Fiinu (BANK), a fintech company including the fully owned Fiinu Bank Limited, creator of the Plugin Overdraft®, announced that it has conditionally raised up to £6.49 million, before costs. The company said as it progresses through the next phase of its mobilisation plan, this initial tranche of the overall funding requirement previously outlined, further de-risks the business as it executes on its plans for its subsidiary, Fiinu Bank Limited, to become a fully licenced bank which is anticipated to take place in summer 2023, subject to regulatory approval and funding.
Comment: Full marks to Fiinu in raising the cash, something which will be all the more sweet should the full banking license arrive in a timely fashion this summer. There is little question that the Plugin Overdraft is the right product for a cost of living crisis.
Ariana Resources (AAU), the AIM-listed mineral exploration and development company, announced production guidance for 2023 for its interests in the Kiziltepe Mine. The company said production from the Kiziltepe Mine in 2022 reached all-time highs in terms of gold ounces produced (28,421 ounces gold) and in revenue ($58 million), marking the most successful period of mining ever and the sixth year of guidance-beating output.
Comment: There remains a disconnect between the fundamental fizz the company provides, and the share price performance. One wonders if it should reconsider the method of its messaging?
Mosman Oil and Gas (MSMN) the oil exploration, development, and production company, announced a significant reserve update in respect of its producing Cinnabar Project in Tyler County, Texas. The company said Cinnabar is now the most significant project in Mosman’s portfolio both in terms of production and reserves. The Board can now consider the best way to commercialise these Reserves.
Comment: On the face of it we are looking at a company at an inflection point, depending on whether the market agrees that Cinnabar is the significant animal it is claimed to be.
Tremor International (TRMR), an advertising technology platform announced that on 14 March 2023 it bought-back 73,535 ordinary shares in the AIM market at an average price of 238.16p. The Board of Tremor said it notes the recent press speculation and confirms that it is in discussions with Goldman Sachs as an ongoing financial adviser. However, the company also confirms that it is not currently in a sale process.
Comment: Those who were licking their lips at the thought of a bid as flagged by Sky News will now have to unlick them. Nevertheless, with Goldman Sachs on the case, and the shares looking overly cheap, one might imagine that the speculation will not entirely be snuffed out.
Atlantic Lithium (ALL), a lithium exploration and development company, announced its unaudited Interim Results for the half-year period ended 31 December 2022. The company said it hopes to receive the grant of the Mining Licence application that was lodged post-period end, before we commence the EPA process. The DFS is on track for release in Q2 2023 and is progressing well. Incorporating the increased MRE announced post period-end, the DFS will evaluate an extended mine life and increased throughput to enhance the Project’s economics.
Comment: One would perhaps not have guessed that the company has been in the sights of malevolent shorters of late, which is perhaps the way to go in terms of PR for now.
Sareum Holdings (SAR), a biotechnology company, announced that it has initiated an application to perform Phase 1 clinical studies on SDC-1801 in Australia under the Clinical Trial Notification (CTN) scheme. The company said this application is an important step for Sareum in advancing SDC-1801, its lead TYK2/JAK1 inhibitor, into clinical development.
Comment: Sareum will need to serve up more announcements like today’s in order to turn the tide of sentiment and indeed, the share price, which has been on the back foot since the summer of 2021.
Synergia (SYN) offered an interim financial report for the six months to the end of December 2022. The company said that consistent with the company’s strategy to focus on gas production and Carbon Capture and Storage, Synergia’s activities have centred on the company’s Cambay gas and condensate field in India and on CCS opportunities in the UK and recently, in India. The Group incurred a consolidated loss after income tax of $3,674,813 for the half-year (31 December 2021: loss of $2,235,196).
Comment: While most of SYN’s investors are still focused on India, it could very well be that it is the UK which offers an equal fundamental boost to the company.
GreenX Metals (GRX) announced a half yearly report. The company said that during the period, the hearing for the international arbitration claims against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded. A combined arbitration hearing took place in front of the Arbitral Tribunal in London under the UNCITRAL Arbitration Rules for GreenX’s claims against Poland. Damages of up to £737 million have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects.
Comment: We look forward to £737m hitting GRX’s checking account.