Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, provides the following additional information in relation to the subscription for 1,090,911 New Ordinary Shares in the Company (“Director Subscription Shares”) and associated warrants announced on 6 July 2021.
Admission and Total Voting Rights
Application has been made for the Director Subscription Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Director Subscription Shares and the shares allotted pursuant to the Placing announced on 5 July 2021 will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 402,931,686 Ordinary Shares. Therefore, the total number of voting rights in the Company is 402,931,686 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest, in the share capital of the Company.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500
ECR Minerals #ECR – Purchase of Second, Multi-Purpose Drilling Rig for Central Victorian Goldfields, Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce the purchase of a second drilling rig by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
MGA has recently signed a contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957. This follows the purchase of the Midas Drilling Rig (“Midas”) currently engaged in an aggressive drilling programme at the Bailieston project. The new rig is a high capacity, heavy duty multi-purpose drill rig which is highly effective in diamond coring, reverse circulation and rotary drilling techniques. It has been purchased complete with spares and all downhole equipment and is capable of drilling as deep as 2,000 metres*. The rig will be delivered in Q4 2021 and will further boost MGA’s in-house drilling capability.
With access to a growing team of experienced drilling personnel to operate the rig, along with Midas, the addition of the new CMR1000 rig increases MGA’s flexibility in the field and is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost.
Craig Brown, Chief Executive Officer commented: “I am delighted to announce the acquisition of our second drill rig. Midas has already proved its value in the field, as it has been constantly working at Bailieston since our campaign launch at the Byron prospect announced on January 12th 2021.
The strong cash position enjoyed by ECR Minerals has enabled us to maintain aggressive drilling programmes across our existing properties, and the acquisition of the new, multi-purpose rig significantly enhances our on-the-ground capabilities.
The RC and diamond drilling capability the new CMR rig provides us with is particularly suited to the license areas at our three Queensland projects announced in May 2021. Given the recent results from the Creswick project announced on July 19th 2021, we are confident that the strategy of fast-paced and aggressive drilling programmes across multiple high-profile gold targets will expose ECR to potential new gold discoveries.”
*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en
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.
OR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|SI Capital Ltd||Tel: +44 (0)1483 413500|
Novum Securities Limited
|Tel: +44 (0)20 7399 9425|
Public Relations Tel: +44 (0) 7976 431608
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
Memorandum between the state and ČEZ: The state will support the construction of a Czech gigafactory for batteries for electric cars
On Monday, the government approved a memorandum between the state represented by the Ministry of Industry and Trade and ČEZ on support for a project for a battery factory for electric vehicles in the Czech Republic, the so-called gigafactory. This was stated on Twitter (https://twitter.com/KarelHavlicek_/status/1419679992041156611) by Deputy Prime Minister and Minister of Industry and Transport Karel Havlíček (for YES). According to him, the expected investment of over 50 billion crowns will bring at least 2,300 jobs. The investment should amount to at least 52 billion crowns (Approx £1.6bn) in the 1st phase. Havlíček and CEZ CEO Daniel Beneš will sign the memorandum on Tuesday morning.
Havlíček announced last year that CEZ Group was considering building a factory for lithium batteries for cars in northern Bohemia in the next few years, which it described as a gigafactory project. Together with investors from the automotive industry, the company wants to use lithium from the Cínovec area in the Ore Mountains for the production of batteries.
Link here to read the full article –Memorandum between the state and CEZ_ The state will support the construction of a Czech gigafactory
Further to its announcement of 3 June 2021 Tertiary Minerals plc is pleased to provide the following update on its Pyramid Silver-Gold Project in Nevada, USA:
- Phase 2 trench planning now complete.
- Three trenches to be excavated for a total of 300 m to better define North Ruth silver discovery (45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold in Trench 1).
- Infill soil sampling results received:
- Western Line Anomaly extended to 1,100m overall length.
- Western Line Splay Anomaly extended to 800m overall length.
- New soil results include samples containing up to 0.77g/t gold and 9.32 g/t silver
- Phase 2 trenching will include 4 trenches to test new soil anomaly extensions.
- Notice level permit being processed by US Bureau of Land Management for trenching on Public Lands. Approval expected within days.
- Drone-based magnetic survey conducted – Interpretation received.
- Drill testing to follow trenching programme.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are keen to build on the exciting discovery last month of a wide zone of silver mineralisation in our Phase 1 trenching programme at the North Ruth anomaly. This mineralisation is open both along and across strike and we will now be undertaking further trenching to better define the scale and orientation of the mineralisation prior to drill testing. We are also announcing further encouraging soil sampling results from infill sampling in the southern half of the project area and the Phase 2 trenching programme will include a number of additional trenches to test newly defined soil anomalies. Permits are expected to be approved within the next week or so.”
|Tertiary Minerals plc
Patrick Cheetham, Executive Chairman
|Tel: +44 (0)1625 838 679|
|S P Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Richard Morrison/Caroline Rowe
|Tel: +44 (0)203 470 0470|
|Peterhouse Capital Limited
Lucy Williams/Duncan Vasey
|Tel: +44 (0)207 469 0930|
Market Abuse Regulation
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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation in the prolific past producing Walker Lane Mineral Belt.
