Capital Metals (CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka, updated on Project development activities. CMET said it was pleased to provide these positive updates on licensing and pre-construction activities, which are particularly relevant now it is in advanced discussions with two industrial groups to conclude a funding transaction in the near term to support our operations into production.
Comment: Now that CMET has its recent issues well behind it, and is arguably in a stronger position than it was before, the journey to funding should be a relative walk in the park. The fact that the shares are still only half of where they were two years ago, offers a decent opportunity to those looking forward to production.
Blue Star Capital (BLU), the investing company with a focus on esports, technology and its applications within media and gaming, announces its final results for the year ended 30 September 2023. The Company incurred a pretax loss for the period of £6,329,473 compared to a loss for the previous period of £1,301,008. BLU said the last year was one of considerable disappointment for all those connected with Blue Star.
Comment: To inversely paraphrase the great American philosopher, Jon Bon Jovi, it may be said that BLU is currently not giving investing companies a good name. It is difficult to do the math on the loss.
Ondine Biomedical (OBI), the Canadian life sciences company pioneering light-activated antimicrobial treatments to prevent and treat healthcare-associated infections (HAIs), announces that a UK-based study demonstrated a significant reduction in antibiotic use following sinus surgeries where Steriwave® was used for pre-surgical nasal decolonization. OBI said in an era of rising drug resistance, antibiotic stewardship is of great importance. Sinus surgery is typically associated with high rates of routine post-operative antibiotic prescribing in order to reduce the risk of post-operative infection.
Comment: It is a shame that (apart from occasionally here), OBI has never really been able to get its message out, despite all the good work it is clearly doing.
Technology Minerals (TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announce that it has entered into a £5.5 million convertible bond facility with Atlas Capital Markets. The Facility is expected to be drawn in five tranches of which the draw down of the first tranche of £1.5 million has been initiated. TM1 also announced that its 48.35% owned battery recycling business, Recyclus Group Ltd has signed a MOU with a cleantech company who has developed a world-leading low carbon technology capable of processing black mass, recovering critical raw materials from Lithium-ion batteries.
Comment: Presumably the rather large £5.5m CLN means that there will be no excuses for TM1 not being able to get its business over the line in coming months, or there being any concerns over funding.
Ananda Developments (AQSE: ANA), a company whose ambition is to be a leading provider of cannabinoid-based medicines, announced that it has formed a Scientific Advisory Board to provide the Company with expert technical advice and guidance. The SAB will be Chaired by Professor Clive Page, a non-executive director of Ananda Developments plc. ANA said the SAB members bring a wealth of expertise including new drug and pharmaceutical product development as well as clinical research and academia. They also have significant experience as directors and advisers of other successful pharmaceutical, biotechnology and healthcare companies. It is very fortunate to be able to call upon their advice to help develop its operational approach and strategy.
Comment: It has been evident over the past year and more that ANA has been moving to be a mainstream pharma company, with all the bells and whistles one would expect. Today’s SAB formation announcement underlines this concept.
First Class Metals (FCM), the UK listed metals exploration company, announced that is has signed an agreement with Broken Rock Resources Limited in respect of the Quinlan Lithium Property in NW Ontario. FCM to acquire, the right to earn 100% of the highly prospective Quinlan Lithium Property from BRR with low execution costs and year one field work commitment . FCM said following the success of Zigzag, FCM has expanded its portfolio by adding a further lithium prospect in what is considered a ‘new’ but fertile area for pegmatite / lithium focussed exploration. FCM said it now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity.
Comment: FCM continues to expand its footprint, and one would this drip-drip of extra value to be added to the current lowly market cap, especially given the favourable terms the company is gaining these assets.
Touchstone Exploration (TXP) reported its operating and condensed financial results for the three months and year ended December 31, 2023. Average quarterly production increased 151 percent to 8,504 boe/d (79 percent natural gas) relative to 3,391 boe/d produced in the third quarter of 2023, reflecting a full quarter of Cascadura production volumes. TXP said the transformational increase in production through the final months of 2023 reflects the commencement of production at its Cascadura field. The associated growth in cash from operations combined with its anticipated increase in borrowing capacity, will enable it to pursue its previously announced 2024 capital budget focused on driving further growth.
