Small Cap Feast

17th June 2024

Dish of the day
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Dish Of The Day:



Asian Energy Impact Trust (AEIP.L) has left the premium segment of the Main Market of the LSE. 
Horizonte Minerals (HZM.L) has left AIM.

Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

4th June: Advanced Oxygen Therapy Inc (AOTI): The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its Schedule One and expected first day of trading on the AIM market of the 18th June. The Group expects to raise $25m.

Media speculation: (We remove rumours after 10 days of being on the menu)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Corcel 0.12p £2.6m (CRCL.L)

The pan Angola-Brazil focused exploration and production Company announces that it has raised gross proceeds of £500,000 at 0.1p per share with high-net-worth investors. The fund will be primarily used to finance its ongoing working capital requirements and operations including geological and geophysical work in Angola and implementation of its business development initiatives in Brazil.

Cornish Metals 6.9p £34.8m (CUSN.L)

The mineral exploration and development Company focusing on advancing the South Crofty tin project and exploring its additional mineral rights today announces that it has entered into a binding letter of intent with Northera Resources Ltd. for the sale of the Company's 100% interest in the Nickel King and Opescal Lake properties for a total consideration of up to C$8m. The transaction includes the non-refundable cash payment to Cornish with C$1m in total and common shares of Northera with value of C$7m received by Cornish. The Company is expected to focus on advancing its 100% owned and fully permitted South Crofty tin project in the UK by selling the business in Nickel King, but will still retain the interest in pursuing the potential success in the area.

Eco Buildings Group 15.0p £9.2m (ECOB.L)

The modular housing Company, after a lengthy process of innovation and equipment and software upgrades, announces that it has now achieved fully automated production at its Albanian facility. Production time has been reduced by 33% thus increasing operating efficiency. A single production line is now capable of producing over 177,000 sqm of GFRG glass fibre reinforced gypsum walls per year - enough to deliver 768 houses a year based on a standard 60sqm two story flat roof detached house plan. These improvements have been achieved through incorporating new technology into the production process and a rigorous engineering overhaul of every component.

Keffi Gold and Copper 0.65p £38.2m (KEFI.L)

The gold and copper exploration and development Company focused on the Arabian-Nubian Shield and the Kingdom of Saudi Arabia announces its audited financial results for the year ended 31 December 2023. The loss before tax was £7.9m (2022: £6.4m) and the cash position was £0.2m. The Company is currently focused on completing the Early Works at Tulu Kapi so that the $320m project finance package could be closed and Major Works can be launched in October 2024. The Company expects to be a leader in the Arabian-Nubian Shield though the successful completion of the program with holdings in three production assets coming on stream in sequence from 2026.

Landore Resources 5p £6.7m (LND.L)

The exploration/development Company that seeks the acquisition, exploration and development of precious, base and battery metals projects in eastern Canada announces the Company's audited final results for the year to 31 December 2023. The loss after tax was £1,497,453 (2022: £1,860,585), and cash and cash equivalents was 564,682 (2022:1,235,528). Landore is planning to focus on advancing its highly prospective BAM Gold project, targeting a two-million-ounce resource whilst also completing a pre-feasibility study in 2024.

Lexington Gold 4.5p £17.6m (LEX.L)

The gold exploration and development Company with projects in South Africa and the USA today announce assay results from the recent gold exploration drill programme at its Jennings-Pioneer Project, located in South Carolina, USA. Assay results from 495m of drill core from three drill holes confirm the along strike and down plunge continuation of the Barite Hill Trend gold mineralisation onto the Jennings-Pioneer Project. All three target zones of Barite Hill trend were successfully targeted. And the massive sulphides, semi-massive sulphides and associated quartz barite veins were found in all three holes.

Longboat Energy 9.5P £4.1m (LBE.L)

The emerging E&P Company, today announces the agreement reached to sell its 50.1% holding in Longboat Japex Norge AS to its joint venture partner Japan Petroleum Exploration and the strategic pivot of the business to focus on Southeast Asia following the sale. The Company sell its interest in LJN to JAPEX for a cash consideration of $2.5m plus Longboat's share of drawn debt under the JAPEX Acquisition Facility. The board and management of Longboat Energy have decided to exit Norway and to focus on building a full-cycle E&P business in Southeast Asia, seeing more potential in Southeast Asia due to the structural change in the Norwegian upstream industry. The sale proceeds of the Company would provide working capital to run the Company through to the end of Q1-25 and cost savings in excess of $1.25m achieved with a streamlined board and management team.

Mind Gym 35p £38.6m (MIND.L)

The global provider of human capital and business improvement solutions announces its audited results for the year ended 31 March 2024. Revenue was £44.9m with a 18% decrease compared to last year (2022: £55m) and the loss before tax is £12.1m, a 502% decrease (2022: £3.0m profit). The loss can be attributed to confidence in its key sectors due to macroeconomic headwinds, increased caution on HR budget, increased competition for client budgets and the material decline in client spend on Diversity, Equity and Inclusion. Cash was £1.4m (FY22: £1.2m). MindGym is expected to return to its historic performance levels in FY25 by implementing the new strategy for growth. In the medium-term, the Board is therefore confident that the business will deliver revenue growth in excess of 10% CAGR, with EBITDA margins between 15% and 20%.

The Mission Group 25p £22.1m (TMG.L)

The collective of Agencies dedicated to helping Clients thrive today provides a trading update for the period 3 April 2024 to 17 June 2024. Trading in the period has continued in line with the Board's expectations. The Group reports further new business wins underpinned by the investments made in previous years to enhance Mission's service offering and capabilities. The Group is committed in its focus on debt reduction, rebuilding the balance sheet and delivering on its strategy for 2024 and 2025.

ValiRx 2.9p £3.4m (VAL.L)

The life science Company focusing on early-stage cancer therapeutics and women's health confirms the execution of a revenue-bearing contract for the provision of Patient Derived Cell based services with a new client. The contract is a multi-stage project and includes analysis and provision of RNA data, acquired as part of the scientific package from Imagen Therapeutics, in addition to bespoke cell-based screening in the laboratory. This initial phase of work will commence immediately, and the project is structured to build a long term working relationship with the client with scope to include potential future material revenue generation. The contract won is expected to be a significant step for the Company to establish the brand into other geographical markets.


17 June 2024
*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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