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Proactive news headlines: Mosman Oil & Gas, Gfinity, Pure Gold Mining, Eden Research …

Mosman Oil & Gas Ltd (LON:MSMN) has announced a deal to sell its stake in the Welch oil field in Texas, for US$300,000. It has received a US$30,000 deposit and the balance will be paid within 30 days. It said proceeds raised through the sale will facilitate investment in its Stanley project and provide working capital, supporting the company whilst oil prices remain low. Welch is producing and has development potential but Mosman noted that a prior ranking exercise determined that the Stanley and Greater Stanley projects offer “better growth”. The field generated a gross profit of A$264,619 in the six months ended December 31, 2019.

Gfinity PLC (LON:GFIN) announced that it has signed an agreement with Formula 1 motorsports Grand Prix group F1 to deliver the main elements of the F1 Esports Series in 2020, 2021 and 2022. The AIM-listed firm said it will deliver the Pro Draft Reveal show and the Pro series in 2020, the Challenger Series qualifying events, Pro Draft live show and Pro Series in 2021 and qualifying events in 2022. Under the terms of the contract, Gfinity will deliver a dedicated account management team to deliver all elements of the programme, provide a full league operations team to write all rules and govern drivers participating in the tournament and provide the use of its proprietary 'Race Control' in-race adjudication system. The company will also use its arena in London as the main venue for live broadcasts.

Pure Gold Mining Inc. (CVE:PGM) (LON:PUR) announced that it has agreed a non-brokered private placement basis of flow-through common shares to raise gross proceeds of $15,000,000, with well-known Canadian investor Eric Sprott agreeing to be the back-end buyer of all of the offering. The group said the placement will see the issue of 9,868,421 charity flow-through common shares at a price of $1.52 each. In a statement, Sprott said: "PureGold has all the attributes I look for in a Company – location, grade, size and growth."

Iconic Labs PLC (LON:ICON) told investors it is advancing a new partnership with its fake-news fighting Infotagion service being implemented across Amazons Alexa voice assistant platform. Infotagion was launched to combat fake new amidst the coronavirus outbreak and, via a new partnership with app developer FX Digital, the company is now attempting to promote the technology into a platform that spans some 3bn devices.

Eden Research PLC (LON:EDEN), the sustainable biopesticides specialist, has reported further approvals for its Cedroz bionematicide distributed by partner Eastman Chemicals. Italy has granted Cedroz a second 120-day emergency-use authorisation period ahead of its growing season, while full approval has been granted in the Netherlands. Cedroz tackles root-knot nematodes, a pest that causes severe damage to crops globally, both in an open field and greenhouse situations. Separately, Eden said it has been notified the use of another if its products Mevalone has had approval in Greece expanded to include several minor diseases on olives and tomatoes.

Jersey Oil & Gas PLC (LON:JOG) said it has now completed the process to re-acquire Equinors stake in Licence P2170, in the North Sea, which is host the Verbier discovery. In return, Equinor receives two milestone payments and a royalty based on volumes produced from the Verbier Upper Jurassic (J62-J64) reservoir. It is one step in the consolidation of multiple valuable but modest discoveries into a hub development project, to be known as the Greater Buchan Area (GBA) project.

Echo Energy PLC (LON:ECHO) has told investors that its production and operations have continued uninterrupted amid the coronavirus (COVID-19) pandemic and remains in-line with expectations. In a statement on its operations in Argentina, Echo said that net production is anticipated to average 2,250 barrels oil equivalent (boe) per day or 310,474 boe in aggregate. "Having moved quickly to implement measures to protect our staff, contractors and operations from the impact of COVID-19, I am pleased to report that production at Santa Cruz Sur has continued without interruption and is in-line with company expectations,” Martin Hull, Echo's chief executive added.

Bango PLC (LON:BGO) said it has successfully launched carrier billing routes in the Google Play store for new operators in Asia, Latin America and Africa. The mobile commerce group said customers in Peru, Hong Kong and South Africa will now be able to pay for content and services in Google Play by using the Bango Platform to charge the cost to their phone bill.

Silence Therapeutics PLC (LON:SLN) said it has strengthened its leadership ahead of a listing on the American growth market, Nasdaq. It also confirmed it is in discussions with other potential commercial partners after inking a major deal with AstraZeneca earlier this year. And it laid out the timeline for progressing its two key drug candidates. As part of a comprehensive shake-up the firm, which specialises in gene silencing, has also brought on board Investec as its broker and nominated advisor.

Bloomsbury Publishing PLC (LON:BMY) has said it is basing its outlook on a gradual recovery in book sales to begin in July amid the coronavirus pandemic, the firm revealed alongside its latest annual results on Wednesday. That would be a severe downside scenario, it added, but on this basis it has sufficient financial headroom to cope. Costs have been cut across the business, said chief executive Nigel Newton and the company has assumed print revenues decline by 65% over the period to July before starting to pick up again through to March 2021. Print book orders accounted for almost four-fifths of Bloomsburys revenues in the year to February and these have been severely disrupted by the coronavirus pandemic lockdowns, he said, even though demand has increased for digital, audio and e-books.

