ECR MINERALS PLC (Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Yooma Wellness Inc - Toronto, Canada-based CBD and cannabis-related wellness products maker - Says European subsidiary Yooma Europe completes sale of UK-based CBD firm Vitality CBD Ltd for USD2.0 million to Psilobrain Therapeutics Inc. Says Psilobrain will pay USD1.0 million in cash, and will award USD1.0 million worth of new shares to Yooma. Says cash will be paid in three instalments, up to 210 days from completion.
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ECR Minerals PLC - Australia-focused mineral exploration and development company - Receives a 4-week extension to exercise its option to acquire Placer Gold Pty Ltd, which owns the Hurricane project in Australia. Says the extension gives if time to analyse and review the project. Adds that it is expected that it will propose revised terms and conditions to the option. Notes that 125 rock chip results have been received from the project, with the best results including 31.3 grammes of gold per tonne and 30.1 grammes per tonne. Adds that stibnite, a strategic mineral, is also visible in the samples. Managing Director Nick Tulloch says: "The Hurricane Project has been a key part of ECR's strategic planning over the past year. The Hodgkinson province in which it is located hosts several goldfields which together have produced more than 45 tonnes of gold from alluvial workings and mines. "
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Neometals Ltd - London-based sustainable battery materials producer - Says its subsidiary Australian Titanium Pty Ltd has been unable to agree mutually acceptable offtake terms with Jiuxing Titanium Materials Co. Adds that both parties have "invested significant time and money" in discussing the possible use of mixed gravity concentrate from its Barrambie project in Jiuxing's titanium processing facilities, but notes that Jiuxing was forced to adjust production plans due to the "broader macroeconomic backdrop". Says it is in discussions with other parties regarding offtake, investment and development financing. Managing Director Chris Reed says: "Despite this disappointing outcome for both Jiuxing and Neometals, strong alternative interest for offtake and investment into the Barrambie remains. We continue to pursue multiple options with other parties about potential development options for Barrambie." Separately says it has extended the deadline for its financial investment decision for its Finnish vanadium project, due to additional time needed for equity and financing streams. Says its vanadium recovery special purpose vehicle RISAB is "making solid progress" in securing financing for the FID. Neometals holds a 73% stake in the vanadium recovery project. Reed comments: "Good positive progress is being made towards financing the Finnish Vanadium Recovery Project. Although it has taken longer than originally envisaged, we remain positive on a successful outcome".
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Silverwood Brands PLC - London-based investing company targeting food, organic food, wellness, lifestyle and leisure sectors - Says it has agreed with Lush Cosmetics Ltd and Cosmetic Warriors Ltd to service its defence by October. In July, the company received service of legal proceedings from Lush. In February, Silverwood said Lush refused to record the transfer of Silverwood shares as part of its GBP216.8 million acquisition of the two companies. Lush is a manufacturer and seller of handmade skincare goods and cosmetic products, operating retail outlets in 48 countries and manufacturing in six countries. Silverwood had previously agreed to extend the deadline to October 2.
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By Harvey Dorset, Alliance News reporter
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