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Alan Green covers news from #AAF Airtel Africa, #BHC British Honey Company & #ECR ECR Minerals on the Vox Markets podcast
Listen to Alan Green on the Vox Market Podcast covering news from #AAF Airtel Africa, #BHC British Honey Company & #ECR ECR Minerals here
#POW Power Metal Resources – Golden Metal Resources – Pre-IPO Financing
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces its wholly-owned subsidiary Golden Metal Resources Limited (“Golden Metal” or “GMT”) has completed its £750,000 Pre-IPO financing (“Financing”).
Golden Metal is a Nevada, USA, focused exploration and development company and is undertaking a planned listing on the London capital markets in 2022.
The latest exploration update in respect of Golden Metal is available through the following link:
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“With Golden Metal Resources we have created an attractive Nevada, USA, focused investment opportunity, which we plan to list on the London capital markets as soon as possible.
The Nevada portfolio is carefully balanced, including the Pilot Mountain project which hosts a substantial JORC compliant tungsten focused resource, (with copper, silver and zinc in addition) which we believe has significant exploration potential and development upside.
The portfolio also includes Golconda Summit, where Golden Metal can earn a 100% interest, positioned in a neighbourhood of dramatic Carlin-style gold deposits and where our initial exploration work has indicated the potential for a significant gold discovery.
The Financing announced today means Golden Metal becomes self-financed and Power Metal will no longer be required to fund Golden Metal operations but instead will be a major strategic Golden Metal shareholder.
Alongside self-financing, Golden Metal has its own dedicated management team with broad spectrum knowledge and capabilities, and above all with the energy and focus to drive this exciting new junior exploration opportunity forward within the London markets.“
HIGHLIGHTS:
– Capital restructuring of Golden Metal share capital underway to enable additional shares to be issued and to amend the underlying Par Value in readiness for the planned listing of Golden Metal (“Restructuring”).
– Golden Metal has raised £750,000 through a Pre-IPO financing undertaken with First Equity Limited, corporate broker, at a price of 6.67p per Golden Metal new ordinary share of 1 pence each (“Ordinary Share), which will represent 18.75% of the issued share capital of Golden Metal on completion of the Restructuring and the Financing.
– 50% of Financing monies will be payable to Golden Metal by 31.12.21 and 50% by 31.01.22 whereupon Financing completion will occur (“Completion”) and shares will be issued to Financing participants.
– Power Metal has subscribed for £75,000 of the Financing, subscribing for 1,124,437 Ordinary Shares (“POW Subscription”).
– Following the Restructuring and completion of the Financing, Power Metal will hold a total of 49,874,437 Ordinary Shares representing 83.13% of Golden Metal.
– On the basis of issued share capital on completion of the Restructuring and Pre-IPO Financing the valuation of Golden Metal will be circa £4million, and Power Metal’s 83.13% holding will be valued at circa £3.33million.
– The monies raised enable Golden Metal to fully self-finance its operations including IPO listing advisory costs, corporate expenses and various project expenditures.
– Paul Johnson, Chief Executive Officer of Power Metal and director of Golden Metal has subscribed for £50,000 (749,625 Ordinary Shares) in the Financing.
– Should Golden Metal not be listed on a recognised stock exchange in London within 12 months of today’s date, subscribers to the Financing may elect to sell back their Golden Metal shares to Power Metal at the financing price of 6.67p, with the number of Power Metal shares to be issued based on the ten day volume weighted average price of Power Metal shares immediately prior to the 12 month anniversary (“Buyback Right”) of today’s date. Paul Johnson, CEO of Power Metal, has elected to relinquish this Buyback Right. Power Metal will also not hold the Buyback Right.
– No warrants are included automatically with the Financing, however should warrants be offered as part of the planned IPO financing, participants in this Pre-IPO Financing will receive warrants on the same terms.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POLB Poolbeg Pharma – Update on POLB 001 Clinical Development
18 November 2021 – Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’) a clinical stage infectious disease pharmaceutical company with a capital light clinical model, is pleased to provide an update on the clinical development progress of its lead asset, POLB 001, a small molecule immunomodulator for the treatment of severe influenza.
The Company intends to commence the Phase Ib human challenge study of POLB 001 in June 2022 which will be a key step in the molecule’s development. To enable this study, the Company has signed a Letter of Intent to retain the Centre for Human Drug Research (CHDR) to run the challenge study and signed an agreement with SEDA Pharmaceutical Development Services for drug formulation services. A vendor has also been selected for GMP* manufacturing of POLB 001.
In this study, clinical researchers from CHDR will stimulate a healthy volunteer’s immune system with bacterial lipopolysaccharide (LPS) in a safe and controlled clinical environment. The study will provide key human data on the efficacy of POLB 001 in dampening the immune response in otherwise healthy volunteers. It will use LPS to simulate the effects of treating severe influenza in the volunteers without the virus itself being present. In cases of severe influenza, the body produces an over-heightened immune response that can cause more damage to the body than the virus itself. POLB 001’s mode of action is to reduce this hyper-immune response. The design of the study (the study protocol) is expected to be finalised by the end of Q1 2022.
