First Class Metals plc (FCM) has started field operations on its metals exploration projects, with the aim of drilling at least one, in Ontario, Canada. MCKELLAR The company began at McKellar with sawn channel sampling of the rare earth element (REE) diatreme. Current sampling will be used to verify and possibly expand the potential outlined […]
Day: 14 November 2024
Kavango investor targets majority holding with £6m subscription
Kavango Resources plc’s £6 million fundraise will be via direct subscription by current shareholder Purebond Ltd, potentially increasing its holding to more than 50%. TERMS The subscription in two stages will be for the conditional issue of 140 million new ordinary shares of £0.001 each at 1p per share, and 460m new ordinary shares for […]
EnQuest to increase Seligi gas field production
EnQuest plc has agreed to increase gas production from the Seligi field until the end of 2025 to support Peninsular Malaysia’s gas demand. SELIGI The group became operator of Seligi in 2014 and brought its first horizontal well on stream in June 2022. ASSESSMENT The agreement, on behalf of the PM8 (extension) production sharing contract […]
Reabold expands into Italy with Colle Santo deal
Reabold Resources plc has entered into a conditional agreement to acquire an interest in the Colle Santo gas field in the Abruzzo region, onshore Italy. TERMS The investor purchased an initial 32 shares representing a 3.1% interest for £250,000 in LNEnergy Ltd which holds an option over a 90% interest in the field. The subscription […]
Power Metal raises £2.7m via placing-subscription
Power Metal Resources plc has raised £2.715 million via a placing, including a subscription by Term Oil Inc which is controlled by American investor Rick Rule. DIRECTOR DEALING The company has conditionally issued 319,388,235 new ordinary shares of 0.1 pence each in at a price of 0.85 pence per placing share. Each placing share has an attached warrant to […]