The company is to raise GBP550,000 by placing shares at a penny each.
The funds raised will be used to fund exploration activities during the current year in Botswana and South Africa, which remain ongoing, and to provide additional working capital for the company.
10.55am: James Fisher all at sea
The marine services provider now anticipates underlying operating profit for the full year will be between GBP27mln – GBP32mln, excluding various exceptional items.
The group said a recent deterioration in the condition of a financially distressed customer has increased bad debt risk by around GBP2mln while its JFD division said that negotiations over GBP2mln it is due from a customer have reached a deadlock and it no longer expects to receive payment this year.
10.00am: As Darktrace enters the FTSE 100, now would be a good time to sell, says Peel Hunt
It was confirmed over the weekend that the shares would replace supermarket group Morrisons in the FTSE 100. Morrisons will leave the index when the takeover by its private equity suitor goes through.Darktrace, which only listed in May, is currently a constituent of the FTSE 250.
Peel Hunt said it believes Darktrace’s strong growth rates will continue but it thinks the shares over-valued.
9.05am: Kefi Gold shares rally as Tulu Kapi security issues are resolved
Kefi Gold and Copper PLC’s shares bounced back 15% to 1.2p after a positive resolution to the recent security situation at its Tulu Kapi gold project.
Kefi had previously noted that in September a serious safety and security incident occurred in the Tulu Kapi district, which led the security authorities to request a suspension of site inspections and community consultations.
KEFI and the project company, Tulu Kapi Gold Mines Share Company temporarily paused the finance finalisation and launch of the project to ensure that these matters were satisfactorily addressed, which they now have been.
The sites are in Bristol, Reading and Central London.
Trading across the group continues to be strong and ahead of management’s expectations, with the group’s London sites trading particularly robustly and benefitting from London Cocktail Month throughout the month of October 2021.