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.
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.
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This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
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This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
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This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
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