Andrew Hore Quoted Micro 18 November 2019

NEX EXCHANGE

Trading in the shares of Barkby Group (BARK) has been suspended ahead of further information about a proposed reverse takeover. The acquisition of a group of companies referred to as the Dickson controlled entities is expected to cost £30m, predominantly paid in shares. There will also be a share placing to provide working capital for the enlarged group. Charles Dickson would become executive chairman if the deal goes ahead. The businesses include Workshop Coffee, which operates four coffee shops and is a wholesaler of speciality coffee, a commercial property developer. Barkby will also acquire the right to invest in two private companies: Transcend Packaging, which won a contract to supply McDonalds with paper straws, and VivoPlex, which has developed a medical device for fertility monitoring.

Brewer and pubs operator Daniel Thwaites (THW) says fears that interest rates will fall has required a £4m increase in the provision for its interest rate swaps. That is a non-cash item and underlying pre-tax profit increased from £5.6m to £6.2m in the six months to September 2019. That figure also excludes a quadrupling of property disposal profit to £800,000. Interim revenues improved 7% to £53.4m. The new brewery is operating at full capacity, while there was a small increase in like-for-like pub revenues. The contribution from hotels improved. Net debt was reduced by £8.6m to £61.6m compared with 12 months before, although £22.5m has been reclassified as due within one year. The interim dividend is unchanged at 1.1p a share.

NEX and AIM-quoted AFH Financial (AFHP) says it is trading in line with forecasts. The wealth manager will report underlying EBITDA of more than £17m, up from £10.4m, in the year to October 2019. Funds under management were £6bn. The contribution from acquisitions has been earnings enhancing. The total dividend is expected to be 8p a share and this is expected to rise by one-quarter to 10p a share in 2019-20. There was still £11.9m in the bank at the end of October 2019, although there is estimated to be £32.2m of contingent consideration and a £15m convertible loan in the balance sheet. The current focus is on organic growth and there should be enough cash generated, along with the current balance, to pay the deferred consideration over the next two years.

Ashley House (LSE: ASH) has published a trading statement and it is changing its year end from April to October following the disposal of the Morgan Ashley joint venture. In the 12 months to April 2019, revenues fell from £18.5m to £11.9m and a pre-tax profit of £805,000 was turned into a £2.95m loss. There was a loss contributed by joint ventures. Net debt was £1.8m.

Clinical support systems supplier DXS International (DXSP) is considering a move to AIM. This would be part of a potential fundraising to enable further investment in the business. DXS has already announced that it has been awarded a place on the NHS GPIT Futures framework from the beginning of 2020. This replaces the GPSoC2 framework and means that systems and services will be able to be bought centrally rather than with GP funds. The focus will be on the existing core product DXS Point of Care, analytics and reporting service CompleteCare, digital medicines service ExpertCare and condition management platform MyVytalCare. The first is already on sale and the rest will be launched in early 2020. DXS is gaining final approvals for its four solutions to be listed in the NHS catalogue.

AfriAg Global (AFRI) has raised £160,000 at 0.1p a share. This cash will be invested in additional shares in Apollon Formularies, which will take the company’s stake to 2.68%.

Primorus Investments (PRIM) believes that the lack of flotations is providing it with more opportunities. Primorus has received the £275,000 it was owed by Zuuse and still owns 57,205 shares and holds options over one million shares at A$0.50 (26p) each. The latest fundraising by Zuuse is at A$1 a share. There is a potential market to sell the shares even before a flotation.

Rutherford Health (RUTH) shareholder Formation Group has appointed Andrew Bennett as a non-executive director of the proton beam therapy firm.

David Lenigas has been appointed chairman of NQ Minerals (NQMI) and the board is in talks to replace existing debt with lower-cost debt. First Sentinel, which is run by former NQ Minerals director, has been appointed as corporate adviser.

Block Commodities (BLCC) has raised £388,000 from an issue of convertible loan notes and shares. This is less than the company wanted to raise more than six months ago. The share issue raised £133,000 at 0.02p a share, with a warrant exercisable at the same price, and the conversion of the loan notes will also be at the same price. The cash will be used to move into the medicinal cannabis sector. Additional shares are being issued to pay creditors.

EPE Special Opportunities Ltd (ESO) had net assets of 246.47p a share at the end of October 2019.

One hundred shares in Equatorial Mining and Exploration (EM.P) will be consolidated into one new share on 18 November.

Karoo Energy has changed its name to IamFire (FIRE).

Queros Capital Partners (QCP) will leave NEX on 28 November.

