Britain

Proactive news snapshot: MTI Wireless, Thor Mining, InnovaDerma, Sound Energy …

MTI Wireless Edge Ltd (LON:MWE) revealed Wednesday that Ginat Wave India Private Limited, its offset manufacturing company in India, has secured another large scale order, from a returning European customer, totalling €1.5mln. In a brief statement, the AIM-listed technology group, which is focused on comprehensive communication and radio frequency solutions across multiple sectors, said the order is for cable harnesses to be supplied over 5 years.

Thor Mining PLC (LON:THR) was on the ascent on Wednesday as it reported visible gold samples had been discovered at its Pilbara Goldfield tenements in Western Australia. The AIM-listed firm said visible gold had been found in 13 of 44 sediment trap sites at the project, a result it said was “very encouraging” ahead of laboratory assay work.

InnovaDerma PLC (LON:IDP) said it is trading in line with market expectations, buoyed by the stocking of its popular Skinny Tan line in 1,300 Boots stores. Revenues for the first four months of financial year were ahead 38%. InnovaDerma said Boots had increased shelving for its Roots hair care brand, which it described as “a major vote of confidence”.

Sound Energy PLC (LON:SOU) has signed a preliminary agreement to sell just over half of its stake in its Tendrara licences in East Morocco for US$113mln. The consideration is US$54mln cash and the rest a carry for future capital expenditure. Sound currently holds a 47.5% stake in the East Morocco licences but this will drop to 23.3% once the sale completes with the purchaser also having an option to acquire a further 9% within a year.

Greatland Gold PLC (LON:GGP) has identified multiple targets at its Paterson Range East licence in Western Australia following geophysical surveys at the site. In an update on Wednesday, the explorer revealed that a comprehensive ground gravity survey had been carried out, and the results were modelled in conjunction with previous data from an airborne magnetic survey.

Ceres Power PLC (LON:CWR) has developed its first zero-emission combined heat and power (CHP) system, designed exclusively for use with hydrogen fuel. The fuel cell specialist said in a statement that the hydrogen CHP is simpler than its existing fuel-flexible system, as it delivers an equivalent performance with fewer components and up to a 40% cost reduction, and it can be used in homes and businesses.

Iofina PLC (LON:IOF) has unveiled an investment in Organic Vines, a hemp seed production and genetics firm. The AIM-listed group has invested US$900,000 into Organic Vines as part of a US$1.9mln fundraising effort to support the companys first grow cycle at its 240,000 square foot greenhouse facility in Denver, Colorado, which is capable of producing over 50mln hemp seeds per cycle.

Seeing Machines Limited (LON:SEE) has refreshed its supply agreement with chip manufacturer Xilinx for its in-car monitoring system Fovio. Unveiling the new agreement at its capital market day, Seeing Machines also said it had reduced the build cost of its Guardian fatigue monitoring system while Fleet Complete has been appointed to sell Guardian to the oil and gas sector in Australia.

Union Jack Oil PLC (UJO) shares climbed on Wednesday on the back of speculation about the West Newton project in East Yorkshire. The AIM listed company put out a statement mid-morning on Wednesday in response to recent market speculation in relation to West Newton volumetric data. Union Jack has a 16.665% interest in the West Newton licence, which is operated by Rathlin Energy. Rathlin completed flow testing of the A-2 well on 22 August, with analysis of the data gathered still ongoing, Union Jack said.

Pembridge Resources PLC (LON:PERE) has received the first revenues since copper, gold, and silver mining began again at the Minto open pit in October. In a statement, Pembridge said its Minto subsidiary has received a 90% provisional payment of US$3.4mln from Sumitomo Ltd for the concentrates produced in the month of October. Minto is an open pit and underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway.

Aminex PLC (LON:AEX) aims to fast track its exploration programme in the Ruvuma Basin due to an improved business environment in Tanzania. A US$40mln work programme for 2020 has been submitted to the Tanzanian government and includes the drilling of the Chikumbi-1 well and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence. Aminex is fully carried for the cost of the work through its farm-out with Omani group Zubairs ARA subsidiary, where it expects to receive an advance payment of US$3mln shortly.

Frontier IP Group PLC (LON:FIPP) has said it is confident that its portfolio will continue to grow after profits in its latest full-year shot up 160%. The AIM-listed firm, which specialises in the commercialisation of intellectual property, reported a pre-tax profit for the year ended 30 June of £2.35mln, up from £902,000 in 2018, while total revenues jumped 81% to £4.27mln, reflecting an unrealised profit on investments of £3.85mln. In a separate announcement, the company also announced plans for a share placing to raise £3.5mln, although this could rise to £4mln depending on demand.

Arix Bioscience PLC (LON:ARIX) said an investee company has “in-licensed” an ATR inhibitor programme from one of the worlds leading cancer centres and a venture capital firm. Artios Pharmas exclusive deal with The University of Texas MD Anderson Cancer Center and ShangPharma Innovation strengthens the companys earlier-stage pipeline focused on the area of DNA damage response. DDR is a network of cellular pathways that sense, signal and repair DNA lesions.

EQTEC PLC (LON:EQT) has agreed a deal with bond investors to help tie up the investment needed to kick off its North Fork biomass project in California after forest fires disrupted the financial process. Working with Phoenix Biomass Energy Inc, the company said it had agreed in principle “a path to financial close” with investors interested in its US$9.3mln of tax-exempt bonds and US$5.5mln of other bonds.

Live Company Group PLC (LON:LVCG) has signed a joint venture (JV) deal to bring its BRICKLIVE shows to South Africa. The agreement with South African event organiser WORLDSPORT will see the media group stage and promote BRICKLIVE shows in the country, with the first to take place in Cape Town in the first half of next year.

Adamas Finance Asia Limiteds (LON:ADAM) net asset value per share at 30 September was 84p or US$1.09 compared to 85p/US$1.10 at 30 June. Net assets were valued at US$95.9mln (30 June 2019: US$96.4mln) with the NAV impacted by a marginal decrease in the company's cash balRead More – Source