Red Rock Resources plc raised £223,000 before expenses by placing 123,888,888 new ordinary shares of £0.0001 each in the company at a price of 0.18 pence per share. The company will also grant 123,888,888 warrants, exercisable into shares at a price of 0.35 pence per share for 18 months. Red Rock will additionally grant 12,388,888 broker […]
Finance
Ascent raises £400,000 via placing
Ascent Resources plc has raised £400,000 before expenses from existing shareholders through issuing 13,333,333 new ordinary shares of 0.5 pence each, at a price of 3 pence per placing share. Subject to shareholder approval, each placing share has one warrant attached with an exercise price of 5 pence per new warrant share over the next […]
Tungsten West to raise up to £9m as cost cutting starts
Tungsten West plc has started “major” cost cutting alongside up to a £9 million fundraise to meet “contractual liabilities” and pay for “significant annual expenditure” at its Hemerdon tin-tungsten mine in Devon. NEW DEBT The company aims to raise a minimum of £5m and up to £6.95m through a placing, not underwritten, of convertible loan […]
Orcadian focuses on funding and farm-in for Pilot
Orcadian Energy plc said its main aim for 2023 was to find a partner and new investors to develop the Pilot oil field in the central North Sea. FINANCES In its unaudited results for H1 2022, the company added it planned to improve the technical and commercial definition of Pilot’s development as well as maximise […]
FCM receives full grant payment for North Hemlo exploration
First Class Metals plc (FCM) has received full payment of its 2022-23 Ontario junior exploration grant (OJEP) for work carried out on its flagship North Hemlo property. DISCOVERY OJEP helps junior mining companies finance early stage exploration projects in Ontario. The payment of CA$140,000 of the maximum $200,000 grant to FCM is for the successful […]
Angus agrees £3m loan with Kemexon
Angus Energy plc has agreed a £3 million junior debt facility from commodity trading house and the company’s 9.91% shareholder Kemexon Ltd. BRIDGE FACILITY The ‘bridge facility’ has an initial term of three months, extendable by paying a 3% roll fee for a further three months. The debt is priced at SONIA* + 15% and commits the company to issue […]