Faroe Petroleum Plc (LON:FPM) (FPM, 144p, %u25B2 (2.13%)) announced a Rights Issue to raise approximately £69.8 million before expenses. The issue will be an underwritten 0.6666 for 1 Rights Issue and the funds will allow the Company to commit to drilling up to eight new wells over the next two years, apply for new exploration licences in the UK, Norway and Greenland, and implement plans to enhance reserves and production.
Stratex International (LON:STI) (BUY, £0.07) (STI, 3.5p, %u25BA (0.0%)) announced that it has finalised all terms of its production joint venture agreement with major Turkish construction and contract mining company NTF Insaat Ticaret Ltd Sti. The joint venture has been established to fast-track the Company's Inlice and Alt%u0131ntepe gold projects in Turkey into production. The two projects contain a current combined oxide gold ('Au') resource of approximately 570,000oz. The final agreement follows the signing of the Definitive Agreement in February 2010.
Central China Goldfields (LON:GGG) (GGG, 2.9p, %u25BA (0.0%)) announced that on 15 December 2009, the Company entered into an exclusive option agreement over the Cikoleang Gold Property with a local partner company PT Fino Bersaudara with a view to entering a definitive joint venture agreement within six months. A further announcement was made on 27 January 2010 following the commencement of field work and the Company is now pleased to provide an update on the findings so far. Thirteen gold vein prospects have now been identified on the Cikoleang Project area. The most promising targets are the Cimapag, CLK and Cimubui vein zones in the western part and Cikecapi and Cicurug in the southeastern part of the Cikoleang Project. These areas will now form the focus of our exploration efforts.
Caledon Resources Plc (LON:CDN) (CDN, 53.75p, %u25BC (0.46%)) announced that The Boards of Polo and Caledon have reached an in principle understanding regarding a potential combination of the two companies If it proceeds, Polo will make an all share offer for the entire issued and to be issued share capital of Caledon at an exchange ratio of 11.4 Polo Shares for every Caledon share. The Possible Offer is subject to the waivable pre-conditions set out below and is expected to be effected by way of a scheme of arrangement by Caledon.
