The gold project developer focused on Cyprus reminded investors it had not been idle during the coronavirus (COVID-19) lockdown period, with the company's technical team completing a desktop evaluation of the companys Cypriot exploration licences in terms of their potential for gold.
The company's Troodos West licences apparently contain decent amounts of gold, which is handy as the price of gold has risen by 40% since Chesterfield first drilled notable gold intersections in late 2018.
1.00pm: BATM receives diagnostic boost
BATM Advanced Communications Limited (LON:BVC) climbed 17% to 68p after its Adaltis subsidiary has launched a new range of coronavirus (COVID-19) testing kits.
The networking tech and medical lab specialist said initial orders of the enzyme-linked immunosorbent assay (ELISA) serological testing kits, which diagnose if someone has had the disease by detecting antibodies in their blood, are now being shipped to several customers in Europe and that it is ramping up production to fulfil further orders.
BATM said the tests are complementary to two other coronavirus tests announced previously, adding that they “have the potential to play an important role in contributing to the strategy for lifting national lockdowns and enabling society to return to more normal activity”.
11.45am: Alfa Financial wanted after bagging contract with car loan firm
The developer of mission-critical software for the asset finance industry has won a new contract with a car loan firm.
The agreement, which is with an existing customer, includes professional services to deliver an Alfa cloud-hosting environment and a multiple-year hosting and maintenance arrangement.
10.30am: Aminex directors waive annual fees
The company said it has now reduced cash remuneration for directors by 90%, down to a total of £8,000 per month.
The group said its chairman John Bell has waived his annual fees of £100,000, and senior non-executive director Linda Beal has waived annual fees of £35,000. Both waivers are for twelve months.
9.30am: Tern slides as losses more than double
The group's loss before tax in 2019 more than doubled to £780,643 from £312,564 in 2018.
As an investor in companies, Tern prefers to focus on its net asset value per share, which eased to 7.0p at the end of 2019 from 7.1p a year earlier.
The company, operating as a cash shell since its flagship drug candidate iclaprim failed to make it to market, was quick to tap investors after yesterdays share price surge, placing shares at 0.4p a pop to raise £650,000.
Following the placing, Motif Bio will have cash of around £815,000, which it said will provide the company with sufficient working capital until February 2021.
Proactive news headlines:
Itaconix PLC (LON:ITX) said it has made significant progress in its operational efforts to extend the company's cash runway. The speciality chemicals group announced in mid-March, when the effects of the coronavirus (COVID-19) pandemic were starting to be felt, that it had enough funds to operate until the end of May and would look to conserve cash and negotiate terms on payments due. While the company is pulling out the stops to prevent cash leaving the company, it said it has also made significant progress on increasing revenue in the first four months of 2020, with revenue up 42% year-on-year at US$600,000. Itaconix noted that the strong growth is primarily from the continued commercial progress and success of the company's detergent polymers.
genedrive PLC (LON:GDR) said its hepatitis-C diagnostic has received whats called prequalification from the World Health Organisation. This means the product joins a list of devices eligible for purchase by United Nations procurement agencies. WHO member states are encouraged to buy from the list. The genedrive HCV-ID kit is a portable molecular testing kit for hepatitis-C that delivers results in 90 minutes from a small plasma sample. This allows healthcare workers to operate in the field rather than hospitals. In a statement, Genedrive chief executive David Budd called the WHO prequalification an “important milestone”.
In a separate statement, genedrive also announced its intention to raise £7mln, before expenses, by way of a conditional placing with existing and new institutional investors through the issue of 8,750,000 new ordinary shares at a price of 80p each, a 60% discount to its mid-market closing share price on May 4. It also announced a proposal to raise up to a further £1 million by way of a broker option through the issue of up to 1,250,000 additional new ordinary shares at the placing price in order to enable smaller shareholders and other retail and institutional investors to participate in the fundraising. The group said the net proceeds of the fundraising will support the rapid development of the Genedrive® SARS-CoV-2 assays, fund the scale-up of the Genedrive-96-SARS-CoV-2 test including build-up of inventory for an initial period, fund product development, commercialisation and general corporate purposes.