AIM

DBAY Advisors does not intend to bid for Eddie Stobart Logistics (ESL) and instead will acquire 51% of the underlying subsidiary that owns the transport operations. The poor financial situation of the business led to the change of strategy and Eddie Stobart Logistics has recommended the deal, which involves the injection of £55m of additional finance through a PIK Facility. This will pay off a £35m loan and provide working capital. The deal requires the extension of other existing debt facilities. The interim results to May 2019 are still being compiled. An operating loss of at least £12m is expected, but the underlying business could make a full year operating profit of up to £2m. There could be a goodwill write-down of £50m. Net debt will be around £200m. Wincanton (WIN) is still considering a rival deal.

ECO Animal Health (EAH) is still suffering the after effects of the African Swine Flu outbreak in China and the US/China trade war hitting imports from the US. First half revenues from China fell by three-fifths. Restocking will take time to flow through in terms of FCO’s results. There will be a sharp fall in full year profit. The interims could also be affected by accounting policy changes.

Advanced surface coatings provider Hardide (HDD) has been selected to coat parts for the new F-35 Lightning II Joint Strike Fighter. This is an important step in building up business in the aerospace sector. The Hardide-A coating will replace HVOF thermal spray coatings. HVOF is one of the most widely used coatings in aerospace and Hardide-A is said to be technically superior. Hardide has also been awarded a patent for a water droplet erosion resistant coating for blades and vanes, including those used on steam and gas turbines for power generation. A field test is planned.

Adamas Finance Asia (ADAM) says that a test production run is planned later this month by 85%-owned Future Metal at its quarry in China. The plan is to restart production by the end of the year. This will help to underpin the Adamas NAV and provide potential upside. At the end of September 2019, NAV was 84p a share, which is more than three times the share price. Future Metal is 45.2% of that NAV and when the quarry is up and running then Adamas could raise cash by selling some of its stake. Cash is required to invest in new opportunities that are being presented to the company. Adamas issued 16.18 million shares at 34.8p each for its equity investment in Infinity TNP.

Safestay (SSTY) has bought the Hotel Auberge in Berlin, which is near to Berlin zoo, and intends to turn it into a 150-bed hostel. The site has an eleven year lease. This is the latest acquisition this year and it takes the total number of hostel sites to 18. The plan is to have 20 hostels by 2020.

MAIN MARKET

PureCircle Ltd (PURE) chief executive Magomet Malsagov has stood aside temporarily pending further investigation of the classification of the stevia sweeteners supplier’s inventory and other transactions. The investigations have identified that inventory was $23m too high. Other transactions could lead to additional valuation changes. There could be write downs of intangibles and inventories. There should not be any increase in net debt, although the figures are still not fully audited. Bank covenants may need to be waived. Finance director Rakesh Sinha had previously resigned, although he remains with the company until the end of January.

Automotive information publisher Haynes Publishing (HYNS) is seeking a buyer. Management believes the company needs to be part of a larger group with greater financial resources.

Andrew Hore

Alan Green discusses Polarean Imaging #POLX, Open Orphan #ORPH & Metro Bank #MTRO on Vox Markets podcast

Alan Green discusses Polarean Imaging #POLX, Open Orphan #ORPH and Metro Bank #MTRO with Justin Waite on the Vox Markets podcast. The interview starts at 30 minutes 31 seconds.

BigDish #DISH – Appointment of Tom Sumner as New CEO and Operational Update

BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce the appointment of a new CEO and to provide an operational update.

The Company has appointed Tom Sumner as the new Chief Executive Officer commencing 2 December 2019.  Tom has worked in the restaurant discount industry for the past six years.  From 2013 to 2016 he was National Partnership Manager, managing a 10 person telesales team at Gourmet Society and Tastecard which are the largest diner membership clubs in the United Kingdom.  These brands are operated by The Dining Club Group and each has over 6,000 restaurant partners.

Highlights:

·    New CEO with a proven track record of restaurant acquisition in the industry

·    Company to open a telesales operation in Manchester to accelerate restaurant acquisition

·    Financial position update

·    Q1 2020 launch of BigDish Premium

New CEO

It is the view of BigDish that the appointment of Tom Sumner is a major coup for the company, as he is a proven person in terms of his performance and ability. His relative youth and dynamism sits well with the ethos of a tech company such as BigDish, and as “player/manager” is likely to be inspirational for the team he leads.

Tom joined TableNow in 2016 initially as Product Development Manager and subsequently became Head of Operations and in May 2018 he was appointed as Managing Director.  TableNow is a dining discount app that enables diners to book discounted restaurant seats in the UK.  In April 2019 the Company rebranded with a new app and embarked upon a nationwide rollout. Following the rebrand, Tom grew the platform, with a 10 person telesales team, from 250 to 3,000 restaurants across the United Kingdom over a six month period.  TableNow monetizes by charging consumers either a membership fee or a booking fee. Given that BigDish is free to consumers if scale can be achieved it is likely to have greater appeal.

