Small Cap Feast

Small Cap Feast – 29 July 2020

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What’s Cooking in the IPO Kitchen?

AEX Gold (TSXV:AEV) is intending to admit its shares to AIM alongside a £45m placing. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a high-grade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 ounces of gold, which covers the area in and around the historical mine.  Due 31 July.  Current mkt cap C$66.7m.

 

Breakfast Buffet

Cadence Minerals 10p £12.9m (KDNC.L)

Notes that Macarthur Minerals (TSX-V: MMS) (ASX: MIO)  (Cadence 2.7%) continues its progress towards a route to market for its flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, with the engagement of RCR Mining Technologies Pty Ltd (“RCR MT”) to provide a conceptual engineering and design solution for rail transport and unloading infrastructure of magnetite concentrate at the Port of Esperance. RCR MT has been engaged to examine the potential to use cutting-edge rail unloading technology that has been successfully used in Scandinavian magnetite operations for several years.

 

Cloudcall 79p £30.6m (CALL.L)

The integrated communications company that provides unified communications and contact centre software that tightly integrates with Customer Relationship Management (“CRM”) platforms, announces it has a new, enhanced integration with its’ existing partner, TrackerRMS.

CloudCall’s enhanced integration with TrackerRMS adds new SMS features to its’ existing portfolio of services, including one-to-one messages, broadcasts and templates, as well as intelligent dialling capabilities and CloudCall Chat. This updated offering now gives thousands of TrackerRMS users globally the ability to benefit from CloudCall’s integrated services, to increase value from their CRM.

 

Rockfire Resources 1.775p £13.4m (ROCK.L)

Net placing of £1m at 1.625 pence per Placing Share, in-line with the Volume Weighted Average Price (“VWAP”) for the ten day period prior to this announcement of 1.628 pence.  The net proceeds of the Placing provide the Company sufficient funding to expand its drilling programme at Plateau, should a main gold mineralised zone be encountered in the current drilling programme. The Company remains a focussed, results-driven explorer, and proceeds from the Placing ensure that the Company has funding in place to target a large gold mineralised system.

 

Sunrise Resources 0.195p £6.46m (SRES.L)

Further to its announcement of 24 June 2020 the Company announced the issue of the mine permit for its CS Perlite-Pozzolan Project in Nevada, USA.

 Ø Environmental Assessment Final – Federal Bureau of Land Management (BLM) delivers a “Finding of No Significant Impact” (FONSI).

  BLM Decision Record (Mine Permit) issued thereby authorising: · Mine Plan of Operations (“the Plan”); · Production of up to 1,656,000 tons of perlite and 14,523,000 tons of natural pozzolan; and  Rights of Way for water well site and access development.

 Perlite and natural pozzolan now permitted as locatable minerals – No Federal royalty payable. Project to move into trial mining stage, detailed engineering and financial modelling/mine finance evaluation.

 

Immotion 2.7p £10.25m (IMMO.L)

Immotion Group, the UK-based immersive entertainment group is pleased to update the market on current trading.

“We are pleased to report that a growing number of our partner sites are starting to re-open and many are already operating our VR installations.  We are delighted to announce that our largest installation to date, the ‘Ocean Explorer’ Immersive Theatre at Shark Reef Aquarium, Mandalay Bay Resort & Casino in Las Vegas, is expected to open within the next seven days.

 Whilst many partners are still working their way through the social distancing rules and are operating at reduced capacity, we are starting to see encouraging levels of revenue being generated. We are delighted that consumers appear to have appetite for our experiences, with a number of sites showing very high levels of utilisation.”

“In the UK we have seen brisk trade at our own ImmotionVR centres, and whilst operating on reduced opening hours, both bookings and revenue are very encouraging. Sea Life Blackpool opened last week with the site showing very high levels of utilisation. “

 

Plexus Holdings 13.25p £13.3m (POS.L)

The oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time and cost saving capabilities, has been awarded a purchase order for a POS-GRIP surface production wellhead system from Spirit Energy. 

 

The order from Spirit Energy includes Plexus’ POS-GRIP 5,000psi leak proof “HG” metal to metal sealing surface production wellhead and associated spares and equipment for a new gas well in the UK North Sea. Under the terms of the contract, Plexus will receive milestone payments following the date of the signing of the purchase order through to completion. The wellhead is scheduled for delivery to Spirit Energy in February 2021. The contract is expected to have a duration of approximately 120 days, with most of the revenues to be booked during the Company’s 2020/21 financial year.

 

MySale 6.225p £52.3m (MYSL.L)

The international online retailer, provided  a trading update for the 12 months to 30 June 2020.

Highlights:

  • Revenue of A$131m, in line with management expectations, following strong Q4 trading
  • Positive underlying EBITDA in Q4 and cash flow positive
  • Significant reduction in cost base (FY20 $A49m versus FY19: $A91m)
  • Net cash position of $A6.6m. Debt free

 

LoopUp Group 210p £114m (LOOP.L)

LoopUP  announced a major extension to its flagship solution, LoopUp, to include global cloud voice services via Direct Routing integration with Microsoft Teams, alongside its premium remote meetings capability. This enables users to make and receive outbound and inbound voice calls directly from their Teams user interface on any device, irrespective of geographic location, and with differentiated audio quality, reliability and security. This marks the official launch of the new scope to LoopUp, which has to date been available on a limited geographic basis.

 

Draper Esprit 521p £620m (GROW.L)

Investment and exit update

 

  • Disposal of holding in TransferWise for ~£18m as part of a secondary share sale at increased fair value
  • Fair value uplift of ~£12m as a result of UiPath Series E funding round
  • Led $20 million Series C investment in Ravelin. a fraud detection company. Ravelin has pioneered the use of machine learning and graph network technologies to help online businesses accept more payments with confidence.

 

Online Blockchain 20p £1.7m (OBC.L)

The Board of Online Blockchain  notes the recent rise in the Company’s share price and trading volumes.

 Online develops new blockchain-based products, all of which, as previously reported, remain in the early stages of development. The most recent product launched for beta testing on 27 July 2020 is PTC.Network , an advertising network that distributes advertisements through PTC (“Paid-to-Click”) advertising websites. Initial traffic to the site has amounted in total to 87,832 unique user visits. Shareholders should note that the development of PTC.Network is only at the initial beta testing stage of development and therefore it is too early to determine how longer term traffic (and in time sales) may develop.

 There have been no other corporate developments since the publication of the interim results on 25 March 2020. Further updates will be provided as and when appropriate in due course.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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