Proactiveinvestors Australia 3Legs Resources https://www.proactiveinvestors.com.au Proactiveinvestors Australia 3Legs Resources RSS feed en Fri, 19 Jul 2019 14:20:08 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20160321123810_012745862/ Mon, 21 Mar 2016 23:38:10 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20160321123810_012745862/ <![CDATA[News - 3Legs Resources plc set for AIM launch as cancer biotech ]]> https://www.proactiveinvestors.com.au/companies/news/123907/3legs-resources-plc-set-for-aim-launch-as-cancer-biotech-123907.html The new incarnation of 3 Legs Resources (LON:3LEG) as SalvaRx - a junior cancer drug firm - is set to float in London tomorrow (March 22) following a reverse-takeover and fundraise  to bring in £1.95mln.

Its plan is to acquire, invest in and operate a portfolio of companies involved in the fast-growing cancer immunotherapy market.

Immunotherapy is  the new buzz therapeutic area and the the immuno-oncology market is expected to grow to US$80 billion worldwide by 2020.

In 2015, SalvaRx acquired 60.5% in iOx, which is developing, under licence from the Ludwig Institute, a series of small molecules for cancer immunotherapy

These compounds activate iNKT cells which preclinical testing suggests can inhibit the growth of tumours.

iOx has a clinical trial sponsorship agreement with the University of Oxford to fund the first in human Phase I/II clinical trial for its lead compound, expected to reduce costs to  SalvaRx.

As revealed earlier this month, 3Legs existing share capital is to be reorganised, with a 100:1 consolidation. Subsequently, new shares will be issued at a price of 35.5p to satisfy the £8.8mln acquisition price for SalvaRx. A £1.95mln share placing will then take place, also at a price of 35.5p.

3Legs will be renamed SalvaRx Group Plc, and as the new AIM shares are admitted to AIM the stock market symbol will be changed to SALV.

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Mon, 21 Mar 2016 11:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/123907/3legs-resources-plc-set-for-aim-launch-as-cancer-biotech-123907.html
<![CDATA[RNS press release - Reverse Takeover and Placing ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20160303070017_012721845/ Thu, 03 Mar 2016 18:00:17 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20160303070017_012721845/ <![CDATA[News - 3 Legs Resources to relaunch as cancer drug group SalvaRx ]]> https://www.proactiveinvestors.com.au/companies/news/123246/3-legs-resources-to-relaunch-as-cancer-drug-group-salvarx-123246.html Manx oil and gas investor 3 Legs Resources (LON:3LEG) is raise £1.95mln and relaunch as a junior cancer drug company.

Having failed to build a successful Polish shale business and with oil prices at their lowest for a generation, the company will undergo a complete change.

A reverse takeover and recapitalisation will also bring in a new management team and a portfolio of potential immunotherapy treatments for cancer.

SalvaRX Ltd is being acquired for a price of £8.8mln, paid in new shares. The acquired business owns a 60.49% stake in a company called iOX, which is developing under licence a series of compounds for cancer immunotherapy.

iOX has a sponsorship agreement with Oxford University which sees the British institution funding (or arranging funding for) the first Phase I/II in-human trial.

Ian Walters, SalvaRx chief executive, said: "Joining AIM is a major step forward for SalvaRx and allows us to fund the iOx business through to its first in human trials sponsored by Oxford University. 

“The listing will also raise our profile as we seek to build our immunotherapy business via further acquisitions and investment opportunities.”

He added: “We believe the compounds being developed by iOx could represent a major development in cancer treatment, especially when combined with existing immuno-oncology agents, with the hope of improving the care for many different types of cancer patients."  

It is proposed that small cap deal maker and existing SalvaRx director Jim Mellon will replace 3Leg’s current non-executive chairman Richard Armstrong, though Armstrong will remain with the group as non-executive director.

Walters will be chief executive of the new company, and its chief scientific officer will be Robert Kramer.

There are a number of steps in the relaunch of the company.

3Legs existing share capital is to be reorganised, with a 100:1 consolidation. Subsequently, new shares will be issued at a price of 35.5p to satisfy the £8.8mln acquisition price for SalvaRx.

A £1.95mln share placing will then take place, also at a price of 35.5p.

3Legs will be renamed SalvaRx Group Plc, and as the new AIM shares are admitted to AIM the stock market symbol will be changed to SALV.

