Yesterday saw a decent rebound in shares of Eurasia Mining (EUA), as the palladium, platinum, rhodium, iridium and gold producing company, announced that Eurasia has incorporated a 100% beneficially owned subsidiary, Kola Mining LLC to carve out Eurasia's PGM assets into a separate entity from the nickel assets being consolidated into the already incorporated Kola Nickel LLC.
Things continue to move forward for social commerce play IamFire (FIRE) as it has agreed to subscribe a further £2m of an existing option to invest up to £4,500,000 in Convertible Loan Notes in WeShop. This follows a previous subscription of £2m which the company announced on 22 December 2021. On 17 November 2021, FIRE announced that it had agreed an option to subscribe for up to £4,500,000 in to WeShop by way of CLNs. The option is available to be exercised until 18 February 2022 in tranches of £500,000 or above. FIRE will have the right to convert any CLNs subscribed for at a conversion price of 75p per WeShop share on the “Conversion Date”, which is 18 May 2023. WeShop has agreed to extend the option to subscribe for the final £500k of CLNs from 18 February 2022 until 18 May 2022.
Hemogenyx Pharmaceuticals (HEMO), the biopharmaceutical group has received notification from the Food and Drugs Administration that the proposed pre-Investigational New Drug meeting relating to the Company's lead product candidate Chimeric Antigen Receptor T-cells is to be deferred until May 2022 as a result of a general FDA policy prioritizing work on COVID-19. The deferment of the meeting is not causing any delay in the development of the product candidate.
Following a number of comments from both institutional and retail shareholders, Kistos (KIST) provided further clarification on the RNS released yesterday. No awards under any share linked plan can be made during a closed period. While there is an intention to establish a VCP, no grants have been made to date and the company and its advisers continue to discuss the terms of potential awards with major investors. It is the company's intention to purchase shares in the market where possible to satisfy awards when they vest and to minimise any dilution arising from the plan.
Hurricane Energy (HUR), the UK based oil and gas company, provided an update on Lancaster field operations and net free cash balances as of 31 January 2022. During January, the company received $3.2 million of cash rebates relating to R&D tax claims in respect of the 2019 tax year. An additional c.$1.3 million claim in respect of the 2020 tax year is still under review by HMRC but is anticipated to be received later in Q1 2022. As of 31 January 2022, the company had net free cash of $85 million compared to the last reported balance of $50 million as of 31 December 2021. $78.5 million of Convertible Bonds remain outstanding and due July 2022.
Current investor favourite Contango Holdings (CGO), the London listed natural resource development company, updated relating to operations at the 100%-owned Garalo-Ntiela Gold Project in Mali. The company said Garalo-Ntiela has proved to be considerably larger in terms of resource quantum than originally modelled. Given the potential scale of Garalo-Ntiela, the company has benefited from heightened interest in the project by third parties. Whilst these discussions are at a relatively early stage, it certainly highlights the optionality it has with this project and the international interest which has been generated by the work so far. It added that with its Lubu coking coal project in Zimbabwe it remains on track for first production at the end of the current quarter.
Sound Energy (SOU), the energy transition company, announced the issue to Italfluid Geoenergy S.r.l. of "Notice to Proceed" in respect of the project contract for the Tendrara Concession mLNG Facilities Onshore, Kingdom of Morocco, between the Group and the Contractor. The Notice to Proceed has been issued following an initial payment of $5 million by SEMEL and will oblige the Contractor to execute the works set out in accordance with the Project Contract for the provision of a gas processing and liquification facility in relation to the Phase 1 development of the Tendrara Concession.
One of last year’s stock market darlings, Helium One (HE1), the primary helium company with assets in Tanzania announced its audited results for the year ended 30 June 2021. HE1 said the period to June 2021. Helium remains in critical short supply and it has the capacity to discover this new source and become a strategic player in resolving long term supply issues. The Company's P50 Best Estimate Unrisked Prospective Recoverable Helium Resource of 138Bcf would be sufficient to supply the entirety of global demand for over twenty years, or 10-15% of global demand for more than a century. So quite a lot, all in all.
1Spatial, (SPA), a global leader in Location Master Data Management software and solutions, announced a three-year contract with the State of Montana for 1Spatial's Next Generation 911 solution, the seventh US State to take the solution. The contract has a total value of approximately $0.8m over three years, so rather modest.
Shanta Gold (SHG), the East Africa-focused gold producer, developer and explorer, updated its West Kenya Project. SHG said it is looking forward to the next few weeks, when it will announce the upgraded mineral resource estimate at Isulu and Bushiangala, and new maiden resources at Ramula and a remodelled compliant resource at Bumbo.
Pan African Resources (PAF) announced its unaudited interim results for the 6 months to 31 Dec 2021. The company said it has again delivered an excellent operational performance, achieving record gold production in excess of 108,000oz for the Current Reporting Period, and exceeding previous guidance.