European Green Transition (EGT), a company developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, announced its intention to conduct a fundraise and to list its ordinary shares on AIM, a market of the London Stock Exchange. EGT said it was very excited by the scale of the opportunities created by the green economy transition in Europe. It is applying its M&A focused approach of targeting distressed and undervalued assets towards prospects in the green economy. This approach has already generated success, delivering value across a range of public companies, namely Cove Energy plc, Amryt Pharma plc and hVIVO plc. It aims to repeat this formula with EGT.
Comment: The winning team from hVIVO looks to do it again on the AIM market, and given the strength of the track record this should be a very popular listing. It is also interesting that the re-population of AIM is not coming via a relaxation of rules or cost delivered by either the Government or the regulator, but from people with a passion for the stock market and growth companies.
Tirupati Graphite (TGR), the specialist flake graphite company, announced progress on qualification and business development of 97% purity >50# jumbo flakes from its Madagascar projects since its last update. TGR said the high grade 97%, jumbo flake material from primary processing produced without the use of chemical or other treatments is a technically challenging grade to produce and demonstrates the process design superiority in retaining jumbo flakes while achieving higher purity levels and the skill sets the Company’s team possesses. The Company continues to bolster its presence in growing markets such as Europe and North American to further support the sales growth of its products in these regions as it continues to enhance its outputs.
Comment: TGR reminds us again that there is quite a glaring gap between the market cap / sentiment towards the stock, and what it is actually achieving on the ground and in its respective markets. One would expect a significant re-rate as production ramps up.
EARNZ (EARN), an AIM Rule 15 cash shell which is seeking acquisitions in the energy services sector, announce a proposed consolidation of every 100 ordinary shares of 0.04 pence each in the capital of EARNZ into one new ordinary share of 4 pence each in the capital of EARNZ. A proposed placing at a price of 7.5 pence per Placing Share to raise approximately £3.0 million. EARN said it was pleased by the response received from investors and looks forward to putting the funds raised to good use in seeking suitable acquisitions in the energy services sector.
Comment: EARN continues to build the foundation, at least on the financial side, to be another Bob Holt winner. Raising a decent £3m will be a decent addition to the company’s war chest for acquisition.
Nightcap (NGHT) revealed its interim results. Revenue growth of 42.1% to £33.4 million was driven by the acquisition of Dirty Martini, the successful collaboration with The Piano Works over the Christmas period and the maturing of sites opened in the previous year. NGHT said it was pleased that it continues to show great progress in building the UK’s leading bar group. Five acquisitions and 13 openings in just over three years is an incredible achievement. To deliver an increase in revenue of 42.1% and an increase in IAS 17 Adjusted EBITDA of 5% for the half year during such a tough period for the hospitality industry is down to the dedication of its incredible team.
Comment: Despite gaining the odd bitter and twisted detractor, the company is clearly heading in the right direction, in what is a highly competitive space and tough environment. There is enough leeway here for the company to get over the line.
Corcel (CRCL), the Angolan focused exploration and production company with battery metal interests, announced the results of its initial exploration activities at the Company’s 100%-owned Canegrass lithium project, in Western Australia. CRCL said intriguing initial results from the Company’s recent work at its 100%-owned Canegrass lithium project in Western Australia indicate broader potential for the project than originally anticipated, reflecting historic interest in the area for both nickel and vanadium.
Comment: After a sharp rally in January, CRCL arguably needs a fresh fundamental boost to get the shares back up to the dizzy heights above 1.30p. Today’s update could at least be the start of the process.
Celsius Resources (CLA) announced that its Philippine subsidiary, Makilala Mining Company, Inc., has obtained a Mineral Production Sharing Agreement with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project. CLA said the grant of the MCB mining permit marks the progression of Celsius from being known as an exploration company to a mineral resource developer, and eventually a mine operator.
Comment: Eagle eyed chart watchers may have guessed that CLA was about to deliver some positive news last week. It will be interesting to see how much gas is left in the tank as far as the latest share price rebound.