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Thu, 03 Mar 2016 08:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/123246/3-legs-resources-to-relaunch-as-cancer-drug-group-salvarx-123246.html
<![CDATA[RNS press release - Statement re. Suspension ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20151104073502_012567318/ Wed, 04 Nov 2015 18:35:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20151104073502_012567318/ <![CDATA[RNS press release - Half Yearly Report ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150930073003_012520272/ Wed, 30 Sep 2015 16:30:03 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150930073003_012520272/ <![CDATA[RNS press release - Investment in SalvaRx Limited ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150930070008_012519682/ Wed, 30 Sep 2015 16:00:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150930070008_012519682/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150904163512_012489417/ Sat, 05 Sep 2015 01:35:12 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150904163512_012489417/ <![CDATA[RNS press release - Result of AGM and Grant of Options ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150731124643_012446513/ Fri, 31 Jul 2015 21:46:43 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150731124643_012446513/ <![CDATA[RNS press release - Report and Accounts and AGM Notice ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150629070102_012405529/ Mon, 29 Jun 2015 16:01:02 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150629070102_012405529/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150629070006_012405452/ Mon, 29 Jun 2015 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150629070006_012405452/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150616161406_012391458/ Wed, 17 Jun 2015 01:14:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150616161406_012391458/ <![CDATA[RNS press release - Subscription of GBP500,000 and Directorate Change ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150609070014_012381798/ Tue, 09 Jun 2015 16:00:14 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150609070014_012381798/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150514103526_012352156/ Thu, 14 May 2015 19:35:26 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150514103526_012352156/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150501154843_012338653/ Sat, 02 May 2015 00:48:43 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150501154843_012338653/ <![CDATA[RNS press release - Options Grant, Equity Issue, Director Resignation ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150429070025_012333152/ Wed, 29 Apr 2015 16:00:25 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150429070025_012333152/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150310070328_012275504/ Tue, 10 Mar 2015 18:03:28 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150310070328_012275504/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150302165307_012266923/ Tue, 03 Mar 2015 03:53:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150302165307_012266923/ <![CDATA[RNS press release - TR-1: Notification of Major Interest In Shares ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150223105002_012258016/ Mon, 23 Feb 2015 21:50:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150223105002_012258016/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150218133355_012253771/ Thu, 19 Feb 2015 00:33:55 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150218133355_012253771/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175944_012252700/ Wed, 18 Feb 2015 04:59:44 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175944_012252700/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175639_012252691/ Wed, 18 Feb 2015 04:56:39 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175639_012252691/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175445_012252688/ Wed, 18 Feb 2015 04:54:45 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150217175445_012252688/ <![CDATA[RNS press release - Appointment of Joint Broker ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150216080502_012250246/ Mon, 16 Feb 2015 19:05:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150216080502_012250246/ <![CDATA[RNS press release - Results of Extraordinary General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150213122321_012249105/ Fri, 13 Feb 2015 23:23:21 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150213122321_012249105/ <![CDATA[RNS press release - Circ re. EGM ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150127130003_012228717/ Wed, 28 Jan 2015 00:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150127130003_012228717/ <![CDATA[RNS press release - Retirement of Directors ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150107122814_012206878/ Wed, 07 Jan 2015 23:28:14 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20150107122814_012206878/ <![CDATA[RNS press release - Change of Nominated Adviser ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141217070018_012187194/ Wed, 17 Dec 2014 18:00:18 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141217070018_012187194/ <![CDATA[RNS press release - Director's Notification ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141211163128_012181976/ Fri, 12 Dec 2014 03:31:28 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141211163128_012181976/ <![CDATA[RNS press release - Results of EGM and return of capital ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141125120517_012161946/ Tue, 25 Nov 2014 23:05:17 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141125120517_012161946/ <![CDATA[RNS press release - EGM and posting of Circular to Shareholders ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141107114935_012143528/ Fri, 07 Nov 2014 22:49:35 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141107114935_012143528/ <![CDATA[RNS press release - Admission of Ordinary Shares to Trading on AIM ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141103174712_012138227/ Tue, 04 Nov 2014 04:47:12 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141103174712_012138227/ <![CDATA[RNS press release - Corporate update ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141103172629_012138199/ Tue, 04 Nov 2014 04:26:29 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141103172629_012138199/ <![CDATA[RNS press release - Admission of ordinary shares to trading on AIM ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141022090003_012124934/ Wed, 22 Oct 2014 19:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141022090003_012124934/ <![CDATA[RNS press release - Board Appointment ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141008163001_012110251/ Thu, 09 Oct 2014 02:30:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141008163001_012110251/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141003100040_012105104/ Fri, 03 Oct 2014 19:00:40 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20141003100040_012105104/ <![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140930070032_012099182/ Tue, 30 Sep 2014 16:00:32 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140930070032_012099182/ <![CDATA[RNS press release - Operations and corporate update ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140917130006_012086483/ Wed, 17 Sep 2014 22:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140917130006_012086483/ <![CDATA[RNS press release - Operations update ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140815070006_012052786/ Fri, 15 Aug 2014 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140815070006_012052786/ <![CDATA[News - 3Legs Lublewo well result significant for whole Polish shale industry - broker ]]> https://www.proactiveinvestors.com.au/companies/news/60907/3legs-lublewo-well-result-significant-for-whole-polish-shale-industry-broker-71342.html Rising interest in the Polish shale industry was bolstered again today (Friday) by a positive operational update from junior oil and gas explorer 3Legs Resources (LON:3LEG).

