Small Cap Feast

Small Cap Feast – 20 August 2019

Dish of the Day:

No Joiners Today

Off the Menu:

BTG (BTG) – BTG announced that they had reached agreement on the terms of a recommended cash offer by Bidco and have cancelled their listing on the Main Market (premium).


What’s Cooking in the IPO Kitchen?

Breakfast Buffet

Keras Resources PLC (KRS) 0.48p £11.10m

Keras Resources plc, the AIM listed mineral resource company, notes the announcement published today by Calidus Resources Limited (ASX:CAI), outlining the launch of a major drill programme in order to increase life of mine at Calidus’ flagship asset; the 1.25Moz Warrawoona Gold Project in the Pilbara region of Western Australia.  A 15,000-metre drilling campaign will target greenfield mineralisation, resource extensions and continue to de-risk the Project through infill drilling.

Calidus recently completed an AUD$9m placement involving institutional shareholders which will fund this drilling campaign.  Following the placement Keras holds a c.33.8% interest in Calidus.

Trans-Siberian Gold (TSG) 108.50p £92.39m

Trans-Siberian Gold plc, a low cost, high grade gold producer in Russia, has today released a report providing full disclosure on its tailings storage facilities (‘TSF’) management.

This report has been published in response to a request from the Church of England Pensions Board and Swedish Council on Ethics for the AP Funds, backed by the UN-supported Principles for Responsible Investment and on behalf of 96 investors in the mining sector, together representing over $10.3 trillion in assets under management.

TSG currently manages one TSF at the Asacha Gold Mine in Russia, which has been in operation since 2011 under management from TSG’s wholly-owned subsidiary ZAO Trevozhnoye Zavevo (‘TZ’). To date, there have not been any tailings-related safety or environmental incidents at the Asacha Gold Mine.

Avesoro Resources (ASO) 84.50p £56.29m

Avesoro Resources Inc announced that it has received a non-binding expression of interest from its controlling shareholder, Avesoro Jersey Limited (“AJL”) to acquire all of the issued and outstanding shares of the Company not already owned by AJL.  Avesoro also takes this opportunity to provide the following update on operations at its Youga Gold Mine in Burkina Faso, and New Liberty Gold Mine in Liberia, and the Company’s broader financial condition and financing requirements. month by the end of Q4 2019.

Cellcast plc (CLTV) 1.65p £1.36m

Further to the announcement on 3 July 2019, Cellcast plc announced that it has entered into a conditional share sale agreement for the disposal of the Company’s wholly owned operating subsidiary, Cellcast UK Limited (“Cellcast UK”) to Com & Tel Media Limited (the “Purchaser”), for a total cash consideration of £375,000, plus the contingent right to certain additional consideration. Com & Tel Media Limited is 100% owned by Craig Gardiner, CEO of Cellcast. Further, Emmanuelle Guicharnaud, CFO, and Craig Gardiner are the two directors of Com & Tel Media Limited. Finance for the purchase is being provided to the Purchaser by SMS Media Limited

Angus Energy PLC (ANGS) 1.12p £6.22m

Angus Energy announced that the Oil and Gas Authority  has granted a two-year extension to the initial term of the PEDL143 Licence in which the company has a 12.5% interest.  The initial term will now end on 30 September 2022.

The PEDL143 Licence is operated and majority owned by UK Oil & Gas plc which has expressed its intention to evaluate multiple potential new drilling sites outside the nearby Area of Outstanding Natural Beauty and prepare a drilling programme within the initial term of the Licence subject to all regulatory approvals and planning consents.

UK Oil & Gas plc notes in its release that the Licence “contains the significant “A24″ Portland and Kimmeridge oil prospect, a direct geological look-alike to Horse Hill oil field, situated on-trend some 8km to the east. Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified.”

Omega Diagnostics Gp (ODX) 9.25p £11.33m

Omega the medical diagnostics company focused on allergy, food intolerance and infectious disease, announced that it has received its first purchase order for 20,000 units of its VISITECT® CD4 Advanced Disease test (order value c. £80k) from its partner company in Zimbabwe. Whilst the VISITECT® CD4 Advanced Disease test is currently undergoing review by the UNITAID-funded Expert Review Panel for Diagnostics (“ERPD”), the order from Zimbabwe is not contingent upon conclusion of the ERPD process as this order will supply into B2B marketing channels, rather than NGOs.

Further to the announcement on 16 August 2019 which detailed the Company’s first 50,000 test order from Nigeria for its VISITECT® CD4 350 test, these recent orders demonstrate there is demand for both versions of the test and the Company is confident that demand will increase as the outstanding regulatory processes are completed.

Bacanora Lithium PLC (BCN) 34.25p £43.70m

Bacanora Lithium plc  the London traded lithium company, provides an update on its Investment Agreement and Offtake Agreement  with leading global lithium company Ganfeng Lithium Co., Ltd. (“Ganfeng” or “GFL”).  As announced on 28 June 2019, the Agreements have been submitted to the relevant authorities in China for approval and completion.  The first of the approvals, from the PRC Ministry of Commerce (MOFCOM), was received by Ganfeng at the end of July 2019 and we have now been informed that the second approval has been processed by NDRC (National Development and Reform Commission) and received by Ganfeng.  It is anticipated that the final approval from SAFE (State Administration of Foreign Exchange) will be received following a Ganfeng board meeting to be held in the coming weeks.  Bacanora will provide further updates once final approval is received.

Egdon Resources PLC (EDR) 5.10p £14.86m

Egdon Resources plc notes the announcement made this morning by UK Oil & Gas PLC (“UKOG”) concerning a two year extension of PEDL143 in the Weald Basin where Egdon has an 18.4% interest:

The UKOG release stated;

“UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Oil and Gas Authority (“OGA”) has granted a two-year extension to the initial term of the Company’s operated PEDL143 licence (UKOG 67.5%, northern Weald, “A24” prospect). The initial term will now end on 30 September 2022.

PEDL143 “A24” Prospect

The licence lies immediately to the west of the Company’s Horse Hill licences (UKOG 85.635%) and contains the significant “A24” Portland and Kimmeridge oil prospect, a direct geological look-alike to the Company’s Horse Hill oil field, situated on-trend some 8km to the east.

Tekmar Group PLC (TGP) 125p £61.59m

Tekmar Group a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services,  announced that Tekmar Energy Limited (“Tekmar Energy”) has secured two contracts within Taiwan for the supply of  its flagship cable protection system product, TEKLINK® and associated accessories.

The combined value, which is for execution and revenue recognition primarily in the current financial year ending 31 March 2020 (“FY20”), is worth circa £4m.

Kodal Minerals PLC (KOD) 0.07p £6.30m

Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project in southern Mali (the ‘Project’, ‘Bougouni’ or the ‘Bougouni Project’), provides an update on the extensive metallurgical test work programmes carried out on mineralisation at the Bougouni Project.  The test work programmes have been undertaken as part of the Company’s feasibility assessment and will be used to complete the process flowsheet for the proposed mining operation. 

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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