Reabold Resources (RBD), the investing company focussed on developing strategic gas projects for European energy security, is pleased to announce that it has converted £500,000 of outstanding convertible loan notes into 374 ordinary shares of LNEnergy Limited (“LNE”) at an average price of £1,350 per share. Following this conversion, Reabold holds approximately 45.1% of LNE’s enlarged share capital. LNEnergy believes that the Colle Santo gas field has the potential to generate an estimated €11-12m of gross post-tax free cash flow per annum.
Comment: RBD keeps on topping up its holding in LNE, something which is clearly believes in with an almost religious fervour. That said, if the market really believed that €11-12m a year was on its way, the stock price would not be flat on 2025 to date.
Touchstone Exploration (TXP) announced that it has successfully raised £15.375 million (approximately US$20.5 million) by way of a private placement. The placement price of 20.5 pence represents an 11.8 percent discount to 23.25 pence, which was the closing price of the shares. The Company intends to use the net proceeds from the Private Placement to finance the following development activities and provide additional working capital its Cascadura wells.
Comment: Another stonking fundraise from Oak Securities, raising a proper amount of cash for TXP to proceed with its various activities, especially the Trinidad acquisition.
Valereum (AQSE: VLRM) announced a placing by Clear Capital Markets at an issue price of £0.04 per Placing Share, raising gross proceeds of £500,000 (before expenses). VLRM said “Bringing in external investors represents a strong endorsement of the Company’s vision and long-term potential. This new capital allows Valereum to move forward at pace, strengthens our balance sheet, and provides the resources needed for us to explore the exciting opportunities ahead.”
Comment: The rug being pulled from the share price since the end of March ahead of DMC running away (remember Run-DMC), has left VLRM raising money at the low of the range, as opposed to 20p plus. The opportunities will have to be very exciting indeed, to provide any cheer now.
Roadside, (ROAD) announced the appointment of Stephen (“Steve”) Carson as Non-Executive Chair of the Board with immediate effect. Upon Steve’s appointment to the Board, Charles Dickson will relinquish his role as Executive Chair and assume the role of Chief Executive Officer.
Comment: Charles Dickson guided ROAD to a series of successful deals and a 360% share price rise. Beefing up the board should finesse the momentum at the company for the rest of 2025.
Mosman Oil and Gas (MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, announces the first estimate of helium and hydrocarbon volumes at the Sagebrush Project in Colorado, US. Maiden C2 net best estimate Contingent Resources of 205 million cubic feet (mmcf) of helium and 1.7 billion cubic feet (bcf) of hydrocarbon gases at the Sagebrush Project as determined by Mosman utilising a report from Four Corners Helium LLC dated 5 May 2025 in which seismic interpretation indicates a structural closure of circa 585 acres and estimates the initial gas in place volume as 18.4 bcf and recoverable gas volume to be 11 bcf.
Comment: Shares of MSMN are up 40% over the past week, since the strong Zakstraderscafe interview, and subsequent newsflow, which is more than enough to get the stock back to last year’s 0.08p peak in coming weeks.
Kromek Group (KMK), a developer of radiation and bio-detection technology solutions for the Advanced Imaging and CBRN Detection segments, provides the following update on trading for the 12-month period ended 30 April 2025. FY 2025 has been a transformational year as Kromek made significant strategic progress in both its Advanced Imaging and CBRN Detection segments. Kromek expects to report FY 2025 revenue ahead of market expectations, of not less than £26 million, representing year-on-year growth of at least 34%.
Comment: KMK is a good example of how the London stock market delights in mispricing companies, no benefit of the doubt, no looking forward fondly, just a flat reaction when companies do well, and a very negative one on the slightest miss.
Mirriad Advertising (MIRI), an in-content advertising and virtual product placement company, announces that, further to the Company’s announcement on 1 May 2025, the Board of Mirriad are continuing to look into options to assess whether it will be possible to raise funds, by way of an equity placing or otherwise, to enable the Company to continue as a going concern. The Company has received initial feedback from certain investors that they may be willing to support a fundraise and these discussions remain ongoing.
Comment: All of a sudden MIRI has gone from being a potential share price recovery situation to “Celadon (CEL) City”. Its fate is no firmly in the hands of whether its shareholders feel like putting their hands in their pockets.