In advance of the Phase Ib study commencing, the Company has completed the manufacturing of a non-GMP* batch of POLB 001 which is on hand for any non-clinical (not administered to humans) requirements, such as formulation. This is also an important step in validating the manufacturing process. On this basis, manufacturing can now be scaled up as required as the clinical development phase progresses. The Company will now move towards manufacturing GMP* grade POLB 001 material needed for the LPS challenge study and has similarly selected a vendor for this work.
Jeremy Skillington, PhD, CEO of Poolbeg Pharma said:
“We are delighted to be progressing our POLB 001 asset as planned, with preparatory steps in motion in advance of the LPS human challenge study clinical trial. We have selected experienced partners in SEDA to formulate the product, and CHDR to run our LPS human challenge study. The clinical study is expected to commence in June 2022, as detailed at IPO. With our capital light and early monetisation model, we are actively developing infectious disease assets with modest investment where they can be monetised / licenced to Big Pharma. We will continue to provide updates as we progress the programme.”
*Good Manufacturing Practice (GMP) is the regulatory code of standards that a medicine’s manufacturer must meet in its production processes to enable administration to humans.
Enquiries
| Poolbeg Pharma Plc Jeremy Skillington, CEO Ian O’Connell, CFO |
+353 (0) 1 644 0007 |
| finnCap Ltd (Nominated Adviser & Joint Broker) Geoff Nash, James Thompson, Charlie Beeson, Richard Chambers, Sunila de Silva (ECM) |
+44 (0) 20 7220 0500 |
| Arden Partners PLC (Joint Broker) John Lewellyn-Lloyd, Louisa Waddell |
+44 (0) 207 614 5900 |
| J&E Davy (Joint Broker) Anthony Farrell, Niall Gilchrist |
+353 (0) 1 679 6363 |
| Instinctif Partners Melanie Toyne Sewell, Rozi Morris, Tim Field |
+44 (0) 20 7457 2020 poolbeg@instinctif.com |
#TYM Tertiary Minerals – Strategic and Operational Update and Decision to Exercise Further Zambian Licence Options
Tertiary Minerals plc (AIM: TYM) is pleased to provide a strategic and operational update and details of an updated Investor Presentation. The Company is also pleased to advise that, further to its announcement of 2 August 2021, its 96% owned Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), will exercise its option with Mwashia Resources Ltd (“Mwashia”) to enter into agreements to acquire up to a 90% joint venture interest in the four additional Large Exploration Licences held by Mwashia. These are licence numbers 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North). Tertiary is already earning up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.
Highlights
- Tertiary’s strategic focus is on energy transition and precious metals located in stable and democratic, geologically prospective, mining-friendly jurisdictions.
- The Company’s current principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.
- Planning is currently underway for drilling at Pyramid (silver-gold, Nevada) and Jacks (copper, Zambia) and for trenching at Brunton Pass (copper, Nevada).
- Drilling is planned for Pyramid for Q1 2022 and for Jacks in Q2 2022. Trenching at Brunton Pass is planned for Q1 2022. Ground geophysics and high resolution XRF/sol sampling to aid drilling targeting at Jacks is planned for Q4 2021, but is contingent on permitting and rainfall.
- Tertiary will exercise its option to earn a joint venture interest in the remaining four Mwashia licences in Zambia: 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).
- An updated Investor Presentation is available here and on the company website.
Commenting today, Managing Director Patrick Cullen said:
“We are looking forward to drilling the North Ruth target at the Pyramid silver-gold project. The recently reported high grade silver results and significant extension of the mineralised zone offer a compelling drill target. We look forward to announcing that schedule in more detail once plans are finalised.
We are also very pleased to be moving ahead with the option agreement with Mwashia in Zambia. We have had enough time to consider and examine the prospectivity and strategic value of the additional four licences in the original agreement. We believe our timing is good. Copper prices remain high and copper is being described as being ‘the nexus of the energy transition’. Also, the recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.
I have recently visited Zambia and met with our partners, Mwashia, and with our local representative. Mwashia has made excellent progress in advancing permits for the Jacks licence. I also made site visits to both Jacks and the Konkola West licences. We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP – Nominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
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.
Detailed Information
Option Agreement
As disclosed on 2 August 2021, the Company’s 96% owned subsidiary, Luangwa Minerals Limited, holds an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC). This option agreement sets out the terms whereby Luangwa may earn up to a 90% joint venture interest the Jacks Large Exploration Licence and grants Luangwa the right to enter into options agreements on the four additional licences detailed above on the same terms.
The Company will now exercise that right. The terms are summarised as follows:
- Mwashia will prepare an Environmental Project Brief (“EPB”) for all four remaining licences (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.
- Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA for each licence.
- Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in each of the four licences by spending US$50,000 (per licence) on exploration in the 12-month period following approval of the EPB by ZEMA.
- On taking up a 51% interest in any of the licences, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) per licence and on signing the JVA Luangwa will pay US$30,000 to Mwashia per JVA.
- Luangwa may earn a further 39% interest (total 90% interest) in each of the licences by spending a further US$100,000 over 18 months from the date of signing the relevant JVA.
