Small Cap Feast

12th March 2024

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Banquet Buffet

Andrada Mining 4.7p £74.3m (ATM.L)
The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provided an update. The expansion of Tin production is anticipated to increase revenue by up to 75% and continue to reduce the AISC of the mining operations. Furthermore, the Tantalum revenue is estimated to be between 3% and 5% of total group revenue at steady state production, with more than 90% of the tantalum revenue captured in the mine EBITDA. The Company’s indicative, non-binding offers for a partnership interest at the Lithium project level have been received and discussions with potential partners are progressing well.

Arc Minerals 1.8p £22.2m (ARCM.L)
The company announces that Bookbuild has now closed and the Company has raised approximately £4.14m in aggregate (before expenses) through the placing of 209,999,995 Placing Shares at the Issue Price of 1.8p and a subscription of 19,777,775 Subscription Shares at the Issue Price of 1.8p. As part of the Fundraise, the Company will also issue 229,777,770 Warrants, in the ratio of one warrant for every one new Ordinary Share subscribed. The net proceeds of the Fundraise will be used to progress the Company's Botswana exploration programme; to assess potential new licence areas in Zambia, and, if a target licence area is identified, to fund the associated due diligence, costs of acquiring the licence and any initial work programmes; and for working capital purposes.

Aquis Exchange 352p £96.9m (AQX.L)
The real estate investment company Martley Capital founded by Richard Croft, is working with London-based Aquis Exchange, to establish a new segment of the Aquis Growth Market dedicated to trading in real asset backed investments. The new real assets segment, called Aram, or Aquis Real Asset Market, will, subject to regulatory approval, launch in the second half of the year and will be open to companies owning commercial real estate, other real assets including infrastructure, land and forestry, and debt products in these sectors.

CAP-XX 0.425p £3.1m (CPX.L)
The design and manufacture of supercapacitors and energy management systems Company announces that Mike Taylor has decided to retire from his role as Chief Financial Officer of the Company and will be leaving CAP-XX on 15 March 2024. Mr Taylor's responsibilities will be assumed by Ruvina Dissanayake who joined the Company as Financial Controller on 11 March 2024. Ms Dissanayake has a wealth of finance and accounting experience in a range of businesses, including those in the pharmaceutical, mining, construction and tertiary education sectors.

*Crossword Cybersecurity 4.5p £4.2m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk announces that the Company is issuing 7,749,226 new ordinary shares of 0.5p each in respect of the second anniversary deferred acquisition of £450k for the acquisition of Threat Status Limited (announcement dated 14 March 2022). The consideration shares, which are subject to a 12 month lock-in, have been issued at the preceding three-month average price of 5.81p per share. In addition, £125k consideration is payable in cash. Total consideration payable on the second anniversary following completion is £575k, as previously announced.

Ebiquity 37p £50.4m (EBQ.L)
The Company which is in media investment analysis announces a trading update for the financial year ended 31 December 2023. For the year ended 31 December 2023 Group revenue is expected to have grown by 7% to £80.2m (2022: £75.1m). Furthermore, adjusted EBIT is expected to have increased by 31.0% to £12.0m (2022: £9.2m). Net debt as at 31 December 2023 was £11.9 million (including cash balances of £10.0 million) with undrawn facilities of £7.1 million. Outlook for 2024 is one of continued profitability progress.

Fonix Mobile 255p £254.7m (FNX.L)
The mobile payments and messaging company announces its unaudited interim results for the six months to 31 December 2023. Gross profit increased by 17.9% to £9.2m (H1 FY23: £7.8m). The adjusted EBITDA increased 17.7% to £7.3m (H1 FY 23: £6.2m). Furthermore, underlying cash at period end increased 33.3% to £11.2m (H1 FY23: £8.4m). The second half of the year has started strongly with performance in line with recently upgraded expectations.

Haydale Graphene Industries 0.51p £9.2m (HAYD.L)
The global technology solutions group announces its unaudited interim results for the six months ended 31 December 2023. Group Revenues increased by 38% to £2.47 m (H1 FY23: £1.78 m). Adjusted operating loss for the Period of £1.61m (H1 FY23: £1.89m). Furthermore, Cash at Period end of £3.3m (31 December 2022: £2.97m). A cost savings plan is in progress to further hone operations.

*One Heritage 12.5p £4.8m (OHG.L)
The residential developer focused on the North of England announces the practical completion of North Church House, Sheffield, a residential redevelopment comprising 58 one and two bed apartments of a seven storey former office building in Sheffield City Centre. The Company has taken the decision to cease providing in-house construction services to both its direct development and development management projects in favour of the appointment of a fixed-price principal contractor.

PCI-PAL 57p £37.4m (PCIP.L)
The global cloud provider of secure payment solutions announces today its intention to conduct a fundraising to raise gross proceeds of up to approximately £3.5m through a placing of new ordinary shares of 1p each in the capital of the Company by way of an accelerated bookbuild. Proposed Placing of up to 6,250,000 Placing Shares at a fixed price of 56p per Placing Share is to raise gross proceeds for the Company of up to £3.5m. The net proceeds of the Placing received by the Company will be used to: provide further capital for the Company's continued expansion in the US with a focus on marketing, product marketing and driving more engagement with key partners.

12 March 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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