Nakama Group PLC (LON:NAK), the UK and Asia recruiter, is examining its options and warned that once government support schemes come to an end it “will face number of trading and cashflow challenges”.
Without access to further cash its working capital situation may deteriorate, the AIM-listed group said, with its largest shareholder having made it clear “they would not support a fundraise and would vote against the necessary shareholder resolutions to issue new shares”.
Shares in the tumbled 22% to 0.54p as Nakama said it was “exploring a number of options for the company and its businesses”.
9.06am: Chesterfield jumps as geophysics survey provides new drill targets
Five audio-magnetotellurics (AMT) surveys were taken over 2.6 square kilometres and they will next be examined by a geophysical consultant to create a 3D model of each target.
“Not only did the survey identify areas where we knew mineralisation to exist, but it has successfully vectored our diamond drill onto new areas of sulphide mineralisation. It has also provided us with new targets for our next drill campaign planned for the spring,” said Chesterfield executive chairman Martin French in a statement.
Shares in Alien Metals Ltd (LON:UFO) were also beamed up, adding 5% to 1.52p after it told investors that a detailed ground induced polarisation survey has already begun for the Donovan 2 copper-gold project in Mexico.
The AIM-listed miner said partner Capstone Mining (TSE:CS), which is earning into the project, had commissioned a detailed geophysical survey across the majority of the tenement.
“Capstone is managing the main elements of the program while Alien provide the necessary early stage on the ground support and help as required and we are looking forward to some enhanced results from this work,” said Alien’s chief executive, Bill Brodie in a statement.
Proactive news headlines:
Synairgen PLC (LON:SNG) has said its inhaled formulation of drugs to treat patients with coronavirus (COVID-19) could be an effective tool for patients who have a combination of respiratory viruses during winter months, according to recent trials in hospitalised patients. Further positive results of the SG016 trial, where 101 patients hospitalised with COVID-19 were given either the inhaled drug, known as SNG001, or a placebo, have been published in The Lancet Respiratory Medicine journal. Patients who were given the company’s inhaled formulation of interferon beta-1a had greater odds of improvement and recovered more rapidly than placebo, and the drug was safely tolerated.
Alien Metals Ltd (LON:UFO) has told investors that a detailed survey has begun for the Donovan 2 copper-gold project in Mexico. Capstone Mining (TSE:CS), which is earning into the project, has commissioned a detailed close-spaced surface Induced Polarisation (IP) geophysical survey across the majority of the tenement. The aim is to add detail to the project’s northern anomaly and to extend historic geophysical work undertaken by Alien.
Sensyne Health PLC (LON:SENS) has announced the appointment of Derek Baird to its senior management team as President for North America. Baird will join the UK clinical artificial intelligence company on December 1, 2020, and will focus on driving the commercial development of the North American operations, building Sensyne’s presence in the US and recruiting a US-based team. He joins the firm from AVIA, a digital transformation partner for health systems and payers, where he served as senior vice president for growth, and has previously held senior roles at healthcare software company Health Language, clinical decision support system products provider Zynx Health and ambulatory electronic health records provider Practice Partner.
Vast Resources PLC (LON:VAST) told investors Friday it has increased the size of its exploration target at the Baita Plai polymetallic mine in Romania. The company said that the size of the Antonio North area has increased to 1.4mln to 2.8mln tonnes, from 0.2mln to 0.5mln tonnes previously, which takes the estimate for the whole project to 3.2mln to 5.8mln tonnes from 1.8mln to 3mln tonnes. The increase is the result of a review of historical data which has only recently become available.
Touchstone Exploration Inc (LON:TXP) (TSE:TXP) has said it is prioritising investment on its expectation-beating projects in the Ortoire block onshore Trinidad and Tobago. The comments came as the explorer posted results showing daily production of 1,310 barrels of oil per day (bopd) in the third quarter. The rate compares to 1,396 bopd in the preceding quarter and 1,729 bopd in the comparative three months last year. The group noted that the fall in rates reflects a natural decline of the production assets as the Ortoire block is being advanced towards production.
Chaarat Gold Ltd. (LON:CGH) has said it is maintaining its current production guidance in an update on the current situation in Armenia, where it has an operating mine. The AIM-quoted gold miner, which also has assets at various stages of development in the Kyrgyz Republic, noted that, on November 9, 2020, a peace deal brokered by Russia was agreed between Azerbaijan and Armenia in relation to the Nagorno-Karabakh region. Russia has deployed resources to keep the peace in the region with an initial period of five years and a potential extension for another five years, it added.
Iconic Labs PLC (LON:ICON) has unveiled the results of a fundraising as well as details of a new debt facility that it said will allow it to focus on executing its strategy. The media and technology firm said it has raised £747,793 through a fully subscribed placing of around 6.2bn new shares at a price of 0.012p, a 20% discount to its closing mid-market price on Thursday. Iconic said the placing will allow it to progress towards a “more conventional basis of funding” with the proceeds to be used for general working capital purposes. The firm also said it has entered into a new more conventional debt facility with Shard Merchant Capital (SMC), which is to be secured for an aggregate amount of up to £1mln, with an initial drawdown of £500,000.
Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, has announced that on November 12, 2020, the company repurchased US$1,315,000 Avation Capital S.A. 6.5% senior notes due 2021 issued under Avation’s global medium term note programme. The notes were acquired through the market at a price equal to 65% of face value and will be cancelled. The group noted that there are US$342,642,000 Avation Capital S.A. 6.5% senior notes due 2021 outstanding following this transaction.
Enteq Upstream PLC (LON:ETQ) said it received notification on 12 November 2020 that Andrew Law, its commercial director acquired 446,307 ordinary shares of 1p each in the company at a price of 12.35p each on November 12, 2020. Following this acquisition, the group noted, Law has an interest in 724,326 Enteq ordinary shares, representing approximately 1.1% of the company’s issued ordinary share capital.
Amur Minerals Corporation (LON:AMC) has announced that it’s annual general meeting (AGM) will be held at 10,00am GMT on Thursday, December 10, 2020, at the offices of Brunton Publications Limited, 1 London Road, Bishopdown, Salisbury SP1 3HP, UK. In light of the government’s directive limiting gatherings to no more than two persons, it has become necessary to restrict physical participation at the AGM. In order to assist with voting, and in the absence of a Q&A session during the AGM, the company said it will post a presentation and Q&A session on Wednesday, November 25, 2020. Shareholders are invited to submit questions in advance that will be incorporated into the Q&A. Questions are to be submitted to [email protected] (marked for the attention of the ‘Amur Minerals AGM’) by November 19, 2020. The presentation will be accessible to watch from 4.00pm GMT on Wednesday, November 25, 2020, using the following link: https://www.bigmarker.com/share-talk/Amur-Minerals-Corporation-Webinar-Q-A