Equipmake (AQSE:EQIP), an engineering-driven differentiated electrification technologies, products and solutions, announced its intention to raise gross proceeds of approximately £3 million at the price of 3p. The “Net Proceeds” of the Fundraise will be used to strengthen the balance sheet to underpin the execution of and finance the Company’s refocussed commercialisation strategy. Proceeds are expected to fund the working capital requirements of the Company for approximately six months from today’s date. In order to progress its refocussed strategy the Company has a working capital requirement for the next 12 months of approximately £5.5 million.
Comment: After a great start to its life on the stock market, with the shares hitting 12p last year, the company took its eye off the ball, and is now raising cash at the lows. Even with the right capital recovery and strong orders, the journey back to an even keel will be a long one.
Lift Global Ventures (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, has received an update on one of its investment portfolio companies, Trans-Africa Energy Limited who is focused on developing energy infrastructure projects located primarily in Sub-Saharan Africa, the first of which is in Ghana. On 2 August 2024, LFT announced that the Redemption Date for TAE Loan Notes as announced on 31 January 2023 has been extended by mutual consent to 25 October 2024. The Redemption Date for TAE Loan Notes has been extended by mutual consent to 31 December 2024. The consideration for Lift agreeing to the New Redemption Date, is that the Loan Notes shall be increased by TAE in the amount of £250,000 without Lift subscribing for further cash. Therefore, the principal amount to be redeemed on the New Redemption Date shall be £1,250,000.
Neo Energy (NEO), the near term, low-cost uranium developer, updated on its progress with the formal acquisition documentation in respect of its acquisition of a 100% interest in the Henkries South Uranium Project located in the administrative district of Namaqualand in the Northern Cape Province of South Africa. NEO said the acquisition of Henkries South marks an important milestone for the Company, and it acknowledges the efforts of all parties involved in moving this transaction forward. It is fast progressing formal documentation, and once complete it will seek the necessary regulatory approvals. This process will run in parallel with the ongoing approval process work being progressed for the Beisa North and South Projects.
Comment: The market is cheered by the latest progress at NEO, and it would appear that after taking up the slack of the recent sharp rally below 1p, the shares are ready to return to the highs towards 1.8p.
Atlantic Lithium (ALL), the Africa-focused lithium exploration and development company, announced the successful completion of its institutional placement, as announced on 24 October 2024 on AIM and 25 October 2024 on the ASX, raising a total of A$10 million. ALL said the successful Placing, undertaken in a challenging market environment for lithium companies, demonstrates strong support for the Project from existing and prospective shareholders. Assore has proven to be a hugely supportive shareholder and partner since the Company’s admission to AIM and, through its participation in the Equity Placing, has demonstrated its ongoing belief in the success of the Project. With the proceeds allocated to completing key activities to advance Ewoyaa towards Project FID, the Placing puts the Company on firm footing to achieve its ambitions of delivering commercial production of spodumene in Ghana.
Comment: With a decent chunk of change under its belt, and the shares near the lows, it may be that ALL now represents a decent risk/reward play in the run up to FID.
boohoo Group (BOO), an online fashion group, noted the announcement and accompanying letter issued by Frasers Group plc on 24 October 2024. While the Board of boohoo continues the process of reviewing the requisitions with its advisers, it is issuing this announcement to give clarification on certain matters raised by Frasers. The Board said it is focused on ensuring it takes the right steps to drive boohoo Group in the interest of all shareholders. As announced on 18 October 2024, it is proactively reviewing options for each division to unlock and maximise shareholder value for all shareholders.
Comment: Having successfully minimized shareholder value in the past couple of years, BOO is also managing to make a pig’s ear of the situation it currently finds itself in with regard to Mike Ashley and friends. It is now effectively looking a gift horse in the mouth as far as a possible route to a turnaround
Kooth (KOO), a company involved in youth digital mental well-being, provided a statement regarding the movement of its share price which took place on the afternoon of 24 October 2024 following the publication of a newsletter article regarding its service in California which contained outdated information that underestimated the uptake and impact of Soluna in California. KOO said it was proud of the impact it has achieved to date in California and continues to deliver on its purpose of building mentally healthier populations, leaving no one behind. The Board reiterates that its expectations for 2024 and 2025 remain unchanged.
Comment: So far this morning the market has not bought the reassurance of KOO, despite it maintaining expectations. It looks as though it is back to the drawing board for the company’s comms team, even though the initial 20% share price markdown appears harsh.
Audioboom (BOOM), global podcast company, announces that Michael Tobin OBE, non-executive Chairman of the Company, purchased 5,000 ordinary shares in the Company on 24 October at a price of 205 pence per ordinary shares. Following this purchase, Michael Tobin holds 855,000 ordinary shares in the Company, representing approximately 5.2 per cent. of the Company’s issued share capital.
Comment: Given the solid permanent selling at 250p in the stock, there seems little point in director, or any other buying in the shares until this state of affairs ends.
Galileo Resources (GLR) announced the award of a further small scale mining licence for the Luansobe copper project in Zambia to Statunga Investments Limited. Galileo has a 75% interest in the Project. GLR said it was pleased to be able to report that Statunga is now in receipt of the second mining licence for Luansobe covering the area of the underground resource. This marks an important step forward in its plan for the development of the open pit and accessible underground resources separate from a deeper drilling programme targeted at investigation of the extent of the deposit at depth.
Comment: Another step forward for GLR, in the wake of the recent drip=drip of positive developments at the company.
Prospex Energy (PXEN), the investment company focused on European gas and power projects, announced that the Viura-1B development well which is being drilled by HEYCO Energy Iberia S.L. has successfully reached its revised targeted Total Depth. Pxen said it was extremely pleased to announce further successful results from the Viura-1B development well. Although there is a great deal of analysis to be carried out to fully assess the implications of the well results to the recoverable reserves from the Viura field, this has transpired to be a highly successful project in which to be involved.
Comment: After all the good work achieved at PXEN, and the push to a third country, the market looks to be more generous in its perspective of the company. This is especially so at current share price levels.
NatWest Group (NWG) announced its Q3 2024 results. It said throughout the third quarter of 2024, it has grown its lending, helping customers to buy or remortgage their homes or to start and grow their businesses. With customer activity increasing, defaults remaining low and optimism amongst businesses and consumers, it is well placed to succeed with its customers and for its shareholders in the months and years ahead.
Comment: With interest rates 3% above inflation, and the ability to de-bank anyone not woke or generally undesirable without reason, even Coco the Clown could profit in the current environment and raise the outlook.
Power Metal Resources (POW), the London listed exploration company with a global project portfolio, and its majority held subsidiary Power Arabia Ltd, announced on 11 September 2024 the signature of a non-binding Heads of Terms with ASX listed Alara Resources Limited and Awtad Copper LLC for Power Metal to spend up to US$740,000 from the date of execution of a legally binding agreement to earn a 12.5% stake in the Block 8 concession in Oman.
Comment: It remains something of a travesty that POW shares have not been re-rated by the market given the type of announcement we have been treated to today, its uranium exposure, and massive holding in stock market winner Guardian Metal (GMET).
Author