BATM Advanced Communications Limited (LON:BVC) said its Adaltis subsidiary has launched a new range of coronavirus (COVID-19) testing kits. The networking tech and medical lab specialist said initial orders of the enzyme-linked immunosorbent assay (ELISA) serological testing kits, which diagnose if someone has had the disease by detecting antibodies in their blood, are now being shipped to several customers in Europe and that it is ramping up production to fulfil further orders.
Aminex PLC (LON:AEX) announced that it has now reduced cash remuneration for directors by 90%, down to a total of £100,000 or £8,000 per month. In a statement, the group said its chairman John Bell has waived his annual fees of £100,000, and senior non-executive director Linda Beal has waived annual fees of £35,000. Both waivers are for twelve months. Senior employees have also agreed to accept temporary salary reductions of between 20% and 40% in return for share options, it added.
AfriTin Mining Ltd (LON: ATM) said it has secured £2.05mln from a new loan note facility. The group said the funds will be used to improve its financial position as production ramps up at the company's flagship Uis tin mine in Namibia, and to mitigate any potential effects from the coronavirus that may occur in relation to future tin shipments or the company's wider supply chain. The notes, which are issued in tranches of £50,000, bear an interest rate of 10% per annum to be accrued and payable in full on redemption, and have a 12-month term.
Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON) said it has selected AGC Biologics as the contract manufacturer for Clevegen, its clinical-stage cancer immunotherapy candidate. AGC will help support the expansion of trials to assess the treatments safety profile and potential efficacy in nine different cancer types. Farons chief executive, Dr Markku Jalkanen, said the tie-up would provide flexible and cost-efficient manufacturing.
Touchstone Exploration Inc (LON:TXP) (TSE:TXP) announced, in a statement after Mondays close, that it has signed a framework agreement for the sale of natural gas and gas liquids produced from the Ortoire block, onshore Trinidad. The agreement is signed with the National Gas Company of Trinidad and Tobago and Heritage Petroleum Company.
Argo Blockchain PLC (LON:ARB) said it mined 1,237 Bitcoin in the first four months of 2020, a 122% increase over the previous four months. In an update for April, the cryptocurrency miner also said that over the last month it has installed 1,000 Bitmain Antminer S17+ mining machines, taking its total capacity to around 18,000 machines, a 244% increase in power from the end of last year. Argo also announced that its incumbent chief financial officer, Timothy Le Druillenec, will be stepping down with immediate effect to become a non-executive director and will be replaced as CFO by James Savage. Argo noted that Savage has seven years' private practice experience in auditing and corporate finance across capital markets in the UK, US and Canada and has held roles managing audits of large multinational groups and carried out valuations for investment funds.
OptiBiotix Health PLC (LON:OPTI) said it has entered into a three-year distribution agreement with Asian product developer and distributor, Pierce Group. The agreement grants Pierce exclusive rights to import and commercialise OptiBiotix's SlimBiome weight management ingredient and LPLDL, its cholesterol-lowering probiotic, in China and Hong Kong. Under the agreement, Pierce will also conduct business development activities in other Asia-Pacific geographies to advance OptiBiotix's commercial interests. Market exclusivity is linked to minimum yearly order quantities.
Gaming Realms PLC (LON:GMR) said it has extended its licensing and revenue share agreement with 888 Holdings PLC (LON:888) by launching its Slingo Originals portfolio on 888casino.com. "Today's announcement reaffirms our strategy to continue developing and expanding our partnerships with the world's leading gaming brands”, Gaming Realms executive chairman Michael Buckley said in a statement. “As one of the world's most popular online gaming providers with an established global user base, 888 provides the perfect fit for Gaming Realms as we focus on creating new and exciting games and bringing these to a greater international audience. We are extremely pleased to have extended our agreement and look forward to continuing to work closely with the team at 888", he added.
Vast Resources PLC (LON:VAST) has confirmed that the first shipment of equipment needed for construction at its Baita Plai mine in Romania has arrived on site and is currently being unloaded. The shipment includes the longest installation lead time items consisting of railway tracks and locomotives. The shipping schedules of the remaining containers of equipment remain on track, the group said.
Asiamet Resources Ltd (LON:ARS) booked a net loss of just over US$7mln in the year to December 31, 2019. The company closed out the year with US$418,000 in cash, a total that was subsequently boosted by a US$3.89mln placing completed in March.