Small cap news round-up

Premier African Minerals

Mining, exploration and production company Premier African Minerals announced on Friday that Circum Minerals, in which Premier holds two million shares - equivalent to an interest of approximately 2% - had posted an updated presentation on its website.

The AIM-traded firm pointed to Circum’s updated mineral resource of 4.9 billion tonnes at 18.1% KCI, with reserves of 107.8 of KCI equivalent.

Redx Pharma

AIM-listed drug discovery firm Redx Pharma has raised about £7.18m in equity in order to support the development of its cancer and leukaemia treatments as it transitions to a clinical stage company.

The proceeds will help support the first human trials of two drugs that have the potential to treat various forms of cancer and leukaemia.

Faroe Petroleum

Oil and gas explorer Faroe Petroleum production and reserve base increase in 2016 boosted by acquisitions to its Norway portfolio, while it softened its outlook for 2017.

The AIM-listed company's production from its UK and Norwegian portfolio averaged about 17,400 barrels of oil equivalent per day in 2016, and Faroe increased its 2P reserves base by 42% to 81.3m barrels of oil equivalent, compared to the previous year, due to acquisition of stakes in the Norwegian Ula, Tambar, Trym and Oselvar producing fields and positive reserve revisions.

European Metals Holdings

European Metals Holdings announced analytical results for the final three drill holes completed under the recently-completed drilling programme at the Cinovec Main sector on Friday.

The AIM-traded firm said a revision of the resource model was now underway, and will form the basis of the soon-to-be-completed preliminary feasibility study.

European Wealth Group

European Wealth Group posted a trading update for the year to 31 December on Friday, reporting it expected revenue to be “significantly higher” than in 2015.

The AIM-traded firm said it was looking at a 21.5% increase in funds under management over the year to £1.5bn, and anticipated a boost of a further £110m of funds under management from the Towry acquisition.

FinnAust Mining

Greenland and Finland-focussed mining company FinnAust Mining announced on Friday that the Government of Greenland had amended the standard terms for Exploration Licences for Minerals in Greenland.

The AIM-traded firm said that under a newly issued addendum, the expenditure obligations for exploration licences from year six to year 11 inclusive would be reduced to a zero expenditure requirement for 2017.

Amur Minerals Corporation

Russia-focussed nickel-copper sulphide mineral exploration and resource development company Amur Minerals Corporation announce on Friday that Runge, Pincock, Minarco had completed a comprehensive resource update.

The AIM-traded firm said the results showed an increase on the mineral resource estimate for the four largest nickel-copper sulphide deposits located within the Kun-Manie mining licence.

Atlantis Resources

Atlantis Resources, a developer of marine renewables, has partnered with Natural Energy Wire (NEW) to develop a tidal project in Lancashire, on the heels of a government review on the use of tidal lagoon power in Britain.

The companies have teamed up to develop the the Wyre tidal project which is to be built between Fleetwood and Knott's End on the Lancashire coast.

Polo Resources

Multi-sector investment company Polo Resources announced on Friday that its investee company, Blackham Resources, has raised AUD 35m through a placement.

The AIM-traded firm said the placement was heavily oversubscribed, and received strong institutional support from both existing and new shareholders.

Lighthouse Group

Financial advisory firm Lighthouse Group has renewed its contract with the Union of Shop, Distributive and Allied Workers (Usdaw) for a further three years.

The AIM-listed company will continue to provide financial advice to the union’s 434,000 plus members supplying financial reviews encompassing investments, retirement planning, mortgages and protection.