Small Cap Feast

26th October 2023

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What’s Cooking In The IPO Kitchen?

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). 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 delayed, expected mid-November.

Breakfast Buffet

Argentex Group 75.5p £85.5m (AGFX.L)
The service-led, tech-enabled provider of currency management and payment services to international institutions and corporates announces that Harry Adams, Chief Executive Officer, has left the Company with immediate effect. Jim Ormonde, has been appointed to act as Chief Executive Officer on an interim basis. Mr Ormonde was CEO of Cardsave, one of Europe's independent payments businesses. He was also a director of Retail Merchant Services which was sold successfully to TCV Private Equity.

Cleantech Lithium 36p £35.3m (CTL.L)
An exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition announces that the Company has entered into a strategic partnership (Partnership) with the University of Atacama in Chile. The Partnership aims to secure a sustainable and skilled workforce, develop research initiatives and nurture the next generation of lithium industry professionals in the Atacama region.

Cornish Metals 10p £52.1m (CUSN.L)
A mineral exploration and development company focused on its South Crofty Tin Project (Project) in Cornwall reports that it has opened the Water Treatment Plant (WTP). Following successful wet commissioning of the WTP and the building of a high-density sludge bed within the plant, the Company announce that the discharge of treated water from South Crofty Mine to the Red River will commence from the week of October 30 at a rate of up to 25,000m3/day. Mine dewatering is expected to take 18 months. The treated water meets the Company's permitted standards set by the Environment Agency for discharge into the Red River and will have a positive effect on water quality as a consequence.

Evgen Pharma 1.95p £5.4m (EVG.L)
The clinical stage drug development company developing sulforaphane-based medicines for the treatment of multiple diseases and Dr Marjolein Geurts, neuro-oncologist at the Erasmus University Medical Center, announce the formal start of their collaborative project in glioblastoma, supported with a grant awarded by the KWF Dutch Cancer Society. The project formally commenced on 1 October in which EUR1.1m has been awarded by the KWF Dutch Cancer Society. The project will investigate the use of SFX-01 in pre-clinical glioblastoma models, followed by a clinical Investigator Sponsored Study .

Haydale Graphene Industries 0.425p £7.6m (HAYD.L)
The advanced materials group announces its full year results for the year ended 30 June 2023 (FY23). Revenue of £4.30m (FY22: £2.90m) was up by 48.3% on the prior year, the adjusted operating loss has increased marginally by £0.16m to £3.49m (FY22: £3.33m) and the Company announced a £5.1m fundraise post period. The Company announced that it has signed commercial agreements with industry partners Saint Gobain, Cadent and Petronas and are also working with several other nanomaterial producers. The Board remains confident that the Company will be able to take advantage of the traction.

Hummingbird Resources 8.75p £52.7m (HUM.L)
A multi-asset, gold producing Company, with two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea announces a trading update. The Group announced adjusted EBITDA of c.US$1.2m, vs a loss of US$8.9m in Q3-2022. The Company held a net debt position of c.US$123.0m, held cash at bank of c.US$15.1m and gold inventory value of c.US$3.4m. Yanfolila produced 18,399 ounces (oz) of gold in Q3-2023, an increase of c.9% and all-in sustaining costs on gold produced totalled US$1,651 per oz in Q3-2023, a decrease of c.24% on Q3 2022 (US$2,161 per oz). Kouroussa produced 1,047 oz of gold. The Company's updated production expectations for H2-2023 are c.10,000 oz.

Ironveld 0.26p £9.3m (IRON.L)
The mining development company confirms that its largest shareholder, Tracarta Limited has subscribed for new Ordinary shares totaling £450k in the Company at a price per share of 0.278p, representing a premium of 23.5 per cent. to the closing mid-price of 0.225p on 25 October 2023. In addition the Company's Broker, has procured orders for a further £550k from existing shareholders on the same terms. Dr John Wardle will assume the role of Executive Chairman of the Company, with Giles Clarke remaining as a Non-Executive Director.

Kibo Energy* 0.053p £2.0m (KIBO.L)
The renewable energy-focused development company announces that further to its RNS announcement of 5 October 2023 on receipt of 31,646,424 shares from Mast Energy Development PLC (MED), in lieu of cash for partial settlement of £469k, the Company has decided to realise a portion of said share payment in cash with net proceeds of £259.8k through the sale of 20,250,000 of said Settlement Shares. As a result of this recent disposal of its MED shares, the Company's beneficial holding in MED now stands at 48.35%. The proceeds will be used for Kibo's on-going working capital requirements, with the balance going towards funding its group companies and to reduce the outstanding balance on the Company's reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd.

Kromek Group 4.8p £28.8m (KMK.L)
A developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments announces that it has been awarded a $5.9m contract from the US Department of Homeland Security Countering Weapons of Mass Destruction Office for the research and development of technologies focusing on an agent agnostic bio-detection system. The contract has been awarded under a four-year programme, commencing immediately, and the Group expects to receive $874k during the first year base period.

Poolbeg Pharma* 6.75p £33.8m (POLB.L)
A clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need announces that its Scientific Advisory Board (SAB) has endorsed the influenza drug targets identified in its AI-led drug discovery programme. The SAB was presented with comprehensive data regarding the large number of novel drug targets identified as part of the CytoReason collaboration in June 2023. A consensus was reached on the prioritised list of novel drug targets to bring forward for lab-based validation, which is expected to complete in 2024. The Company continues to discuss the exciting outputs from its AI-led drug discovery programmes with prospective partners.

26 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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