URA (URAH) announced that, further to following yesterday’s announcement of the launch of the placing via the bookbuild, it has successfully raised £1,000,000 (before expenses) through the placing and subscription. The proceeds of the Fundraise will be used to restart the Gravellotte Emerald Mine and includes the purchase and installation of the remaining capital items, primarily relating to the proceesing plant and commissioning of the processing plant as well as general working capital. The restart of mining and processing operations and first emerald production is expected to occur in Q1 2024.
Comment: With the fundraise out of the way, we can look forwards to URA going into production early in 2024, and the disconnect between the current market cap and the value of its JORC resource being narrowed.
Tap Global Group Plc (AQSE: TAP), the regulated cryptocurrency app, announced that the Company will be presenting at the Aquis Showcase Event on Tuesday, 28 November 2023 at the Royal College of Surgeons, London. Kriya Patel, CEO of Tap Global Limited, the Company’s wholly owned operating business, will be representing Tap. The Aquis Showcase Event is a one-day event with companies presenting and competing in an investment contest, to be judged by a panel of experts – including Andy Brough of Schroders – and those in attendance.
Comment: Having attended the last event – as a financial journalist, it can be said that this Aquis event is a decent one, liquidity boosting matters notwithstanding.
Poolbeg Pharma (POLB), a biopharmaceutical company, announced that the Japanese Patent Office has notified the Company of its official decision to grant Poolbeg’s Immunomodulator II patent application. The company said the grant received from the Japanese Patent Office highlights the progress it is making in developing our patent portfolio. By strategically growing this exciting molecule’s intellectual property portfolio, it aims to enhance its overall value for its partners. POLB 001 stands poised to make a substantial impact on global health and has tremendous potential to address unmet medical needs worldwide across multiple disease areas.
Comment: Having beefed up its board to that of the equivalent of a $1bn company, we see POLB beef up its IP, in this case in Japan.
Lift Global Ventures (AQSE:LFT), an investment company focused on financial media, technology and the energy sector, is pleased to announce its Final Audited Results to 30 June 2023. The company acquired Miriad Limited, launched the ‘Zaks Traders Cafe’ online channel, an extension of the ‘Zaks Traders Cafe’ social media hub with an audience of over 24,000, and subscribed for £750,000 of convertible loan notes in Trans Africa Energy Ltd. LFT said that since the acquisition, Miriad has generated turnover of £484,043 and an annual net positive cash inflow of £91,164 and importantly continues to work with leading companies who want to promote their story to the London financial community.
Pennpetro Energy (PPP), an independent oil and gas company, advised that production testing continues at the Company’s 100% Chalk Talk #1H well and recent improvements in the well equipment configuration has seen oil production increase to an average of 248 bopd for the last 6 days, compared to the weekly average of 113 bopd announced on 14 November. The company said the results of the oil production from our CT1H well test are excellent. It continues to optimize the performance of this well some 20 days into testing. It is still seeing a generally increasing trend in our daily oil production, which is certainly highly encouraging. Extended well testing continues.
Comment: Although not quite up to Chevron levels of production, it can be seen that Pennpetro is on the right track in terms of the trend at Chalk Talk #1H well.
Intercede (IGP) reported record interim, new contract, and an order. The Interims to September show a 15% increase in Revenue to £7m and with 99% gross margins the PBT jumped 83% to £1.1m. The diluted EPS, however improved a more moderate 25% to 2.5p. IGP is a high-end acquisitive cybersecurity specialist in digital identity, credential management and secure mobility and all sectors are performing well. New prestigious anonymous clients are won such as a significant US Federal Agency and a governance bank based in Europe. The organic growth momentum seems to be continuing in the second half although continuing investment is being made in product development. Finding appropriate acquisitions has been difficult. There is no debt and cash increased to £9.7m helped by tighter cross controls.
Comment: At 59p with a £34.4m Mkt cap its reasonable value and the increasing revenue ensures its profits growth is secure.
EDX Medical Group (AQSE:EDX), a developer of innovative digital diagnostic products, announced it has entered into a collaborative agreement with Thermo Fisher Scientific EMEA Ltd., a supplier of analytical instruments, life sciences solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services. The multi project collaboration will harness Thermo Fisher’s powerful technologies and information translation systems to deliver a number of advanced testing solutions in development at EDX or licensed from partners, including a proprietary assay to enable personalised radiotherapy and a novel chemotherapy toxicity assay focusing on serious adverse events.
Comment: Despite being tucked away on the Aquis market, EDX is starting to gain traction in terms of its share price, backed by news such as today and the presence of Professor Sir Chris Evans, OBE, a very successful medical and life sciences entrepreneur with more than 35 years of experience building innovative life sciences companies.