Small Cap Feast

13th February 2023

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Morses Club (MCL) has left AIM.

What’s Cooking In The IPO Kitchen?

Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected 14 February 2023, raising at 17.5 pence per Ordinary Share to raise gross proceeds of £3m.

Breakfast Buffet

Active Energy Group 4.25p £6.9m (AEG.L)
The international biomass based renewable energy business, announces that it has been awarded multiple patents for turning forest waste into clean energy. The award of three new patents builds on the successful receipt of the Malaysian patent for CoalSwitch® also awarded in United States in 2020 for the manufacturing and production of CoalSwitch® and in Canada in 2021 for beneficiating and cleaning biomass. CoalSwitch® has been shown to reduce CO2 emissions by up to 99%. The Company continues to file further patent applications globally.

Bidstack Group 1.8p £23.4m (BIDS.L)
The native in-game activation platform, announces a trading and operational update. Unaudited gross billings, including all revenues and Azerion minimum revenue guarantee invoiced for FY22, were c.£9.3m (FY21: £2.6m), in line with its contractual arrangements previously indicated. The group announced cash balances up 21% at £8.7m (FY21: 7.1m). In October 2022, Bidstack Group raised proceeds of c.£10.5m, including a significant investment by Irdeto B.V., a world leader in digital platform cybersecurity, taking a 13.5% stake in the Company. The Board currently expects FY23 revenue to increase more than previously expected.

Brickability 74.7p £224.2m (BRCK.L)
The leading construction materials distributor, announces a trading update for the financial year ended 31 March 2023. Following the release of the interim results ended 30 September 2022, the Board expects to report an adjusted EBITDA of £47m for the full year ahead of current market expectations. Whilst mindful of the short term impacts and challenging macro-economic environment, the Board remains confident that the Group will continue to deliver on its strategic objectives and the underlying growth of the business.

Drumz 0.85p £3.6m (DRUM.L)
The investing company focused on software businesses announces that Acuity Risk Management Limited (25% owned by Drumz) has won contracts with two significant new customers to use its software platform, STREAM® Integrated Risk Manager. The first contract win is with a North American bank to improve its enterprise risk management and the second is with a leading European provider of public cloud and cybersecurity solutions to manage its IT and cybersecurity risk. The aggregate initial order value for these two contracts is c.£300k over three years.

Mkango Resources 12.75p £27.6m (MKA.L)
The Group focused on developing new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies announces that it has conditionally raised gross proceeds of £3.5m via a placing and subscription at a share price of 12.5p, a discount of 21.3%. The Company intends to use the net proceeds to provide matched funding to unlock grants for HyProMag GmbH, enabling progression to first production in Germany, costs associated with finalising the Mine Development Agreement and Mining Licence for the Songwe Hill Rare Earths Project in Malawi, and for working capital.

MYCELX Technologies 32.5p £7.5m (MYX.L)
The clean water and air technology company provides an update on its operational momentum, including the award and extension of contracts in the Middle East. MYCELX has secured its second REGEN sale to another National Oil Company in the Middle East for water treatment during Enhanced Oil Recovery (EOR) production. REGEN projects place MYCELX at the forefront of produced water treatment for EOR water and follow extensive technology evaluations. These projects are expected to, in aggregate, contribute $2.3m in revenue this year, underpinning the 2023 revenue forecast. The Company remains on track to meet its current financial guidance for 2023.

Polarean Imaging 36.0p £76.7m (POLX.L)
The medical imaging technology company announces that following the approval by the U.S. Food and Drug Administration (FDA) for its drug device combination product, XENOVIEW and using its current cash resources, the Group aims to maximise commercial sales of XENOVIEW, in addition to the pursuit of collaborations with pharmaceutical companies, magnetic resonance imaging companies, and other strategic partners. The Company finished 2022 with c.$16m in cash, expected to fund the company until May 2024. The Company will continue its dialog with the FDA for regulatory approval of the next indications of XENOVIEW.

Scancell Holdings 19p £154.9m (SCLP.L)
The developer of novel immunotherapies for the treatment of cancer and infectious disease, announces preliminary immunogenicity data from its Phase 1 COVIDITY clinical trial. The data showed that neutralising antibodies were induced as well as T cell responses to both the receptor binding domain of the spike protein and the nucleocapsid antigen. The seroconversion rate (the level of detectable antibodies in the blood due to vaccination) was 67% following SCOV1/SCOV2 vaccination. These positive results demonstrate that SCOV1 and SCOV2, delivered via PharmaJet's needle-free injection device, induce immune responses in naïve participants with no safety concerns.

Shanta Gold 11.25p £118.3m (SHG.L)
The East Africa-focused gold producer, developer and explorer, provides a update on the construction at the Singida Gold Project (Singida) in Central Tanzania. Overall construction activity is 93% complete. Essential equipment for operation of the gold mine is now delivered. The stockpile of crushed ore has now reached 32,300 tonnes equal to over one month of supply, de-risking the ramp-up period of operations. Hot commissioning of the full process plant is planned for March 2023. Shanta welcomed back George Kondela, new General Manager of Singida, in January 2023 to lead the Singida Gold Mine. George is a Tanzanian national with 24 years of mining experience and is a trained geologist.

Trellus Health 8.5p £13.7m (TRLS.L)
The company commercialising a scientifically validated, personalized self-management solution for chronic health conditions at their intersection with mental health, announces that the Trellus Resilience Training and Self-Management Solution for Inflammatory Bowel Disease will be made available under an initial demonstration project with a New York-based health insurance company with more than 1.8 million members. The insurance company will pay for members' enrolment, with a targeted maximum of 50 patients. It will run for an initial 12-month term and can be extended by mutual agreement, with patient enrolment to begin imminently.

13 February 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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