Sanj Naha, will remain with the Company but in a new role where he will focus on the acquisition of restaurant groups and technology integrations with Electronic Point of Sale (ePOS) companies and other third party restaurant technology platforms with whom he has developed relationships with.

Restaurant Acquisition

The Company has used a ‘boots on the ground’ approach to restaurant acquisition through Territory Managers.  While there has been some success in certain aspects of the business, achieving scale is the goal both in terms of the consumer experience, but also to ensure that BigDish achieves the critical mass to disrupt and erode existing players.

As has been evident throughout the technology space, once companies achieve critical mass, their strategic value alone can rise by significant multiples.  Therefore prompt and significant action has already been taken in the run up to this update to ensure an accelerated rollout of restaurants via management and strategy enhancements.

At 11 November 2019 there are a total of 177 restaurants which are live on the BigDish platform. The primary focus for the next 12 months is restaurant acquisition and accelerating the growth of restaurant numbers.  A shift to consumer traction and further product development is then envisaged.

The Company has chosen not to retain 7 of its 9 Territory Managers.  The best performing Territory Managers are focused on Birmingham and Brighton and will remain with the Company and progress will be monitored.

Rather than “boots on the ground”, the Company, led by Tom Sumner, will launch a telesales operation in Manchester on 2 December 2019 as its prime strategic initiative for restaurant acquisition.  The Company notes that Tastecard, Gourmet Society and TableNow all have proven the effectiveness of telesales within their operations and have all favoured this to a ‘boots on the ground’ approach to restaurant acquisition.

In addition to Tom Sumner, two other persons will join the team who have experience working with Tom in restaurant acquisition and collectively have 12 years industry experience.  The objective is to rapidly build up a telesales team of approximately 10 persons.

The cost of the telesales operation will be considerably less than the ‘boots on the ground’ strategy.  This will result in very substantial cost savings.

Financial Position Update

At 30 September 2019 (interims reporting period date) the Company had total cash of £ 1,288,666 and immaterial cash liabilities.  The new strategy will result in substantial cost savings well in excess of £ 250,000 per annum.  A new budget has been worked based on the most conservative basis possible.  The Company has sufficient funding until the period of the third quarter of 2020.  This has been estimated using purely a cash burn assumption – the most pessimistic scenario.

The Company’s auditors, Mazars LLP, noted in their Independent Auditors Report that they had “reviewed future forecasts for at least twelve months from the date of approval of the financial statements and reviewed the underlying assumptions for reasonableness and reliability”. Furthermore they concluded that “Based on our work, we found the Going Concern basis to be appropriate.”  The Financial Statements were approved on 31 July 2019.

The Company’s technology and business support operations in Manila remain lean and cost a total of approximately £ 19,300 per month.  The Company currently employs 13 persons in its Manila office.  This is considerably less than the cost of having these functions based in the UK.  The Company also operates a Salary Sacrifice Scheme to ensure that management cash costs are kept as lean as possible.

Other Updates

The Company announced its Brand Ambassador Program on 2 July 2019.  This will now be launched at a later date once there are a critical mass of restaurants that will ensure that any marketing initiatives relating to Brand Ambassadors will have the maximum impact.  Brand Ambassadors will be paid in shares as previously announced.

The BigDish App will be made more attractive to both consumers and restaurants.  There will be more flexible discount options available and consumers will be able to book up to 7 days in advance rather than just 48 hours in advance.

The technology team is also developing a BigDish Premium product that will be a different revenue model.  This is expected to be ready for launch in the first quarter of 2020 and more details will be provided in due course.

Outlook

With early stage technology companies it is often difficult to forecast accurately and the Company will be mindful of this with all future public statements.  The Company’s business model is a proven one in the restaurant sector, and Bigdish now feels it has made the dramatic changes required in order to achieve its ambitions.  Going forward, improvements will continue, as necessary.

The United Kingdom is currently dominated by consumer paid dining membership products.  The BigDish Yield Management app is a free consumer product and empowers the restaurants to select the discount options and the availability in order to fill empty tables.   We are therefore presenting the marketplace both with a compelling consumer proposition as well as offering more flexibility to restaurants.  This ‘win-win’ scenario continues to present an exciting opportunity for BigDish and the Company believes that the new and improved strategy will create value for shareholders.

Tom Sumner, incoming CEO commented:

“I am really excited to be joining BigDish on 2 December, especially to add to my track record of restaurant acquisition.  It is a great looking App and I am confident that the free consumer model will be a big hit in the United Kingdom.  The technology is sector leading and with the launch of the Manchester operation I hope to achieve the same results for BigDish that I have at TableNow, Tastecard and Gourmet Society.”

