Invinity Energy Systems (IES), a manufacturer of utility-grade energy storage, has conditionally raised gross proceeds of £28 million through an oversubscribed Placing at 23 pence.
Comment: There are a couple of points resulting from IES’s mega placing. The first is that if a company like IES can raise this quantum of cash the bear market / liquidity crunch is over. In addition, given the state of the London market £28m could have paid for the IPOs of at least five separate new listings….
Contango Holdings (CGO), a company focused on the development of the +2 billion tonne Muchesu coal project in Zimbabwe, announced that following the capital raise of £940,000 in early April 2024, the Company has now been able to continue operations on site to satisfy requests from potential offtake customers for samples. CGO said a further 250 tonnes of thermal coal has now been extracted and will next week be collected by a potential offtake partner, which will subsequently undertake a ‘burn test’. Assuming the results are as expected, the Company believes it will be able to enter into a sizeable long-term thermal offtake contract.
Comment: Apart from CGO telling us how important it is to have one’s coal washed, this has to date been a great jam tomorrow play. But presumably we are getting closer to the jam now, in this case, a sizeable offtake contract.
Reabold Resources (RBD), the investing company, announced the execution of a non-binding HoA between Gunvor International B.V. and LNEnergy Limited for the purchase of liquefied natural gas by Gunvor from LNEnergy from the Colle Santo gas field, located onshore Italy. LNEnergy has the exclusive right to acquire a 90% interest in Colle Santo and Reabold owns a 26.1% equity interest in LNEnergy. RBD said it was delighted with this progress towards an extremely significant milestone for its LNG project at Colle Santo in Italy. The agreement envisages a counterparty of the highest quality potentially providing both offtake and a prepay, which is extremely valuable for the project in these times of capital scarcity in the industry.
Comment: Trading below its cash value, and now with the prospect of Colle Santo being a winner, RBD looks to be very much on the front foot. Hopefully, the company can put its pesky requisitioners behind it.
Graft Polymer (GPL) which is focused on the development of modified polymer solutions, announced the appointment of Anthony Tennyson as Executive Director and Chief Executive Officer with immediate effect. Victor Bolduev has stepped down as CEO but will remain on the Board of the Company as Chief Technology Officer. GPL said it thanked Victor for his role as CEO through an extremely difficult time for the Company. Remaining on the Board, he will work alongside Anthony during and following his review of the operations. Anthony comes on-board as it develops its future as a medical products and services company with the existing Graft Bio medical devices business remaining at the Company’s heart.
Comment: It can be seen that Chairman and City stalwart Nicholas Nelson is ringing in the changes at GPL. The regroup at the company appears well under way.
Arc Minerals (ARCM), an exploration company, updated on activities at its Joint Venture project in Zambia and at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt in the Republic of Botswana. ARCM said it was thrilled to be commencing drilling activities imminently in both Zambia and Botswana, following a lengthy rainy season in North West Zambia. Extensive studies have been carried out on the stratigraphic hole which was completed by our joint venture partner in December 2023, providing valuable insights and geological data of the deeper part of the Kabompo basin.
Comment: With sugar daddy style funding from a major, and enjoying the benefits of a resurgence in copper, ARCM has everything apart from a soaring share price – so far.
LifeSafe (LIFS), a fire safety technology business, announced the signing of a contract between LifeSafe and Trinity Fire & Security Systems Ltd for the supply of the Company’s new range of fire extinguishers filled with Multi-Purpose Fluid. LifeSafe’s Multi-Purpose Fluid is designed to tackle multiple fire types, including Lithium-ion battery fires. LIFS said this partnership marks a significant milestone for LifeSafe and will provide access to a global market valued at $9 billion annually.
Comment: Provided that there is no immediate need for fresh funding on LIFS’s part, or at least after a decent interval, today’s announcement could be the one to allow for a long awaited recovery in the shares.
African Pioneer (AFP) the exploration and resource development company with advanced projects in Namibia, Botswana, and Zambia, announced that the Company has on 1 May 2024 entered into an unsecured convertible loan funding facility agreement for up to £1,000,000 with Sanderson Capital Partners Ltd, a long term shareholder in the Company, which is convertible at 2.8 pence per ordinary share.
Comment: Courtesy of our friends at Sanderson Capital, this looks like a good deal for both parties, and one that will allow AFP to move forward with its projects. Ideally, the prospect of this finally starts moving the share price in the right direction too.
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