Lift Global Ventures (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, announced that one of its investment portfolio companies, Trans-Africa Energy Limited, has secured conditional equity funding of up to £12,000,000 from an experienced African investor in the energy sector. The Funding is expected to enable TAE to make the FID within in the next 6 months. Zak Mir, CEO of Lift commented: “We are delighted to be informed of this Funding into TAE. There is no doubt that energy infrastructure is the next key step for African oil and gas producing countries by investing in infrastructure; the proposed projects that TAE are developing in aim to alleviate energy poverty, ensure energy security and strengthen regional energy access. We look forward to keeping shareholders updated on this exciting development.”
Pantheon Resources (PANR), the oil and gas company, updated on its development planning and funding initiatives. PANR said it has made considerable progress during the past several months towards accessing funding on the least dilutive basis possible. The competitive advantage of its location and gas composition, which could potentially provide gas for in-State use through Alaska LNG, should allow Pantheon to capture the benefit of reduced numbers (and CapEx) of gas reinjection wells along with a path to low-cost commercialisation of the helium potential now identified in the Kodiak field.
Comment: Shares of PANR have been pleasingly steady for the start of 2024, something which may be a sign that the company is really to ditch its previous demons, and get the funding required.
Sareum Holdings (SAR), a clinical-stage biotechnology company, announces that it has completed a conditional fundraise of up to £1.5 million at 10p. The net proceeds from the Fundraise are intended to be used by the Company to complete Phase 1a clinical studies on its SDC-1801 TYK2/JAK1 inhibitor and, together with the receipt of anticipated R&D tax credits in the amount of £0.7 million which is expected in September 2024.
Comment: Alas, SAR has gone from being a company which initially appeared to be one breaking the mould of biotechs who hit the financial buffers on the London market. Only keen investors would consider that this is a low risk throw of the dice, even with today’s fundraise.
Audioboom (BOOM), the podcast company, announced the continued expansion of its creator network through new exclusive partnerships with top tier podcasts including Pretty X Unfiltered, BDA with Katherine Schwarzenegger, Soder, Omnibus, Do We Know Them?, and George Conway Explains It All To Sarah Longwell. BOOM said expansion of its podcast partnerships has been integral to us establishing the fourth biggest podcast network in the US – proof that the best podcasts and most talented creators in the industry understand the value its platform can deliver.
Comment: While updates such as today’s are welcome, the missing ingredients remain financials, and what driver is waiting in the wings to get the company back to the dizzy share price heights of £10 plus from the glorious days of the pandemic.
Jubilee (JLP), a diversified metals processor in Africa with significant operations in South Africa and Zambia, announced an update on its strategic investment with Abu Dhabi’s International Resources Holding RSC Limited for the development of the “Waste Rock Project” and progress with the upgrade of its Roan copper facility in Zambia together with the continued expansion of its chrome operations. JLP said the expansion of its copper operations are well underway as it looks to significantly increase its copper production in the coming months on the back of the expansion of both Roan and Sable. It was particularly excited by the progress of its strategic relationship with IRH as it looks to jointly develop the large Waste Rock Project which holds the potential to again demonstrate Jubilee’s unique capability of turning waste to value.
Comment: JLP continues to deliver business as usual in terms of its operational momentum, while we scratch our heads as to why the stock market continues to undervalue the company’s offering.
Critical Metals (CRTM), an investment company established to target opportunities in the critical and strategic metals sector, announced its interim results for the six-month period ended December 2023. CRTM said operationally, it continued to advance Phase 1 of the drilling campaign achieving some exceptional copper grades from the first hole of the campaign. There is no doubt in its mind about the potential of the Molulu project and the demand for its product, evidence by the interest it received from potential off-take partners during the period, and the subsequent signing of the off-take agreement with OM Metal & Resources S.A.R.L.
Comment: The operational progress at CRTM clearly is continuing, and we await the company’s next phase, while keeping a close watch on any potential trigger for a share price rebound.
San Leon (SLE), the independent oil and gas production company focused on Nigeria, noted the announcement made on 27 March 2024 by Decklar Resources Inc. in Canada. SLE said it continues to explore a potential sale of its non-core investments in DPL, although any completion remains subject to the proposed purchaser finalising its own funding arrangements.
Comment: The best that can be said at this stage is that given lowly stock market expectations, and intervening time, if SLE can get the funding it is looking for, the naysayers will be painfully wrongfooted.
Arrow Exploration (AXL) announced the results of its 2023 year-end reserves evaluation by Boury Global Energy Consultants Ltd. and an operations update. Its exciting growth story continues, backed by strong demand it is pleased to bring forward further material reserve increases from its extensive acreage in Colombia. Arrow delivered significant increases in volumes and pre-tax values of 1P, 2P and 3P reserves in 2023, due to the Carbonera and Ubaque discoveries at Carrizales Norte and successfully drilling at Rio Cravo Este, which exceeded expectations.
Comment: The stock market is finally starting to value AXL properly, although as we are reminded by today’s healthy update, there is still a long way to go. Upside from here would be a decent lap of honour.
