Armadale Capital PLC climbs after obtaining mining license in Tanzania

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() climbed 20% to 5.45p late in the morning after receiving a mining license for its 100% owned Mahenge Graphite project in Tanzania.

The investor listed on AIM now has exclusive rights to develop and exploit the graphite resources, which he says is a major step in reducing risks for shareholders.

“Obtaining the 10-year mining license for the Mahenge Liandu graphite project is one of the final and most important steps in reducing risk to society and allows us to move forward with the construction of our planned first stage of 60,000 tonnes per year of capacity for the project, ”said President Nick Johansen.

10:10 am: Alba Mineral Resources advances further on the details of the spin-out flotation

() added 2% to 0.245p mid-morning after GreenRoc Mining Plc posted details of its listing on AIM.

The miner spun GreenRoc earlier this summer.

The newly formed entity plans to raise £ 5million upon its IPO, for a market cap of £ 11million. Admission will take place in mid-September.

Among the declines, () fell 5% to 373.4p even though it posted a 13% increase in assets under management to $ 94.4 billion for the year at the end of June.

The board recommended a final dividend of 12.1 pence, bringing the total payout for the year to 16.9 pence, unchanged from the previous year.

Equities have been volatile recently due to weakness in emerging markets, which the investor is focusing on.

8.45am: Falcon Oil & Gas soars after positive test results at Beetaloo well

(,). jumped 15% to 5.625p after sharing the results of the production logging test at the Amungee NW-1H well, in the Beetaloo sub-basin, Northern Territory, Australia.

The results suggest an equivalent standardized gas flow rate between 5.2 and 5.8 mln standard cubic feet per day per 1000 meters of horizontal section.

“A recent report by an industry analyst suggests that gas flow rates greater than 3 million standard cubic feet per day from a 1000 meter horizontal well are required to demonstrate the commerciality of the Beetaloo,” said said chief executive Philip O’Quigley.

“Not only does this test result significantly exceed these parameters and significantly increase our assessment of the Velkerri dry gas field, it also puts the Beetaloo on a par with other shale gas basins in North America. “

Elsewhere, DiscoverIE Group PLC rose by a tenth to 1,128p after spending £ 77million on acquisitions in the US and UK to strengthen and expand its presence in the custom electronic components industry.

This will help fund the deals with a £ 55million 1,028 pence placement that closed last night.

Originally the company intended to raise £ 45million, but as demand from investors increased the size of the offering.


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