RNS Hotlist: Canadian, Galileo, Kibo, MYCELX, OKYO, Osirium, Tertiary, Velocys

Canadian Overseas Petroleum (COPL), an international oil and gas company, announced financial results for the first quarter ending March 31, 2022. The company said it is proceeding with its objectives for 2022 as set out in the Company's year-end financial announcement.  It added that the purchase of the Wyoming assets of Cuda has been approved by the Canadian Courts, with approval by the US Federal Court expected later in the month. Perhaps this last piece of the jigsaw will be a driver for the share price.

OKYO Pharma (OKYO), a life sciences company focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and ocular pain, announced the pricing of the underwritten initial public offering of its American Depositary Shares on the Nasdaq Capital Market. OKYO will issue 625,000 ADSs, raising approximately $2,500,000.  OKYO intends to use the net proceeds from this Offering: (i) to advance OK-101 to the filing of an IND to treat DED; (ii) to fund the initial Phase 2 clinical trial of OK-101 in DED patients; and (iii) for working capital and other general corporate purposes. Gabriele Cerrone and Gary Jacob, both directors of the Company, are participating in the Offering for an aggregate subscription of $200,000.

Galileo Resources (GLR) updated on progress at the Luansobe Copper Project on the Zambian Copperbelt where it holds a 75% interest in Small Scale Exploration Licence No. 28340-HQ-SEL. The company said it is receiving very satisfactory results from its work on historic drill core at the Kalulushi core shed, with positive results to date. Of most encouragement is that there exists a shale unit which appears to be copper-bearing and, in places, of significant thickness.

Velocys (VLS), the sustainable fuels technology company, announced its final audited results for the year ended 31 December 2021, which shows the company making “good progress” in the technology delivery and commercialisation phase of its growth strategy. Revenue increased to £8.3 million (2020: £0.2 million). Administrative expenses of £13.3 million (2020: £9.2 million), with an operating loss of £9.0 million (2020: £8.8m).

MYCELX Technologies (MYX), the clean water and clean air technology company, announced its audited results for the year ended 31 December 2021. Revenue of $8.5 million (2020: $7.1 million). Gross profit of $3.3 million (2020: $1.6 million). EBITDA1 of $19,000 (2020: negative $4.2 million). Loss before tax $1.1 million (2020: loss before tax $5.8 million).

Perhaps not fully loved Kibo Energy (KIBO), the renewable energy focused development company, has signed a rolling 5-year Framework Agreement with Enerox GmbH, to develop and deploy CellCube based Long Duration Energy Storage solutions in selected target sectors in Southern Africa. Under the Agreement Kibo has been granted conditional exclusive rights to the marketing, sales, configuration and delivery of CellCube's vanadium redox flow batteries in the development of its LDES solutions in microgrid applications behind the meter. For any utility scale projects the parties will work on a non-exclusive basis.

Osirium Technologies (OSI), a vendor of cloud-based cybersecurity and IT automation software, has signed its first customer in the United States of America. The new customer, a global investment bank headquartered in New York, has selected Osirium's Privileged Access Management security product.

Tertiary Minerals (TYM), the AIM traded mineral exploration and development company, said that it has commenced its first drill programme at the Jacks Copper Project in Zambia. Jacks lies within exploration licence 27069-HQ-LEL, held by local partner Mwashia Resources Limited. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence. The company said that at this early stage, the drilling is focused on demonstrating mineralisation at grades and depths that are practical for open pit operations.