Tungsten West plc plans to reduce “staff costs” by a further 25% at Hemerdon mine to give priority to planning, permitting, environmental compliance and funding for the project. CREDITORS Chief executive Neil Gawthorpe said that the move to save costs had followed “some difficult decisions”. The reductions will be in the form of redundancies, reduced […]
Finance
Cornish Lithium receives £53.6m private-public funds
Cornish Lithium plc will receive £53.6 million of private and public funding, with up to a further £168m, for its lithium in hard rock and geothermal waters projects in Cornwall. TRELAVOUR The money will come from the UK Infrastructure Bank (UKIB), The Energy & Minerals Group (EMG) and the company’s current largest investor TechMet. Founded […]
IOG agrees waiver for deferred €100m payment
IOG plc has agreed with bondholders a further waiver to 29 September over certain terms, including interest repayment, of its €100 million senior secured bond. BOARD OBSERVER The company said it had received support from bondholders controlling more than 70% of the voting bonds, representing 100% of the votes cast. The agreement results in the […]
Orcadian mulls sale of Pilot oil licence
Orcadian Energy plc could sell the Pilot oil licence with the company’s finances “severely constrained” and a £1m debt to Shell due at the end of August. DISCUSSIONS The company, which also still needs to raise new finance in the short term for working capital, held £97,000 at end of July 2023. “A number of […]
GreenRoc Mining raises £470,000 via placing
GreenRoc Mining plc raised £470,000 gross via a placing of 12,368,422 new ordinary shares each of 0.1 pence at 3.8 pence per placing share. Majority shareholder Alba Mineral Resources subscribed for 3,026,316 placing shares and now holds 63,026,317 shares, equivalent to 42.97% of GreenRoc’s issued capital. Following admission, GreenRoc’s total issued share capital will comprise […]
Predator raises £10m via private placement
Predator Oil & Gas Holdings plc has raised £10 million gross from an oversubscribed bookbuild for institutional investors. A total of 90,909,090 new ordinary shares of nil par value were placed with investors at an issue price of 11 pence. Following admission, which is subject to FCA approval of the Predator’s prospectus, the company’s issued share […]