AdvancedAdvT (ADVT), the international software solutions provider published its unaudited Interim Results for the six months to 31 December 2023. The Group’s four operating units have been part of AdvT for five months, since 31 July 2023. Pre-tax profit of £3.3m (2022: loss £0.1m). ADVT said that in the short time since it acquired the Capita businesses, it has made very good progress with their operational performance which has improved markedly. It has now established a core software platform for developing the Group and identified a number of potential acquisition opportunities.
Comment: Although the company has been rather out of the limelight of late, despite the present of tech star Vin Murria, the swing to profitability requires a hat tip, if only because it is not that common these days.
Quiz (QUIZ), after 31 years, the CEO is taking a NED role allowing space for implementing the strategic review. Its a long established omni-channel (online, stores and concessions) woman’s value fashion brand and recent results are not a pretty sight. Its Finals to March are set to report a 12% reduction on Revenue to £74.4m and increased losses cir. £3m against £2m profits last year. There were 62 stores in the UK and 6 in Ireland with concessions in Middle East, Spain and the US. The reported liquidity headroom is £2.9m although £4.0m of bank facilities are scheduled for renewal in June 2024. The review, in addition cost control measures its exploring organic growth opportunities, and intriguingly other potential strategic options. The shares are tightly held with 82% owned by Directors and Institutions.
Comment: At 6p and a mkt cap of £7.4m the worse maybe in the past but it will take time to recover.
DG Innovate (DGI), the advanced research and development company, announced the Company has entered into a MOU with EVage Automotive Pvt. Limited, an Indian electric vehicle maker and automotive technology company, covering the proposed establishment of a joint venture in India to manufacture and supply a range of DG Innovate’s Pareta® e-drives. DGI said it was delighted that it has entered into this MoU with EVage. The proposed JV does not conflict with any of our existing collaborations and trading relationships, but is intended to provide an ideal quick route to market at scale for our technology.
Comment: The Tesla factor here alone should have meant that DGI shares trade at multiple times where they are now. But of course, this is the London stock market, so even if the Archangel Gabriel joined the board of a company, it would not move the dial.
Microlise Group (SAAS), a provider of SaaS based transport technology solutions to fleet operators, announced it has signed an initial 5-year contract for a total value of AU$20M with WooliesX, part of the Woolworths Group, Australia’s largest supermarket chain. SAAS it was excited to be engaged with WooliesX, Australia’s largest supermarket chain and it looks forward to updating the market with its progress on this important project and the Group’s expansion across Australia. This is a great example of how its technology is being used as part of major retailers’ digitalisation journey to the benefit of all stakeholders.
Comment: SAAS continues to be one of the best small cap companies on the London market that most investors have not heard of. Excellent management and company offering, is underlined by today’s chunky contract.
Hummingbird (HUM) provides an update regarding the situation surrounding the Kouroussa Gold Mine in Guinea, following the suspension of mining activities by Corica Mining Services on 17 March 2024. HUM said it has been actively seeking to address the ongoing situation by engaging in discussions with Corica, alternative and additional mining contractors, suppliers, and the Company’s primary lender, Coris Bank International.
Comment: The name of the game as far as HUM from now may be to assess at what share price the shares enter into bargain basement territory, given that the company is more than events at Kouroussa.
Hellenic Dynamics (HELD), a medical cannabis cultivator, announced that Riverfort Securities Ltd has elected to subscribe for shares in Hellenic Dynamics in order to discharge part of an outstanding loan and accrued interest which was issued pursuant to the mezzanine loan announced 26 October 2023.
The loan and accrued interest of £90,756.64 will be settled via the issue of 3,885,812 new Ordinary Shares at approximately 2.34 pence per share, based on the terms of the agreement between Hellenic and Riverfort.
Comment: If there was an event that could turn around HELD shares after its extended bear run, the settlement today with our good friends at Riverfort could be a trigger.
Tap Global Group (AQSE: TAP), the cryptocurrency app, presented its results for the six months ended 31 December 2023. Tap Group trading payment volume in H1 24 was £71.9m (Tap Global H1 23: £25.9m), an increase of 178% on H1 23. Tap Group revenue in H1 24 was £1.3m (Tap Global H1 23: £0.5m), an increase of 172% on H1 23. TAP said it has made a strong start to 2024 and management are confident that it will deliver on its growth ambitions, including its near-term priorities of increasing both revenue and user numbers, while completing its important US launch.
Comment: The present cryptocurrency boom alone should mean that TAP is valued at multiple times its current share price. Presumably, with stats like today’s this process will begin sooner rather than later.
Coro Energy (CORO), the South East Asian energy company, announced that binding Key Terms have been agreed for the sale and purchase of the domestic portion of Mako gas with PT Perusahaan Gas Negara Tbk, the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Under these binding Key Terms, Conrad, the operator of the Duyung PSC, and PGN will agree in good faith and sign a fully termed Gas Sales Agreement for the domestic portion of the gas produced from the Mako field located in the Duyung Production Sharing Contract in the West Natuna Sea, offshore Indonesia. Coro has a 15% working interest in the PSC.
Comment: There was a decent flurry to the upside in CORO shares last month, and it may just be the case that today’s announcement provides the catalyst for this to resume.
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