Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company, announced that it has raised £1.05m through a placing at a price of 40 pence. The Company’s cash position as at 10 September 2024 was £48k, meaning that the cash resources available to the Company upon receipt of the Fundraise proceeds will be £1,046k. Based on the current forecasts of the Company, the cash resources available to the Company are expected to finance the working capital requirements of the Company through to December 2024. CEL also announced announces a strategic collaboration with Valeos Pharma A/S, a Danish pharmaceutical company and licenced producer of medicinal cannabis.
Comment: While various metaphorical cheques remain in the post, CEL manages to raise enough cash to get it through to Christmas, a situation which judging by the RNS has been something of a touch and go regarding funding in recent months.
Greatland Gold (GGP) announced that it has conditionally placed 5,179,010,416 new ordinary shares at 4.8 pence for a total oversubscribed placing of approximately £248.6 million to fund the proposed acquisition of Havieron, Telfer and related assets and interests.
Comment: Although one might have thought that GGP could have managed a rather less dilutive route to funding its acquisitions, full marks for getting a quarter of a billion away, something which will hopefully be the last time shareholders are tapped in such a significant way.
CleanTech Lithium (CTL), an exploration and development company advancing sustainable lithium projects in Chile, participated in the Centre for Copper and Mining Studies seminar in Santiago, a prominent annual seminar for the mining sector in Chile, and received public support from the local indigenous community for its Laguna Verde project. Executive Chairman and Interim CEO, Steve Kesler, presented and reinforced the Company is ready to begin project construction by 2026 upon the granting of a Special Lithium Operating Contract by the Chilean Government.
Comment: While the main attraction at CTL is the forthcoming dual listing on the ASX, these days the support of first nations for any mining group is critical in these woke times.
Rainbow Rare Earths (RBW) announced an updated MRE confirmed a 15% increase in the overall size of the Phalaborwa Resource, adding an additional two years to the project life. Total Measured, Indicated and Inferred Resource of 35.0 Mt at 0.44% TREO, with a near doubling in the material now classified as Measured.
Comment: RBW really needed today’s update, as the shares have been in drift mode for much of the past year. It will need to get its act together to return the company to the stock market darling status it once had.
Power Metal Resources (POW), the London listed exploration company with a global project portfolio, and its majority held subsidiary Power Arabia Ltd, announced the signature of a non-binding Heads of Terms with Alara Resources Limited and Awtad Copper LLC for Power Metal to spend up to US$740,000 from the date of execution of a legally binding agreement to earn a 12.5% stake in the Block 8 concession in Oman.
Comment: POW continues to make headway in frontier territory, something which underlines the company’s thirst for gaining a genuine global project portfolio.
Synergia Energy (SYN) updated regarding the planned work program associated with the Company’s Cambay Field Production Sharing Contract in Gujarat State, India. Synergia’s joint venture partner, Selan Exploration Technology Limited, is lead joint operator on the Cambay PSC pursuant to the closing of the farm-out agreement. Selan plan to conduct workover operations on a minimum of 3 wells and potentially up to 6 wells on the Cambay PSC. The candidate wells are C-20, C-63, C-64, C-70, C-73 and C-77.
Comment: SYN moves one new notch along its timelines, but it is still the case that the share price seems loathed to reflect progress at the company.
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