Its Lublewo well in the Baltic basin in the north of the country has been successfully cleaned up and is now on long term flow test to assess the level of hydrocarbons present.

The well continues to flow back frack fluid and hydrocarbons, and as of Thursday (August 14) around 12% of the frac fluid originally injected had been recovered, the company said.

3Legs said the operations to bring the well into test production have gone very smoothly and it was delighted to see the well has flowed from the beginning without assistance.

It comes after the largest multi-stage fracking programme in Poland to date, which saw the firm, working alongside Conoco Philips, sink eight wells and frack six of them.

Today's news is positive for other shale firms in the area, such as San Leon Energy (LON:SLE), something highlighted by SLE's house broker finnCap today, as the company is targeting the same geology.

"Good results for 3legs should therefore be viewed as positive for SLE and vice versa," said analyst Dougie Youngson, who has a price target of 15p.

San Leon is a significant player in the polish market, with 50 licences in the Baltic basin - considered to be the one with the most potential - alone.

Shares flew last month when it unveiled a joint venture agreement in Poland that will see the oil and gas junior receive US$20mln in upfront payments and be carried for a work programme at two fields.

Under the deal, Palomar Natural Resources, founded by John Buggenhagen, former exploration director of San Leon, and Robert Price, will take 65% stakes in the Siekierki and Rawicz gas fields.

The explorer will also be carried “for a defined initial work programme” aimed at bringing these two fields, in the country’s southern and northern Permian basins, into production as soon as possible.

Broker Northland said today's 3Legs announcement was highly significant.

"Whilst far from conclusive there are some encouraging noises in this announcement.

"The well, believed to be the largest horizontal test completed in Poland to date, is important not only to ConocoPhillips and 3Legs, as a vital indicator of the commercial potential of the basin, but to the Polish shale industry as a whole."

The broker highlighted that the "all-important" flow rate over the next month or so will help determine the potential of the concession.

"A commercial flow rate could be anything above 1.5mmcfd," he said, given further optimisation work and data expected to results from this well.

Northland reckons for the investor the company offers a "uniquely low risk" entry into a possibly game changing and late-stage opportunity and repeats a 'buy' rating and 79p price target.

3Legs shares were unchanged today at 22.75p.

More to follow....

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Fri, 15 Aug 2014 12:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/60907/3legs-lublewo-well-result-significant-for-whole-polish-shale-industry-broker-71342.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140813120120_012050493/ Wed, 13 Aug 2014 21:01:20 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140813120120_012050493/ <![CDATA[Media files - 3Legs Resources CFO on potential of Polish shale gas well ]]> https://www.proactiveinvestors.com.au/companies/stocktube/2609/3legs-resources-cfo-on-potential-of-polish-shale-gas-well-2982.html Fri, 08 Aug 2014 13:18:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/2609/3legs-resources-cfo-on-potential-of-polish-shale-gas-well-2982.html <![CDATA[RNS press release - Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140801070013_012037471/ Fri, 01 Aug 2014 16:00:13 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140801070013_012037471/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140709144559_012011731/ Wed, 09 Jul 2014 23:45:59 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140709144559_012011731/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140709144441_012011725/ Wed, 09 Jul 2014 23:44:41 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140709144441_012011725/ <![CDATA[RNS press release - Admission of ordinary shares to trading on AIM ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140707131732_012008587/ Mon, 07 Jul 2014 22:17:32 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140707131732_012008587/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140704101305_012006852/ Fri, 04 Jul 2014 19:13:05 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140704101305_012006852/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140702105008_012003660/ Wed, 02 Jul 2014 19:50:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140702105008_012003660/ <![CDATA[RNS press release - Results of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140508130935_011946940/ Thu, 08 May 2014 22:09:35 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140508130935_011946940/ <![CDATA[RNS press release - Operations update ]]> https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140430070053_011937713/ Wed, 30 Apr 2014 16:00:53 +1000 https://www.proactiveinvestors.com.au/companies/rns/3794/LSE20140430070053_011937713/