsoq Island deposit as well as showing the graphite layers to be both thicker, and more consistent, than previously thought.
Duke Royalty (DUKE), a provider of alternative capital solutions to a diversified range of profitable and long-established business in Europe and abroad, has published its interim results for the six-month ended 30 September 2021. Net profit reached £6.2 million, a 50% increase (Interim 2021: £4.1 million). The company said the strong trading performance makes it confident that Duke will exceed the market's expectations for the 12 months ended 31 March 2022.
Cellular Goods (CBX), a UK-based provider of premium consumer products based on lab-made cannabinoids (LSE: CBX), announced its audited results for the 12 months ended 31 August 2021. The company said Skincare and ingestible product ranges were launched earlier this month, initially via its new transactional website. A comprehensive omni-channel marketing campaign will commence in February 2022 to support Cellular's sales drive, in-line with industry best-practice whereby new beauty and wellness products typically go on sale early in the year to coincide with consumers' focus on self-care and forming positive habits.