Proactive news snapshot: Verona Pharma, SDX Energy, Europa Metals, Chesnara …
Verona Pharma PLC (LON:VRP) (NASDAQ:VRNA) said the results from a successful phase IIb clinical trial of its drug for chronic obstructive pulmonary disease (COPD) have been published in a peer-reviewed scientific journal. Respiratory Research carried the data from Verona’s four-week, 400-patient study first released in 2018. The results showed the company’s drug, ensifentrine, produced a clinically and statistically significant improvements in lung function at all doses.
SDX Energy PLC (LON:SDX) has kicked off the drilling of the Salah (SD-6X) well at the South Disouq project in Egypt. The well will be drilled down to a depth of 9,000 feet and it is expected to complete in late March or early April.
Europa Metals Ltd (LON:EUZ) said the independent geotechnical study of its Toral project in Spain has been completed. The study confirmed the cut and fill method, rather than sub-level stoping, as the best method for the mining model.
Chesnara PLC (LON:CSN) said Peter Mason has retired as chairman of the life assurance and pensions management firm. He has been replaced by Luke Savage, a highly experienced company director who was the chief financial officer of Standard Life Aberdeen PLC from 2014 to 2017; before that he was the director of finance and operations at Lloyd’s of London.
Metal Tiger PLC (LON:MTR) is ploughing a further US$1.5mln into Kalahari Metals, giving it just over 62% of the Botswana-focused copper explorer. The natural resources investor will also receive a 2% net smelter royalty over Kalahari’s seven wholly-owned licences.
Power Metal Resources PLC (LON:POW) shares rose on Friday following a positive update from investee company Katoro Gold PLC (LON:KAT) on the Blyvoor gold production joint venture in Tanzania. In the update, Katoro, in which Power Metal holds a 5.57% stake, said “good progress” had been made with Lake Victoria Goldfields Ltd regarding the potential sale of its Imweru and Lubando gold projects.
Pembridge Resources PLC (LON:PERE) confirmed it has to date loaned £1.73mln to associate Minto Explorations Ltd, and, it intends to fulfil its financing commitment to the company with a further £570,000 to be released within the next 60 days. The £2.3mln loan was agreed in December, to fund Minto’s surety bond collateral commitments.
Ariana Resources PLC (LON:AAU) has received results of due diligence drilling at the Salinbas gold project in Turkey carried out by its proposed partner at the site, Proccea Construction. The AIM-listed explorer said assay results from 600 metres of due diligence drilling had shown “good correlations” with its own drilling results at the site.
Sunrise Resources PLC (LON:SRES) has raised £200,000 before expenses though a placing to be used towards the completion of mine permitting for the company’s CS Pozzolan-Perlite Project in Nevada. The AIM-traded company said its joint broker, Peterhouse Capital has conditionally placed 181,818,182 new ordinary shares at a price of 0.11p each, representing approximately an 8.3% discount to the closing market price on 13 February 2020.
Hopes that Sirius Minerals PLC (LON:SXX) might regain control of its fate were today dashed as the company revealed that an alternative funding plan would not be viable. Whilst the shareholder vote on Anglo American’s recommended £400mln takeover approaches some faint hopes had remained amongst some shareholders.
Bahamas Petroleum Company PLC (LON:BPC) has confirmed it has now closed the initial subscriptions into its new Bahamian mutual fund, receiving around US$914,000 (circa £700,000). The fund was set up exclusively to enable investors in the Bahamas to invest in the company’s exploration campaign in the islands. Subscriptions into the fund were priced at the equivalent of 2p per underlying BPC share which was the market price at the time, early January.
Mosman Oil and Gas Limited (LON:MSMN) said it has decided to narrow its focus and prioritise the Stanley project and similar assets in Texas. The AIM-quoted oil junior also announced plans to raise £300,000 of new funds through a share placing to support this revised strategy. The placing price wlll be at 0.15p per share, with investors also receiving one warrant to subscribe for further new ordinary shares at an exercise price of 0.23p with a term of 12 months. The group also revealed that, in due course, it will seek to exit and sell its interests in the Welch and Arkoma projects.
Primary Health Properties PLC (LON:PHP) announced that Nexus Central Management Services Limited (NCMS), which is closely associated with the group’s managing director, Harry Hyman, has acquired 91,214 ordinary shares in the company at 161.8p each. The FTSE 250-listed group noted that NCMS are holding the shares as bare trustee for certain senior executives of Nexus Tradeco Limited under the company’s performance incentive arrangements. It also pointed out that Richard Howell, PHP’s finance director, has acquired a beneficial interest in 28,377 of the ordinary shares held by NCMS and he and his connected persons are now interested in a total of 198,900 ordinary shares of which 67,960 are held in trust for Howell by NCMS.
Ergomed PLC (LON:ERGO), a company focused on providing specialised services to the pharmaceutical industry, said that four of its directors have acquired ordinary shares in the company, all at 4.56p per share. It noted that three non-executive directors – Rolf Soderstrom, Dr Jim Esinhart, and Ian Johnson – all purchased 10,000 ordinary shares, while its chief operating officer, Lewis Cameron acquired 10,910 shares.
There’s “considerable remaining running room” for Touchstone Exploration Inc (LON:TXP) shares following on from the new discovery in the Ortoire exploration project, that’s according to stockbroker Shore Capital. Driven by exploration successes within the Ortoire area Touchstone shares are up around 180% since early December 2019.