Lift Global Ventures (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, noted that its investment portfolio company, Trans-Africa Energy Limited who is focused on developing energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana is in discussions with a Southern African state investor in relation to an investment into TAE. As such the New Redemption Date of 31 December 2024 has been extended to 31 January 2025.
GoldStone Resources Limited (GRL), announced, further to its announcement of 2 December 2024, an update in respect of the convertible loan notes issued to Future Global Resources Limited, formerly known as Blue Gold International Limited, on 26 January 2023. The Company has agreed with Blue Gold and Blue Gold’s secured lender, Devonport Capital Limited, that the CLNs will be assigned to Devonport or its affiliate, with the redemption date extended to 31 January 2025. The CLNs and accrued interest thereon will be converted into 85,859,062 new ordinary shares of 1p each in the Company at a price of 3.25p per Ordinary Share.
Comment: Hands up all who did not believe that GRL would not deliver a decent conclusion to its CLN issue. Today’s announcement is strong enough to allow the shares to continue a decent squeeze back to recent highs towards 2p.
Asiamet Resources (ARS) announced that, the Non-Executive Directors, and the Executive Chairman of the Company have opted to receive the fees due to them under their respective employment contracts for the period from 1 January 2022 to 31 December 2023, in the form of new common shares of US$0.01 each in the Company in lieu of cash.
Comment: Shares of ARS have delivered a decent rebound in recent weeks, something which today’s news should only help on. This is especially the case given that the company has already got a decent fundraise out of the way, and highlighted progress at BKM. In November it said it remains on track to complete the revised capital and operating cost estimate before year-end.
First Class Metals (FCM), the Ontario focused gold and critical metals explorer is announced that The 79th GRP Limited has increased its existing loan to the Company by £200,000, bringing the total Loan to £700,000. This follows the previously announced conditional strategic equity funding by 79th GRP of approximately £2.18 million. The additional funding underlines 79th GRP’s commitment to advancing the proposed Conditional Equity Funding process and supporting the Company’s strategic objectives as the partnership progresses.
Comment: It would appear that FCM has found a decent and friendly funder, something which all exploration plays are always in need of. Indeed, the latest news implies that there should be a reasonable rebound in the stock for the start of 2025.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, announce that, further to previous announcements, it has entered into a non-binding heads of terms with Octo Holdings Pty Ltd regarding the proposed sale of the entire issued share capital of ECR’s wholly-owned subsidiary, Mercator Gold Australia Pty Ltd. MGA holds certain of the Company’s exploration assets in Victoria, Australia but will be restructured prior to the Proposed Disposal. Highlights of the Proposed Disposal pursuant to the non-binding Heads of Terms: Total cash consideration to be payable of A$4.5 million. ECR said it will be fully funded for all of its currently planned activities for the medium-term future.
Comment: An interesting and significant deal for ECR, something which should hopefully ease minds in terms of the potential of the company. It may be that in the wake of today’s news some might wonder whether the £950,000 fundraise earlier this month was actually needed?
Ajax [AJAX], the UK listed special purpose acquisition company with a focus on natural resources, announced that its Executive Director, Richard Heywood, has purchased a further 458,830 shares in the capital of the Company. Following these purchases, Mr Heywood holds a total of 927,207 Ordinary Shares, equivalent to 1.98% of the issued Ordinary Shares.
Comment: AJAX has rather been waiting in the wings in terms of what one would expect to be a significant deal in line with the purpose of a SPAC. The latest director share price purchase keeps the fire burning for those anticipating news.
Helium One Global (HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to provide the following updates and acknowledges the announcement released today by Blue Star Helium (ASX: BNL) regarding the Galactica-Pegasus project in Las Animas County, Colorado, USA. Works have commenced on site access and also the well pad at Jackson #31. After completion of Jackson #31 civils, work will commence on the Jackson #04 location. Drilling is scheduled to start in January at Jackson #31 followed by Jackson #04. A further 3 approved wells are scheduled for this campaign.
Comment: While it is wonderful to see good progress in Colorado, there may be one or two HE1 shareholders looking for updates regarding Tanzania, given that we have not heard anything substantive in this respect since September. This is especially the case given that Rukwa et al were / are supposed to be so significant.
Kodal Minerals (KOD), the mineral exploration and development company announces its unaudited interim results for the six months ended 30 September 2024. KOD said the six month period ended 30 September 2024 has seen significant milestones in the development of the Bougouni Lithium Project by KMUK and the team has worked tirelessly to bring the Project to the cusp of commissioning. The signing of the MoU with the Mali Government provides certainty of State support and will ensure the ongoing stability of Bougouni as it enters the critical production phase. Kodal remains in a strong financial position that will allow it to continue to explore its gold projects in Mali and Cote d’Ivoire as well as to review opportunities that offer further growth and expansion opportunities for the Company.
Comment: Given that we know what a strong position KOD is financially, and have done for some time, it seems rather churlish of the market to keep the shares are the low end of the range. Ideally the latest MoU with Mali will focus minds in a positive way.
Seeing Machines (AIM: SEE) the advanced computer vision technology company, announced that it has entered into a collaboration agreement with Mitsubishi Electric Mobility Corporation to pursue joint growth opportunities in the supply of driver and occupant monitoring system technology solutions to enhance safety in Automotive. Mitsubishi also becomes a significant investor in Seeing Machines, following a subscription agreement entered into on 23 December 2024 raising gross proceeds of approximately £26.2 (US$32.8) million to enhance the Group’s balance sheet and provide funding for further growth.
Comment: A glance at the SEE share price chart will reveal that the massive cash injection from sugar daddy Mitsubishi was perhaps something that the market was expecting. Hopefully now the company can deliver on the promise it has shown in recent years.
Orosur Mining Inc. (OMI), announced an update on the progress of exploration activities at the Company’s flagship Anzá Project in Colombia. OMI said results from the drilling at Pepas continue to be outstanding – but as expected, there are complexities, as there always are. One of the objectives of this early, close spaced drilling is to identify and attempt to resolve these complexities early. This strategy appears to be working and thus far Pepas has exceeded all expectations.
Comment: With its latest fundraise under its belt, of £1.25m, OMI can relax about hamming up the newsflow. Nevertheless, this should be strong enough to maintain the momentum in the stock over recent weeks due to the exceptional gold finds.
Author
