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Proactive news highlights - Strategic Minerals, Nostra Terra, Fastjet, Angle, Stratex International & more

Published: 11:07 22 Dec 2015 EST

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Strategic Minerals’ (LON:SML USOTC: SMCDY) share price soared as it revealed its Cobre iron ore tailings operation in New Mexico had enjoyed a bumper two weeks.

Domestic sales in the week to 13 December were US$76,000 and in the week just ended US$78,000, compared to average weekly revenues of US$25,000. After a tough period in the middle of the year, annual sales are now expected to be broadly in line with last year’s US$1.27mln.

Oil and gas group Nostra Terra (LON:NTOG) will step up its hunt for US assets after it agreed a three year extension to its US$25mln lending facility with Texas Capital Bank.

Crude prices hit an eleven-year low this week and Matt Lofgran, Nostra Terra’s chief executive, said he was delighted with the terms given this tough backdrop.

"We're pleased to announce the securing of a three year extension on such a strong facility on very good terms for the company at a time when many companies in the industry are struggling with the continued low oil price environment.

African budget carrier Fastjet (LON:FJET) voiced confidence that it could ride out a downturn caused by the presidential election in Tanzania. Fastjet said it was proactively taking steps to cut its operating costs and overheads after October's poll led to reduced government and civil service traffic and lower travel demand.

The group, which is backed by EasyJet's Stelios Haji-Ioannou, expects the tough markets and currency headwinds to lead to lower than expected revenue in 2015 and 2016.

Cancer diagnostics group Angle (LON:AGL) has received the final chunk of money from its sale of computer game lighting group Geomerics.

Angle sold its 31% stake in the business to ARM Holdings (LON:ARM) for £6.2mln in 2013 so it could focus solely on its Parsortix cancer cell capture technology, but some £0.7mln of the consideration was held back for possible future claims. This money has now been released.

Stratex International (LON:STI) said it had sold its 1% net smelter royalty for US$4.5mln to former joint-venture partner Centerra Gold. It means Stratex has been able to eke around US$30mln from the asset after ploughing in just US$1.5mln.

Rambler Metals & Mining (LON:RMM) confirmed that shareholders of Thundermin Resource (CVE:THR) have approved the proposed acquisition of the AIM quoted company.

The deal is expected to close on or before December 31.

Vast Resources (LON:VAST) has bolstered its board with a new finance chief and non-executive director. Pierre Joubert becomes the chief financial officer with immediate effect, while Graham Briggs, formerly chief executive at Harmony Gold, becomes a director.

Liberian gold miner Aureus Mining (LON:AUE) has already used the US$10mln loan provided by South African banks Rand Merchant and Nedbank in its recent fund raise. The new debt is repayable by end December 2017. The banks will also receive options over 20.4mln shares at 7p while RMB has had 11.1mln warrants re-issued.

West African Mineral (LON:WAFM) continues to batten down the hatches and preserve costs as it waits for an upturn in the iron ore market, the mining firm told investors in its latest half year report.

It has reduced expenditure to a minimum and divested its Sierra Leone assets. Among the highlights of the six months to end September, was that the group successfully completed a resource estimate for the Sanaga project in Cameroon.

JoAchim Conrad, who has extensive international experience in gas operations, has become chairman at Falcon Oil & Gas (LON:FOG, CVE:FO), replacing John Craven. Conrad has been a non-executive director at the group since 2008.

John W Barr, executive chairman of Mosman Oil & Gas (LON:MSMN), will tell tomorrow's AGM, he is looking forward with "some confidence" to 2016, despite the sector being hit hard this year with price falls and a depressed equity market.

The firm said it continues to make progress with its agreement to buy the producing South Taranaki Energy Project (STEP) in New Zealand, although various factors mean the transaction may not ultimately go ahead.

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