Small Cap Feast

12th April 2024

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Change of Market:

TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Company is listed on the premium segment of the Main market of the London Stock Exchange. The Company has announced its intention to change to the AIM market on the 3 May 2024.


Banquet Buffet

CleanTech Lithium 12.75p £18.5m (CTL.L)
The Board of Directors of the exploration and development company advancing lithium projects in Chile, has accepted the resignation from Mr Aldo Boitano as CEO and director of the Company with immediate effect. Executive Chairman Steve Kesler will serve as CEO on an interim basis. This will ensure no impact to the Company's operations including ongoing activities at CTL's most advanced development project, Laguna Verde. As Executive Chairman, Steve has been working closely with Mr Boitano and is well placed to ensure ongoing continuity and progress.

Cykel AI 9.25p £19.0m (AQSE: CYK)
The software business developing advanced artificial intelligence (AI) products, jointly announces with Mustang Energy PLC that the Takeover Panel has consented to an extension to the Deadline until 5.00 p.m.(London time) on 10 May 2024. The Deadline may be further extended with the consent of the Panel, at Cykel's request, in accordance withRule 2.6(c) of the Code. On 19 January 2024, Mustang Energy and Cykel AI announced that they had entered into a nonbinding heads of terms for Mustang to acquire the entire issued share capital of Cykel. Discussions remain ongoing and the draft prospectus for the issue of the new Mustang shares to Cykel shareholders remains in the review process of the Financial Conduct Authority.

Directa Plus 20.5p £13.5m (DCTA.L)
The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets announces the installation of GiPave® at the Imola Circuit ahead of the upcoming Emilia-Romagna Grand Prix in May 2024 as part of the Formula 1 World Championship, making it the first circuit to feature green, sustainable and high-tech asphalt utilising graphene and recycled plastics. GiPave® was developed by Iterchimica and resulted from a multi-year research programme conducted in collaboration with G.Eco of the A2A Group, the University of Milano - Bicocca, and Directa Plus.

Frontier IP 42.5p £23.9m (FIPP.L)
The Company in commercialising intellectual property announces the appointment of Jo Stent as Chief Financial Officer with effect from 22 April 2024. Jo is a chartered accountant, having qualified at Ernst & Young, and brings nearly 30 years' experience in senior financial roles across a broad range of sectors and geographies. Jo was most recently CFO at AIM quoted Argentex Group Plc, provider of bespoke currency risk management and payment solutions, from February 2021 to January 2024. She was previously Chief Financial Officer of the European Tour and Ryder Cup Europe. She is also a former CFO of Vodafone Americas and previously held senior positions at Telus Communications and Deloitte.

Marula Mining 9p £15.6m (AQSE: MARU)
The African focused mining and development company, announces that following the completion of the initial exploration program, and the assay results confirming high-grade, coarse flake and broad graphite mineralisation, at the Nyorinyori Graphite Project (Nyorinyori) and the NyoriGreen Graphite Project (NyoriGreen) (together the "Projects) in Tanzania, the Company has issued its share based consideration to Takela Mining Tanzania Limited ("TMT") and NyoriGreen Mining Limited (NML). As announced on 17 February 2023, upon the completion of the initial exploration program, Marula is required to complete a share based payment of £100k to TMT through the issue of 799,361 new ordinary shares at a price of 12.51p, which is based on the 30 day volume-weighted average price (VWAP). The Company will also complete a share-based payment of £250k to NML through the issue of 1,998,401 new ordinary shares at the VWAP of 12.51p, as announced on 28 September 2023. In aggregate 2,797,762 new ordinary shares have been issued at a price of 12.51p per share (the Milestone Shares).

Huddled Group 2.75p £8.8m (HUD.L)
The Group focused on building a portfolio of e-commerce brands announces the acquisition of online retailer Food Circle Supermarket Ltd for total consideration of up to £300,000. The Acquisition comprises the entire stock, intellectual property and website and other social channels of Food Circle Supermarket. Food Circle is complementary to the Group's Discount Dragon business and is the next step in the Group's strategy to build a portfolio of e-commerce brands. Aligned with Discount Dragon, Food Circle reduces food waste and surplus food through the sale of discounted and short - dated stock. Food Circle delivered unaudited revenue of £1.4m and a small net loss of £46k for the year ended 31 December 2023.

Oxford Cannabinoid Technologies * 0.335p £3.6m (OCT.L)The clinical stage biopharmaceutical company focused on the development and commercialisation of innovative cannabinoid medicines announced yesterday that, through its subsidiary, OCT Victoria Pty Ltd, it has entered into agreement with iNGENū CRO Pty Ltd, to conduct a Phase I randomised, double-blind, placebo-controlled dose escalation study to evaluate the safety, tolerability and pharmacokinetics of OCT130401. iNGENū is
an Australia-based, globally focused contract research organisation possessing extensive experience working in the cannabinoid pharmaceutical drug development and clinical research industry. OCT130401 is a combination of synthetic phyto cannabinoids (pCBs) and a medical device for the effective, safe, and non-addictive treatment of chronic and severe pain conditions. The initial target for OCT130401 is trigeminal neuralgia (TN), a chronic pain condition that causes an excruciating, stabbing, electric shock-like facial pain.

Premier African Minerals 0.185p £51.5m (PREM.L)
The Company announces that following strong institutional interest following the funding announced on 11 April 2024, the Company has agreed to accept a further subscription of 588,235,294 new ordinary shares to raise approximately £1m before expenses at the same issue price of 0.17p per new ordinary share, primarily for the Zulu Lithium and Tantalum Project. Application will be made for the Subscription Shares to be admitted to trading on AIM and admission is expected to take place on or around 19 April 2024.

R&Q Insurance 3.005p £11.2m (RQIH.L)
The global non-life specialty insurance company announced that it has reached an agreement for Obra Capital, Inc. (together with its affiliates and funds/clients advised by Obra Capital Management, LLC, collectively "Obra") to acquire all of the interests held by R&Q and its affiliates in the Joint Venture between Obra and R&Q, Sag Main Holdings LLC (the JV). Under the terms of the transaction agreements with Obra, R&Q Solutions LLC and R&Q Re (Bermuda) Ltd. will transfer their collective 49% interest in the JV to Obra. The fee income received by R&Q in 2023 was $7m. As consideration, R&Q will receive from Obra cash of $27m alongside the transfer and delivery of $3m of preference shares held by Obra in Randall & Quilter PS Holdings Inc. Meanwhile, based on preliminary and unaudited information R&Q anticipates that it will realise a significant pre-tax loss for the year driven by the adverse development in Legacy and a material increase in corporate costs in relation to the Sale of Accredited.

Tern 2.55p £10.4m (TERN.L)
The investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, announces that it has raised £420,000, before expenses, through a placing of 17,500,000 new ordinary shares at a price of 2.4p per new Ordinary Share. The Issue Price represents a discount of approximately 30.4% to the mid-market closing price of 3.45p per Ordinary Share on 11 April 2024. The net proceeds will be used to provide the Company with funds to invest in Wyld Networks, through the exercise of warrants held by the Company, and to invest further in one or more of Tern's portfolio companies and for general corporate purposes.

12 April 2024
*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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