Small Cap Feast

10th July 2023

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Dish Of The Day:

No joiners today.

Xpediator Plc has left AIM.

Early Equity Plc has left the AQSE Growth Market.

What’s Cooking In The IPO Kitchen?

Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023.

Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023.

Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.77m. Expected Admission date is 17 July 2023.

Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the Access Segment of the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

CAB Payments Holdings Limited, a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets is joining the Premium Segment of the Main Market on around 11 July. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. CAB Payments has set an offer price of 335p per share, which will give it a debut market cap of £851.4m.

Breakfast Buffet

Artemis Resources 1.1p £16.3m (ARV.L)
The mineral and mining exploration Company reports that lithium pegmatites have been identified on the Osborne Joint Venture (Greentech Metals Ltd 51% / Artemis Resources 49%). Further work is planned on the Joint Venture tenement with sampling and mapping aimed at identifying the full extent of the mineralised pegmatite zone and the consistency of the lithium minerology and grade.

Beowulf Mining 1.63p £18.8m (BEM.L)
The mineral exploration and development company focused on the Kallak magnetite iron ore project in northern Sweden, its graphite projects in Finland, and on gold and base metal exploration in Kosovo, announces that Mikael Schauman has been appointed to the Board as Non-Executive Director. Mikael Schauman, a Swedish national, has been involved in base metals for the past forty years and holds a BSc in Finance from Stockholm School of Economics.

Cordel Group 6.25p £12.4m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announces an extension to its existing clearances contract with the Australian Rail Track Corporation (ARTC) taking the terms of the engagement to 31 August 2024. The original contract was signed on 6 January 2020 and then extended on 26 November 2020, for the period to 30 June 2023. As part of the approval, Cordel has deployed additional services such as point cloud classification, advanced structure gauge assessments, track spacing and centreline reports, with a continuous commitment to extend the capabilities of automated unattended capture systems using AI and machine learning at scale.

Crossword Cybersecurity* 7.5p £7.0m (CCS.L)
The software and services company focused on cyber security and risk announces that it has published and is posting to shareholders a circular convening a general meeting to take place on 27 July 2023. Previously, the Company announced that it will need to raise additional capital later this year as it continues to progress towards cash break-even. As part of the preparation for any such raise the Board has noted that the Group is restricted in its borrowing to £2m under its Articles. The Group currently has borrowings of £2m and as such proposes to raise this limit. At the general meeting, a resolution will be proposed to amend the Articles to allow the Group to incur debt up to £4.5m, in aggregate.

Deltex Medical Group SUSPENDED (DEMG.L)
The global leader in oesophageal Doppler monitoring announces the UK and EU launch of its new next generation TrueVue System. The launch follows the independent review of the electromagnetic compatibility (EMC) report on the new TrueVue monitor as well as the subsequent finalisation of the technical file, as referred to in the Group's announcement on 6 July 2023. With the new next generation TrueVue System now CE marked and released in the UK and EU, the Group is now able to deploy the device for in-hospital evaluations, to ensure that there are no teething issues with the launch, and will not fulfil any orders until this is completed. It is anticipated that this will take approximately three months and therefore the Group is forecasting revenue from new monitor sales to commence in November 2023. This is normal practice for any medical device, as it is not permitted to use a device in a hospital unless it has been CE marked. The company requested suspension pending clarification of its financial position on the 26th June 2023.

Hornby 17.5p £29.7m (HRN.L)
The international models and collectibles Group announces that it has acquired a 25% share in Warlord Games Limited (Warlord), based in Nottingham, for cash consideration of £1.25m. Hornby has the option to acquire a majority stake in Warlord on or around the second anniversary of this initial acquisition and then to acquire any remaining shares in Warlord on future anniversaries. The acquisition is being funded by an increase in the Phoenix loan. Phoenix UK Fund Limited, the Company's subordinated lender, has agreed an extension to the term and the amount of its existing secured credit facility. The Facility is being extended from £9m to £11.25m and the term extended by 12 months to 31 December 2024. Other terms of the Facility remain unchanged. All advances made under the Facility become due and payable in December 2024 with interest charged at 5% plus SONIA on funds drawn and the higher of 1% or SONIA on undrawn funds.

Lexington Gold 6.25p £17.7m (LEX.L)
The gold exploration and development company with projects in North and South Carolina, USA, announces that the Company has raised, in aggregate, gross proceeds of approximately £2.5m at 6 pence per share for its conditional acquisition of a 76% interest in White Rivers Exploration Proprietary Limited (WRE), an exploration and development company with significant gold assets in South Africa, announced on 15 May 2023. The fundraise represents a 2% discount to the closing middle market price on 7 July 2023. In addition, outstanding loans of US$150k due to the Company's Chairman, Edward Nealon, and £300k due to Mark Creasy have been settled in new equity on the same terms as the fundraising in order to conserve the Company's working capital.

Panthera Resources 6.75p £10.3m (PAT.L)
The gold exploration and development company, with gold assets in West Africa and India, advises that the Company and its joint venture partner, DFR Gold Inc (DFR) have commenced a drilling programme on the Kalaka Project in Mali. The Drilling Programme will target extensions of the K1A prospect together with several new targets that extend to the north. Two drill holes will complement existing diamond and reverse circulation (RC) drilling at the K1A mineralisation and be utilised for resource estimation and metallurgical testing. Step-out drilling on the northern two thirds of strike potential of this prospect targeting the untested interpreted geophysical mineral trend. The programme of in-fill drilling at the K1A prospect, may, if results are positive, provide sufficient data to report a maiden Mineral Resource estimate under either JORC or NI43-101.

Tissue Regenix Group 52.5p £36.9m (TRX.L)
The regenerative medical device company announces that it has signed an exclusive distribution agreement with Joint Operations Ltd, a distribution business in the UK supplying numerous products to treat joint injuries and help to preserve the joints of the body, for the distribution of the Tissue Regenix OrthoPureXT product in the United Kingdom. The initial agreement is for 3 years, subject to annual purchase minimums, and Joint Operations will add OrthoPureXT to its portfolio of products. The OrthoPureXT decellularised xenograft ligament utilises Tissue Regenix’s reconstruction procedures on the market.

Totally 12.88p £25.3m (TLY.L)
The provider of frontline healthcare services announces its preliminary results for the 12-month period ended 31 March 2023. Total revenue increased 6.5% to £135.7m (2022: £127.4m); electives care revenue increased to £35.2m (2022: £17.8m); urgent Care revenue decreased to £98.8m(2022: £109.2m) as four contracts in North West London came to an end; and Corporate wellbeing revenue came in at £1.7m (2022: £0.3m). Underlying EBITDA increased 11% to £6.9m (2022: £6.2m), excluding £0.6m in exceptional items and profit before tax grew to £1.8m (2022: £1.3m). Gross cash as at 31 March 2023 was £6.5m (31 March 2022: £15.3m). The Board anticipates revenue in the year ahead to be lower than in the period to 31 March 2023. EBITDA is expected to be marginally below, reflecting improved margin driven by higher volumes in elective care, and the continued management and reduction of overhead spend.


10 July 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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