Small Cap Feast

13th July 2023

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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 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.

Breakfast Buffet

Anglo Asian Mining 82p £93.7m (AAZ.L)
The gold, copper and silver producer focused in Azerbaijan, provides a production, sales and operational review for the three months to 30 June 2023 (Q2 2023) and six months to 30 June 2023 (H1 2023). Total production was 23,391 gold equivalent ounces (GEOs) in H1 2023 (H1 2022: 28,722 GEOs) and 12,422 GEOs in Q2 2023 calculated using actual metal prices. Copper production increased to 1,860 tonnes in H1 2023 (H1 2022: 1,283 tonnes) and rose by 42% in Q2 2023 to 1,013 tonnes (Q2 2022: 715 tonnes). The Company held cash of $9.4m at 30 June 2023 (31 March 2023: $10.7m), with inventory valued at $8.9m.

Conroy Gold and Natural Resources 13.25p £6.3m (CGNR.L)
The mineral exploration and development company focusing on Ireland and Finland announces assay results from six shallow drill holes (totalling c.98m) at the Company's Creenkill gold target in its Mines Royal (Newtownhamilton) option, located in County Armagh, Northern Ireland. Intercepts from the initial six shallow drillholes include: 0.50m @ 11.5 g/t Au, 1.20m @ 3.8 g/t Au (including 0.90m @ 4.7 g/t Au), 0.35m at 3.1 g/t Au, 0.35m @ 2.4 g/t Au, 0.25m at 1.4 g/t Au, and 0.50m @ 0.3 g/t Au. The drilling results reported form part of an on-going overall technical assessment, incorporating drilling together with extensive soil and deep overburden sampling and geophysics, across both gold trends in the Longford-Down gold district.

Corero Network Security 6.85p £34.3m (CNS.L)
The provider of distributed denial of service (DDoS) protection solutions, provides a trading update for the six months ended 30 June 20231 (H1 2023). Revenues are expected to increase 20% to approximately $10.6m (H1 2022: $8.8m). The Company expects to report an adjusted EBITDA profit for H1 2023 of c. $0.2m (H1 2022: $0.0m). Gross cash balance as at 30 June 2023 was $6.2m (31 December 2022: $5.6m; H1 2022: $7.5m). The Company used its strong balance sheet position to repay in full its bank term loan facility early, which will result in a saving in financing costs in H2 2023. The Group has traded in line with management expectations.

Ilika 33p £52.4m (IKA.L)
The developer in solid-state battery technology, announces its results for the year ended 30 April 2023. Turnover was £0.7m (2022: £0.5m) with other income of £0.1m (2022: £0m) giving a total income of £0.8m. EBITDA loss adjusted for share-based payments for the year of £7.0m (2022: EBITDA loss of £6.4m). Cash equivalents and bank deposits were £15.9m (2022: £23.4m). During the period, Ilika has been awarded £2.8m of funding from the Faraday Battery Challenge to lead an £8.2m programme to develop high-silicon anode Goliath batteries, supported by BMW and WAE. In addition, the Company has entered into memorandum of understanding with Cirtec Medical LLC in which Ilika will develop and license Stereax technology to Cirtec for manufacturing and commercialization.

Kibo Energy* 0.055p £2.1m (KIBO.L)
The renewable-energy-focused development company announced yesterday that its subsidiary Mast Energy Developments (MED), has finalised and entered into a definitive and binding Joint Venture Agreement with an institutional investor-led consortium (led by Seira Capital) as previously announced in a MED RNS dated 18 May 2023. Under the agreement, the Institutional Investor will inject all required capital into the joint venture, with an expected total investment value of c. £31m, with no funding contribution from MED. MED will provide the required portfolio of low-carbon flexible gas generation peaker plants totalling a combined generation output of up to c.33 MW to be developed and/or acquired within the next 12 months.

musicMagpie 15.5p £16.7m (MMAG.L)
The circular economy company specialising in refurbished consumer technology, announces its unaudited interim results for the six months ended 31 May 2023. H1 2023 revenue was £61.9m, down 13% (H1 2022: £71.3m), with Adjusted EBITDA of £2.8m, up 7.7% (H1 2022: £2.6m). Gross margin increased 3.1% to 29.7% driven by a combination of direct from consumer product sourcing. Net debt was £13.6m (30 Nov 2022: £7.8m), consistent with Board expectations. Cost reduction measures reduced overheads by £0.8m in H1 2023 versus H1 2022 and the Board is confident of the Group meeting its full year expectations.

Proton Motor Power Systems 8.5p £132.1m (PPS.L)
The designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, announces that it has received a follow-on order from DB Bahnbau Gruppe GmbH, a subsidiary of Deutsche Bahn AG, the operator of the German Rail network, for a fuel cell system based on the Company's standard HyModule® S8. Once supplied, the system will be used for application fuel cell substitute power supply for rail infrastructure. Proton anticipates that the system will be delivered in the first quarter of 2024 with revenues being recognised in that year.

System1 Group 165p £20.9m (SYS1.L)
The Creative Effectiveness Platform that harnesses the power of emotion to drive profitable growth for the world's leading brands, announces a trading update for the quarter ended 30 June 2023 (Q1). Predict Your (data) revenue grew by 36% to £4.0m, and Improve Your (data-led consultancy) revenue increased by 15% to £0.9m, bringing total platform revenue to £4.9m, up 32%. Total Group revenue grew by £0.9m (18%) to £6.2m. The Company published and road-showed at Cannes and MADfest London four separate thought leadership pieces on creative effectiveness in collaboration with four new partners including Pinterest, Finecast, Teads and JCDecaux.

Trinity Exploration & Production 74.5p £28.6m (TRIN.L)
The independent E&P company focused on Trinidad and Tobago, announces that the Jacobin well is currently being sidetracked, with drilling in progress. Trinity is also announces that the Lower Cruse section drilled so far demonstrates the presence of multiple oil-bearing sandstone reservoirs. The Jacobin well was drilled to 9,325 ft at which depth unexpected wellbore conditions prevented further progress, necessitating a sidetrack. This is being effected immediately and the well will continue to drill ahead to the planned depth of approximately 10,000 ft, which is expected to be achieved in two weeks.

UK Oil & Gas Investments 0.0575p 12.1m (UKOG.L)
The UK-based oil and gas exploration and production company announces that the Avington Joint Operating Committee has now formally agreed to restart oil production at the field. Prior to its 2017 shut-in, the field had produced 0.276 million barrels of an estimated mid case of 59 million barrels of original oil in place (OIP), a recovery factor of only 0.47%. Avington operations will recommence via a workover of Avington-3z, the field's best performing well, which came on stream in 2007 and accounts for around 81% of produced oil.

13 July 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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