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Proactive news snapshot: Rose Petroleum, Ortac Resources, SDX Energy …

Published: 01:45 06 Oct 2017 AEDT

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Rose Petroleum PLC (LON:ROSE) confirmed it is advancing its 3D seismic exploration campaign in the Paradox basin, Utah. The company highlighted that field operations started shortly after its recent funding, and it is now “well on track” with the seismic shoot and it anticipates completion ahead of the company’s own schedule, targeting the year-end..

Ortac Resources Ltd (LON:OTC) has announced that Casa Mining Ltd - in which its holds an effective 45% stake - has reported “extremely encouraging” results from the first two diamond core drill hole assays taken from the Akyanga gold deposit in the Democratic Republic of the Congo. Aim-listed Premier African Minerals Ltd (LON:PREM) also owns a 4.5% stake in Casa Mining.

SDX Energy Inc. (LON:SDX, CVE:SDX) has announced a new oil discovery in Egypt, with the Rabul-2 well unearthing heavy crude in the West Gharib concession. Rabul-2 hit some 101.5 feet of net oil pay across the Yusr and Bakr formations, and the company expects the well will be completed as a new producer connected to processing facilities at the Meseda field.

Ferrum Crescent Limited (LON:FCR) said today that it has withdrawn the general meeting resolution seeking shareholder approval to raise up to A$2.7mln  by way of a private placement. In a statement, the AIM-listed lead-zinc exploration company said that, following on from the resignation of its executive chairman, Justin Tooth - announced on September 26 - its board is in the process of a comprehensive operational review.

Caledonia Mining Corporation PLC (LON:CMCL) has  announced record quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended September 30, 2017. In a statement, the AIM-listed firm said approximately 14,389 ounces of gold were produced during the quarter,  15% higher than the previous quarter and 7% higher than the corresponding quarter of 2016.

Bezant Resources plc (LON:BZT) has raised £700,000 of new capital through the issue of new shares, with the cash injection earmarked for working capital. The junior mining group said the capital will provide support as it moves towards the start of production from higher-grade gravels at the Choco project, in Colombia.

W Resources PLC (LON:WRES) has raised £1mln of new capital to support the company during the ongoing construction phase of the La Parrilla mine development in Portugal. The company is meanwhile working to close a US$30mln financing facility for La Parilla.

Sound Energy PLC (LON:SOU) has struck a deal to sell its entire Italian portfolio of assets, allowing it to focus on core assets in Morocco. The deal is, however, structured as a share based transaction that’s more akin to a ‘spin-out’ rather than a cash boosting exchange.

Amphion PLC (LON:AMP), which has a 14.1% stake in Motif Bio Plc (LON:MTFB, NASDAQ:MTFB), believes Motif is still not fully valued, even after its shares soared from 36.75p to 44.5p yesterday after its lead drug sailed through a critical Phase III trial.

Glycotest, a portfolio company of NetScientific PLC (LON:NSCI) has had a Japanese patent granted to it over a biomarker for early-stage liver cancer.

ANGLE PLC (LON:AGL, OTCQX:ANPCY) is to acquire some assets from a Canadian company with intellectual property that complements ANGLE’s Parsortix liquid biopsy platform for £3.7mln. It is also proposing to raise £12.2mln through the issue of shares at 35p a pop.

Annual results from SkinBioTherapeutics PLC (LON:SBTX) chart a period of significant progress, including April’s listing on AIM (which brought in £4.5mln) and the demonstration of the three modes of action of its platform, SkinBiotix. It is developing the technology as a cosmetic, a hand cream that protects against hospital-acquired infections and a treatment for eczema.

Avacta Group Plc (LON:AVCT) is teaming up with a company from Finland called FIT Biotech to develop a technology that helps the body create its drugs. To do this scientists somehow need to deliver the DNA blueprint that encodes the protein, or gene into the patient's cells.

Faron Pharmaceuticals Oy (LON:FARN) is raising £10mln from a small pool of institutional investors – cash that will be used to fund an early access programme for its lead drug, Traumakine. Shares are being issued at 800p each, which is a modest 2% discount to Wednesday’s closing price. The company will receive £9.4mln once the costs of the fundraise are deducted.

Highlands Natural Resources Plc (LON:HNR) has extended the timeline for its East Denver Niobrara shale project in Colorado. The end date has moved to December 2020 from 2018; the timeline from drilling to completion of each well extends from 180 to 270 days while the gap between the drilling of wells is now  180 days from 90.

Cadence Minerals Plc (LON:KDNC) has confirmed that it has retained its options to acquire 80% of two mineral tenements in the Pilbara region of western Australia. It followed a payment of AU$60,000 to associate Macarthur Minerals.

Lionsgold Limited (LON:LION) has updated investors on its gold joint venture in Finland, where it is advancing exploration programmes. Work has been focussing on the Kuikka gold deposit as well as broader exploration areas.

Kin Group Plc (LON:KIN) expects a company voluntary arrangement, £1mln placing and share capital restructure to be completed by about 26 October, when its shares should resume trading on AIM. Kin will be a cash shell when it relists and have six months to carry out a reverse takeover otherwise it have its AIM status cancelled.

AdEPT Telecom plc (LON:ADT) said it was notified today that its finance director, John Swaite has increased his shareholding in the company to around 0.03%, or 78,506 ordinary shares following the purchase of 3,250 ordinary shares at a price of 305p each.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

11 hours, 40 minutes ago