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Bluebird Merchant Ventures receives funding for Korea opportunities

The bluebird of happiness visited the shareholders of Bluebird Merchant Ventures Limited (LON:BMV) on Monday.

The shares rose 18% to 5.35p the gold development group said its funding partners in South Korea have accelerated their schedule of funding for the South Korean projects ahead of the completion of the process that will see Bluebird increase its stake from 50% to 100% in the Gubong and Kochang gold projects.

The company has received the first tranche of funding that will enable progress on the ground in South Korea and for construction to commence. The funding is non-dilutive and is a straight pre-payment for gold with no interest, Bluebird stressed.

11.30am: Bahamas enjoys a spell in the sun

Bahamas Petroleum Company PLC (LON:BPC), up 13% at 2.925p, enjoyed a spell in the sum on the prospect of a “potentially company-making” next six months.

The company is counting down to the high-impact Perseverance-1 well, in the Bahamas, while a work programme in Trinidad also promises to significantly boost production volumes.

It comes after the companys acquisition of Columbus Energy Resources closed in August, which brought a portfolio of production assets in Trinidad along with further exploration acreage to progress in the future.

10.30am: Brand Architekts fails to scrub up well as it dives into the red

Brand Architekts Group PLC (LON:BAR), the personal care and beauty products group, failed to scrub up well in its full-year results.

The shares slipped 5.4% lower to 113.5p after the group, which recently sold its contract manufacturing business, made a loss from continuing operations of £4.3mln in the 52 weeks to June 27 compared to a profir the year before of £1.8mln.

Revenue from continuing operations slipped to £16.3mln from £19.7mln the year before. A 16% decline in UK sales was driven by low consumer confidence and pressure within the retail environment, and the impact of store closures as a result of the outbreak of COVID-19, the group said,

International sales declined by 24% following the heavy impact of currency devaluation in Turkey, the effect of increased tariffs on cosmetic goods shipped from China to the USA and the impact of COVID-19 across several of our markets, it added.

9.30am: Reach outperforming expectations as digital advertising revenues recover

Reach PLC (LON:RCH), up 19% at 76.9p, had good news for shareholders in its half-yearly financial report.

The Daily Mirror and Daily Express owner said it is performing materially ahead of market expectations with the newspapers group seeing a strong recovery in the digital advertising market since the worst impacts of COVID-19 in April.

Revenue in the first half of 2020 was down 17.5% year-on-year at £290.8mln, partly reflecting the impact of the coronavirus pandemic. Revenue in the third quarter was down 15.0% after declining by 27.5% in the second quarter.

ValiRx PLC (LON:VAL) shot up 6.5% to 57p after a clinical trial update on its VAL201 drug candidate for the treatment of prostate cancer.

Evidence for positive disease impact clocked in at a response rate of 54%, while only one dose-limiting toxicity event (in this case, raised blood pressure) occurred during safety testing and this was at the maximum dosage used of 8 mg/kg.

“The headline results clearly demonstrate that VAL201 has the potential to be a safe and well-tolerated drug. With this data in hand, future studies will investigate optimal dosing strategies for VAL201 and help confirm these early indications of a positive response rate,” said Suzy Dilly, the chief executive of ValiRx.

Update: Shares in ValiRx subsequently turned lower, trading 11% in the red at 47.5p in mid-morning trading.

Proactive news headlines

OptiBiotix Health PLC (LON:OPTI) said it has signed an exclusive distribution agreement with United Italian Trading Corporation (UITC) for its SlimBiome Medical weight management product in the Singaporean market.

Open Orphan PLC (LON:ORPH) said it has won a £4.3mln contract to carry out a viral challenge study for a top-ten global vaccine company.

ANGLE PLC (LON:AGL, OTCQX:ANPCY) said it has submitted for regulatory approval in the US its Parsortix PC1 liquid biopsy for use in women with metastatic breast cancer (MBC).

Symphony Environmental Technologies PLC (LON:SYM) said its d2w biodegradable plastic technology has been incorporated into a new 100ml security bag that will be trialled at airports in Aberdeen, Glasgow and Southampton operated by AGS Airports Ltd.

InnovaDerma PLC (LON:IDP) has appointed an exclusive distributor for North and South America while it also made its entry in the Australian market.

Fintech company [email protected] Capital PLC (LON:SYME) said demand for its services has continued to grow since it last updated the market in July.

Incanthera PLC (AQSE:INC) has received positive data from a skin sensitisation study of its Sol skin cancer technology, which demonstrates it is “non-irritant”.

e-Therapeutics PLC (LON:ETX) said it has expanded its scientific advisory board with the appointment of Bill Harte and John Mattick.

Scotgold Resources Ltd (LON:SGZ) continues to build the resource inventory at the Cononish gold and silver mine. The company has identified gold and silver anomalies to the north-east of the mine that are consistent with the 'Mother Vein' structure.

NQ Minerals PLC (AQSE:NQMI)(OTCQB:NQMLF) has boosted production and processing rates at its Hellyer mine in Australia to 165 tonnes per hour. Plans are being finalised to increase production further to 180 tph, equivalent to about 1.5mln tonnes per year.

Mosman Oil and Gas Ltd (LON:MSMN) told investors that the Stanley-4 well is flowing around 155 barrels of oil per day. Oil sales from the well are due to start this week, the company noted in a statement.

Ncondezi Energy Ltd (LON:NCCL) has moved to put investors minds at rest over backing for the Ncondezi 300 megawatt power project in Tanzania. Lead investor CMEC has compiled a preferred list of partners who are familiar with the project and has indicated that sealing a deal with a new technology partner would take about a month to complete if required.

Instem PLC (LON:INS) has reported a strong rise in profits in the first half of its current year as the group highlighted the “resilience” of its business model during the coronavirus pandemic.

Chesnara PLC (LON:CSN) again raised its dividend as cash reserves and its solvency position were largely unchanged in the half-year to end June.

Ceres Power Holdings PLC (LON:CWR) delivered revenue growth in the year to the end of June despite the coronavirus (COVID-19) pandemic delaying some sales. The fuel cell and elecRead More – Source

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