Small Cap Feast

Small Cap Feast – 18 May 2020

Dish of the Day:

Diversified Gas & Oil has joined the Main Market from AIM.


Off the Menu:

EIH has left AIM. Nektan has left AIM after entering administration.


What’s Cooking in the IPO Kitchen?

The pantry is empty, again!


Breakfast Buffet

Conroy Gold & Natural Resources 11.475p £3m (CGNR.L)

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on Ireland, announced that the interpretation of a ground geophysical survey, conducted by Golder Associates prior to the outbreak of Covid-19 on the Clontibret gold deposit, has identified new geological and structural features which are important in regard to controls on high gold grades within the deposit.


New geological and structural features identified

Important factors identified in relation to controls on high gold grades

Approximately 2,000m of ground geophysics completed


Altyn 1.2p £30.2m (ALTN.L)

The State Ecological Expertise Agency of Eastern Kazakhstan’s region has approved the plan of mining operations and environmental impact assessment (OVOS) of the Sekisovskoye deposit.

Specifically, these new permissions regarding environmental emissions and environmental protection measures were granted to Altyn PLC’s subsidiary Baurgold LLP for 2020-2029.

Following this approval Altyn anticipates a successful review over the coming months of addendum #8 of the subsoil contract #555 for the Sekisovskoye deposit with the Ministry of Investment and Infrastructural Development of Kazakhstan for the extension of its contract until 2030.


Oriole Resources 0.315p £2.4m (ORR.L)

Oriole has received a rebate totalling £165k from Her Majesty’s Revenue and Customs  in relation to a Research and Development tax relief claim  in respect of geoscientific advances sought by the Company through its exploration programmes. The Claim is for the year ended 31 December 2019 (the ‘Period’) and follows the Company’s successful claims for the previous three years (2016 to 2018) where it received a total of c.£145k.

The Claim submitted by the Company continues to demonstrate that it qualifies for the R&D tax relief by performing research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of future mining operations in those areas


Vast Resources 0.165p £17.7m (VAST.L)

£0.9m placing at 0.15p. The cash raised from the Placing and Subscription will be applied to provide immediate funding of  the costs of accelerating and expanding the Company’s drilling and metallurgical test work process as outlined in the Company’s announcement of 15 May and for general working capital.


Maestrano Group 1.9p £2.8m (MNO.L)

The Artificial Intelligence platform for transport corridor analytics, announced  the appointment of Mr Nicholas Wayne as Vice President Americas.


Nick was most recently a senior executive with Airbus’ Intelligence business in North America.  Nick joined Airbus in 2017 as a founding member of Airbus Aerial, a start-up SaaS company that leveraged AI and machine learning to derive insights from a combination of satellite, airplane, and drone imagery. As head of business development, Nick was responsible for all revenue generating activities as well as growing the team and the business at large.


Augean 151.5p £158m (AUG.L)

One of the UK’s leading specialist waste management businesses, announces that it has today lodged a claim with HMRC for repayment of £11.1m of Landfill Tax  including interest overpaid in relation to engineering materials used as part of its landfills cell construction (colloquially referred to as the ‘Fluff layer’).

This protects the Augean position in the light of legal challenges brought by other waste site operators that have successfully argued before the Upper Tax Tribunal that they can reclaim LFT accounted for on the ‘Fluff layer’. HMRC has challenged the Upper Tribunal decision and it is expected the matter will be heard in the Court of Appeal at a yet to be determined date. The outcome of that appeal will have a direct bearing on the claim filed by Augean.


Renalytix 345p £205m (RENX.L)

The commercial-stage artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs,   announces that it has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission relating to a proposed dual-listing and public offering of American Depositary Shares, each of which will represent one or a number of the Company’s ordinary shares, on the Nasdaq Stock Market 


Arkle Resources 0.925p £1.7m (ARK.L)

£250k placing at 0.75p. The net proceeds raised will be used for further exploration activities at the the Stonepark Zinc Project in Co. Limerick, Ireland and fund other exploration activities, including on the Company’s 100% owned gold exploration projects.


Fast Forward Innovations 6.25p £10.1m (FFWD.L)

FastForward has agreed to invest $1 million in Yooma as part of a $5 million fundraising round at a price of $0.65 per share. This follows the sale of Company’s holding in Entertainment Direct Asia (trading as ‘Yooya’) to Yooma, as announced at 23 April 2020. Following the Investment and the sale of its interest in Yooya, FastForward will hold 3,588,078 shares in Yooma, representing 10.65% of the company, with an implied value of $2,332,000 (circa £1.9 million) based on the subscription price of this $5 million fundraise. On a pro forma basis, in the year to 31 December 2019, the Enlarged Group reported revenue of $451,090, a loss before tax of $537,265 and net assets of $353,000.

Yooma’s business plan includes partnering with some of Pan-Asia’s leading social and e-commerce platforms creating the first Hemp and CBD focused lifestyle company in Asia.


Inland Homes 48p £110m (INL.L)

The brownfield developer, housebuilder and partnership housing company with a focus on the south and south east of England, announces the reopening of its sales and marketing suites from 22 May to support its ongoing online and remote sales and marketing activity. In order to ensure social distancing, visits will be by appointment only and limited to two people from the same household. Perspex screens will be installed on desks where possible and hand sanitiser, face masks and gloves made available to both staff and visitors as additional precautions. Show home surfaces such as door handles, worktops and white goods will be sanitised before and after each viewing.


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Derren Nathan
0203 764 2344

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