Cello Health PLC (LON:CLL) shares rose on Wednesday as the healthcare advisory firm said it was “confident about performance” for its first half despite disruption from the coronavirus pandemic. In a statement to be delivered at its annual general meeting later today, AIM-listed Cello said it had a “good first quarter, with solid overall growth in net revenue”, adding that it Cello Health division has delivered overall net revenue and profit growth in the period alongside “good like-for-like growth”. The company also said overall bookings visibility and its new project win rate has been maintained, with the performance of the US arm of the business “particularly robust”. In a separate statement, Cello Health said all resolutions were duly passed at the AGM.

SDX Energy PLC (LON:SDX) has described the first quarter of 2020 as a positive period despite a challenging backdrop amid low oil prices and the coronavirus pandemic. In an update, SDX said its entitlement production for the first quarter amounted to 8,061 barrels oil equivalent (boe), up 117% compared to the comparative period in 2019, while gross production equated to 4,994 boe per day. The strong year-on-year production growth was driven by the South Disouq in Egypt which performed ahead of expectations, it added.

VR Education (LON:VRE) revealed it has received a €3mln investment from HTC Corporation as part of a formal strategic partnership to distribute and license its ENGAGE virtual reality platform globally. Taiwan-listed HTC's investment follows the success of the 2020 HTC VIVE Ecosystem Conference, which was hosted on the ENGAGE platform in March 2020, the company said. The subscription price is 5.47p, which was the price when discussions started on March 12, added VR Education, and will give HTC an approximate 20% stake in the AIM-listed company. VR Education said the subscription will enable it to build ENGAGEs sales and marketing capability as well as the production of additional showcase experiences for the platform.

Faron Pharmaceuticals Oy (LON:FARN) (NAASDAQFIRSTNORTH:FARON) has shared the peer-reviewed analysis of the effects of a drug given to severely ill patients that help explain the unexpected read-out from the companys 2018 phase III clinical trial of its then lead drug, Traumakine. The article in 'Intensive Care Medicine' looks at the role played by glucocorticoids when used in harness with intravenous interferon beta-1a such of the type developed by Faron. It found the mechanism of action interferon beta-1a was blocked by glucocorticoids. Faron chief executive, Dr Markku Jalkanen, hailed the Intensive Care Medicine article as a “crucial publication”.

88 Energy Ltd (LON:88E) (ASX:88E) takeover target XCD Energy Limited (ASX:XCD) has released a resource upgrade for its Project Peregrine asset, located on Alaskas North Slope Consultant ERC Equipoise (ERCE) outlined 1.63bn barrels of mean prospective resources across three targets – Merlin, Harrier, and Harrier Dee. “At a prospect level, both the COS and volumes have increased as an exploration well is more likely to encounter hydrocarbons, but also more likely to encounter multiple reservoir layers, and as a result, the total success case numbers have increased,” XCD said in a statement.

OptiBiotix Health PLC (LON:OPTI) announced that it has entered into a non-exclusive license agreement for its SlimBiome trademark with Evolution_18 and the related launch of fibre gummies containing OptiBiotix's SlimBiome proprietary weight management technology. The life sciences business, which is developing compounds to tackle obesity, high cholesterol, diabetes and skincare noted that Evolution_18 is a US-based company founded by Bobbi Brown who is known for turning a simple makeup line, Bobbi Brown Essentials, into a billion-dollar global brand with Estée Lauder Companies.

Collagen Solutions PLC (LON:COS) has announced that Collagen Solutions (US) Inc. and Collagen Solutions (NZ) Limited, its wholly-owned operating subsidiaries in the USA and New Zealand, respectively, have received a mix of loan and grant funding based on those governments' coronavirus (COVID-19) economic support programmes. The AIM-listed developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life noted that Collagen Solutions USA received US$240,000 in US government-backed loan funding. It added that Collagen Solutions NZ also received NZ$35,000 from the New Zealand Ministry for Social Development's Wage Subsidy Scheme.

Metal Tiger PLC (LON:MTR) said it has completed a further equity derivative collar financing arrangement with its lender secured over 328,798 shares held by the company in Australian explorer Sandfire Resources (ASX:SFR). Under the terms of the agreement, AIM-listed Metal Tiger has entered into a stock lending arrangement allowing the lender to borrow the Sandfire shares. As a result, the company has borrowed around A$1mln from the lender secured on the above terms with a maturity date of May 18, 2023. Metal Tiger said the proceeds of the financing will be used to fund “a near term substantial investment opportunity” as well as other potential investments.

Arix Bioscience PLC (LON:ARIX) said its portfolio company, Amplyx Pharmaceuticals, has closed a US$53mln Series C extension fundraising round, taking the total to US$90mln New investors included Pfizer and Adage Capital. UK-listed venture capital company Arix has a 3% stake worth US$6.4mln. Amplyx will use the cash injection to develop fosmanogepix (APX001) and MAU868 for the treatment of life-threatening fungal infections and BK Virus.

IXICO PLC (LON:IXI) has reported higher earnings for the first half of its current financial year, while also highlighting that its order book has “strengthened further” since the period-end. For the six months ended March 31, 2020, the brain imaging and neuroscience data specialist reported underlying earnings (EBITDA) of £700,000, up from £100,000 a year ago, while revenues jumped by 33% to £4.6mln. EBTIDA margins also rose in the period to 14.8% from 4%, while profit per share increased to 1.01p from 0.46p. Looking ahead, IXICO said it ended the period with an order book of £15.3mln, however, this has risen to over £22mln in April following the signing of more contracts.

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