IP Group (LON:IPO ) shares rose 5.88% to 84.65p after following £84.4m raise
The company said that its portfolio company, Oxford Nanopore Technologies, has raised a further £84.4m of new capital in order to accelerate its commercial and manufacturing operations as well as ongoing innovation into the field of nanopore technology.
The new capital was raised from both existing and new investors, including International Holdings Company (IHC) who invested £39m to help the company boost its COVID-19 testing capability following the group’s recent development of a new rapid test.
The funding round takes the amount raised this year by Oxford Nanopore to £162.1 million, following fund raisings in January and May of £29.3 million and £48.4 million, respectively.
Following the capital raise, IP Group, which holds a 15% undiluted beneficial stake in Oxford Nanopore Technologies, is now valued at £257.7 million.
On Monday, Oxford Nanopore Technologies secured a CE-mark for its LamPORE test , a rapid, scalable molecular diagnostic assay for the detection of the SARS-CoV-2 virus.
The group has partnered with the UK's Department of Health and Social Care with an initial order of 450,000 LamPORE tests which could potentially increase to millions per month.
It is now pursuing further regulatory approvals in other countries, including emergency use authorisation (EUA) in the US. The company said it will roll out the test in the UK, Germany, Switzerland and UAE initially with plans to expand the distribution globally.
Botswana Diamonds (AIM:BOD ) shares rose 23.08% to 0.775p with target pipeline
The diamond explorer reported that a precision ground geophysics programme is underway to refine targets for a November drilling campaign at Marsfontein and Thorny River.
The company is focusing on four high-potential targets to finalise early drilling.
The group is undertaking a detailed ground geophysical survey over the Marsfontein alluvial deposit following an assessment of the potential for diamondiferous alluvial deposits.
Following the geophysical survey, which it said should take around 6 weeks, the group’s drilling campaign planned for November will then confirm the new kimberlite targets.
Shares in Botswana Diamonds have traded strongly off the back of the news and have jumped as much as 28% after opening at 0.63p on Monday during early morning trading.
Ncondezi Energy (AIM:NCCL ) shares were up 20.63% to 3.8p with new appointment
The African power development company unveiled to investors that it has appointed Scott Fletcher, the company's largest shareholder, to its board as a Non-Executive Director.
Fletcher built his position in Ncondezi by primarily buying in the market and in recent fundraisings, and is ‘uniquely placed’ to represent investors' interests at Board level.
Scott is a leading entrepreneur and boasts an MBE for services to business and community in the north of England as well as an honorary Doctorate in Business Administration, it said.
“As our largest shareholder his input from an investor point of view will be invaluable as we continue to advance our Ncondezi Power Project,” said CEO, Hanno Pengilly.
He added, “Over the course of the next 6 months, the Company anticipates meeting a number of transformational milestones as we move the Project towards Financial Close.”
Sound Energy (AIM:SOU ) shares jumped 16.23% to 1.594p with permit extension
The Moroccan-focused gas firm said it has been awarded a 24 month extension to the initial period of the Sidi Moktar Permits in Morocco following disruptions caused by Covid-19.
The group was awarded a petroleum agreement in 2018 for the Sidi Moktar Permits which cover 4,712 square km in the Essaouira basin, for an initial period of 2 years and 6 months.
The Company holds an operated 75% position in the Sidi Moktar permits with the remaining 25% held by L'Office National des Hydrocarbures et des Mines.
Due to disruption caused by the impact of COVID-19, ONHYM has approved an extension to the initial period in order for Sound to complete the committed work programme.
Commenting on the extension, Mohammed Seghiri, Sound Energy's COO, commented:
"We are not alone in dealing with the disruptions brought about by the COVID-19 pandemic and we are pleased that ONHYM have signed an amendment to extend the initial period extension by 2 years in order to complete our exploration operations. We continue to look forward to unlocking the prize of the pre-salt potential that we believe exists in this area."
National Express (LON:NEX ) shares fell 9.45% to 151.25p as it plans COVID recovery
The bus and coach operator announced yesterday that it had appointed Jose Ignacio Garat as its CEO. The move comes at a time when it is trying to recover from COVID-19 disruption.
Sir John Armitt, National Express chairman, said, “Ignacio has the extensive international operational and strategic experience to lead National Express Group through the challenges presented by the pandemic, as well as the significant future opportunities that exist.”
National Express has seen passenger numbers hurt by travel restrictions and numerous people continuing to work from home, the Evening Standard said on the FTSE 250 firm.
In recent weeks, the company told investors that it was operating more bus services than this time last year in the West Midland region but carrying only 58% of passenger numbers.
In a trading statement ahead of the end of Q3 National Express said, “We traded slightly above our previously guided base case. The underlying liquidity position remains strong."