Small Cap Feast

3rd February 2023

Dish of the day
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Off the menu
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Dish Of The Day:

Joiners: 
No joiners today.

Leavers:
Doric Nimrod Air One LTD has left the Specialist Segment of the Main Market.




What’s Cooking In The IPO Kitchen?

Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023

Constance Iron Limited, whose principle activities will be the development and production of magnetite iron ore projects in Australia announces a consideration of an IPO and admission of shares onto the Standard Segment of the Main Market of the London Stock Exchange. The Company is targeting to raise gross proceeds of c. £60m which will be ustilised to fund the exploration and development to production of the Norseman Iron Ore Project where the Company has a 65% net profit interest in the Project.


Breakfast Buffet

Brave Bison Group 2.6p £28.1m (BBSN.L)
The social and digital media company, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Social Chain Limited. The initial consideration for the acquisition consists of a payment of £7.7m. Part consideration will be funded by an vendor placing to raise £4.75m at a discount of 3.4%. The Acquisition is expected to increase Brave Bison's revenues from social media advertising to £15m, and the consolidated businesses to generate revenues of £40m for the financial year ending 31 December 2023. The Board anticipates that the Company will meet current market expectations.

CMO Group 28p £20.2m (CMO.L)
The UK's largest online-only retailer of building materials, announces an update on trading for the full year to 31 December 2022. The Group reports total sales for the year up 9% to £83.1m (2020: £76.3m), with a year-on-year improvement of 2%. Adjusted EBITDA is anticipated to be approximately £2.1m. The Group closed the year with cash balances at £6.2m. The net cash position at the year-end of c.£1.4m, higher than previously guided. The Management is confident that they can deliver further progress in the new year.

Itaconix 5.2p £23.4m (ITX.L)
A innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces that it has conditionally raised £10.3m of new ordinary shares at an issue price of 5.1p. The fundraising is scheduled to be used for: general working capital, development of new products and applications, and capital spending to support continuous process improvements. The Company expects to report revenues for the full year to 31 December 2022 ahead of market expectations at $5.6m, representing 115% growth (2021: $2.6m).

Live Company Group 1.8p £4.4m (LVCG.L)
The live events, entertainment and sports events company announces an additional licence agreement with Mr Jason Lee Byoung Goo whereby Mr Lee has licenced the StART Art name worldwide for use in an art based blockchain product. Mr Lee has an existing licence agreement with LVCG for StART Art Korea. An annual licence fee of £500k is payable by the Licensee to the Licensor on 1 August in each year of the term. The fee is split between a £300k cash element (payable on 1st August 2023) with the option, at the Company's discretion to receive the remaining fee of £200k on or before 1st September 2023, in cash or Coins.

LPA Group 76.5p £10.3m (LPA.L)
The high reliability LED lighting, electronic and electro-mechanical system designer and manufacture, announces its preliminary results for the year to 30th September 2022. The Group announced revenues 5.4% higher than previous year at £19.3m (2021: £18.3m) and a reduced underlying operating loss of £0.23m (2021: loss of 0.27m). The Company has realised cash of £1.7m. The Group anticipates a return to profitability in FY2023 and is confident for the future.

Molecular Energies 110p £11.4m (MEN.L)
The international energy company provides an update on the drilling rig for its Paraguay operations. Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S.A now signed. Due to the significant delays outside of MEN's control the estimated time for commencement of drilling is in May. The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement.

Petro Matad 2.87p £25.8m (MATD.L)
The Mongolian oil company announces the Company has conditionally raised $6.0m through issuing new ordinary shares at 2.5p. The Company also announced on 2 February 2023 that it was launching a separate retail offer to raise up to a further £500k ($615k) to provide existing retail shareholders in the United Kingdom with an opportunity to participate in the Capital Raise.

Resolute Mining 15.75p £337.4m (RSG.L)
The mining company focused on gold in Africa, announces the appointment of Chris Eger as its new Chief Financial Officer (CFO). Chris has held a number of senior financial, commercial and leadership roles, in the resources and investment banking sectors. Most recently he was the CFO of Chaarat Gold Plc and was previously CFO of Nyrstar NV and the M&A Director at Trafigura AG.

Science Group 400p £181.7m (SAG.L)
An international science, engineering and technology business providing services to the medical, defence, industrial, food & beverage and consumer sectors provides an update. Further to the announcement made by TP Group Plc on 29 December 2022, Science Group announces the completion yesterday of the sale of the entire issued share capital of Westek Technology Ltd to Roda Computer GmbH for a cash consideration of £0.8m. Completion of disposal is subject to regulatory clearance.

Tertiary Minerals 0.135p £2.1m (TYM.L)
The explorer focussed on energy transition and precious metals in Zambia and Nevada, USA, announces it has raised £300k before expenses through a placing of new ordinary shares of 0.01p each and warrants in the Company at 0.12p. The proceeds of the Placing will allow the Company to continue the evaluation of its portfolio of copper exploration projects in Zambia and Nevada, with field programmes scheduled to commence in Spring in Zambia as soon as the wet season ends.

3 February 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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