It was a day dominated by the now two cryptominers on the London market. Joining the Gold Rush in the space was Valereum Blockchain Plc (AQSE: VLRM), the Blockchain Technology venture builder, who said that it will soon commence mining bitcoin in the United States, having purchased new BTC mining hardware with a combined computational processing power of 1,600 TH/s (trillion hashes per second). The machines were purchased from treasury and are expected to be generating revenue within 30 days. Valereum’s revealed that its intention, to counter any possible geopolitical risks in the cryptocurrency markets, is to establish a balanced global portfolio of crypto mining operations in diversified jurisdictions.
Argo Blockchain (ARB) saw its shares soar up to 30% after it said it had signed a contract with Navier Inc., a specialist in the design and construction of cryptocurrency mining facilities, to co-develop Argo’s new mining facility, Helios, in West Texas. Navier will provide a range of consulting services related to the design and construction of the new Argo facility, including the co-design of a best-in-class electrical infrastructure capable of supporting 200MW of mining. Navier will also work with Argo to install next-generation immersion technology designed to boost mining productivity, control heat, and increase the lifespan of installed mining rigs.
Shares of Advance Energy (ADV) finally advanced after a recent dip, in the wake of the energy company seeking growth through acquisition or farm-in to non-operated interests in discovered upstream projects, announcing the completion of its acquisition of a 50 per cent. equity interest in Carnarvon Petroleum Timor Unipessoal Lda. The Acquisition had constituted a reverse takeover of the Company, according to the AIM Rules. Advance Energy has also raised a chunky £21,842,600 via the issue of 840,100,000 Ordinary Shares at a price of 2.6 pence per share, with some traders suggesting the stock is now on its way to be a “multi-bagger.”
Investment group Gunsynd (GUN) said it has invested £50,000 in Media Tech SPAC, a public unlisted special purpose acquisition company, fronted by John “TR1” Mahtani who has made regular appearances in Stock Market Watch off the back of his trading in the market. The MTS investment was executed on the following terms: subscription for 1,250,000 ordinary shares at 4 pence per share for a total consideration of £50,000; Gunsynd’s investment is a part of a of £1,640,000 capital raising supported by institutional and high net worth UK investors. Following this capital raising MTS will have 82,500,000 ordinary shares in issue for a pro-forma equity valuation of approximately £3,300,000. Funds from this capital raising will be used to fund on going due diligence expenses associated with the company’s ambitions to facilitate an acquisition which may include businesses within the e-commerce, new media and/or immersive experiences sector(s). MTS should be floating on the London market early in H2 2021.
The positive, significant newsflow continues apace at Tirupati Graphite (TGR), a company which has delivered not only a stellar run since it floated on the London market in December, but also a textbook example of how to engage with investors and the market in general. The latest here from the fully integrated, revenue generative, specialist graphite producer and graphene developer with operations in Madagascar and India, was the opening of its second mine in Madagascar at the Vatomina Project, where it remains on track to start commissioning the first 9,000 tpa processing plant in Q2 2021. Tirupati’s CEO Shishir Poddar said that the opening of the mine marks the beginning of commercial operations at the greenfield Vatomina project, taking the company towards its goal of increasing capacity in Madagascar to 30,000 tpa by Q1 2022 and 84,000 tpa by 2024.
Sticking with the mining space and Bezant (BZT) was in focus as the copper-gold exploration and development company said it has signed a contract with SkyTEM Surveys ApS to undertake an airborne electromagnetic and magnetic survey over a large part of its Hope Copper-Gold licence block.
Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.