Fire Angel Safety Technology (LON: FA.) has agreed a 7.4p/share bid from fire safety products manufacturer Siterwell Electronics, which already owns 17.5%. The share price has not been at that level for six months. The offer values FireAngel Safety Technology at £27.7m. The share price jumped 203.6% to 6.375p.
Mining investment company Starvest (LON: SVE) plans to cancel the AIM quotation and commence a voluntary liquidation. This would involve the distribution of stakes in Greatland Gold (LON: GGP) and Ariana Resources (LON: AAU) to shareholders, while the other stakes will be sold. The share price improved by two-fifths to 7p, valuing Starvest at £4.1m. This is still a discount to the March 2023 NAV of £6.75m. Shareholder approval will be sought on 21 November and the AIM cancelation could happen on 29 November.
Challenger Energy (LON: CEG) has secured a short-term bridge loan of £346,500 with a 12% interest charge and this will be used to repay a convertible loan that has not been converted into shares. One holder is converting £55,000 into 100 million shares. The loan lasts up to six months and will be repaid either when the Cory Moruga asset in Trinidad is sold or the farm-out of Uruguay oil and gas assets is completed. There will be 250 million warrants exercisable at 0.1p each issued to the lender. The share price is 30% higher at 0.065p.
Kodal Minerals (LON: KOD) has completed its transaction with Hainan Mining, which is investing a total of $117.75m in the company. The cash will fund the construction of the Bougouni lithium project in Mali. The licence transfer into the new joint venture – 49% owned by Kodal Minerals – has been delayed, but it will happen. There are warranties to cover the period until the licence transfer. The share price increased 26.6% to 0.595p.
Arc Minerals (LON: ARCM) says that the main conditions for the Zambian joint venture with Anglo American, which has already acquired a 70% stake in the new joint venture, have been satisfied. Drilling has commenced on one of the licences. The share price rose 13.2% to 3.85p.
FALLERS
Global Petroleum (LON: GBP) reported a reduced full year loss, but cash was reduced to $356,000. Management admits it needs to secure additional finance in the very near future. The share price divided 41.3% to 0.0675p.
Secure Property Development & Investment (LON: SPDI) says the process of selling its property portfolio to Arcona Property Fund is continuing. Payment will be in cash and shares. Costs are already being reduced. NAV was 10p/share at the end of June 2023. The share price fell 11.1% to 4p.
Cadence Minerals (LON: KDNC) reported a reduction in loss from £5.05m to £1.95m. Net cash was £580,000 at the end of June 2023, while NAV was £19.5m. The share price slipped 6.86% to 4.75p.