AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) is repaying the remaining $2.1m of its $2.5m convertible loan facility provided by RiverFort Global Opportunities out of the proceeds of the recent placing. There is a 10% redemption premium, making the total cost £1.92m. That stops dilution by the issue of six million shares. Related warrants can be exercised at 32p a share. There are 1.35 million warrants in issue with a further 499,980 warrants to be issued.
Cadence Minerals (KDNC) says the Hastings Technology Metals share price has fallen thereby reducing the value of the stake received when Cadence Minerals swapped its 30% stake in mineral concessions in the Yangibana rare earths project. Even so, Hastings is making progress in developing the mine and ore reserves increased by one-quarter to 20.93Mt at 0.9% total rare earth oxide grade. That increases the mine life to 17 years and production could start in 2024. Shipping of iron ore concentrate from the Amapa iron ore project should recommence in the next six months.
KR1 (KR1) had a net asset value of 60.6p a share at the end of January 2023.
SuperSeed Capital Ltd (WWW) had earnings of 6p a share for the fourth quarter and NAV was 102p a share at the end of 2022.
BWA Group (BWAP) is still seeking a cash injection. Some mineral licences may become the subject of joint ventures or be sold. An issue of 5.76 million shares at 0.5p a share to directors partly settles their fees.
Good Energy (GOOD) has started a rooftop solar installation operation.
Fuel additives supplier SulNOx Group (SNOX) says RemNOx Ltd has not taken up the option to acquire a total of 24.08 million shares at 30p each from directors between 6 February and 28 February.
Quantum technology investment company Quantum Exponential Group (QBIT) appointed Stuart Woods as chief operating and strategy officer.
Fenikso Ltd (FNK), formerly Lekoil, received $665,000 as partial repayment of the loan of $51.9m. Creditors are currently more than $2m. The next payment will be out of the February oil production proceeds.
TruSpine Technologies (TSP) has still not received the promised bridge loan facility or a share subscription. A £200,000 loan has been received from a third party. This will provide working capital.
Trading in Wheelsure Holdings (WHLP) shares is suspended because the accounts for the year to August 2022 have not been issued. Talks continue concerning a cash injection.
RentGuarantor Holdings (RGG) has moved to the Apex segment of the Aquis Stock Exchange.
Phoenix Asset Management has slashed its stake in Silverwood Brands (SLWD) from 16.5% to 1%. Miton UK MicroCap Trust increased its stake in IamFire (FIRE) from 8.69% to 9.27%. William Black has taken a 6.11% stake in Western Selection (WESP).
AIM
Accrol (ACRL) has signed a licensing agreement with Unilever, which will enable the tissue products manufacturer to sell a kitchen towel product under the Lifebuoy brand. This is a brand with strong recognition among consumers. This will be a higher priced product than the products currently produced by Accrol. A new paper mill is being built.
AB Traction increased its stake in construction dispute services provider Driver (DRV) from 20.6% to 27.5%. Ruffer has sold its stake.
WH Ireland has upgraded its 2023 forecasts for LifeSafe Holdings (LIFS) after the fire safety products supplier published a full year trading statement. The 2022 revenues were £3.9m, having been £1.3m at the interim stage. US sales are accelerating. The 2023 forecast revenues have been raised from £5.5m to £6.5m with a slight reduction in the loss to £400,000.
Non-executive directors of Inland Homes (INL) have all resigned because of related party issues that they were not informed about at the relevant times. That would leave the residential property developer with one director, so Simon Bennet is staying on for a fortnight so another director can be appointed – if not the shares will be suspended. Founder Stephen Wicks is likely to return to the board. There will be further announcements about the related party issues.
Gold explorer Panthera Resources (PAT) has entered into a conditional arbitration funding agreement with a subsidiary of Litigation Capital Management (LIT) for the damages claim against the Republic of India for breaches of its obligations under the Australia-India bilateral investment treaty. Up to $10.5m will be provided to cover the costs of the claim.
Purplebricks (PURP) has received approaches for the acquisition of the company, or its businesses and the ongoing strategic review has been widened to include a formal sale process.
Hostels operator Safestay (SSTY) generated higher than expected revenues in 2022 as occupancy levels continue to rebuild and reaching 63%. Revenues were £19m, compared with a forecast of £17.9m. A small pre-tax loss is forecast with a move back to profit expected this year.
Proton therapy technology developer Advanced Oncotherapy (AVO) has secured a convertible loan note facility of £4.95m. In return, the lenders will receive a portion of the revenues generated by the proton therapy machine installed in the Harley Street Centre, capped at £2.5m each year over a ten-year period.
Healthcare services provider Totally (TLY) warns that although full year revenues will be in line with expectations increasing costs means that profit will be below forecasts. Canaccord Genuity has cut its 2022-23 pre-tax profit forecast from £5.8m to £3.8m, down from £4m the previous year. Net cash is expected to be £5.5m at the end of March 2023.
Metal Tiger (MTR) is proposing the cancellation of its AIM quotation so that it has more flexibility with its new investment strategy. A general meeting will be held on 20 March for shareholders to vote on the cancellation and the new investing policy. The company will remain listed on ASX.
MAIN MARKET
URA Holdings (URAH) has completed the acquisition of the Gravelotte emerald mine in South Africa. This used to be the largest emerald mine in the world. The mineral resource estimate is 29 million carats and there are 12 other potential targets. The consideration was £100,000 in shares at 2.5p each.
Mass Energy Developments (MED) announced successful capacity market bids from the 9MW Pyebridge synchronous gas-powered flexible generation facility of £60/Kw and £64/Kw per annum.
IQ-AI Ltd (IQAI) says that the FDA has granted orphan drug designation status for gallium maltolate for the treatment of glioblastoma multiforme brain cancer. Enrolment has started on a phase I clinical trail to evaluate safety and dosage.
Andrew Hore