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)

 

Enquiries:

Zak Mir, Digital Communications Officer, BigDish

+44 (0) 7867 527658

zak@bigdish.com

Jonathan Morley-Kirk, Non-Executive Chairman

+44 (0) 7797 859986

jmk@bigdish.com

Notes to Editors

BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry.

Yield Management is a dynamic pricing strategy based on understanding and influencing human behaviour in order to maximise revenue from a fixed, time limited resource.  Yield Management has been very effective for selling airline seats and hotel rooms.  BigDish believes that Yield Management can benefit restaurants to optimize revenue by bringing diners to empty tables.

BigDish is a free consumer product.  Consumers can book a table with a discount via the BigDish App or website.  Restaurants pay BigDish a fixed fee per diner seated.

Cadence Minerals (KDNC) Bacanora Lithium (BCN) – Sonora Lithium Project Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) (“Bacanora”) on its activities at the Sonora Lithium Project in Mexico (‘Sonora’ or the ‘Project’) following the recent completion of the Strategic Investment by leading global lithium company Ganfeng Lithium Co., Ltd. (‘Ganfeng’).

Cadence Minerals – Holdings in BCN, Mexalit and Megalit:

Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

Ganfeng Review and Process Testwork

The Bacanora project team in Mexico continues to progress the final design work for the mine site, infrastructure, concentrator and kiln sections of the processing plant. Representative samples have been sent to Ganfeng in China. Ganfeng’s technical review of the hydrometallurgical circuit has commenced with a view to potentially sourcing key sections of the lithium production equipment from their current equipment suppliers in China. This work is expected to be completed in H1 2020. As part of this technical review, both Bacanora and Ganfeng continue to develop testwork programmes for the potential production of other downstream high value lithium products in addition to the battery-grade lithium carbonate used in the Company’s feasibility study. The results of this work will be reviewed over the next few months. 

The feasibility study indicated highly favourable economic indicators for a battery grade lithium carbonate operation at Sonora, including US$1.25 billion NPV, 26% IRR and operating costs among the lowest in the industry at around US$4,000/t of lithium carbonate (see announcement of 13 December 2017 for further details).

Financing

Once Ganfeng completes its review, Bacanora will deliver final engineering costs for Stage 1 of the Project, following which Bacanora will look to finalise the funding package for the Project.   At this stage, the Company believes that the engineering costs will remain in line with the 2018 Feasibility Study forecast of approximately US$420 million. 

The recent 29.99% equity investment by Ganfeng Lithium and their 22.5% investment at the project level, in combination with a combined 100% off-take held by Ganfeng and Hanwa Corporation (‘Hanwa’) for Stage 1 production of 17,500 tonnes per annum of lithium products at the Project demonstrates the strong support that both these cornerstone investors have shown in Sonora. Combined, Ganfeng and Hanwa have a see-through ownership of more than 50% of Sonora.  In the last 18 months, Bacanora has already secured a US$150 million debt facility with RK Mine Finance and continues to explore additional sources of project funding. The 22.5% project investment and 29.99% equity investment from Ganfeng, in addition to ongoing support from Bacanora’s other shareholders and off-takers, ensures a very solid position for finalising the project funding stage of the Sonora development.

Bacanora had US$40 million of cash at the end of October 2019, which will enable it to commence the bulk earthworks on site in H1 2020 and start to upgrade the primary access road to site. Bacanora will also be able to use part of these funds to place the initial orders for some of the longest lead-time items in the concentrator, pyrometallurgy and hydrometallurgy sections of the lithium plant.

General Market Conditions

There have been a number of media reports over the past few months highlighting the impact of an over-supply of lower grade bulk spodumene concentrates from Australia into the Asian lithium converter markets. Recently a number of these projects have been delayed, closed, reported decreased production or put on care and maintenance. With the majority of these concentrate operations being at the higher cost level, this supports the Bacanora strategy of developing a fully integrated lithium project that produces a final battery grade lithium product at much lower costs rather than an intermediate concentrate.

Bacanora CEO Peter Secker said: “Recent research reports predict the lithium industry would need US$30 billion in investment in upstream capacity to meet its forecast of 1 million tonnes of supply by 2025 (a threefold increase on current levels).  In order to secure funding, any new lithium project needs to be low on the operational cost-curve, without having to rely on by-product credits to artificially lower that cost per tonne. A project also needs to have reliable engineering cost estimates.  A project needs to be of sufficient scale, in a location with a favourable environmental and political climate and deliver a high-grade end product. The Sonora Lithium Project is one of the very few projects globally that can deliver on all of these factors.”