The project comprises a group of patented mining claims currently being leased by the Company and a group of surrounding unpatented mining claims held by the Company on Public Lands. (Patented claims have a legacy private land status no longer available to (unpatented) mining claims on Public Lands).
On 3 June 2021, the Company announced the discovery of a wide zone of silver mineralisation at surface during a (Phase 1) trenching programme carried out on the patented claims. Trenching was conducted to investigate the source of high-grade silver and gold rock samples (see announcement of 10 May 2020) found in following up mapping of soil gold and silver anomalies previously defined by the Company (see announcement dated 11 January). A number of these soil anomalies had not been closed off by the previous Phase 1 soil sampling.
Phase 1 trenching was restricted to the North Ruth and Western Line soil anomalies and Trench 1 in the North ruth Anomaly intersected a 45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m from the east end of the trench continuing up to the western end of this trench where it ended still in mineralisation.
Phase 2 Soil Sampling
A further 162 soil samples were taken at 30m intervals on six, 120m spaced lines to infill a 0.56sq km area in the southern half of the project area, primarily to test for extension to the Western Line and Western Splay anomalies.
Analytical results have been received with individual soil results of up to 0.77 g/t gold and 9.32 g/t silver in separate samples.
Evaluation of these results indicate a small extension to the Western Line Anomaly to a total strike length of 1,100m and a 250m extension to the Western Splay Anomaly, with a possible fault offset, to a total length of 800m. Additional isolated gold-in-soil anomalies are present in the southeast of the project area.
Phase 2 Trenching
The Company has completed planning for a follow up trenching programme to further evaluate the North Ruth silver mineralisation and the extensions of the Western Line and Western Splay anomalies.
Three trenches will be excavated at North Ruth to widen and deepen Trench 1 and test along strike. A further 4 trenches will be excavated on the soil anomalies for a total of 628 m of trenching.
The Company has submitted a Surface Disturbance Notice level permit application to the Bureau of Land Management (“BLM”) to permit trenching on BLM public lands and this permit is expected within the next several days and trenching will follow shortly thereafter.
Drone Magnetic Survey
In June 2021 a drone based magnetic survey was conducted comprising 65 line‑kilometres in order to provide additional data for drill planning.
A plan showing the location of the features mentioned in this news release will be available shortly on the Company’s website at: https://www.tertiaryminerals.com/pyramid-silver-gold-project-nevada-usa
- All soil samples were submitted to Paragon Geochemical, Reno for sample preparation and analysis. Analysis was performed using method FSAU-25, a 51-element aqua regia ICP/MS package. Quality control samples were inserted into the sample run by the analytical laboratory for internal QA/QC purposes
- The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
- This news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
Cadence Minerals #KDNC – Approval of the Shipment of a further net US$10 million of Iron Ore from the Amapa Project.
Cadence Minerals AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A (“DEV”) has been permitted to export a further US$10 million (after the deductions of all logistical, regulatory, shipping and sale costs) of iron ore from its stockpiles situated at its port in Santana, Amapa, Brazil (“Second Permission”). This authority is in addition to the first permission granted to DEV on 10 February 2021, in which it was permitted to ship an initial US$10 million, net of costs, of iron ore (“First Permission”).
In August, DEV is scheduled to complete its fourth and last shipment under the First Permission; the four shipments of 58% beneficiated iron ore has netted approximately US$10 million to DEV. On completion, DEV will begin the shipments to fulfil the Second Permission.
The net profit from the sale of the iron ore will be used primarily for commissioning studies, capital projects and working capital. As per the First Permission, 10% of the net profits will be reserved for payment against the amounts owed to the secured bank lenders (“Bank Creditors”).
A separate update as to the operational progress will be published soon.
Cadence Interest in the Amapa Iron Project
As previously announced, in early September 2020, we announced that DEV Mineração S.A’s (“DEV”), Cadence and Indo Sino Pty Ltd (“the Investors”) agreed in principle to the settlement terms proposed by the Bank Creditors. The principal commercial terms agreed in 2020 have not varied materially, and at the time of writing, the final settlement is currently with the Bank Creditors for comment and/or approval.
The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.
– Ends –
|For further information:
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.
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 funding sources), competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors’ current beliefs and assumptions 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 in this announcement are based on what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
Ecotricity has launched a 340p a share cash bid for Good Energy (GOOD). Ecotricity believes the combined group would be better placed to compete in the energy supply business. The Good Energy board rejects the bid.
