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April 1, 2015

Proactive news summary: Ferrex, Horizonte Minerals, Kibo Mining, Minera IRL, Mwana Africa, MX Oil...

Financing is always high on the agenda for pre-revenue resources firms and there was some good news for a few players today, despite the tough environment.


Empyrean Energy (LON:EME) has confirmed it has secured additional financing for its continuing participation in the Sugar Loaf project, in the Eagle Ford shale, Texas.


It comes two months after the group decided against selling the company.


Range Resources (LON:RRL) expects to receive US$60mln upon the close of the core capital funding before the end of next month after shareholders approved the proposed financing.


Minera IRL (LON:MIRL) remains optimistic about concluding a financing for the Ollachea gold project. Talks are at an advanced stage and are ongoing to finalise arrangements.


The company said it now expects to secure the money in the second quarter.


There was less cheery news from power group Rurelec (LON:RUR), which has still not received the US$6.6mln net proceeds after it sold a controlling stake in the Canchayllo hydroelectric plant in Peru.


The funds are due, and are expected shortly, but have been subject to administrative delays.


It’s not a resource company, but Fastjet (LON:FJET) certainly qualifies as an early-stage growth company, and it too has been successful in raising funds.


The African airline is raising £50mln through a placing of shares at a penny each as it readies for major expansion across continent.


We’ve had a round of musical chairs today in the board rooms.


Dr Toby Bradbury is taking over as Shanta Gold’s (LON:SHG) new chief executive.


Bradbury, who joined as chief operating officer and CEO-designate in January, is replacing Mike Houston who announced his decision to retire in December.


ReNeuron (LON:RENE) has appointed John Berriman as its new chairman. Current chairman Bryan Morton is standing down after a four-year stint at the helm along with non–executive Mark Docherty, while John Sinden, the company’s chief scientific officer and co-founder, is to step down from the board.


Pharma group Clinigen (LON:CLIN) has found a replacement for its departing chief financial officer at recruitment consultant Hays.


Martin Abell currently the CFO/Finance Director of Hays’ continental Europe & Rest of World division will join the group on 3 August to replace Robin Sibson, who is to retire.


Elsewhere in the healthcare sector, blood monitoring specialist Deltex Medical (LON:DEMG) has installed a dedicated trainer in an eighth US hospital in a new region of the country.


The new hospital is a Level 1 Trauma Centre, Deltex said, and follows a successful clinical evaluation of its oesophageal Doppler monitoring system CardioQ-ODM+ last year.


In the mining sector, Stellar Diamonds (LON:STEL) has lodged its application for a mining licence at the Tongo Dyke-1 kimberlite project in eastern Sierra Leone as part of its new fast-track plan.


SolGold (LON:SOLG) has shifted its drill rig at Cascabel in Ecuador to its eleventh hole after previously reported ground problems halted drilling on the tenth at just short of 1,000m.


Horizonte Minerals (LON:HZM) is currently focused on completing key work streams for an ongoing feasibility study for the Araguaia nickel mine in Brazil.


The project is positioned and timed to benefit from an anticipated up-turn for nickel prices, chief executive Jeremy Martin told shareholders at yesterday’s annual general meeting.


Ferrex (LON:FRX) has increased the overall resource at its Nayega manganese project in Togo. The total JORC code compliant resources now stand at 14 million tonnes (Mt) at 12.4% manganese, compared to 11 Mt at 13.1% previously.


Nickel and gold miner Mwana Africa (LON:MWA) has rejected a call from Ian Dearing and other shareholders for a general meeting.


Ariana Resources (LON:AAU) has hailed the results of a scoping study on its Salinbas gold project in north eastern Turkey.Based on 650,000 indicated and inferred ounces, the net present value was US$108mln on an 8% discount, while there was a 3.3 year payback on the upfront capital spend of US$53.3 mln at a price of US$1,250/oz.


Kibo Mining (LON:KIBO) has started work on the second phase of its definitive mining feasibility study for the Rukwa coal and power project in Tanzania.


Among the energy companies, Solo Oil (LON:SOLO) and Aminex (LON:AEX) said the Kiliwani North project is on track for first commercial gas, now that the regional gas pipeline has been completed.


Based on comments made by Pedro Joaquin Coldwell, Mexico's Secretary of Energy, MX Oil (LON:MXO) will soon be closer to building a business in Mexico as the country is now expected to carry out the first bidding round at the end of next month.


Tethys Petroleum (LON:TPL, TSE:TPL) reported a US$15.47mln loss for 2014, versus a loss of US$10.54mln in 2013.


Revenues from continuing operations totalled US$27.39mln versus US$36.95mln in the preceding year.


At the end of the period Tethys had US$3.11mln. Since then, however, the company secured US$9.5mln via two loan financings.


In the tech sector, CentralNic (LON:CNIC) has added a clutch of new Internet addresses to its portfolio of top level domain names (gTLDs).


The group has picked up a number of the most sought-after new domain extensions including .online, .site, .tech, .love, .forum, .fan, .rent, and .realty, which will be available to potential users exclusively on CentralNic’s platform.


cloudBuy (LON:CBUY) is making progress in India and said its CII trading platform, announced last December, will go live at an exhibition in New Delhi on April 24 this year.


Electronic invoicing (e-invoicing) and financing company Tungsten (LON:TUNG) has announced its second customer win of the week, with this one coming from the construction sector.


Finally, sugar and ingredients firm The Real Good Food Company (LON:RGD) is in talks over a potential transaction for its Napier Brown sugar business to stabilise future earnings and strengthen the balance sheet.


The sugar business may have had a tough year but the rest of the group has performed better than expected.



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