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14301803.html

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss  

 

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

  

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

 

Andrew Hore – Quoted Micro 11 November 2019

NEX EXCHANGE

Ecommerce technology developer Netalogue Technologies (NTLP) is recommending a 11.2p a share cash offer from TrueCommerce, which values the company at £5.73m. That is nearly double the share price of the most recent share deal. Netalogue clients include Transport for London, Greene King and Bunzl. The deal will bring together ecommerce and supply chain software in one platform and provide cross-selling opportunities. US-based TrueCommerce is a global connectivity business, which also has a B2B client base. The UK part of the business has revenues of £13.8m, but it is losing money. The group as a whole has revenues of $95.2m and made a net loss of $157,000. In the year to March 2019, Netalogue made a pre-tax profit of £300,000 on revenues of £1.35m. There should be potential cos savings from duplication of development spending and overlapping roles.

AFH Financial (AFHP) is acquiring the client portfolios of Warwickshire-based Groom Associates from the two retiring advisers. The initial cost is £321,000 and a further £294,000 could be payable depending on the performance of the acquired assets over 26 months.

AfriAg Global (AFRI) is selling its African operations and consolidating 100 shares into one new share. It can then concentrate on cannabis business Apollon Formularies.

Proton beam therapy firm Rutherford Health (RUTH) grew interim revenues from £197,000 to £2.5m, but the loss increased from £9.17m to £14.9m as the initial proton beam therapy centres get up and running. Since August, a further £12.5m has been raised and a £20m debt facility agreed. The focus is building up patient numbers for the three fully operational cancer centres. At the end of October, 412 shares were traded at 245p each. There is still the Woodford share overhang.

Two months after floating World High Life intends to consolidate every ten shares into one new share. The investment company plans to acquire businesses involved in medicinal cannabis and related products, including nutraceuticals and cosmetics. World High Life has announced plans to acquire Love Hemp in return for £4m in cash and the issue of 30 million (existing) shares. A further £2m could become payable in the next three years depending on the achievement of turnover targets.

Trading in Black Sea Property (BSP) shares has recommenced following its interim results announcement. Interim revenues improved from €272,000 to €312,000, but there was a €1.9m write-down on investment properties. The overall loss was €2.58m. NAV has fallen from 0.95 cents a share to 0.75 cents a share over a six months period.

Eight Capital Partners (ECP) has converted the €2m it is owed by Finance Partners Group into shares that take its stake in the investment company, which has an investment in Italy-based Avantgarde Group, to 40%. Avantgarde owns inventory finance fintech company Supply Me (www.supplyme.tech), which may list on the London market. Eight Capital Partners has paid £1,500 to John Treacy, one of its directors, for a further 30% of Epsion Capital, giving it 100% ownership. It has also invested a further £95,000 in the company, which is applying to the FCA for full regulatory status.

VI Mining (VIM) says that talks with the vendors of the Minaspampa and Rosario de Belen projects are likely to end with them taking back the projects because there is still $42.4m of the payment outstanding. VI will focus on generating cash from tolling operations. David Sumner is waiving the $1.61m of salary owed to him. Sumner, who already provides loans to the company, is raising money via a security token offering and cash raised will be used to finance VI.

Former NEX-quoted company MESH Holdings (MESH) is proposing to gain admission to the standard list. There is a timing extension to the acquisition of AI business Sentiance and the acquisition of additional shares and the exercising of an option has taken the Sentiance stake to 16.8%. The acquisition of a majority stake is dependent on ZASAi and related interests not having to make a bid for MESH after they receive shares in return for the Sentiance stake. MESH will then own 80.1% of Sentiance and be able to issue a prospectus for the listing.

AIM

In the year to June2019, Frontier IP (FIPP) made an unrealised profit of £3.85m on its investee company portfolio, up from £2.06m last year. NAV was £17.6m at the end of the year. A placing has raised £3.8m at 50p a share. This will help to develop and commercialise investee companies.

Rose Petroleum (ROSE) is acquiring a 10% of Captiva Energy Holdings II (CEH) Inc’s 89.5% net working interest in the 317-acre McCoy lease in Colorado. It will also have an option to acquire up to a further 80% of that net working interest. CEH is owned by the chairman and chief executive of Rose. Drilling should happen within one year and there are discussions about a funding partner. Rosehas raised£1.25m at 1.1p a share to provide finance to develop assets. This is expected to be the first in a series of deals. The Morton family trust has taken a 3.84% stake in Rose.

Zoo Digital (ZOO) was hit by a faster than expected decline in Blu Ray and DVD business, but the core localisation and dubbing business did grow its revenues. A stronger second half is expected, and Zoo should return to profit this year. New streaming services from Apple and Disney provide a strong back drop for demand.