Beowulf (BEM), the European mineral exploration and development company, announced the outcome of the Company’s conditional placing and subscription of new ordinary shares of 5 pence. The conditional Placing raised a total of £1.0 million. In total, Beowulf will receive approximately SEK 28.1 million (approximately £2.2 million) (gross) from the Capital Raise and net proceeds of approximately SEK 23.5 million (£1.8 million).
Comment: £1.8m is a decent number to raise, and it gives BEM options as far as acquiring and developing assets. It will be interesting to see whether the market thinks this is a big enough number to get on with.
Georgina Energy (GEX) announced a significant resource upgrade at its Mt Winter Prospect (EPA155, Northern Territory). 15% increase in net attributable 2U Prospective Recoverable Resources of helium and hydrogen. 3% increase in natural gas resources.
Comment: A decent update, and a good retort to the company’s naysayers. Last summer the shares peaked at 19.25p, and there is every reason to expect that they could head for the same zone by the end of summer 2025.
S4Capital (SFOR) announced a First Quarter Trading Update. First quarter like-for-like3 net revenue2 down 11.4%, reported down 12.2%, reflecting continuing technology client caution and headwind from one key client in Technology Services.
Comment: Recent updates from SFOR have given the impression of being like a long goodbye, and certainly as far as the share price trend this has been the case. That said, there is still the feeling that the market has been and still is rather harsh on the company.
FRP Advisory Group (FRP), a national specialist business advisory firm, announced an update on trading for the year ending 30 April 2025 ahead of its Full Year results on 23 July 2025. The Group expects to report FY 2025 revenues of approximately £152m, up 19% on the prior year (FY 2024: £128.2m), and adjusted underlying EBITDA of approximately £41m, up 11% on the prior year (FY 2024: £37.1m).
Comment: It is always pleasant to come across a company that “no one” has heard of which offers a significant performance and growth, and all the more helpful that it is growing in the present environment and in a space which is not easy.
Arecor Therapeutics (AREC), the biopharmaceutical company advancing today’s therapies to enable healthier lives, today announces the sale of rights to certain non-Ogluo® products from the portfolio of its Tetris Pharma subsidiary to Aspire Pharma Limited. Under the terms of the agreement, Arecor will receive a cash payment of £0.5 million.
Comment: It is going to be tough for AREC to avoid its shares falling for 4 years in a row, even after today’s sale. Presumably half a bar keeps the wolf from the door, but more is required.
Silverbullet (SBDS), a provider of AI driven digital transformation services and products, provided an update for the quarter ended 31 March 2025. The Group is pleased to report that its revenues in Q1 2025 were 15 per cent. higher than the prior comparable period, at £2.31m (unaudited) versus £2.1m, demonstrating a strong start to the year in what is typically one of the slowest quarters in the calendar. The Group is also pleased to announce that it has been awarded a significant new contract with a well-known global retail brand, worth a minimum of US$1.5 million over two years.
Comment: Shares of SBDS were trading as high as 190p at the beginning of last year, and given that they traded below 30p just week’s ago, it can be seen that a RNS such as today’s has been sorely needed. Having given away so much value the fightback will be tough.
Polarean Imaging (POLX), a commercial-stage medical device leader in advanced MRI of lung function, announces its audited final results for the year ended 31 December 2024. Net cash of US$12.1 million as of 31 December 2024 (31 December 2023: US$6.2 million). The Company reaffirmed its revenue guidance for 2025, maintaining the previously stated range of US$5.0 million to US$6.0 million.
Comment: Perhaps rather against the odds and expectations, POLX is turning the corner, helped along by the way that the company maintains a strong cash position. That said, the market still has the old POLX in its mind, if the still drifting share price is anything to go by.
Hemogenyx Pharmaceuticals (HEMO) announce that it has raised gross proceeds of £451,250 (before expenses) via an allotment to Vladislav Sandler of 250,000 new shares at an issue price of 180.5p. The net proceeds of this fundraise will be dedicated to the continuation of the Phase I clinical trials for the Company’s Chimeric Antigen Receptor T-cell therapy.
Comment: The company continues to try and do too much with too little resource, and of course take longer getting there than anyone would like. Presumably, there will be more such mini fundraises sooner rather than later.
Next (NXT) announced a Q1 Trading Statement 26 January to 26 April 2025. Accounting for the £55m of additional sales in Q1, we are increasing our guidance for NEXT Group profit before tax for the full year by +£14m to £1,080m.
Comment: Shares of NXT are up nearly 30% so far this year, as the market has already looked forward to the company’s ongoing ability to walk on water. The question is how does NXT do it?
