Small Cap Feast

27th January 2023

Dish of the day
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Dish Of The Day:

No joiners today.

Biffa has left the Premium Segment of the Main Market. 
TP Group 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. £2.4m to raised. Anticipated market cap £14.8m. Expected 30th January 2023.

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. Delayed to 3rd February 2023.

Breakfast Buffet

Actual Experience 1.225p £2.6m (ACT.L)
The human experience software-as-a-service company, announces its preliminary results for the year ended 30 September 2022. Group revenue decreased by c.32% to £1.18m (2021: £1.74m) due to the non-renewal of two legacy product contracts. Loss for the year reduced by c10% to £5.27m (2021: £5.85m) owing to a reduction in monthly operating costs by the year end and the Group as net cash of £2.87m (2021: £8.22m). The Group also completed a £3.1m equity fundraise after the year end and are working with current and new partners to increase the size of their sales team and identify new leads.

Belluscura 48p £59m (BELL.L)
A medical device developer focused on lightweight and portable oxygen enrichment technology, announces that it has raised c.$5.0m (£4.1m) through the conditional issue of a 10% unsecured convertible loan notes 2026. The Company stated that at the year-end it had retained cash balances of $1.8m, which together with inventory and inventory deposits, amounted to $11.9m. The Company is also seeking to raise a minimum $5.0m through the placing loan notes, to deliver on a successful launch of the DISCOV-R product.

Coro Energy 0.225p £5.8m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces that in anticipation of achieving Ready to Build status in the Company's two 100MW Philippines renewables projects, the Company has restructured its arrangements with its partners in country, increasing its dividend entitlement. The Company currently has an entitlement to 80% of the future dividends from the Philippines projects which has been increased to 88% under the restructuring agreement. Coro has agreed to issue each of the two Philippines partners shares worth £60k each at a 43% premium to the closing mid-market price.

Equipmake Holdings 5.25p £48.38m (AQSE:EQIP)
The UK developer and manufacturer of electrification products for the provision of electric vehicle drivetrains, announces a trading update for the six months ended 30 November 2022. Revenue for the six months is expected to be £1.05m (2021: £2.32m), reflecting the shift away from grant income, production and delivery schedules. As of 20 January 2023, the Company had a contracted order book of £8.6m and remains on track to meet market expectations for the current financial year. The Company is proposing to raise approximately £6m through the issue of new ordinary shares at 5p per share.

Galantas Gold Corporation 28.25p £27.8m (GAL.L)
The Group focusing on mining explorations announces that it has entered into an agreement to acquire a 100% interest and the exclusive rights to explore and develop the Gairloch Project, a 217 km² mineral licence area in Scotland that covers the Gairloch Estate lands. The Company has acquired exploration and developments rights for an initial payment of £347k representing payments for the first 5 years and annual payments of £69k beginning in year 6. The Board has seen high-grade gold intercepts at shallow depths from the historical records obtained by the British Geological Survey.

Goldstone Resources 3.65p £18.1m (GRL.L)
An AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production announces that it has issued convertible loan notes to Blue Gold International Limited (BGL) in the nominal amount of £2.4m denominated in units of £10k, an interest rate of 8% per annum and due for redemption on 30 November 2024. BGL has also received warrants to subscribe for up to 60m Ordinary Shares at a price of £0.04 per share exercisable until 26 January 2025. The Board are confident that the support of Blue Gold will assist the Company in the business venture and making significant progress in Ghana.

Ironveld 0.32p £9.3m (IRON.L)
A UK based exploration Company, engaged in exploration and mining of heavy minerals, iron and vanadium, confirms that its subsidiary, Ironveld Mining Limited, has entered into a Joint Venture (JV) Agreement with Pace SA Limited as equal partners to produce and sell Dense Media Separation grade magnetite in South Africa. The JV will be 50:50 with an initial costs of approximately ZAR 35m (£1.65m), which is to be funded by Pace SA. The maximum design capacity of the beneficiation plant is approximately 60 tonnes per hour. The first production and sales from the JV expected mid 2023.

Tlou Energy 2p £16.6m (TLOU.L)
The developer of power solutions in Sub-Saharan Africa through Coalbed Methane gas-fired power, solar power, and hydrogen projects, provides an operational date for the quarter ended in December 2022. The Company has three project areas in Botswana: (1) Lesedi Project: Two out of the three PL renewal applications are submitted three months prior to expiry. (2) Mamba Project: This is in the exploration and evaluation phase. (3) Boomslang Project: To date, the Company has not carried out ground operations in the Boomslang area. At the end of the quarter the Company had approximately A$6.1m cash on hand (unaudited).

Versarien 7.5p £15.9m (VRS.L)
The advanced materials engineering group, announces that the Company has secured OEKO-TEX® Eco Passport certification for Versarien's proprietary Graphene-Wear® technology. The OEKO-TEX® Eco Passport is an independent certification system for chemicals, colourants and auxiliaries used in the textile and leather industries. The Eco Passport provides validation for garment manufaturers that Graphene-Wear® meets the criteria for ecologically responsible textile and leather manufacture. The Group is currently working with brands like Superdry and Umbro to integrate Versarien's Graphene-Wear® technology into a number of their products.

YouGov £10.10 £1125.8m (YOU.L)
The international research and data analytics group, issues a trading update for the six months ending 31 January 2023. The Group has performed during the period, with continued growth across most divisions and geographies. This has been driven by clients spending on strategic market research, which has accelerated its panel-based Custom Research work, increasing opportunities for multi-year contracts and trackers. Geographically, the US remains a major growth driver, while demand in the UK has picked up. The group remains optimistic on the FY23 results and is expected to achieve growth for the full year in line with market expectations.

27 January 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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