Cornwall Resources Ltd said it expected to receive government funding in the future to develop its tin-tungsten project at Redmoor in Cornwall. POLICIES In December, the company applied to Cornwall and Isles of Scilly Council (CIS) for a grant from the Shared Prosperity Fund. Cornwall Resources said that regardless of whether its application was successful, […]
Finance
FCM to take core of Sunbeam gold project
First Class Metals plc (FCM) expects to hold the ‘core’ Sunbeam mine area claims in Ontario as the company prepares for its 2023 exploration programme. SUNBEAM FCM acquired Sunbeam in early 2022 and was awarded exploration permits to allow drilling. The property includes the historic high-grade underground Sunbeam gold mine which operated from 1898 to […]
Block secures $1m loan to accelerate West Rustavi
Block Energy plc has closed a senior secured loan of US$1.06 million (£860,000) with various existing shareholders and two of its management. RELATED PARTIES Chief executive officer Paul Haywood provided $90,000 and chief operating officer Ken Seymour provided $100,000 of the loan. The company said that the funds would give additional headroom to accelerate its […]
Altona prepares new fundraise for delayed listing
Altona Rare Earths plc is preparing to raise £1.5 million ahead of listing on the main market of the London Stock Exchange. FUNDRAISE The company aims to raise approximately £1.25m via a placing and subscription by certain directors of the company and other investors. In August 2022, Altona raised £1.1m but the admission process took longer […]
Orcadian raises £500,000 via discounted placing
Orcadian Energy plc raised £500,000 via a discounted placing of new ordinary shares tocertain institutional and other investors at 10 pence per share. DISCOUNT The placing on 1 February, conducted by way of an accelerated bookbuild process, was at a discount of approximately 33% to the closing price of 15 pence per ordinary share on […]
Cadence notes possible £43m for Cinovec lithium
Cadence Minerals plc noted that its investee company’s joint venture (JV) Cinovec lithium project could receive up to £43 million funding after being classified as a strategic project for the Usti region of the Czech Republic. PRIORITY The JV is between CEZ a.s. and Australian company European Metals Holdings in which Cadence owns approximately 7.2%. […]