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April 13, 2015

Proactive news summary: Akers Biosciences, Argos Resources, Eco Animal Health, Epistem, Galasys ...

One of China’s leading software groups has taken a substantial stake in Asia theme park ticketing specialist Galasys (LON:GLS).

Beijing Shiji, which has a market value in Shenzen of £3bn, has bought 20% through a combination of a placing at 30p a share and the acquisition of 7% from existing holder Netrove, a tech fund.

The Chinese group paid a 33% premium to the current market price for its shares through the subscription, which will raise just under £3.3mln for Galasys.

Elsewhere in the tech sector, Legal Marketing Association (LMA) members have been offered the opportunity to stake early claims for web sites ending in .law.

The generic top level domain (gTLD) is owned by Minds + Machines (LON:MMX), which both owns and operates gTLDs, and is dedicated to lawyers and law firms worldwide.

Security specialist Westminster (LON:WSG) said it was seeing an increase in airport passenger numbers as the Ebola situation in West Africa has markedly improved.

The group also updated on its ferry contract secured last year, saying the flagship 38.9 metre, 200 seat vessel 'Sierra Queen' was due to arrive at the end of this month (April).

Shares in Symphony Environmental Technologies (LON:SYM) fell on Monday as the plastics specialist reported lower revenues for 2014 but a narrowing of the loss.

The loss after tax fell by 56% to £0.31mln, compared to a loss of £0.71mln the year before as the firm reduced costs.

Machine-to-machine tech firm Telit Communications (LON:TCM) told investors that full-year results will be in-line with expectations after a 22% rise in first quarter revenues.

Revenues in the three months to 31 March were US$64.6mln, compared to last year’s US$53mln.

Medical device specialist Akers Biosciences (LON:AKR, NASDAQ:AKER) has expanded its global footprint, adding six new distributors in nine new countries for its heparin tests, including for the UK.

Elsewhere in the medtech space, Epistem (LON:EHP) has moved a step closer to the launch in India of its first molecular diagnostic 'point of care' product for tuberculosis.

India's Director General of Health Services at the Ministry of Health and Family Welfare set to publish an approval letter in respect of the licence to import Epistem's Genedrive TB and antibiotic resistance molecular diagnostic kit.

Sphere Medical (LON:SPHR) is to raise around £12mln through a share issue at 16p a share.

The amount raised could rise to £13.2mln depending on the response to an open offer, also at 16p a share, which is being pitched at its existing shareholders.

Shares in veterinary products firm Eco Animal Health (LON:EAH) were wanted on the back of news profits for the year were likely to exceed market expectations.

"The group has continued to make strong sales progress from its more recently licensed drug registrations and by developing to newly accessed markets with existing licences," it told the statement.

The stem cell specialist ReNeuron (LON:RENE) has filed an investigational new drug application in the US for its potential treatment for the eye disease retinitis pigmentosa (RP).

The phase-I/II clinical trial will be its first is the States and will be conducted at Massachusetts Eye and Ear, Boston, the world-renowned clinical centre.

In the resources sector, Range Resources (ASX:RRS, LON:RRL) said the sale of its drilling services subsidiary (RRDSL) had been delayed and is now expected during this month (April).

On March 19, it said the disposal was on-track to complete by the end of March. So far, Range has received US$2.30mln of the proceeds and is due to receive the remaining US$2.07mln at final completion, as well as US$0.50mln as a result of balance sheet adjustment. Shares remain suspended.

Argos Resources' (LON:ARG) has farmed out its acreage in the North Falklands Basin.

Noble Energy and Edison International will take over ownership of the licence, PL001, in return for drilling one exploration well plus a chunk of back costs already incurred.

UK Oil & Gas (LON:UKOG), operator of the Horse Hill site in south east England, said it now owns 100% of the Markwells Wood discovery in the Weald Basin. It snapped up the remaining 40% interest in Markwells Wood, also known as PEDL126, from Magellan Petroleum.

KrisEnergy (SGX:SK8) has awarded the front-end engineering and design (FEED) contract for the Lengo gas development offshore East Java in Indonesia to Synergy Engineering.

Indonesia-based survey contractor, Java Offshore, has also started to work on the geophysical and geotechnical surveysNigeria-focused oil producer Mart Resources (CVE:MMT) said its Umusadege field produced an average of 19,230 barrels in February for calendar days, and 20,680 barrels on operating days

That compares well to January’s production, which averaged 17,050 barrels of oil per calendar day and 18,070 barrels for operating days.

Greka Drilling (LON:GRD) expects momentum in its business to pick up after two years of weakness as major drilling campaigns by customers in China and India get underway.

Revenues in 2014 fell to US$24.4mln (US$30.5mln), while there was a loss of US$5.3mln (profit US$1.1mln).

In the mining sector, shares in KEFI Minerals (LON:KEFI) rose after it received its mining licence for the flagship Tulu Kapi gold project in Ethiopia.

StratMin Global Resources (LON:STGR), the Madagascar-based graphite producer, said March was its best month to date for sales and production from the Loharano mine.

Wet graphite volumes jumped to 528 tons last month, up from 360 tons in February. StratMin sold 215 tons of graphite in March, up from 150 tons in February.

W Resources (LON:WRES) shares zoomed up as the tungsten miner said it had fully repaid the US$800,000 Bergen loan entered into last year.

The group has repaid the outstanding balance of US$550,000, it said, adding the focus now is on advancing funding of the US$15-20 million development at the La Parrilla fast-track mine in Spain with the target of first mine production in 2016.

Ormonde Mining (LON:ORM) has made "very significant" progress on its proposed financing with Oaktree Capital Management for the flagship Barruecopardo tungsten project in Spain, it said.

Richland Resources (LON:RLD) has started pre-production work at its Capricorn sapphire project in Queensland, with earth now being shifted at the first planned pit and stones being recovered.

The company expects commercial production to start next month with June to see first sales under the Capricorn brand.Landore Resources (LON:LND) unveiled further positive drill findings from its winter programme at the Junior Lake property in Ontario, which could add significant tonnage to the existing resource.

The eight diamond holes were aimed at infilling sections of the Alpha Zone deposit and further validating what is called the 'Exploration Target' immediately west of the B4-7 deposit. @MasterMetals MasterMetals Blog

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