Horizonte Minerals plc is focusing on critical work while talks continue on further financing for its Araguaia nickel project in northeast Brazil. CAPITAL During the “slowdown period” the company has advanced the water storage reservoir and the 230kV powerline, both components of rotary kiln electric furnace operations. Horizonte is also minimising the impacts of the […]
Finance
Tungsten West raises £1.8m and mulls selling some assets
Tungsten West plc raised £1.8 million from the £6.95m convertible loan notes earlier this year for the Hemerdon mine in Devon as it considers selling some of its assets. PROGRESS The proceeds of tranche C will support progress of the permitting process, updating the feasibility study and associated financing. The company also expects to need […]
Baron signs MoU for 15% Chuditch farm-up
Baron Oil plc has entered a proposed 15% working interest farm-up for the Chuditch production sharing contract, offshore Timor Leste. COSTS The company’s subsidiary SundaGas Banda Unipessoal Lda signed a memorandum of understanding with the country’s national oil and gas company TIMOR GAP Chuditch Unipessoal Lda. SundaGas will retain operatorship and hold a 60% working […]
Serica secures new $525m loan with $1bn potential
Serica Energy plc has signed a new US$525 million secured reserves based lending facility, with the potential to double the figure to more than $1 billion. QUALITY The new transaction simplifies the company’s financing arrangement by replacing the existing RBL and junior facilities with a single facility. The existing RBL facility has $271m drawn and […]
Orcadian raises £500,000 via discounted subscription
Orcadian Energy plc has raised gross proceeds of £500,000 through issuing 3,571,429 new ordinary shares of the company at a price per new ordinary share of £0.14. The funds were raised as part of a direct subscription from the company’s existing investors. The subscription price represents a discount of approximately 15% to the closing mid-price […]
JOG receives £233,334 via options exercise
Jersey Oil & Gas plc (JOG) received £233,334 following notice to exercise options to subscribe for a total 111,667 new ordinary shares of 1p each in the capital of the company. The options, scheduled to expire shortly, were exercised by a number of former employees. Following admission, the company’s enlarged share capital will comprise 32,665,960 […]