Did you know that on this day in 2001 the announcement was made of the closure of Ansett Airlines, Australia.
Overnight in the US the market closed up 40 points to finish at 22,158 points again closing at all time record highs. The oil price rebounded after the release of a report from the International Energy Agency (IEA) suggesting global oil surpluses should continue to shrink in the face of increasing demand and OPEC oil cuts. Most other commodities were weaker with copper being the biggest looser of the night falling back below the $3/lb mark and most other commodities were reasonably flat.
On our market we closed down 6 points to finish at 5,798 points with the big news story of the day being that Myer, the nation’s biggest department store, has posted a full-year underlying net profit of $67.948 million, down 1.9 per cent, as tough trading conditions in the fashion and apparel sector didn't help the result.
The figure is at the bottom of the earning range forecast when the retailer shocked investors with a profit warning in July.
Myer’s statutory net profit actually fell 80.4 per cent to $11.9 million, its worst profit result since it listed in 2009 as write offs, impairments and charges of $56 million collapsed bottom line earnings.
Almost 16% of Myer shares have been shorted and the stock closed up a little today or over 1% which is somewhat of a surprise given the result, could be a few covering their shorts and locking in some profits maybe.
It wont be too much longer until Amazon open their doors here in Oz and I would imagine that when they do it will be a good thing for shoppers with more competition but I would imagine it won't be for shareholders of retail stocks.
What's Hot PAB -Patrys Limited today closed up 344% to finish at 2c on $3.8m stock traded. The reason they are up today is because they have announced positive pre-clinical data for its lead drug candidate PAT-DX1, a novel first-in-class drug candidate being developed to treat a range of different cancers.
Some highlights from today's news are listed below and well done to anyone that bought a few of these yesterday, unfortunatley I wasn't one of them.
PAT-DX1 Active in Pre-clinical Cancer Models
• PAT-DX1 (humanized 3E10) proven to selectively cause cell death in multiple cell models
• PAT-DX1 triggers cell death in primary human cancer samples
• Completion of first PAT-DX1 animal study, with efficacy signals in a mouse model
• Stability and formulation studies ongoing
Patrys Limited (ASX: PAB), a therapeutic antibody development company, is pleased to announce positive pre-clinical data for its lead drug candidate PAT-DX1, a novel first-in-class drug candidate being developed to treat a range of different cancers. Studies in multiple pre-clinical models of cancer have demonstrated the ability of Patrys’ proprietary humanized antibody, PAT-DX1 to be taken-up and to kill cancer cells, confirming the successful humanization and de-immunization of 3E10-derived antibody fragments with conserved structural properties and enhanced in vitro activity.
Working with contract research organizations and collaborators at Yale University, Patrys has shown that a manufactured batch of PAT-DX1 outperformed the non-humanized 3E10 antibody in cell penetration and cancer cell death assays. These pre-clinical studies confirmed that PAT-DX1 has the ability to kill colon cancer cells that lack key DNA repair enzymes such as BRCA2, a modality consistent with the understanding that PAT-DX1 binds to nuclear DNA and blocks DNA repair.
In addition, experiments in the lab of Dr James Hansen at Yale University also showed that PAT-DX1 was active against primary human glioblastoma tumor cells from patients. Five of the seven glioblastoma tumor explants treated with PAT-DX1 showed significant cancer cell death. Histology studies confirmed that PAT-DX1 was taken-up into the nuclei of the glioblastoma cancer cells.
Patrys has also completed the first animal study using PAT-DX1, in a mouse model of triple negative breast cancer. These studies have shown signals of efficacy and will act as guidance for dosing and route of administration for PAT-DX1 in future animal studies.
Patrys is currently working with its collaborators to improve the stability of PAT-DX1 as part of a longer term program designed to inform formulation for clinical development.
