Bluejay Mining PLC Climbs on Successful Fundraising for Project in Greenland


Bluejay Mining PLC advanced 15% to 8.8p in Thursday afternoon trading after raising £5.4m in a placement to fund a feasibility study for the Ilmenite project of Dundas in Greenland as well as for general working capital.

It placed 76.9 million new shares at 7p each, just slightly below the company’s closing share price of 7.66p yesterday.

The exploration company said the fundraising saw the entry of a major UK institution as a new shareholder and demonstrated continued strong support from existing institutional investors, including its two largest shareholders, as well as increased aid from government-supported institutions in Greenland and Denmark.

“This transaction marks an important step towards construction and commercial production. It will secure the completion of the bankable feasibility study, ensuring that Dundas is as robust and as profitable as possible,” commented Bo Stensgaard, Managing Director of Bluejay. .

2:32 p.m.: Watch, sleep falls as pandemic rebound begins to fade

eve Sleep PLC slid nearly 5% to 1.95p as the mattress maker’s latest figures suggested the lockdown rebound of the past two years had started to fade.

Revenue rose 5% to £26.6m, but pre-tax losses increased to £3.4m as the company spent more on marketing in France.

Gross margins also declined to 55.4% as costs increased and the group reduced sales in a very competitive market.

The UK and Ireland stood out with sales up 10% year-on-year and 22% from two years ago.

1:30 p.m.: Online performance for Games Workshop as stocks jump

Shares of Games Workshop Group PLC (LSE:GAW) jumped 7% to 7,590p after the company said its business was trading in line with expectations in the three months to February 2022.

The company has declared a dividend of 70 pence per share, which will be paid on May 13, 2022.

Total dividends declared in the year so far, including the last one, are £2.35 per share compared to £1.85 a year ago, the miniatures games company said on the fantasy and sci-fi theme.

12:30 p.m .: Pantheon Resources climbs as pre-drill estimates beat expectations

Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) climbed 13% to 139p after telling investors that testing at the Theta West well in Alaska likely exceeded its pre-drilling estimate for the project.

The company, in a statement, said testing of the Lower Basin Floor Fan Target (LBFF) had begun with the oil flowing to the surface, and initial results satisfied the main objectives of the program – namely to ) confirm oil quality b) confirm oil mobility and c) confirm tank deliverability.

Testing initially provided encouraging oil throughputs before operations were halted due to a storm. The test saw peak flows of around 100 barrels per day from the vertical well, with flow noted at 59 bopd before the storm. As with previous vertical test wells drilled by Pantheon, the Company expects flow rates from horizontal production wells to be significantly higher.

Pantheon said the test is currently suspended due to extreme weather, but could resume if conditions improve before the end of the Arctic operating season.

“Having confirmed petroleum resources over this large area, we will now focus on proving the deliverability of producing wells which will begin with the drilling of the horizontal Alkaid 2 well, estimated for July 2022,” said managing director Jay Cheatham. .

11:25 a.m.: Contract for surface rockets on brake discs

Surface Transforms (AIM:SCE) PLC soared 30% on Thursday morning after signing a £100m deal with existing customer OEM 8, replacing its current £27.5m contract.

The carbon fiber brake disc manufacturer has revealed that the contract has been extended until 2027 due to increased demand from OEM 8 for a specific model of its product.

The new contract increased its sales forecast by £66 million over the next five years, which would bring its overall order book to over £180 million.

Surface said it needed to ramp up recruitment and infrastructure actions to complement higher expected sales.

Kevin Johnson, Managing Director, said: “This important announcement continues the recent momentum of significant market success for our brake rotors.

“With this success of course comes our parallel focus on installing and commissioning the new plant to produce this huge sales boost, a project which is continuing apace.”

10:25 am: PipeHawk collapses as it bemoans macro conditions

PipeHawk PLC (AIM:PIP) plunged 27% to 26.3p after announcing its interim results for the six months ending December 31, 2021.

Despite a 23% year-on-year increase in revenue for the business to £3.2m, the total after-tax loss was £284,000, or a raise of over £120,000.

The electronic systems development company said it had “six extremely difficult months”.

The removal of the furlough scheme and increased caseloads led to material shortages, longer turnaround times and increased costs, leading to “operational inefficiencies and uncertainty”.

9:20 a.m.: Tungsten jumps as the takover heats up

Shares of Tungsten Corp PLC (AIM:TUNG) jumped in early trading, up 18% to 46.02p after it was revealed that two possible takeover bids had been made.

First Tungsten announced it had accepted a cash offer of 42p per share from Kofax, before less than an hour later Pagero Group stepped in with another possible cash offer at a price of 45p per share.

The online billing group said Pagero’s offer is subject to the satisfaction or waiver of a number of conditions precedent, including the completion of detailed due diligence, and that there can be no have no certainty that a binding offer will be made by Pagero.

Elsewhere, shares of Alpha Growth PLC jumped 30% to 2.74p after agreeing to acquire a Guernsey-based life insurance company in a deal that will more than double assets under management of the group (AUM) above 700 million dollars.

Executive Chairman Gobind Sahney said, “This acquisition is another key part of our plan to manage over $2 billion in assets by 2025 and I am very pleased to report that we are currently ahead of the timetable for achieving this objective.

“This acquisition not only significantly increases our assets under management, it also gives us the ability to offer highly tax-efficient insurance-based wealth management products and will also serve as a European vehicle for further accretive acquisitions. .”


Comments are closed.