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Proactive news snapshot: Kromek, Rainbow Rare Earths, Chesnara, Power Metal Resources …

Kromek PLC (LON:KMK) has joined the fight to save the worst affected victims of the coronavirus pand..

By admin , in Cambridge , at April 15, 2020

Kromek PLC (LON:KMK) has joined the fight to save the worst affected victims of the coronavirus pandemic by turning its manufacturing efforts over to producing medical ventilators. The detection technology group said it will make under licence machinery developed by the Japanese firm Metran. Work will start before the end of the month and Kromek said it expects to have 1,000 units available within eight weeks and 2,000 by 12 weeks.

Rainbow Rare Earths Limited (LON:RBW) shares jumped higher on Wednesday as it told investors that it has now exported a further 100 tonnes of concentrate, in addition to the 75 tonnes sold in February. In a statement, the company noted that in Burundi the impact of the coronavirus (COVID-19) pandemic has been limited to the closure of certain borders and airports, but the import and export of goods continues to be permitted via the land border with Tanzania.

Chesnara PLC (LON:CSN) said its strong financial position will enable it to continue to pay dividends despite the coronavirus (COVID-19) pandemic disruption as it reported full-year 2019 results. The life insurance and pensions group raised its dividend by 3% to 21p for the year ended December 31, 2019, as its economic value – which includes the value of future policies – rose by 7% to £690mln.

Power Metal Resources PLC (LON:POW) has unveiled the conditional acquisition of a 51% interest in the Ditau project in Botswana for £150,000 from Kavango Resources PLC (LON:KAV). The explorer said that it will fund the acquisition through the issue of around 35.7mln new shares at a price of 0.42p each, a 100% premium to its Tuesday closing price. The company added that it has also invested £38,000 into Kavango through a convertible loan note.

Bluejay Mining PLC (LON:JAY) has expanded its footprint in Greenland after it was awarded two licences spanning some 2,025 square kilometres. The acreage – which is to be named The Thunderstone Project – is positioned near the southern tip of Greenland and it is described as being “highly prospective” for several commodities including gold, base metals and uranium. Thunderstone is expected to complement the company's existing resource portfolio and further strengthens its leading position in Greenland.

Live Company Group PLC (LON:LVCG) has said its first quarter revenues remain on target despite “difficult and unprecedented trading conditions” caused by the coronavirus pandemic. In an update on Wednesday, the media firm reported “strong growth” in the first three months of the year, with £3.3mln of contracted revenue for 2020 and £1.1mln for 2021.

Sure Ventures PLC (LON:SURE) the London-listed venture capital fund, has announced that Sure Valley Ventures, in which it holds a 25.9% interest, has participated in a Series A investment round in Admix (Wam Group ltd) which raised up to $6.1mln. In a statement, Sure Ventures, which invests in early stage software companies across a range of verticals, noted that Admix has built a monetization platform for the next generation of entertainment, from traditional gaming to emerging channels such as Esports and VR/AR content.

Frontier IP Group PLCs (LON:FIPP) portfolio firm, Pulsiv Solar has been granted a patent in Japan for its power and charging technology. The IP investment firm, which owns 18.9% of Pulsiv, said the company has also integrated its technology into a standard battery charger, significantly improving its energy efficiency and attracting “strong interest” from potential industry partners.

Primary Health Properties PLC (LON:PHP) said it has taken delivery of two completed developments of large, modern primary care centres in Ireland. In a statement, the FTSE 250-listed firm, one of the UK's leading investors in modern primary healthcare facilities, said the two developments were a 4,822 square metre (m2 ) centre at Bray, Co. Wicklow, 12 miles south of Dublin, and a 3,232m2 centre at Rialto, Dublin.

Ariana Resources PLC (LON:AAU) continues to mine strongly from its Kiziltepe mine in Turkey with the gold producer noting that ore production was at a record level last quarter and gold output 14% was ahead of guidance. In a statement, Ariana managing director said Kerim Sener work at the mine has continued uninterrupted through the coronavirus crisis, with transport restrictions in Turkey not yet affecting the mining sector. The group said gold output was 5,129 ounces, with a lower feed grade accounting for the drop from 7,300 ounces in the comparable three months last year.

Tissue Regenix Group PLC (LON:TRX) has secured a US$629,000 loan backed by the US government to assist the firm with the potential impact of the coronavirus pandemic on its business. The regenerative medical device specialist said it will use the funds to support employee payroll, healthcare, utilities and rent payments within the US over the next two months, criteria which means the loan will not require repayment in the future. Tissue Regenix also issued an update on trading to March 31, reporting that revenues for its first quarter have increased 18% year-on-year and that it had a cash balance of £1.7mln, enough to fund it until at least the end of the second week of May.