“The Patrys team is encouraged that multiple studies with cultured cancer cells and human cancer tissue explants confirm that PAT-DX1 is able to penetrate into cell nuclei and cause cancer cell death. These observations are consistent with earlier published work on murine 3E10. These results, combined with similar signals of efficacy in a mouse model of aggressive breast cancer, affirm that the humanized version of 3E10, PAT-DX1, is an outstanding candidate to progress towards the clinic,” said Dr. James Campbell, Chief Executive Officer and Managing Director of Patrys.
“Looking forward, there is a strong argument that PAT-DX1 could work synergistically with other inhibitors of DNA repair enzymes, such as PARP inhibitors and this has attracted the attention of a number of international collaborators. We are pleased with the position that Patrys is building at the forefront of the growing field of DNA damage response therapeutics, supported by outstanding research and a growing suite of intellectual property” Dr. Campbell added.
PCL -Pancontinental Oil Limited today closed up 33% to finish at 0.004c on $1.2m stock traded. The reason they are up today is because they have attracted a strategic partner into its Namibian subsidiary who will be injecting US$7.7 million in two stages.
They are also presenting at the good oil conference over in Perth and they also has some good news out yesterday regarding it's Gas project over in the Sacramento basin, so could call it the trifeccta if you are that way inclined.
Some highlights from today's news are listed below and for anyone that's interested in the gas space it's worth having a read of yesterday's announcement also.
Pancontinental Oil and Gas NL attracts strategic partner into Namibian subsidiary with injection of US$7.7 million in two stages
Pancontinental Namibia Pty Ltd (“PNPL”) holds a 30% interest in the highly prospective licence PEL 37, offshore Namibia.
With Pancontinental Oil and Gas NL (“Pancontinental”) retaining a 66.67% ownership of PNPL, a wholly owned subsidiary of Africa Energy Corp. (“Africa Energy”) has subscribed for new shares in PNPL giving it a 33.33% interest in the Company.
The consideration for the issue of those new shares is a total of US$7.7 million (approximately A$10 million) payable by Africa Energy in two stages. The first payment of US$2.2 million (approximately A$2.8 million) was received by Pancontinental at closing.
Africa Energy has a highly regarded team focused on large African oil plays that will add to the technical strength of PNPL.
Pancontinental is pleased to announce that it has, on 11 September, 2017 closed a transaction with Africa Energy Corp. (TSX-V: AFE) (“Africa Energy”), under which Africa Energy has subscribed for new shares in PNPL equivalent to one third of the issued capital of PNPL for the consideration referred to above. Pancontinental retains two thirds of the issued capital of PNPL. The first payment of US$2.2 million was made by Africa Energy and received by Pancontinental at closing and a second payment of US$5.5 million will be due at spud of the next well to be drilled in PEL 37.
Funding for the Company’s California drilling programs has already been advanced so funds from the AEC transaction will mainly be available for general working capital and growth activities.
Commenting on the transaction with Africa Energy, Pancontinental CEO John Begg said:
“This secures a relationship we have jointly been pursuing for some time and is an important outcome for Pancontinental. The transaction implies a value for our effective 20% retained interest in PEL 37, well in excess of our market capitalisation leading up to this announcement.
In parallel, we have two fully funded wells near term in California, the first of which has just reached total depth after encountering high gas shows in all target levels.
The deal with Africa Energy is both an endorsement of Pancontinental’s historic African asset selection process led by Barry Rushworth and of the large oil potential that international companies see in our Namibian acreage.
Once again, as more recently in California, Pancontinental has secured a high quality industry partnership, notwithstanding the challenging conditions for the oil and gas industry generally”.
BOL-Boom Logistics Limited today closed up 31% to finish at 15c on $600k stock traded. There is no news in the market today so might just be the old case of more buyers than sellers. This is not a stock I follow so value add is zero but I do think they have a pretty cool name which is my only value add on this one.
They may well get a speeding ticket from the ASX tomorrow or maybe from Constable Chapman.
