Proactive news highlights: Zamano, Patagonia Gold, Amur, Good Energy...

Sound Energy unveils a bond deal, Northern Petroleum hit by bad weather and Summit Therapeutics sees rapid progress.

Daily news round-up from the world of Proactive

Ross Conlon tendered his resignation as chief executive of Zamano (LON:ZMNO) from 9 May to pursue other interests.

The mobile phone services group added the positive performance in revenue and profit achieved in year ended 31 December 2015 had continued so far into this year. 

The concert party head by Patagonia Gold’s (LON:PGD) chairman Carlos Miguens has increased its stake in the Latin American gold miner to 47.9% following the closure of an open offer that raised just over £6.9mln. 

Business and public sector telecoms provider AdEPT Telecom (LON:ADT) has strengthened its presence in the internet-based market with the acquisition of Comms UK in Northampton.

The initial consideration is £3.5mln plus Comms Group’s cash balances, with up to a further £3.5mln payable on performance. The deal is expected to be immediately earnings enhancing.

In other news, Berkeley Energia Limited (LON:BKY) has pulled in US$10mln of new financing at a premium to the current share price – money that will allow it to maintain the current rate of progress at the Salamanca uranium project in Spain.

The Resource Capital Fund is ploughing in half the cash by investing in shares 15% more than the 30-day average price.

Elsewhere, ITM Power (LON:ITM) and Good Energy (LON:GOOD) have signed an initial agreement to explore ways to provide zero-carbon electricity to the stations.

This could involve a process known as direct coupling, wherein stations would be linked to a nearby renewable power generator such as solar panels.

Over at Sound Energy PLC (LON:SOU) it unveiled details of a bond deal which will raise €6mln of new capital and refinance existing debts.

The Italy and Morocco focussed company said it is issue bonds with a face value of €28.8mln, carrying a 5% coupon, to Greenberry Plc and other investors. It is issuing the bonds at a 32% discount to par (i.e. at 68 cents in the Euro).

Meanwhile, Michelmersh Brick Holdings Plc (LON:MBH) expects full-year results to be in line with market expectations after a solid start to the year.

The specialist brick, land development and landfill company released a short trading update ahead of its annual general meeting.

Over at Amur Minerals PLC (LON:AMC) it upgraded the resource at Kubuk, a fourth deposit at its Kun-Manie nickel prospect in Far East Russia.

The group will now move on to the metallurgy part of the definitive feasibility study for the whole project, said Robin Young chief executive.

Rare Earth Minerals’ (LON:REM) associate Macarthur Minerals identified pegamite minerals indicative of rare element Lithium-Caesium-Tantalum in an airborne survey over its Pilbara acreage in Australia.

Geochemical analysis will now be undertaken to confirm the indication.

Northern Petroleum Plc (LON:NOP) updated investors on a month impacted by unexpected weather at its operations in Canada.

The company told investors net production averaged 449 barrels per day between April 1 and April 18, before regional trucking operations were restricted through the second half of the month due to an expected annual spring thaw which caused wet and difficult road surface conditions.

And finally, London and New York-listed Summit Therapeutics PLC (LON:SUMM) has seen rapid progress over the past financial year and is now eyeing a "pivotal" 12 months.

The drug developer has two main programmes on the go - one for the treatment of Duchenne muscular dystrophy (DMD), a fatal muscle wasting disease that mainly affects boys -  and the other an antibiotic to combat hospital superbug C.Diff.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AdEPT Technology Group PLC named herein, including the promotion by the Company of AdEPT Technology Group PLC in any Content on the Site, the...



Australian Vanadium confirms ‘exceptional’ vanadium extraction in test work

Australian Vanadium Ltd (ASX:AVL) (OTCMKTS:ATVVF) managing director Vincent Algar speaks to Proactive about recent pilot test-work conducted at the Australian Vanadium Project, which delivered leach extraction of up to 94.7%. The pilot-scale roast and leach testing has confirmed the...

16 hours, 40 minutes ago

3 min read