First Class Metals plc has signed an exclusive 60-day agreement to finalise a potential 40% earn-in on the McInnes Lake gold property in northwest Ontario. GREENFIELD The company paid CA$5,000 to Emerald Geological Services Ltd to complete negotiations within the period. The figure will be deducted from FCM’s year one work programme expected to cost […]
Tag: extractive industries
Contract disputes halt Kouroussa gold mining
Contractual disputes at Kouroussa gold mine in Guinea have halted operations, affecting production and cash flow. IMPACT Owner Hummingbird Resources plc’s principal contract miner Corica Mining Services temporarily suspended mining operations as of 17 March 2024. The company said that the suspension was “a clear breach of the mining contract” and has given Corica notice […]
Clontarf raises £400,000 via placing
Clontarf Energy plc has raised £400,000 before expenses via a placing of 1,142,857,143 new ordinary shares of 0.01p each in the company at a price of 0.035p per placing share. The placing shares represent approximately 18% of the company’s issued share capital as enlarged by the placing. Following admission, Clontarf will have a total of […]
Horizonte granted more time for debt negotiations
Horizonte Minerals plc has been granted a 60-day stay period to negotiate indebtedness and work on the Araguaia nickel project restructuring plan for creditors’ approval. FUNDING The Brazilian precautionary measure gives the company’s local operating subsidiary a longer period to negotiate directly with creditors or via mediation, while aiming to protect its cash in the […]
Angus shareholders approve 227m fee shares issue
Angus Energy plc shareholders backed the issue of 226,513,000 fee shares to Aleph Commodities Ltd in relation to February’s £20m Trafigura financing. Approval was given at the company’s general meeting on 14 March. On admission, Angus will have 4,394,406,340 ordinary shares in issue, each with the right to one vote. The company holds no ordinary shares […]
Baron Oil chairman and CEO step down
Baron Oil plc non-executive chairman John Wakefield and chief executive officer Andy Yeo have stepped down. Dr Andy Butler, currently director Asia-Pacific, becomes CEO with immediate effect. Mr Yeo remains on the board until the end of March to transfer responsibilities to the new CEO, while Mr Wakefield will leave the board once a new […]