Shares (SHRE) subsidiary The Share Centre won two awards at the Shares Awards 2019. They were best stocks and shares ISA provider and best customer service.

Competitions organiser Best of the Best (BOTB) is trading ahead of market expectations. This has sparked a 2019-20 profit forecast upgrade of 16% to £2.2m. The interims will be published on 30 January.

Faron Pharma (FARN) has raised £7.48m at 190p a share. This will finance the clinical programme for potential cancer treatment Clevegen.

Defenx (DFX) is seeking to cancel its AIM quotation. Strand Hanson will continue as nominated adviser until the cancellation. BV Tech, which owns 67.1% of Defenx, will vote for the cancellation.

LIDAR wine sensor technology developer Windar Photonics (WPHO) has been hit by the slow conversion of interest into orders. Revenues in the ten months to October 2019 were €1.2m. Full year revenues will be below expectations. There is limited working capital available. BDO resigned as auditor during October. A share swap has left the interests of Windar director Jorgen Jensen with a 11.2% stake and O-Net Communications with 4.5%.

MAIN MARKET

Nanoco (NANO) has entered into early discussions with potential buyers of the company. This has sparked a review of strategic options for the business. That includes potential additional funding. There are also talks with potential customers in the displays and infra-red sensing markets.

InnovaDerma (IDP) executive chairman Haris Chaudry has stepped down the day after the beauty products supplier’s AGM. He has reduced his stake from 28.6% to 0.2%. The shares were sold at 52.4p each. Edale Capital has taken a 9.11% stake. Revenues have grown by 38% in the first four months of the financial year. A new skincare product will be launched in 2020.

Robbie Rayne does not want Gresham House Asset Management to be reappointed as external manager of LMS Capital (LMS) and he and his family intend to vote their 42% shareholding against the reappointment at a general meeting. He wants a return to internal management of the portfolio of assets and a £7.5m distribution to shareholders.

Standard list shell Contango Holdings (CGO) intends to try to raise £1m at 5p a share in order to help finance the acquisition of the Lubu coalfield project in Zimbabwe. Contango has advanced $310,000 to the project. If the acquisition does not go ahead by Christmas Eve, then the money should be returned.

Zenith Energy (ZEN) is planning an all share offer for Nordic Petroleum. One Zenith shares will be offered for every 100 Nordic shares. This will require the issue of up to 9.1 million shares. Nordic is involved in heavy oils in Canada. It has tax credits in Norway and a legal claim against a UK party, the rights to which will be retained by Nordic shareholders. A prospectus has been approved for an issue of up to €25m of Euro Medium Term notes at par.

Andrew Hore

Brand CEO Alan Green talks about: Metro Bank #MTRO Cadence Minerals #KDNC and Smart Metering Systems #SMS on the Vox Podcast.

Brand CEO Alan Green talks about: Metro Bank #MTRO Cadence Minerals #KDNC and Smart Metering Systems #SMS on the Vox Podcast.
 
Interview starts at 19 minutes 33 seconds.

IMC Exploration Group #IMC – Update re. Collaboration with Trinity College Dublin

IMC, in association with the Raw Materials Characterization Laboratory at Trinity College Dublin, is continuing studies on the precious metals to be found at IMC’s wholly-owned Avoca deposit and Kilmacoo gold prospect in Co. Wicklow, Ireland. The collaboration between the Raw Materials Research Group at Trinity College Dublin and IMC was announced on 24th September 2019. The aim of the continuing work is further to characterise the form and distribution of gold to assess the extent of syn-tectonic enrichment during the Caledonian Orogeny. IMC’s project represents an opportunity to apply a state-of-the-art microanalytical approach to a major, historical deposit which has significant exploration upside.  The study is refining the understanding of metal zonation and sulphide paragenesis within the Avoca orebodies and Kilmacoo Au prospect and it will allow the development of a robust mineral deposit model for gold mineralisation across the Avoca District in particular and South-East Ireland in general.

The project will contribute important mineral chemical data on sulphide phases hosting gold, benefiting exploration and supporting future metallurgical work on the mineralisation at Avoca and Kilmacoo.

Eamon O’Brien commented, “It is significant that our Kilmacoo project at Avoca, Co. Wicklow is being worked on by the Raw Materials Characterization Laboratory of Trinity College Dublin. The presence of an inferred resource of gold, silver, lead, copper and zinc in the Avoca spoils’ and tailings’ project has already been set out in IMC’s Mineral Resource Estimate (“MRE”) announced on 11th September 2019, which was prepared in accordance with the JORC Code (2012). The MRE is of great significance to IMC, with the gold estimate alone coming in at 20,000 ozs. The microanalytical approach will also benefit and support our forthcoming metallurgical testing.”

