Weekly Brief 29th May
Coming to the end of a short week after a relaxing long weekend, the weather is as good as ever as the UK’s uncharacteristic heatwave continues to last with the sunniest spring since records began in 1929.
Although the places we would usually gravitate to during this warm weather remain closed, there are plenty of other ways to enjoy the sunshine – especially now that restrictions are (very slightly) easing up. With being able to go outside for longer than an hour, parks and National Trusts reopening up and down the country, and the ability to meet more people outside of your household (all whilst keeping social distance), you may not even notice the difference between your picnic in the park or some homemade Pimms and Sunday roast in your garden to that of sitting in the beer garden of your favourite pub. You can be sure that one thing will always be true: Britons will always find a way to make the most of what fleeting moments of sunshine a year we get!
Client News
Fast Forward Innovations (AIM: FFWD) provided updates on two of its investee companies this week, EMMAC Life Sciences and Portage Biotech Inc. EMMAC announced that Medalchemy, its GMP certified manufacturing site in Spain, is to manufacture a product for a clinical trial in COVID-19 patients. The trial will use the T12 molecule to prevent disease progression towards Adult Respiratory Distress Syndrome, which is believed to be the leading cause of death in COVID-19 patients. Portage Biotech announced that it will be conducting a non-brokered private placement of post-consolidation common shares for gross proceeds of up to $10 million at a price of $10 per common share. The funds will be used towards the advancement of its immune-oncology programs and to enable further expansion of its portfolio.
Armadale Capital Plc (AIM: ACP) announced that two investors exercised their option over 1,136,127 ordinary shares at a price of 2.2p per share in the company’s capital, providing proceeds of £24,995. Following this, Armadale received five further warrant exercise notices over an aggregate amount of 2,656,184 ordinary shares at a price of 2.2p per share in the capital of the company, providing further proceeds of £58,436.04.
Fandango Holdings Plc (LSE: FHP) released its half yearly interim report and updated the market on the previously announced non-binding Heads of Terms to acquire an oil well services provider. The reverse takeover is reportedly progressing well and the company is preparing the necessary prospectus for the readmission of shares to trading and an associated conditional placing. The proceeds of the placing will be used to continue development of the target’s business, in particular the development of sustainable drilling, fishing, and clean-up products and services for oil and gas producers and explorers.
Katoro Gold (AIM: KAT) provided an update in respect of the Haneti Polymetallic Project. Power Metal Resources acquired a 25% interest in the Project on 15 May 2019 and held an option to acquire a further 10% through a payment to Katoro of £25,000 by 31 May 2020. However, Katoro has received approaches from external parties with a view to earn-in, joint venture or other similar structures in respect of the Project, with a primary focus on the nickel sulphide potential. Katoro and Power Metal Resources have therefore decided to extend the option period to 31 August 2020 to allow both parties the benefit of further discussions regarding the potential restructuring of the ownership of the Project. Katoro also provided an update with regard to its Blyvoor Joint Venture. Since the positive announcement of the Blyvoor Scoping Study, it has received a significant increase in interest from possible funders for the Blyvoor Gold Tailings Project and with this in mind, Katoro and its JV partners have agreed an extension to the date at which the financing deal for the Project must be in place, to 30 June 2020.
You may have missed…
CEO of Kodal Minerals (AIM: KOD), Bernard Haylward, spoke with both BRR Media and Proactive Investors on the advances of the Bougouni Lithium Project.
Emmerson Plc’s (AIM: EME) Hayden Locke spoke with Proactive’s Andrew Scott about the progress fo the feasibility study on their Khemisset potash project in Morocco.
Prospex Oil and Gas (AIM: PXOG) spoke with Total Market Solutions about their sizeable oil and gas investment portfolio.
In the news this week…
Only 197 cars have been manufactured in the UK this month, the lowest output since the Second World War.
We Are One: with film festivals all over the world having to cancel, a global online film festival is being aired through YouTube this weekend with contributions from all the major film festivals.
The BAFTA’s will continue to go ahead but will be broadcasted behind closed doors and hosted virtually by Richard Ayoade on 31st July.
The world’s oldest Cognac bottle from 1762 goes for £118,000 at Sotheby’s – apparently still good to drink!
Naomi Osaka becomes the highest-paid female athlete.
And on the positive side of the news…
Dolphins in Queensland, Australia, who are used to visiting the Barnacles Cafe and getting some food are missing their human friends – so have started bringing some gifts of their own (for a fish in return!)
A biochemicals company in the Netherlands is making massive strides in creating plant-based plastic that can biodegrade in the space of a year.
No reason to ‘bee’ blue when the incredibly rare species of blue bee, previously thought to be extinct, has reappeared in Florida.
Humpback whale populations are finally making a full recovery from whaling, with a recent study showing numbers like those seen before whaling.
Kaavan, the 33 year old elephant living alone in Islamabad zoo, is being released after a campaign to free her lead by Cher.
With the lack of tourism, elephant parks in Thailand are struggling – and 78 elephants have been freed from a park where they would give tourists rides on their backs and perform tricks in a show.