(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
----------
Halfords Group PLC - car parts and bicycle retailer - Purchases tyre and automotive servicing, maintenance and repair firm National for GBP62 million and a further investment of around GBP17 million post-acquisition on capital expenditure and around GBP2 million on integration costs. Halfords proposes a fundraise to raise up to around GBP64 million to part fund the acquisition. The company will place around 10% of existing share capital in the raise.
----------
Power Metal Resources PLC - London-based exploration and development company - Reports assay results from recently completed 2021 diamond drilling exploration programme on the Silver Peak project located in British Columbia, Canada. Says results demonstrate "significant copper, antimony and lead grades" and increases the average silver equivalent grade considerably. "Overall, the results are highly impressive and demonstrate the incredibly silver rich veins at Silver Peak. Without question this is an important asset for Power Metal and our partners, particularly in a world where high quality silver projects are hard to secure." comments Chief Executive Paul Johnson.
----------
Springfield Properties PLC - Scottish housebuilder - Raises GBP22.0 million via 15.7 million share placing at 140 pence per share. The GBP22 million raised will be used to part-fund its acquisition of Tulloch Homes. Springfield bought the housebuilder for GBP56.4 million, comprising an initial payment of GBP43.4 million and a deferred cash payment of GBP13.0 million. Chief Executive Innes Smith states: "This is another great acquisition for Springfield - and our third since coming to the market in 2017. Tulloch Homes has an excellent reputation for building high-quality homes in the Scottish Highlands in and around Inverness."
----------
Canadian Overseas Petroleum Ltd - oil and gas exploration focused on Nigeria and the US state of Wyoming - Raises USD8.0 million via 30.3 million share placing at 20p each. States proceeds of the placing are intended to be used for a bid for Cuda Energy and for general working capital.
----------
Zenith Energy Ltd - Africa-focused production and development energy company - Posts revenue for first half ended September 30 of CAD6.0 million, up considerably from CAD145,000 year before. Swing to pretax profit for period of CAD68.8 million from a CAD4.5 million loss a year earlier. Pretax earnings include a CAD76.6 million gain on combined acquisitions made in the six months. Chief Financial Officer Luca Benedetto comments: "We are pleased to publish our unaudited half-year results which provide clear evidence of the positive financial transformation the company has undergone following its acquisition of a highly prospective oil and gas production and development portfolio in Tunisia comprised of the Robbana, El Bibane and Ezzaouia concessions."
----------
Marechale Capital PLC - London-based investor - Posts revenue for first half ended October 31 of GBP497,194 from GBP175,837 year before. Pretax profit returns to GBP1.5m versus a GBP64,439 loss year prior. The investment gains are attributed to a GBP1.5 million uplift on investment in Weardale Lithium and a GBP320,000 uplift on investment in Future Biogas.
----------
TransGlobe Energy Corp - Calgary, Canada-based oil exploration and production company - Announces that it is aware of market speculation and rumours that the Egyptian Parliament has approved the company's amended Eastern Desert production sharing contracts and that the agreement is awaiting ratification by Egyptian President Abdel Fattah El-Sisi. Confirms that TransGlobe has received "no official confirmation that such approval has been given or that the agreement is awaiting the President's ratification". Says company will continue to engage with Egypt's Ministry of Petroleum and Mineral Resources and the Egyptian General Petroleum Corporation on the matter.
----------
Agronomics Ltd - Isle of Man-based investor in the field of cellular agriculture - Proposes raise of at least GBP19.2 million via 83.3 million share placing at 23p per share. The proceeds will principally be used to finance further investment into current portfolio companies and investment in new opportunities within the cellular agriculture sector, company says.
----------
Kefi Gold & Copper PLC - Tulu Kapi gold project in Ethiopia - Estimates value of projects have more than doubled over past year and are expected to increase further due to targeted expansion of resources and reserves over the coming year. Notes the company's large project pipeline will foster further growth following the planned triggering of its first developments in Ethiopia and Saudi Arabia in 2022 and 2023.
----------
Oracle Power PLC - natural resources and power project developer - Says preliminary technical study completed by partner PowerChina at green hydrogen production facility in Pakistan. The firms are targeting a 400 megawatt capacity hydrogen plant, with planned hydrogen production of approximately 150,000kg per day. "In the relatively short space of time since Oracle signed its co-operation agreement with PowerChina, there has been a sizeable uptick in the adoption of green hydrogen projects internationally from Australia, Egypt, Namibia, the UAE to the UK. This is clearly a movement which is gaining momentum and support and Oracle, together with our partners at PowerChina, are uniquely positioned to bring this technology to Pakistan," comments Chief Executive Naheed Memon.
----------
VH Global Sustainable Energy Opportunities PLC - London-based energy infrastructure investor - Raises a further GBP70 million through issue of 69 million shares at a placing price of 101.5 pence per share. Claims it intends to use the proceeds of the placing to invest in its pipeline of assets. The GBP70 million raise means the group has raised over GBP312 million since the company was launched in February this year. "The capital raised, coupled with the strong pipeline of opportunities that we have already identified, should allow us to maintain our strong investment momentum into 2022," states Chair Bernie Bulkin.
----------
PYX Resources Ltd - zircon producing mining company - Raises capacity by 33% at Mandiri's Minerals Separation Plant to 24,000 tonnes per annum. Says new capacity will enable the production of rutile, leucoxene and ilmenite. Increase is part of five-year plan at Mandiri focused on ramping up production capacity. Commenting on the increased capacity, Chair & Chief Executive Officer Oliver Hasler says: "Increasing the capacity of our Mineral Separation Plant in Indonesia is a key element of our strategy that enables us to diversify our product offering and bring more choice and benefits to our expanding global customers."
----------
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.