GreenX Metals (GRX) present its Quarterly Activities Report for the period during and subsequent to 30 September 2023. The company said damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed against the Republic of Poland including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.
Comment: It could be suggested that every small cap investor should have a few quid in GRX, if only in anticipation of a £737m win for the company.
Canadian Overseas Petroleum (COPL), an international oil and gas company confirmed the receipt of US$4m at 2.6p to conclude the financing announced on October 6, 2023. As part of the Company’s liquidity management and in conjunction with the terms of the financing COPL will be settling amounts owed to various creditors in shares over the coming weeks.
Comment: COPL’s financing history has been complex to say the least. It will be interesting to see whether the stock now recovers from recent year lows as the company settles with its creditors.
Rockfire Resources (ROCK), the base metal, gold, and critical mineral exploration company, announce that the Company has commenced drilling at its 100%-owned Molaoi zinc deposit in Greece. The company said It is important to understand that this round of drilling is not designed to increase the resources, rather, it is designed to provide confidence in the conversion to Indicated Resources. Rockfire’s current Inferred Resource cannot be used in Feasibility Studies in accordance with the JORC Code for Reporting.
Comment: ROCK fills in the newsflow gap, while we await the denouement of “potentially transformational” acquisitions.
Celadon Pharmaceuticals (CEL), a UK-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines, announced it has raised £1.0m at 125p. CEL said the net proceeds will provide the Company with additional working capital. The Directors can confirm that having regard to the proceeds of the Fundraise and the credit facility available to the Group, that the working capital available to the Company will be sufficient for its present requirements, that is for at least 12 months from the date of Admission.
Comment: CEL has delivered one of what is likely to be the first of many autumn fund raises. One would hope that by this time next year the business may not need to raise money for working capital and will be able to thrive on the contracts it has.
Golden Metal Resources (GMET) is pleased to announce that its shares have been approved to trade on the OTCQB Venture Market in the United States and will commence trading on the stock market at the open today, under the symbol “GMTLF”. GMET said it was pleased to share this significant milestone for its Ordinary Shares to be traded on the OTCQB Venture Market in the United States. This development marks an important step forward in its strategic vision and reinforces its commitment to expanding its global footprint with the ultimate goal of enhancing shareholder value. Golden Metal, has 100% ownership of what it believes to be the largest undeveloped tungsten deposit on U.S. soil, understands the strategic importance of its asset.
Comment: Given GMET’s USA focus it is certainly logical that it has gone for the OTCQB. Indeed, an even stronger kind of listing Stateside may be appropriate for the company when it is further along its timelines.
UK Oil & Gas (UKOG) announced that Aladdin Middle East, the Pinarova-1 operator, has advised that the resumption of testing operations within the Germik/Hoya sequence, utilising larger and more powerful 7-inch perforating guns, capable of fully penetrating the well’s 9⅝-inch casing, is expected in around 4 weeks once the guns are on site.
Comment: It feels as though UKOG has been uncharacteristically quiet as far as newsflow and indeed, raising cash. Perhaps this latest RNS is the start of a new more active phase?