Aquis Exchange (AQX), a creator and facilitator of next-generation financial markets, announced its audited results for the year ended 31 December 2023. AQX said it was really pleased to announce that the Aquis Group has continued to deliver a strong performance with double digit revenue and profit growth across all divisions, despite some of the most challenging market and economic conditions it has ever seen, which have continued into the first quarter of 2024.
Comment: One would now expect AQX to spread some of its double digit growth pixie dust on the companies listed on the challenger exchange, explain to investors that it is a liquid market, with strong trading volumes and a great place to list.
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap between traditional finance and blockchain technology, announced that Arsen Torosian has been appointed as Chief Executive Officer with immediate effect. The Company also announces the appointment of Steven Borg as Chief Financial Officer of Tap. Mr Borg’s appointment to the operating business will take effect from 11 April 2024. TAP said it welcomes Arsen Torosian and Steven Borg into their new roles. Tap was founded on Arsen’s vision, and he has continued to play a large operational role as we sail through 300,000 users and execute its next growth phase. Steven joins with significant fintech and payments industries experience.
Comment: The board changes at TAP should be welcomed by the market and shareholders alike, especially as the company is Torosian’s brainchild and he is a man of the crypto age. One would expect the long awaited re-rate of the company, at least back to post RTO highs through 6p, to begin in earnest, especially given the crypto rally.
Intercede (IGP) announced a 5th version of its Multi-Factor Authentication MyID MFA product, which delivers enhanced security, flexibility, and easier integration for clients protecting cloud-based data, and networks. News orders are being won at a greater pace for its cybersecurity software specialising in digital identities, protecting clients against compromised user credentials. New clients include a significant US Federal Agency and a governance bank based in Europe. The Interims to September showed a 15% increase in Revenue to £7m and with 99% gross margins the PBT jumped 83% to £1.1m.The current market forecast for March 2024 is revenue of £18m and adjusted EBITDA of £5.2m so 11 x EBITDA is not that demanding. As there is no debt and cash increased to £9.7m helped by tighter cross controls.
Comment: At 97.5p with a £56.7m mkt cap the new version should help accelerate its high margin revenue growth.
Avacta Group (AVCT), a life sciences company, announce that yesterday the third patient was dosed in the first cohort of the two-weekly Phase 1a dose escalation study of its lead pre|CISIONTM drug AVA6000, a peptide drug conjugate designed to target the release of the chemotherapy doxorubicin to tumor tissue. AVCT said extremely pleased with the continued excellent progress of AVA6000 in the Phase 1a dose escalation study. These emerging data clearly demonstrate that the pre|CISION™ peptide drug conjugate platform is functioning in the way it was designed and is capable of targeting the release of a cancer therapy to the tumor.
Comment: Even if AVCT had actually announced the cure for cancer via today’s RNS, there may be too many people still smarting from the recent 50p fundraise to crack open the champagne. That said, what is with spelling tumor in the American way? Perhaps a subtle hint the company is headed to the US?
Silverbullet (SBDS), a provider of AI driven digital transformation services and products, is pleased to announce new contract wins and renewals worth, in aggregate, £1.7 million. SBDS said these contract wins underscore the rapid advancement of marketing transformation driven by first-party data across the global brand landscape. Being entrusted by its multinational clients to lead their upcoming growth phases serves as robust validation that our strategy is being well adopted as it focuses on its clients’ intelligent data utilisation in the privacy-centric era. These wins underscore Silverbullet’s commitment to driving digital innovation and reinforcing its position as a premier partner in AI-driven digital transformation.
Comment: SBDS is one of the few high tech companies in the UK really gaining traction. Hopefully, the company will be able to get on the map as far as investor awareness is concerned, sooner rather than later.
Genflow Biosciences (GENF), an emerging leader in the field of longevity research, announced that its collaborative partners, including the University of Rochester, The Trustees of Columbia University in the City of New York, and Albert Einstein College of Medicine, have received confirmation that their European patent application was published today by the European Patent Office, bearing the reference number EP 4 338 267. In addition, Jonathan Mark Swann, from Rickmansworth, is in on the share register at 3%, putting the London suburb on the map. GENF said this approval from the European Patent Office highlights the innovative spirit of our collaborative team and it is incredibly proud to be part of this pioneering research alongside such respected institutions.
Comment: It is interesting that GENF has managed to win a patent application with such illustrious partners, despite the ongoing swivel-eyed criticism of the company from certain quarters. The new TR1 underlines the fundamental merit of the offering here.
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