Exploration Licence 27065-HQ-LEL – Lubuila Project
Exploration Licence 27065-HQ-LEL covers 334.8 sq. km. and is located 90km west of Luanshya in the Central African Copperbelt. The licence is partially underlain by the prospective Lower Roan arenite and lies approximately 70km southeast of the currently producing Chambishi Southeast copper-cobalt mine.
Exploration Licence 27066-HQ-LEL – Mukai Project
Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the Central African Copperbelt. First Quantum Minerals’ Sentinel nickel deposit, which is currently in development, and currently producing Enterprise copper mine are located 8km south and 18km southeast of the licence, respectively.
Exploration Licence 27067-HQ-LEL – Konkola West Project
Exploration Licence 27067-HQ-LEL covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt. The licence lies immediately west of the Konkola-Musoshi copper deposits which are under active exploitation at the Konkola and Lubambe mining complexes.
Exploration Licence 27068-HQ-LEL – Mushima North Project
Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga. The past-producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest grade copper deposits to be mined in Zambia.
Exploration Licence 27069-HQ-LEL – Jacks Project
Further data has been collected from public sources in Zambia. Information on an additional diamond drillhole, KJD10 has been found. KJD10, was drilled in late 1999 (detailed in the updated Investor Presentation) and is located on a separate traverse 300m to the east of those previously disclosed and is reported to have intersected copper mineralisation over a drilled interval of 23.95m between 222.05 – 246.00m grading at 1.26% copper which includes a drilled interval of 1.88m between 230.12 – 232.00m grading at 2.93% copper.
The above five licences cover a total area of 1,250sq km.
#POW Power Metal Plc – Financing Raises £1,050,000
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces the Company has raised £1.05 million through a placing of new ordinary shares of 0.1 pence each in the Company as detailed below (the “Placing”).
HIGHLIGHTS:
– Power Metal raised £1.05 million at the closing market mid-price of 1.75p on 12/11/21.
– Funds raised to enable acceleration of business operations including strategic exploration activities and corporate opportunities.
– Power Metal working capital comprising solely cash and listed investments increases to circa £3million.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“ The new shares issued in the Placing undertaken by the Company represents dilution of just 4.5% of current issued share capital and adds a material further cash resource into the Company at this opportunistic time.
Power Metal has maintained a strong working capital position throughout 2021, notwithstanding significant investment in exploration and corporate development. The Company is now at a key point where extensive exploration activities are underway and corporate activities are intensifying.
The Placing will allow the Company to expand its exploration budgets, accelerate corporate work and complete on a number of new initiatives.
The Power Metal board have been unable to participate in this Placing as we are actively involved in a number of initiatives that due to the possession of potentially price sensitive information would preclude us from buying the Company’s shares at this time.”
FINANCING DETAILS
– The Company has raised £1,050,000 through the issue of 60,000,000 new ordinary shares of 0.1p each (“Placing Shares”) at an issue price of 1.75p, the closing mid-market price on 12 November 2021.
– Each Placing Share will have an attaching warrant to subscribe for a further new ordinary share of 0.1p each (“Ordinary Share”) at an exercise price of 3.5p each with a two year term from the admission of the Placing Shares (“Placing Warrant”) creating 60,000,000 Placing Warrants.
– Should the Power Metal share price exceed a volume weighted average share price of 10p for ten trading days Power Metal may issue a written notice to Placing Warrant holders providing ten trading days to exercise the Placing Warrants and ten further trading days to make payment of exercise monies or the Placing Warrants may be cancelled.
– The Placing was undertaken by the Company’s Joint broker First Equity Limited.Power Metal will issue First Equity Limited 6,000,000 warrants to subscribe for Ordinary Shares on the same terms as the Placing Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 60,000,000 Placing Shares to be admitted to trading on AIM which is expected to occur on or around 13 December 2021 (“Admission”). The Placing Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,403,339,987 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources – Notification of Major Shareholding
Power Metal Resources TR-1: Standard form for notification of major holdings – Thor Mining Plc now holds 3.62% (1,341,839,837 shares)
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Power Metal Resources Plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Thor Mining Plc |
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City and country of registered office (if applicable) |
London, England |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
JIM Nominees Limited |
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City and country of registered office (if applicable) |
London, England |
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5. Date on which the threshold was crossed or reached vi : |
8.11.21 |
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6. Date on which issuer notified (DD/MM/YYYY): |
10.11.21 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.62% |
3.62% |
1,341,839,837 |
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Position of previous notification (if applicable) |
N/A |
N/A |
N/A |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BYWJZ743 |
48,618,920 |
3.62% |
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SUBTOTAL 8. A |
48,618,920 |
3.62% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
Adelaide, Australia |
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Date of completion |
10.11.2021 |
Alan Green talks about #VLG Venture Life Group, #POLB Poolbeg Pharma & #WOSG Watches of Switzerland on the Vox Market Podcasts
Alan Green talks about #VLG Venture Life Group, #POLB Poolbeg Pharma & #WOSG Watches of Switzerland on the Vox Market Podcasts
Listen to the Podcast here