Arbuthnot Banking (ARBB) reported a bounce back in interim pre-tax profit from £200,000 to £3m. the main profit improvement was at Arbuthnot Latham. NAV was 1292p a share at the end of June 2021. Assets under management reached £1.22bn. A second interim dividend of 16p a share was announced, and it will be paid on 24 September.
NQ Minerals (NQMI) says its Hellyer gold mine generated revenues of A$19.8m in the second quarter, while net income was A$5.7m. The major capital investment in the mine cost A$16.4m and was finished during the quarter. NQ Minerals is still seeking to move to a full listing on the London Stock Market.
Sativa Wellness Inc (SWEL) generated record revenues in the first half of 2021, and it is generating cash from operations. CBD products supplier Goodbody Botanicals is profitable. There have been 47 clinics opened to offer Covid-19 testing.
Apollon Formularies (APOL) says that medicinal cannabis formulations developed by its subsidiary have been able to kill prostrate cancer cells.
Watchstone Group (WTG) management recommends that shareholders reject the mandatory 34p a share bid.
Ervin Kovac has resigned as director of Freyherr International (FRYR) and the shares remain suspended as the company’s financial position remains uncertain. Trading was suspended more than nine months ago.
Harry Hyman has taken a 3.08% stake in Oberon Investments (OBE).
Newbury Racecourse (NYR) is moving from the Access segment to the Apex segment.
Digital payments business Boku (BOKU) increased interim revenues by 37% to $34m – organic growth was 21%. Investment is increasing in order to take advantage of growth prospects, but cash is also increasing.
Trading is improving at employee benefits services and insurance products provider Personal Group (PGH) and interim revenues were 12% ahead at £34m even though weak insurance sales last year mean that premium income fell. SaaS-based revenues increasing by 50% – helped by the partnership with Sage. Sales of consumer electronics products through PG Let’s Connect has improved by one-fifth.
Insolvency levels remain relatively low, but Begbies Traynor (BEG) still grew strongly last year. In the year to April 2021, underlying pre-tax profit improved from £9.2m to £11.5m – a combination of organic and acquisitive growth. There is more to come this year from recent acquisitions.
Lawyer Gateley (GTLY) managed to increase its pre-tax profit from £18.1m to £19.3m despite the tough trading conditions in the year to April 2021. The property and corporate finance divisions did particularly well last year. This kept utilisation levels high. A final dividend of 5p a share was announced. Gateley is paying £815,000 for Tozer Gallagher, which is a quantity surveyor and construction consultant.
Online womenswear retailer Sosandar (SOS) increased its full year revenues by 35% to £12.2m. It remains loss-making and that is likely to continue this year even though revenues continue to grow rapidly. First quarter revenues jumped by 256% to £5.7m, although the comparatives were weak. Active customers increased by 23% compared with the previous quarter. Singer forecasts double full year revenues to £24.4m.
Parcel and freight delivery company DX (DX.) is still growing its freight business faster than expected and analysts have upgraded their forecasts for 2020-21 and the current year. The additional business is also more profitable than in the past. DX Express revenues are flat due to lower office mail delivery revenues.
Judges Scientific (JDG) had a much better order book at the end of June 2021. It was 49% higher than June last year. Organic sales growth was 5% compared with full year forecasts of 1.5%.
Open Orphan (ORPH) spin out Poolbeg Pharma (POLB) has started trading on AIM. The shares are trading at 10.875p, which is equivalent to 3.63p a share to Open Orphan shareholders. The Open Orphan shareholders cannot sell yet.
Vela Technologies (VELA) has invested £750,000 in Northcoders Group, which joins AIM on 27 July. Manchester -based Northcoders provides software coding training.
International payments business Cornerstone FS (CSFS) is pursuing potential acquisitions, but it has not secured any since it floated earlier this year. The mix of business remains consistent, although more of it is direct which improves margins, and trading has almost returned to pre-pandemic levels.
New shell Acceler8 Ventures (AC8) has soared from its placing price of 100p to 215p on limited volumes. After expenses, the cash in the company is equivalent to 60p a share. The sector of the potential target has been kept vague.
Sivota (SIV) is a shell that wants to acquire Israel-based technology businesses. The company has just under 78p a share of cash. The share price has risen from the placing price of 100p to 112.5p.
NMCN (NMCN) is making progress with the refinancing and related documentation. The 2020 accounts are expected to show a pre-tax loss of much more than the £24m previously indicated.
Aquaculture technology developer OTAQ (OTAQ) increased full year revenues by 18% to £4.05m, while the underlying loss was reduced from £1.05m to £726,000. Restrictions have held back the progress of the business.
Town Centre Securities (TOWN) has collected 88% of the billed rent of £4.9m for the quarter to June 2021 with a further 8% that was agreed to be deferred.