This regulatory release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as defined in the JORC 2012 reporting code.

Eamon P. O’Brien,
Executive Chairman,
5th November 2019

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk

ECR Minerals plc (ECR) Update on Creswick Gold Project, Victoria, Australia

ECR Minerals plc (LON: ECR), the precious metals exploration and development company, is pleased to announce the results of further analysis of samples from reverse circulation (RC) drilling completed earlier this year at the Creswick gold project in Victoria, Australia.

The Creswick project is 100% held by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

HIGHLIGHTS

  • Final results have been received from 129 ‘full bag’ tests and assay of 74 duplicate sub-samples collected when drilling. The highest grade duplicate result of 80.97 g/t gold came from a 1 metre interval that originally assayed 44.63 g/t (announced on 8 May 2019). The ‘full bag’ test of the remainder of the material gave a result close to the average of the two sub-samples at 63.03 g/t (announced 27 August 2019).
  • Grade variability due to the nugget effect has been demonstrated, but some consistency between results has been seen, and indicates the effect may be less severe than initially thought.
  • The data generated has been provided to Dr Simon Dominy, a noted expert on nuggety gold systems, for geostatistical analysis to quantify the nugget effect and evaluate the representativeness of the larger samples. The findings of this work will guide ECR’s next steps at Creswick.
  • On the basis of work undertaken to date ECR considers Creswick a highly important strategic project as part of MGA’s Victoria goldfields portfolio of five projects.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:

“These results confirm the presence of nuggety gold mineralisation in the Dimocks Main Shale (DMS) at Creswick, some of which is very high grade.

MGA’s tenement position at Creswick covers approximately 7 kilometres of the DMS trend, and our drilling earlier this year only tested approximately 300 metres of this.

We therefore believe there is significant potential upside in the project, and we are now considering how best to build on the results obtained from Creswick to date to create value for ECR shareholders.

Creswick is one of five projects owned by ECR within the Victoria goldfields and forms part of what is rapidly becoming a highly significant and strategic portfolio in the region.”

FURTHER INFORMATION

The initial results of RC drilling at Creswick by MGA were announced on 8 May 2019, and there was evidence that the results were subject to a nugget effect.

In order to assess the significance of this effect, MGA’s consultants devised a testing program using gravity and electrostatic concentration (GEC) on full bags of RC drill cuttings, which would constitute the whole sample recovered from each metre of drilling (less sub-samples obtained at the time of drilling via a splitter mounted on the drill rig).

In nuggety gold systems, increasing sample size increases the chance of nuggets being captured in the sample, and thus being appreciated as part of the gold endowment of the system.

Typically, only a small sub-sample of the drill cuttings generated by each metre of RC drilling is analysed (assayed) for gold. In the case of MGA’s 2019 RC drilling at Creswick, two sub-samples of approximately 2 kilograms were obtained from the rig-mounted splitter, out of up to approximately 30 kilograms of cuttings per metre. The first sub-sample was sent for assay by the Leachwell method at Gekko Systems, an independent laboratory in Victoria, and the results were announced on 8 May 2019.

Using the GEC method on the full bags, MGA was able to subject larger, more representative sample sizes to analysis. More details regarding the GEC testing process are given in ECR’s announcement dated 27 August 2019, which can be viewed at the following link:

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/xq2j1qx

In parallel, 74 duplicate sub-samples obtained at the time of drilling via the rig-mounted splitter have been analysed by the Leachwell method at Gekko Systems. This has been done to enable comparison with the assay results (obtained by the same method) for the first set of sub-samples, which will assist in classifying the nugget effect as extreme, major or minor.

RESULTS OF ANALYSIS

A total of 129 ‘full-bag’ samples were analysed using the GEC process.

  • In the case of 102 samples, no gold had been detected in the first sub-sample analysed by the Leachwell method. In 6 of these samples, the GEC process detected gold (up to 0.55 g/t).
  • In the case of 9 samples, the GEC process returned a higher gold grade than analysis of the first sub-sample.
  • In the case of a further 9 samples, the GEC process returned a lower gold grade than analysis of the first sub-sample.
  • In the case of a further 9 samples in which gold had been detected in analysis of the first sub-sample (up to 0.11 g/t), no gold was detected by the GEC process.

