Britain

Proactive news snapshot: Zanaga Iron Ore, Faron Pharmaceuticals, Kromek Group …

Zanaga Iron Ore Company Limited (LON:ZIOC) has signed a framework agreement with China Overseas Infrastructure Development And Investment Corporation Limited (COIDIC) to explore ways to progress its project in the Republic of Congo. The agreement between COIDIC and Jamelles, the joint venture between Zanaga and Glencore that owns the project, will assess mining and transport infrastructure alternatives.

Faron Pharmaceuticals Oy (LON:FARN) (FIRSTNORTH:FARON) said it was “very encouraged” to discover a drug it is developing to tackle solid tumours can down regulate a range of checkpoints that affect the immune system. The data has emerged from the companys phase I/II MATINS trial of Clevegen, a precision immunotherapy targeting Clever-1 positive tumour associated macrophages (TAMs), which are a class of immune cells present in high numbers in solid tumours.

Kromek Group PLC (LON:KMK) generated revenue growth of 43% in the first half and entered the second with “increasing commercial momentum”. The AIM-listed developer and supplier of radiation detection products said it “expects to deliver significant revenue growth and EBITDA profit for full year in line with market expectations”.

Savannah Resources PLC (LON:SAV) announced that the Minister of Mineral Resources and Energy in Mozambique has issued Mining Licence 9229C to Mutamba Mineral Sands S.A., the second mining license issued for the project in Mozambique, which is held in a joint venture with mining major Rio Tinto plc (LON:RIO). David Archer, Savannah's chief executive officer said: "Having received a second Mining Licence, we're now waiting on a third, which has already been conditionally awarded; together, the three concessions contain an Indicated and Inferred Mineral Resource of 4.4Bt at 3.9% total heavy minerals."

Pembridge Resources PLC said it has raised a total of £2.5mln, net of expenses, under its placing of 20.8mln ordinary Shares at a price of 12.5p each undertaken by Brandon Hill Capital. The company said the placing proceeds, together with the proceeds of Facility A of the convertible loan agreement, as announced on 30 October 2019, will be used to loan Minto Explorations Limited £2.3mln, to be held in restricted cash for collateral towards a surety bond, with the remainder allocated towards general and administrative functions at its office in London and to cover the costs of re-admission of its shares to trading on the main market of the London Stock Exchange. Gati Al-Jebouri, Pembridges chief executive officer and chairman said: "The Placing enables the Company, together with its partners, to move forward and develop the Minto mine, which has been back in production for over two months and is receiving cash payments for the concentrate it has produced.” He added: We now look forward to building value through delivering on our business plan and we will keep the market updated as we progress."

ImmuPharma PLC (LON:IMM), a specialist drug discovery and development company, noting the volatility in the company's share price following the recently announced licensing and development agreement with Avion – which will see the US speciality pharmaceutical company fund an international Phase III trial for its lead programme, Lupuzor – has dismissed speculation concerning a possible fundraising. In a brief statement, the company declared: “The Board can confirm that the Company is adequately funded and has no intention of raising funds.”

Rosslyn Data Technologies PLC (LON:RDT) expects results this year to hit market expectations even with a slow start to the year for the big data specialist and some order deferrals in its professional services division. A new contract with a rail rolling stock maker and worth £410,000 over a three-year term has started to contribute, while customs planning for Brexit is giving a boost to the Langdons supply chain data business acquired last September.

Europa Oil & Gas Holdings PLC (LON:EOG) is predicting its UK production profile will “more than double” if its Wressle project is approved for development by the next UK government. In a statement to be delivered at its AGM, the AIM-listed oiler, which holds a 30% interest in the East Lincolnshire project, said if the government ruling on the development, expected once the election is out of the way, was positive, it will have a “clear line of sight” towards bringing it into production next year.

Arix Bioscience PLC (LON:ARIX), a global venture capital company focused on investing in and building breakthrough biotech companies, today noted that its portfolio company, Iterum Therapeutics Plc (NASDAQ:ITRM) announced topline results from one of its three Phase 3 trials for sulopenem, Iterums lead compound and novel antibiotiRead More – Source