Inspirit Energy (LON: INSP) has secured an order to develop an Inspirit waste heat recovery engine for waste to energy technology developer Eqtec (LON: EQT). The two companies share a broker. The contract for the first unit is worth £150,000 and there is an option for ten more at the same unit price. The unit will be evaluated as part of the Eqtec combined heat and power technology. The initial payment of £95,000 is non-refundable and the rest in six months. Delivery should be in the first half of 2025. Inspirit Energy shares jumped 57.1% to 0.0165p
Eqtec is raising £850,000 at 1.4p/share to provide working capital following the refinancing of the term loan. This should cover requirements until the delayed payment from Verde Corporation is received. The share price declined 16.2% to 1.425p.
On Friday evening, Shuka Minerals (LON: SKA) has completed due diligence on a proposed acquisition of a brownfield base metals project in East Africa and has decided to proceed. The project has an NPV10 estimate of $560m. The project will be developed in three phases. There has already been a $150,000 with a further $5.85m in cash and equity payable if the deal goes ahead. Jason Brewer is stepping down from the board, but he has signed a consultancy agreement worth £120,000/year. A £2m convertible loan note is being issued to AUO Commercial Brokerage. The conversion price is 15p/share. There are plans for a listing on the Johannesburg Stock Exchange. The share price improved 12.5% to 11.25p.
Galantas Gold (LON: GAL) plans to drill test the Kearney North target at the Omagh project in County Tyrone, Northern Ireland. This will test for a northern extension of the main vein and explore for further dilation zones. There will be three drill holes. The share price is 9.09% higher at 12p.
Keras Resources (LON: KRS) has restructured $900,000 of liabilities into a four-year loan and convertible loans of $1.525m. That includes $200,000 of capitalised director fees. This will be enough cash to meet current obligations. The convertible portion is convertible at 2.75p/share. The share price rose 8.47% to 3.2p.
FALLERS
Landore Resources (LON: LND) is still seeking additional funding. This is required to advance the BAM gold project in northwestern Ontario. There should be a further announcement when the 2023 results are published late in June. Landore Resources has an option agreement with Storm Exploration over 100% of the Miminiska Lake and Keezhik Lake properties in in northern Ontario and it has agreed to delay the next cash payment of C$262,500 and the convertible payment of C$525,000 until on or before the 28 June. The share price slipped 19.4% to 2.5p.
Metaverse technology company Engage XR (LON: EXR) has appointed Karthik Manimozhi as non-executive chairman. He has worked for large technology businesses over more than two decades. Marc Metis will join the board as representative of 12% shareholder HTC. The share price fell 7.61% to 1.7p.
Paul Bassi, chairman of floorcoverings supplier Likewise (LON: LIKE), has sold two million shares at 15.9025p each. That leaves him with three million shares. The share price dipped 6.83% to 15p.