Table 1: Assay results for all intervals with at least one result >0.1 g/t gold

Hole

From (m)

To (m)

First

sub-sample (g/t gold)

Second

sub-sample

(g/t gold)

GEC test

(g/t gold)

CSR006

15

16

44.63

80.97

63.03

CSR012

52

53

2.49

2.35

2.28

CSR006

14

15

0.12

0.11

0.11

CSR006

22

23

0.39

0.68

1.38

CSR010

85

86

0.27

0.78

1.32

CSR011

8

9

0.27

0.18

0.59

CSR010

84

85

x

x

0.02

CSR001

16

17

0.29

2.97

0.51

CSR011

6

7

0.63

0.32

0.02

CSR006

17

18

0.15

0.42

0.18

CSR007

39

40

0.22

0.52

0.01

CSR012

53

54

0.28

0.07

0.24

CSR006

18

19

0.06

x

0.30

CSR006

20

21

x

0.10

0.12

CSR001

18

19

0.11

x

0.01

CSR001

19

20

0.07

x

x

CSR001

11

12

0.06

x

x

CSR004

36

37

0.00

ANC

0.55

CSR007

52

53

0.00

ANC

0.34

CSR001

15

16

0.25

ANC

0.01

CSR010

81

82

0.00

ANC

0.23

CSR011

19

20

0.14

ANC

0.18

CSR006

16

17

0.11

ANC

0.17

CSR006

47

48

0.00

ANC

0.13

CSR007

38

39

0.11

ANC

0.00

CSR004

22

23

0.11

ANC

0.09

x = below detection
ANC = analysis not conducted

COMPETENT PERSON STATEMENT

The information in this announcement that relates to exploration results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 ECR Minerals plc

Tel: +44 (0)20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0)161 832 2174

Nominated Adviser

Katy Mitchell/James Sinclair-Ford

SI Capital Ltd

Tel: +44 (0)1483 413500

Broker

Nick Emerson

ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda gold project in the Yilgarn region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) JV Partner FE Limited Commences Drilling Program at Hillside Project in the Pilbara Targeting Copper, Gold and Manganese.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that its Joint Venture Partner Fe Limited (“FEL”) has commenced a Reverse Circulation (RC) drilling campaign at the Hillside Project in the Pilbara Region of Western Australia where high-grade copper and manganese results were returned in recent sampling, as reported by Macarthur on October 9, 2019.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

FE Limited Drilling Program Highlights: 

  • Road access and site earthworks at the Hillside Project have been completed.
  • Programme of Works approvals have been received from the Western Australian Department of Mines, Industry, Resources and Safety (DMIRS).
  • Heritage clearance obtained from the Native Title Claimants.
  • Mobile Camp and RC drill rig has been mobilised to site.
  • Drilling planned to commence today

Drilling has been planned to test potential supergene and hypogene mineralisation above and below the water table along the majority of the 14-kilometre Gossan line. This program will also test outcropping quartz vein mineralisation identified through prospecting activities.

Additional follow-up exploration will also be conducted in the vicinity of the high-grade manganese outcrop identified during recent field work.

FE Limited Earn-in with Macarthur

Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur entered into an exclusive option agreement (“Option Agreement”) with FEL as announced on May 14, 2019, to earn up to 75% in its Pilbara lithium and gold projects in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=4745802456957360&qm_symbol=MMS

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.  

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) announces revised Mineral Resource and Ore Reserve Statements for the Yangibana Rare Earth Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced on the 31 October and 4 November 2019 revised Mineral Resource and Ore Reserve statements for the Yangibana Rare Earth Project.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. As a result of these recent announcements Cadence joint venture tenements have the following Ore Reserves and Mineral Resources.

Table 1 -Total JORC (2012) Ore Reserves November 2019 (100%)

Deposit M Tonnes % TREO % Nd2O3+Pr6O11
Yangibana 0.10 0.78 0.28
Yangibana North 1.76 1.39 0.37
Total 1.86 1.36 0.37

 

Table 2 – Total JORC (2012) Mineral Resources October 2019 (100%)

Deposit Category M Tonnes % TREO % Nd2O3+Pr6O11
Yangibana Indicated 0.16 0.78 0.39
Inferred 0.07 0.85 0.42
Yangibana North Measured 0.5 1.42 0.36
Indicated 3.6 1.4 0.36
Inferred 0.5 1.45 0.37
Others* Inferred 1.82 1.36 0.34

*This includes Gossan, Hook, Kanes Gossan and Lion’s Ear.

The full releases, including detailed summaries of ore reserves and mineral resource changes can be found at: https://www.asx.com.au/asxpdf/20191031/pdf/44b34bbqjb99yg.pdf & https://www.asx.com.au/asxpdf/20191104/pdf/44b7swzfb3dv7n.pdf

Cadence CEO Kiran Morzaria commented: “Following the key appointment of DRA Pacific in October, on behalf of myself and Cadence Minerals we are delighted with these recent announcements at Yangibana. Each step forward is providing solid validation for our investment strategy into the Yangibana joint venture, and with the project now firmly in development phase, we await further news with great interest.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss  

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.

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