Aura Energy (AURA) announced it has received firm commitments from professional and sophisticated investors to raise approximately A$16.2 million at A$0.18 per share. The Company will also offer eligible shareholders on 15 March 2024 the opportunity to participate in a Share Purchase of up to A$2 million through the issue of approximately 11.1 million fully paid ordinary shares subject to shareholder approval. AURA said funds raised will help Aura accelerate advancing the Tiris Uranium Project towards FID this year and continue exploration to demonstrate the significant resource growth potential of the area. The Tiris Project positions Aura as a significant near-term uranium producer with initial production estimated to commence in 2026.
Comment: As might be expected, AURA takes advantage of the uranium mania currently doing the rounds with a chunky fundraise in Oz. Hopefully, this will rub off in terms of sentiment, and later share price in the UK.
Clontarf Energy (CLON), the energy company focused on lithium brines, has raised £400,000 at a price of 0.035p per Placing Share. The net proceeds of the Placing will be used to advance Clontarf’s lithium projects in Bolivia, and neighbouring countries, as well as on petroleum projects in Ghana, Australia, and elsewhere, and for general working capital purposes. CLON said that over recent weeks it has been approached by potential funders from London and the USA. Given the accelerating progress it considers it wise to accept sufficient cash now to illustrate its financial capacity for the next phase. Directors are reluctant to dilute at a low share price in challenging stock markets, but the potential prize is too rich to put in jeopardy.
Comment: CLON takes advantage of the recent strength in the stock to raise an ok amount of cash, ahead apparently a tsunami of more cash arriving from potential funders. But of course, a bird in the hand…
Powerhouse Energy Group (PHE), announced Engsolve’s, a 100% wholly owned subsidiary of Powerhouse Energy, appointment for the building and installation of its first production train for TrimTabs, a South Wales based process technology company pioneering the low-cost, sustainable production of carbon nanotubes. PHE said it was pleased to have been appointed the contract for the development of the Trimtabs MVP, reaffirming Engsolve’s ability to deliver solutions for new and exciting technologies. Powerhouse said it was pleased that its subsidiary is working with Trimtabs to target the high-tech market for carbon nanotubes.
Comment: PHE’s momentum in its new technology solutions direction is clearly already reaping benefits, and not only in the share price rise, but on the business front too.
Pantheon Resources (PANR), the oil and gas company, announced its interim results for the six months ended 31 December 2023. Pantheon has made great progress during the six months to 31 December 2023 and so far this year on a number of levels. Its testing of the shallower topsets in the Alkaid-2 wellbore was a great success, exceeding its expectations and validating the effectiveness of the revised frac design.
Comment: Casual observers of PANR may feel that they have been waiting rather a long time for the company to get to whatever promised land we are looking for. At least given the time it has already taken, one would hope that the company could deliver before Halley’s Comet next appears.
Team Internet Group (TIG), the global internet company, announced its audited annual report for the financial year 2023. TIG said this year has been a milestone, with revenues growing by 15% to USD 837 million, and adjusted EBITDA increasing by 12% to USD 96 million. It has also seen a significant breakthrough in bottom-line profitability, delivering a profit after tax of USD 24.3 million, a notable improvement from the USD 2.1 million loss after tax in 2022.
Comment: TIG has already been something of a recurring revenue cash machine for quite some time. The good news is that we seem to be at an inflection point / hockey stick point in terms of the company’s performance.
Shuka Minerals (SKA), an African-focused mine operator and developer, provided an update. Regarding its Rukwa coal mining asset, the requisite filings have now been made in the court in Tanzania terminating the legal proceedings and the settlement has been communicated to the relevant authorities. The Board is continuing to review potential acquisitions of additional advanced mining and mine development projects located in Africa, including one such opportunity which is being actively progressed, with a focus on a commodity other than coal.
Comment: It would appear that with the latest news we can see that Executive Director Jason Brewer is kicking ass, as the Americans would say, in terms of getting SKA to a decent destination as a mine operator in quick time.
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