Proactive news highlights: Cloudtag, Genedrive, Harvest Minerals, Kibo Mining, Midatech and more...

CloudTag raises £580,000, Solo Oil unveils a series of board changes and IronRidge confirms ‘very advanced’ discussions were underway over an investment in a gold prospect in Chad.

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Daily news round-up from the world of Proactive

Mayan Energy Limited (LON:MYN) has appointed Stephen Brock as Vice President of Operations with immediate effect.

Brock brings more than 15 years’ experience in drilling, workover, oilfield infrastructure & waste disposal and production operations, having previously been employed by Tervita, Henley & Associates, and Exco Resources, to name a few.

“We believe that Stephen has already shown he has what it takes to enhance and extract the value within our portfolio of interests, particularly those at Shoats Creek,” said chairman Ross Warner.

In other news, CloudTag Inc (LON:CTAG) has raised £580,000 through the issue of 10mln shares at a price of 5.8 pence per share, representing a premium of 5.45% to last night’s mid-market closing price.

In addition, the personal well-being monitoring device developer said certain trade creditors have agreed to accept shares, also priced at 5.8p a pop, in lieu of cash to settle £268,000 in invoices.

Meanwhile, Solo Oil PLC (LON:SOLO) unveiled a series of board changes, which sees oil and gas executive Daniel Maling  appointed as finance director.

Donald Strang, who had been in the role, is stepping down to become  a non-executive director.

Over at Harvest Minerals (LON:HMI, ASX:HMI), a scoping study for its Maximus project in Brazil confirmed that fertiliser could be produced at low cost with a very simple processing method.

The Maximus target is part of the group's Arapua fertiliser project, and significantly the study is based on an initial resource of  883,000 tonnes, which represents only around 3% of the estimated mineralisation.

Elsewhere, Kibo Mining PLC (LON:KIBO) has completed the merger of its Imweru gold project with Lake Victoria Gold’s adjacent Imwelo property and intends to float it on AIM as separate entity within months.

Katoro Gold Mining Limited will be the name of the new venture, with Louis Coetzee, Kibo’s chief executive (CEO), to be executive chairman and Seth Dickinson CEO.

Next, Genedrive PLC (LON:GDR), the molecular diagnostics company, said its Genedrive point-of-care IL28B human genotyping test is to be used in a Hepatitis C clinical trial.

The STOP-HCV-1 clinical trial is being run by STOP-HCV, a consortium designed to use stratified medicine to optimise the treatment of patients with Hepatitis C Virus infection, and it will use the Genedrive test to quickly process cheek swab tests, saving weeks on the normal process, which involves sending swabs off to a lab for processing.

Over at Midatech Pharma’s (LON:MTPH NASDAQ:MTP), shares jumped by a fifth as it said interim revenues had met expectations and risen ten-fold.

The US-focused pharma reported turnover in the half year to June was £3.8mln (£0.32mln), with no impact as yet from the Brexit vote. 

And finally, IronRidge Resources Limited (LON:IRR) shares shot higher as it confirmed ‘very advanced’  discussions were underway over an investment in a gold prospect in Chad.

The deal would be structured through IronRidge taking a stake in Tekton Minerals, which has exclusive rights to 'an extensive land package and associated major new gold discovery' in the Central African country.


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