Small Cap Feast

19th December 2022

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Joules (JOUL.L) has left AIM

What’s Cooking In The IPO Kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022. 

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Date 16 December.

Kistos Holdings intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.


Breakfast Buffet

Angus Energy 1.525p £44.8m (ANGS.L)

The onshore oil and gas development company has announced intention to raise £7m at 1.65p: £2m by way of placing and a direct subscription of £5m.  Used of proceeds to cover acceleration of the field development and production, development of storage at Saltfleetby and to cover cost overrun and hedge payments. 

Anglo Asian Mining 83p £94.8m (AAZ.L)

The gold, copper and silver producer focused in Azerbaijan announced the completion of a preliminary maiden Mineral Resource Estimate of the Gilar deposit, which contains over 135,000 ounces of gold, 21,500 tonnes of copper, and 23,000 tonnes of zinc.  The site location for the portal has been finalised in order to enable tunnelling to commence. Preliminary earthworks for portal construction are underway and the Company looks forward to updating on the commencement of tunnelling.

Braveheart Investment Group 9.25p £5.9m (BRH.L)

The investment company announced that it has purchased 3,250,000 shares in Image Scan Holdings at an average price of 1 pence per share for a total consideration of £32,500. Upon completion of the transaction, Braveheart will own 2.37 per cent of the issued share capital of Image Scan who are a specialist supplier of X-ray screening systems to the security and industrial inspection markets.

BSF Enterprise 14.5p £12.4m (BSFA.L)

The investment company focused on biotech solutions and the development of lab-grown tissues announced its 100 per cent owned subsidiary. 3D Bio-Tissues has commenced a formal consulting collaboration with Stichting New Harvest Netherlands, a non-profit organisation dedicated to advancing cellular agriculture, focused on advancing 3DBT's route-to-market strategy and accelerating the commercialisation of its products worldwide. 

Eco Atlantic 18p £63.1m (ECO.L)

The oil and gas exploration company focused on the offshore Atlantic Margins announced an update, further to its announcement of 27 June 2022, in relation to the acquisition by its wholly owned subsidiary Azinam of an additional 6.25 per cent Participating Interest in Block 3B/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure.  Eco confirmed that it has now received the requisite regulatory approvals from the Department of Mineral Resources and Energy of South Africa and the Petroleum Agency of South Africa in respect of the Acquisition, which was the final condition in respect of completion. 

hVIVO 11.1p £74.5m (HVO.L)

The specialist contract research organisation (CRO) announced publication of previously reported positive data from a first-in-human Phase I clinical study evaluating the safety and immunogenicity of AGS-v PLUS, which is a vaccine candidate against arboviral diseases that targets the saliva of the mosquito rather than the pathogens carried by the mosquito.   The data demonstrated that AGS-v PLUS was well tolerated and generated a robust immune response in participants, with no serious adverse events. The next steps will be to determine if these findings translate into clinical efficacy against mosquito-borne diseases.

Journeo 118.5p £10.4m (JNEO.L)

The information systems and transport technical services group announced a £1.2m contract with Network Rail for ScotRail for the provision of advanced Journeo Portal software and associated services including set-up, commissioning, and two years of software licencing.  This is the first major software led contract for Journeo's in house developed intellectual property and provides an opportunity for further licencing contracts in the UK and internationally.

Kromek 11.75p £50.7m (KMK.L)

The developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announced that it has entered into a distribution agreement with Smiths Detection, a global leader in threat detection and security screening technologies.  Under the terms of the agreement, Smiths Detection will market and distribute the Group's wearable radiation detection and identification solutions in the Middle East and certain key markets in Asia and Australasia. This expands the Group's existing agreement, as announced on 7 July 2022, with Smiths Detection Inc. for distribution in North and South American markets. To date, the Group has delivered over 1,000 detectors under this partnership.

Oracle Power 0.23p £7.1m (ORCP.L)

The developer of green hydrogen production through its joint venture Oracle Energy, announced that Oracle Energy has appointed consultancy firm Fugro Pakistan B.V, to immediately commence a surface level survey at its Green Hydrogen Project site in Sindh, south-east Pakistan.  The topographic survey of the 28km² site, is being completed by Fugro through the use of drones, providing vital mapping data about the newly leased Project site, including accurate terrain information on roads, streams and buildings in order to optimise planning, design and construction costs for the planned 1.2 GW of hybrid wind and solar plants and the 400MW Green Hydrogen facility.  The Project is planned to have an initial capacity to produce 55,000 tonnes of hydrogen annually and be one of the largest hydrogen projects in the Middle East and Asia.  

Tungsten West 15p £27.1m (TUN.L)

The mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon in the UK announced an update on the JORC (2012) compliant Ore Reserve Estimate and internal Mineral Resource Estimate, as part of the work completed for its updated Feasibility Study for its flagship Hemerdon Project.  The Hemerdon Ore Reserve Estimate Highlights include a 60 per cent increase in ore tonnage and 10 per cent increase in contained metal from previous 2021 ORE.  The 2022 Hemerdon Ore Reserve is now 101.2Mt at 0.14 per cent tungsten and 0.03 per cent Sn (tin).  The Mineral Resource Estimate Highlights include a  7 per cent increase in tonnage and 1per cent increase in contained metal from previous 2021 MRE.  The 2022 Hemerdon Global Mineral resource is 351.5Mt at 0.12 per cent tungsten and 0.03 per cent Sn. 

19 December 2022
*A corporate client of Hybridan LLP

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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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

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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