Phoenix Copper (PXC), the AIM-quoted USA-focused base and precious metals company, refers to the Company’s proposed corporate copper bond financing which is intended to finance construction of the Empire open-pit copper mine in Idaho, USA and confirms that discussions remain at an advanced stage with a number of interested bond investors. PXC said although there can be no certainty at this stage, the Directors remain confident that the bond financing will close and that the Facility will be rolled into a new facility. Further announcements relating to the bond financing and the Facility will be made as appropriate.
Comment: We have been sitting on the edge of our seats waiting for PXC to get its funding over the line. It can be said that the longer it takes, the greater the relief rally will subsequently be for the stock.
Oriole Resources (ORR), the AIM-quoted gold exploration company focussed on West Africa, said it has now signed a definitive earn-in agreement with BCM International Limited in relation to the Company’s Bibemi gold project in Cameroon. ORR said it was delighted to have signed the first of two landmark agreements with BCM and to have already established a very close and strong working relationship with its new partner. With its strategies and goals aligned at Bibemi, and also Mbe, it believes this is the start of something significant for Oriole, BCM and for exploration and mining in Cameroon.
Comment: Shares of ORR have rebounded well since November, in anticipation of the earn-in agreement, and one would anticipate this bounce for the stock will continue in the aftermath of today’s RNS.
Revolution Bars Group (REVB), an operator of premium bars and beautiful gastro pubs, announced that it has traded positively over the important festive season and provides an estate update. REVB said it has had the best festive trading period for four years with all of its brands recording positive like for like sales and Revolución de Cuba being the standout performer. However, its younger customers are still feeling the disproportionate effect of the cost-of-living crisis and the national living wage will increase materially in April 2024. Therefore, it has taken the difficult yet ultimately beneficial step for the Group to close several bars which are unprofitable.
Comment: Given the bumper performance from REVB over the key Christmas period, one would imagine that the shares will head back to their post summer highs at 30p in short order.
Wildcat Petroleum (WCAT) published its Catflap newsletter. The company said the political unrest in Sudan, which began in April 2023, derailed the Company for a couple of months but now the Company is back on track. It added that the current position is that no blockchain activities and token offerings will take place before the Company has implemented its investment strategy to acquire an upstream oil and gas asset and it has published a prospectus in line with its Listing Rule obligations.
Comment: WCAT delivers an update regarding its fundamental state of play, while we wait for the thumbs up on its upstream oil and gas asset, from the Man From Del Monte, in this case, from Sudan.
Woodbois (WBI), a company in the international timber industry, announced a strategic leadership transition and a fundamental restructuring initiative geared towards optimising operational efficiency. Effective immediately, Mr. David Rothschild, the current Chief Executive Officer, will step back from his role as CEO and director of the Company but will continue to provide advisory support to the Company, when requested, for the coming few months. Mr. Guido Theuns, currently serving as the Executive Chair of Woodbois Ltd, is appointed as CEO with immediate effect. Woodbois Ltd is integrating the roles of CEO and Executive Chair as part of a broader restructuring strategy.
Comment: Normally having a combo of CEO and Chair is not a good idea, but presumably in the case of WBI, any change of management would be a positive given the company’s recent history.
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