Eden Research PLC (LON:EDEN), a company focused on sustainable biopesticides for use in global crop protection, animal health and consumer products industries, has unveiled the appointment of Dr. Michael Carroll as its Director of Regulatory Affairs. In a statement, the AIM-quoted firm noted that Carroll is a leading figure in the field of crop protection products development and registration and brings international experience to its team having worked in the UK, Germany, Belgium and the USA, with over 30 years' experience gained in the agrochemical industries. For the past year, the company said, he has been working for TSG Consulting (LON:SAG) an AIM-quoted Science Group company that provides regulatory and scientific support to chemical companies around the world.

Union Jack Oil PLC (LON:UJO) has told investors that its partner Rathlin Energy is safely advancing site operations at the West Newton B (WNB) property, in preparation for a future well programme. The company said Rathlin is conducting this work in compliance with the landowner and regulatory agreements, and consistent with government guidance during the coronavirus (COVID-19) pandemic. It is also being done under planning permissions granted back in 2015.

Ncondezi Energy Limited (LON:NCCL) said an updated project timetable has been agreed for the proposed integrated Ncondezi 300MW coal-fired power project and coal mine in Tete, Mozambique following the submission of an updated tariff proposal to Electricidade de Moçambique (EDM). In a statement, Ncondezi chief executive officer, Hanno Pengilly said: "The successful submission of the updated Project power tariff has opened up the next phase of key development work to further de-risk the project and firm up the underlying Project value.”

Chaarat Gold Holdings Ltd (LON:CGH) has unveiled plans to raise at least US$12mln through a share placing in a bid to “opportunistically strengthen its balance sheet”. The AIM-listed miner said it will issue the new shares at a price of 26p each, a 10.3% discount to its closing price on Tuesday. The miner said the proceeds will be used to progress its construction schedule and drilling program at the Tulkubash project in Kyrgyzstan.

Ceres Power Holdings PLC (LON:CWR) said its Chinese partner and investor in the business has opted to maintain the size of its stake in the fast-growing fuel cells group. Weichai Power has bought 3.49mln shares for £11.2mln, maintaining its holding at 20%. It did so after Bosch in January increased its Ceres investment to 18% of the AIM-listed business by acquiring shares worth £38mln.

Columbus Energy Resources PLC (LON:CERP) has revealed details of a number of cost-cutting measures aimed at cash and capital preservation amid the coronavirus crisis. In a statement, Columbus said its executive management wont receive cash salaries for at least three months, while employee salaries will be reduced by 40% for at least three months, headcount will be reduced by 15% and the company will cease non-essential capital spending.

Europa Oil & Gas (Holdings) PLC (LON:EOG) boss Simon Oddie told investors that the pending start-up of the Wressle field will transform the companys production and revenue profile. “Together with measures we have taken to reduce our already low-cost base and, following the repositioning of our portfolio towards gas, we believe Europa will be well placed to withstand a sustained period of oil price volatility and weakness,” Oddie, Europas chairman and interim chief executive said in a statement accompanying the oiler's interim results. Oddie described the granting of planning permission at Wressle as the “standout” event during the six-period under review.

Anglo Asian Mining PLC (LON:AAZ) has repeated previous guidance that its revenues will exceed US$100mln this year, In a statement, the Azerbaijan-focused gold miner said output was 18,216 ounces on an equivalent basis in the three months to March, but helped by gold's strength relative to copper there was a dip in gold production to 15,874 ounces. Production guidance for 2020 remains at 75,000 to 80,000 equivalent ounces.

Echo Energy PLC (LON:ECHO) has told investors it is adapting its production operation in Argentina to focus on gas, and, at the same time, it is taking steps to cut costs. The moves come amidst the coronavirus pandemic and weak oil prices, with an expectation of higher gas prices as the southern hemisphere moves into the autumn and winter. The company noted that it has just extended an existing gas contract with a key customer for two further months, covering peak volumes of 4.77mln cubic feet of gas per day in June 2020, which secures an advantageous price of US$4.2 per mmbtu.

Strategic Minerals PLC (LON:SML) said it has increased underlying sales at its Cobre iron ore tailings project in New Mexico by almost 9% for the twelve-month period to March in spite of the coronavirus pandemic. The Cobre operation introduced social distancing measures early, which has allowed it to stay open even though the copper mine next door has closed temporarily. Strategic said its revenues in the three months to March were US$764,000, or US$2.7mln on a rolling basis compared to US$554,000 or US$2.5mln a year earlier.

Quadrise PLC (LON:QUAD) said that as part of the cost-saving measures being implemented during the coronavirus pandemic, its board has reviewed its own size and composition and, in support of the cost reduction programme, Bryan Sanderson has offered his resignation as a non-executive director of the CompRead More – Source