Conroy Gold and Natural Resources (CGNR), the gold exploration and development company, announced that it has acquired an equity interest in AIM-quoted Karelian Diamond Resources (KDR) through entering into a debt capitalisation arrangement, including the issue of convertible loan notes, with Karelian Diamonds. Following the Investment and completion of the fundraising by Karelian Diamonds, Conroy Gold is expected to be interested in 5,000,000 KDR Shares equivalent to 5.29% of the enlarged issued share capital of Karelian Diamonds.
Comment: It may be said that the pairing up of Conroy and Karelian appears at first glance to be almost as unexpected as that between Bing Crosby and David Bowie. It is noteworthy that there is no quote regarding the deal in the RNS to explain the move.
Premier African Minerals (PREM) announced, after receiving further institutional interest following the funding announced 15 May 2023, a further placing to raise £610,000 before expenses at an issue price of 0.925 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project Pilot Plant optimisation. George Roach, Chief Executive Officer, has agreed to participate in the placing at the Placing Price by way of a subscription of £110,000.
Comment: PREM takes advantage of the bull run in its stock, with a raise of just over £600,000. It is noteworthy that the CEO has led from the front, although given the ongoing interest in the stock, the company could have raised far more.
Genedrive (GDR), the point of care molecular diagnostics company, announced that the UK’s National Institute for Health and Care Excellence has recommended in draft guidance that CYP2C19 genotyping should be used before clopidogrel administration in the management of ischemic stroke patients. GDR said it remains focused on achieving release and UKCA approval of the Genedrive CYP2C19 ID Kit in advance of the final NICE guidance publication date.
Comment: It has generally been difficult for many companies that benefitted from the pandemic bubble to emerge successfully as conditions normalised. However, Genedrive continues to finesse its offering as the latest news from NICE underlines.
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