Small Cap Feast

13th October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 11 October: Cykel AI, the company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO. Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM 18 October.

Breakfast Buffet

Canadian Overseas Petroleum 1.92p £14.3m (COPL.L)
An international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, COPL confirms the receipt of US$4m at 2.6p per share to conclude the financing announced on October 6, 2023. As part of the Company's liquidity management and in conjunction with the terms of the financing COPL will be settling amounts owed to various creditors in shares over the coming weeks.

Celadon Pharmaceuticals 125p £66.7m (CEL.L)
A UK-based pharmaceutical company focused on the development, production and sale of cannabis-based medicines, announces it has raised £1m through a placing and subscription of new ordinary shares, to be issued at 125 pence which represents a discount of approximately 2 per cent to the previous day closing share price of 128 pence per share on 12 October 2023. The net proceeds will provide the Company with additional working capital for at least 12 months.

Christie Group 14.75p £25.9m (CTG.L)
The company that offers a portfolio of professional business services for the leisure, healthcare, education, retail and care sectors, reports a return of more normalised levels of exchange and invoicing activity in its agency and advisory business. The improved invoicing level is anticipated to continue for the remainder of the year. However, there continues to be unpredictability in the precise dates of transactions. As a result, the Board believes some transactions scheduled to complete during 2023 are likely to be delayed into 2024. The Board now prudently anticipates that the second half performance is likely to result in a full year operating profit before exceptional items of between £0 and £1.0m.

Digitalbox 3.25p £3.8m (DBOX.L)
The mobile-first digital media business announces that, further to its announcement on 30 May 2022, it has completed the acquisition of the web and mobile platform assets of Limited ( alongside the Amazon Alexa TV Guide skill (Acquisition) for a total cash consideration of £470k. The Consideration is 15% less than previously announced. Following the £20k consideration paid at exchange, the remaining consideration will be via a payment of £270k on completion and a deferred payment of £180k after four months. The Consideration is being funded through Digitalbox's cash reserves which stood at c.£2.3m at 30 June 2023.

Loungers 187.5p £194.4m (LGRS.L)
An operator of all-day café/bar/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, announces a trading update for the 24 weeks ended 1 October 2023 (H1 FY24). The Group has delivered one year like-for-like sales growth of 7.7%. Total revenue for H1 FY24 was £149.6m, up 22.3% (H1 FY23: £122.3m). The Group’s balance sheet stands with non-property net debt at 1 October 2023 of £14.3m (2 October 2022: £9.5m). The Group has opened 16 new sites during H1 FY24 (H1 FY23: 11 new sites), taking the portfolio to 238 sites as at 1 October 2023

Mirriad Advertising 1.95p £9.5m (MIRI.L)
The in-content advertising company announces it has appointed Nicholos (Nic) Hellyer as Chief Financial Officer designate. Nic will join the Company's board of directors in November 2023. Nic joins the Company with over 30 years of financial and listed company experience, having held various senior banking director and CFO roles. David Dorans, current Chief Financial Officer, remains with the Company to undertake an orderly handover and ensure a smooth transition to the new structure.

Ondine Biomedical 8p £15.6m (OBI.L)
A Canadian life sciences company announces that its product Steriwave® nasal photodisinfection for the prevention of healthcare-associated infections (HAIs) is now available in hospitals across Canada. The latest hospital to implement Steriwave for its orthopedic surgery patients is the Queen Elizabeth II Health Sciences Centre in Halifax, affiliated with Dalhousie University and the largest hospital in Nova Scotia, located on Canada's East Coast.

Rockfire Resources SHARES SUSPENDED (ROCK.L)
The base metal, gold, and critical mineral exploration company, announces that the Company has commenced drilling at its 100%-owned Molaoi zinc deposit in Greece. The drilling programme, consists of 5 holes, designed to replicate several historical drill holes to establish a confidence in the positioning of the historical drill holes. This is expected to enable its Inferred Resources to convert to Indicated Resources, which can then be used in the Feasibility Studies.

TomCo Energy 0.065p £2.0m (TOM.L)
The US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that the Company has raised gross proceeds of £100k by way of a subscription for new ordinary shares at 0.08 pence per share (Subscription). The Subscription price represents a premium of approximately 45.5 per cent. to the mid-market closing price on 12 October 2023, The Subscription has been undertaken to provide additional funds to cover the Company's anticipated expenditure as it seeks to progress its plans for its wholly owned subsidiary, Greenfield Energy LLC.

UK Oil & Gas Investments 0.0295p £6.5m (UKOG.L)
The UK-based oil and gas exploration and production company announces that Aladdin Middle East, the Pinarova-1 operator, has advised the resumption of testing operations within the Germik/Hoya sequence, utilising a larger and more powerful 7-inch perforating guns. It is expected in around 4 weeks once the guns are on site. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the undeveloped Basur-1 light oil discovery.

13 October 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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