CCZ -Castillo Copper Limited today closed up 21% to finish at 4.1c on $471k stock traded. The reason they are up today is because they have just closed a heavily oversubscribed capital raise of $3.4m @ 3.2c and that was done by the girls at CPS Capital Group over in Perth who were kind enough to offer me some stock in the placement.
Some highlights from today's news are listed below:
Heavily Oversubscribed Capital Raise - $3,400,000
CCZ has received firm commitments from its Broker & Corporate Advisor and long term supporter - CPS Capital Group Pty Ltd (“CPS”) to raise $3.4m in a share placement at 3.2c per share.
The offer was heavily oversubscribed with significant participation from current shareholders, in addition to new High Net Worth and Institutional investors from Hong Kong, Singapore and Australia.
Due to the success of this heavily oversubscribed placement, CCZ now has adequate working capital to fund its drilling program and deliver on management’s strategic intent to develop four JORC compliant Inferred Resources
Having leveraged legacy data to generate an Inferred Resource for Cangai Copper Mine (3.2Mt @ 3.35% Cu), CCZ’s geology team will initially design a drilling program to prove up and expand the resource in unmined working sections, particularly the extent of supergene ore
Incrementally, this drilling program will assess the extent of the ore body within the immediate vicinity of Cangai, focusing on the historic Smelter Creek Copper Mine and known areas which exhibit high-grade mineralisation
If the resource within and surrounding Cangai can be proven up to a commercial scale, then the Board will certainly consider all critical evidence and necessary regulatory approvals required to re-open the mine
Castillo Copper’s Executive Director Alan Armstrong commented: “The Board is delighted to welcome new institutional and sophisticated shareholders from Hong Kong, Singapore and Australia to the register. Indeed, the Board highly appreciates their and existing shareholders’ overwhelming support for the capital raising exercise, as CCZ now has ample working capital to progress proving up JORC compliant resources across its four exciting projects.
The immediate focus will be a drilling program for the Cangai Copper Mine and surrounding area to expand and prove up the work done to date. If the economics and scale are favourable, the Board will review all available evidence to determine the viability of re-opening the mine. While Cangai will receive most of the initial focus, plans for proving up the other three projects remain on track.”
ABOUT CASTILLO COPPER
Castillo Copper Limited (ASX: CCZ) is an ASX-listed base metal explorer – primarily focused on copper, cobalt, zinc and nickel – that has the bulk of its core operating assets in eastern Australia.
These assets comprise four tenure groups that collectively hold 11 highly prospective copper-cobalt-zinc-nickel project areas in New South Wales and Queensland, detailed briefly as follows:
Jackaderry Project – comprises three prospects (two in the south that are contiguous) in the New England Orogen in NSW which are highly prospective for copper-cobalt-zinc. Of significance is the historic Cangai Copper Cobalt Mine (within Jackaderry South) as legacy data confirms the presence of supergene ore with up to 35% copper and 10% zinc which implies direct shipping ore is potentially feasible.
Broken Hill Project – consists of two contiguous tenements that are located within a 20km radius of Broken Hill, NSW, that are prospective for copper-cobalt-zinc. A key feature of the project is an area in the southern part of the tenure, which exhibits significant high-grade zinc mineralisation.
Mt Oxide Project – made up of three prospects (two are contiguous) in the Mt Isa region, northwest Queensland, and are well known for copper-cobalt systems.
Marlborough Project – includes three prospects that are located north-west of Gladstone (adjacent to Queensland Nickel mining leases) in an area, which is made up of proven high-grade cobalt-nickel systems.
The Board is looking to expedite proving up four JORC compliant Inferred Resources across the Australian projects then utilise third party processors near excellent transportation infrastructure to fast-track product to key north Asian markets. If practical, Castillo Copper will sell product to third parties via the London Metal Exchange or enter into offtake agreements.
Castillo Copper also holds wholly-owned Chilean assets comprise of six exploration concessions across a total area of 1,800 hectares that are well known for high grade copper-gold projects.
CCZ Price at posting:
4.1¢ Sentiment: Buy Disclosure: Held
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