Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Record output at Cluff
Cluff Gold's recent production in West Africa has been ahead of target
Potential bid candidate Cluff Gold produced 19,288 oz of gold in West Africa in the first two months of the year.
The AIM-quoted company, which said last month it had received an approach from a potential bidder, reports production of 14,887 oz in January and February combined at Kalsaka in Burkina Faso and 4,401 oz at Angovia in Cote d’Ivoire. According to Cluff, operating cash costs were $547 an ounce at Kalsaka and $797 at Angovia and the company has sold this output at an average price of $1,123 an ounce.
Headed by seasoned entrepreneur Algy Cluff, the company says it had $5.7 million (£3.8 million) in cash at the end of February, up $3.4 million since December thanks to improved operations at Kalsaka. Cluff argues the two months' production was ahead of the company’s output target of 100,000 oz for the whole year.
Floated at 55p in 2004 and recommended here a year ago at 42.25p, Cluff shares have now reached 96.25p, valuing the company at £118 million. Hold on.
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