Results from pre-revenue companies rarely generate positive excitement and so it proved with Empyrean, which revealed a loss before tax in the year to the end of March of US$995,000, versus a profit the year before of US$143,000, when the profit figure was boosted buy US$1.1mln of finance income.
“Overall, it has been a successful year in a market that presented some unique challenges and the company has, despite these challenges, positioned itself to realise the significant and potentially game-changing upside potential of its Chinese assets, as well as to capitalise on the success of the exploration programme in Indonesia this year,” said Tom Kelly, the chief executive officer of Empyrean.
11.00am: Tekcapital sees NAV per share decline
Net asset value per share at the end of May stood at 30 US cents, down from 35 cents at the end of November 2019.
Revenue from services eased to US$557,684 from US$614,394 in the corresponding period of 2018/19.
10.00am: Gem Diamonds sparkles after high-quality diamond discovery
The miner said it has recovered a high quality 442-carat type II diamond from its Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world.
“The recovery of this remarkable 442-carat diamond, one of the world’s largest gem-quality diamonds to be recovered this year, is further confirmation of the calibre of the Letšeng mine and its ability to consistently produce large, high-quality diamonds. It is also a fitting testament to the dedication of the employees in the group to have recovered such an extraordinary diamond, whilst at the same time maintaining strict adherence to health and safety precautions during the global [coronavirus] pandemic”, Gem Diamonds’ chief executive Clifford Elphick said in a statement.
9.15am: Cadence issues shares at a steep discount
The company raised the money by placing shares at 12p a throw to new and existing shareholders. The price represented a 21.7% discount to Wednesday’s closing mid-market price.
Cadence said it intends to use the money to boost working capital and to provide the wherewithal to repay its loan notes from cash reserves, thus obviating the need to sell its holdings in quoted investments.
Eddie Stobart Ltd, a subsidiary of its associate company GreenWhite Star Acquisition (GWSA), has secured a substantial contract with UK grocer Wm Morrison Supermarkets PLC (LON:MRW).
Under the deal, the logistics group will provide Morrison’s with transportation services from two distribution centres, adding on to work that Eddie Stobart currently carries out on behalf of the supermarket chain.
Proactive news headlines:
Tiziana Life Sciences PLC (LON:TILS, NASDAQ:TLSA) has been granted a patent over the use of its discovery Milciclib in combination with tyrosine kinase inhibitor (TKIs) drugs for the treatment of hepatocellular carcinoma (HCC) and other cancers. “We are delighted that we now have this key patent on use of Milciclib in combination with other HCC drugs, including a TKI,” Dr Kunwar Shailubhai, the company’s chief executive said in a statement. “Issuance of this patent strengthens our clinical strategy as we move forward with the combination of Milciclib and a TKI for the clinical evaluation of advanced cases of HCC as well as in patients with recurrent HCC after liver transplantation,” he added.
SIMEC Atlantis Energy Limited (LON:SAE) has agreed a debt financing deal with South Korean financial institution Hana Financial Investment, to fund 100% of the Uskmouth Phase 1 project. The debt facility will provide the company with up to £170mln and Hana will also provide an equity bridge loan. The company and Hana will continue to work closely to refine the financing package during the period until financial close.
Advanced Oncotherapy PLC (LON:AVO), the developer of next-generation proton therapy systems for cancer treatment, revealed that it has drawn down an initial $10mln from the interest-bearing secured convertible facility with Nerano Pharma Limited, details of which were announced on June 29, 2020. In relation to the first drawdown of this facility, the company has as a result paid a commitment fee of $0.6mln to Nerano Pharma. The funds drawn down will be used to further the development of the company’s LIGHT system.
Silence Therapeutics PLC (LON:SLN), a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, announced that it has publicly filed a registration statement with the US Securities and Exchange Commission (SEC) in connection with a proposed listing of American Depositary Shares (ADSs) representing the company’s ordinary shares of nominal value £0.05 each on the Nasdaq Capital Market. The company said it is not proposing to register any new primary issuance of securities. The registration statement is subject to ongoing review by the SEC, and the proposed listing of ADSs is subject to approval by Nasdaq. The company’s ordinary shares will continue to be admitted to trading the London Stock Exchange’s AIM market.
Power Metal Resources PLC (LON:POW, the AIM-listed metals exploration and development company said it has received a notice to exercise warrants over 4,000,000 new ordinary shares in the company at a price of 0.70p per share and subscription monies of £28,000 have been received by Power Metal in respect of this exercise.
Karelian Diamond Resources PLC (LON:KDR) said it was informed on Thursday that Kevin Taylor now holds 4,000,000 ordinary shares of €0.00025 in the company, equal to approximately 9.29% of the current issued share capital and voting rights.
Benchmark Holdings PLC (LON:BMK), the aquaculture health, advanced nutrition, and genetics business, has said it will announce its third quarter and year to date results, for the period ended June 30, 2020, on Friday August 28, 2020. It added that Trond Williksen, the group’s chief executive officer and Septima Maguire, its chief financial officer will host a webcast for analysts on that day at 8.30am. To register interest, please contact: [email protected]
Kodal Minerals PLC (LON:KOD), the mineral exploration and development company, has said that following its annual general Meeting being held at 12.00pm on August 27, 2020, the company will be hosting a presentation followed by a Q&A session at 12.15pm on August 27, 2020. Shareholders are invited to register and submit questions before and during the webinar. To access the live webinar investors should use the following link to register: https://webcasting.brrmedia.co.uk/broadcast/5f3be341b14d872626438fe1. Once registered, questions can be submitted for the company to respond to during the Q & A session. As previously announced and as a consequence of the current measures implemented by the UK government, shareholders will not be permitted to attend the AGM.