Small Cap Feast

3rd November 2023

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What’s Cooking In The IPO Kitchen?

Tekcapital announced intention to spin off and IPO on 2 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. AIM Admission delayed, expected mid-November.

Stranger Holdings announced 02 October 2023, a Company formed for the purpose of acquiring a business, project or assets announces a Proposed Acquisition of up to a 70% interest in the Henkries Uranium Deposit and Prospecting Right in the Republic of South Africa. The Company will acquire this indirect ownership via the acquisition of two intermediary holding companies, namely Mayflower Energy Metals Limited and Neo Uranium Africa Proprietary Limited. The Acquisition constitutes a Reverse Takeover under the Listing Rules since, in substance it results in a fundamental change in the business of the issuer. Trading in the Existing Ordinary Shares continues to be suspended. It is anticipated that Re-Admission and trading in the Company's Enlarged Share Capital will occur on or around 7 November 2023.


Breakfast Buffet

Corcel 0.62p £9.9m (CRCL.L)
The Angolan focused oil and gas company with a range of appraisal and exploration interests, provides an update on the drilling results of the Tobias-13 (TO-13) well in onshore Block KON-11, in Angola. TO-13 drilling at a downdip location from historic production has ended as planned at a target depth of 958.5m. Full Binga reservoir section (~120m) encountered in the well as prognosed with several potentially productive zones seen in multiple intervals and the results confirm the ability to reactivate production through an early production system and imply significant hydrocarbon potential remaining.

Greatland Gold 9.75p £496.3m (GGP.L)
The mining development and exploration company focused on precious and base metals, announces the completion of its maiden drilling campaign at the Paterson South Project, under the farm-in and joint venture arrangement with Rio Tinto Exploration Pty Ltd. Drilling tested the magnetic source of the Stingray and Decka targets, identified as magnetite rich, mafic to intermediate metamorphosed intrusive igneous rocks. Peak gold assays of 0.26ppm Au and 0.17ppm Au were returned in single 1m intervals from 305m and 435m respectively in Stingray DD hole BUDJ0004 and assay results also show moderately anomalous gold (Au) and copper (Cu) in various narrow intervals.

i(x) Net Zero 16.5p £14.2m (IX..L)
The investing company focusing on energy transition, announces that that its wholly owned subsidiary, i(X) investments LLC has entered into a restated and amended secured two-year loan facility with European Depositary Bank S.A. increasing its loan facility from $7.5m to $11.75m. The loan, once drawn, bears interest at 10.5% payable quarterly. The loan is secured by a pledge granted by the Company and its nominee of the shares held by it including those in i(x) Investments LLC and all other proceeds and property and assets owned by it. Under the initial Facility, the Company had drawn $2.6m as at 3 November 2023.

One Heritage Group* 18p £7.0m (OHG.L)
The property development and management company focusing on the residential sector primarily in the North of England, announces that Jason Upton, CEO and Anthony Unsworth, CFO, will provide a live presentation via Investor Meet Company on 9th November 2023 at 11:00am GMT. The presentation is open to all existing and potential shareholders. Investors can sign up to Investor Meet Company for free and add to meet One Heritage Group PLC via: https:// www.investormeetcompany.com/one-heritage group-plc/register-investor.

Poolbeg Pharma* 6.8p £34.0m (POLB.L)
The clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces that an abstract detailing POLB 001's promise as a potential treatment for Cytokine Release Syndrome associated with cancer immunotherapies has been accepted for presentation at 65th American Society of Hematology (ASH) Annual Meeting and Exposition, to be held 9-12 December 2023 in San Diego, California. Poolbeg's poster presentation will provide insight into the results obtained from the POLB 001 LPS human challenge trial, highlighting its potential use in the treatment of Cytokine Release Syndrome (CRS) associated with severe influenza and cancer immunotherapies. Poolbeg will further be hosting a meeting for investors and analysts on the POLB 001 Oncology Programme on Monday 6 November 2023 at 2:00pm - 3:30pm GMT via the Investor Meet Company platform.

Roebuck Food Group 14.5p £4.4m (RFG.L)
The group focused on growth and innovation within the food and agribusiness sectors announces a conditional agreement to acquire the entire issued share capital of Moorhead & McGavin Ltd a food and food ingredient distribution business. The consideration is £2.225m, as to £2.075m payable in cash and as to £150k by the issue of new Ordinary Shares of the Company. As a result, the Company intends to raise gross proceeds of up to £2.5m by means of a placing of new Ordinary Shares at a price of 13.5 pence per Ordinary Share, representing a discount of approximately 10% to the closing price on 2 November 2023. The proceeds will be used to pay for the acquisition of Moorhead & McGavin Ltd and for general working capital requirements.

Sareum Holdings* 62.5p £43.8m (SAR.L)
The biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that the Japan Patent Office has issued a Notice of Allowance for a patent relating to SDC-1801, the Company's lead TYK2/JAK1 kinase inhibitor. The patent, Special Application 2021-543577, safeguards SDC-1801 and its medical applications in treating inflammatory or immune disorders. This follows the earlier approval by the China National Intellectual Property Administration (CNIPA), which issued patent number CN113056456B for the same protections earlier this year. The Company’s Phase 1a clinical trial in Australia is progressing well.

Surface Transforms 16.5p £39.9m (SCE.L)
The manufacturer of carbon fibre reinforced ceramic brake disc materials provides the following trading update for the ten months to 31 October 2023 and revised outlook for the 2023 financial year. Sales in the four months to 31 October 2023 were £3.0m, bringing year-to-date sales to £6.3m. Whilst October sales totalled £1.0m, it was lower than management had previously budgeted. The Company is now planning its cash needs and customer commitments based on a shallower ramp and now expects to reach the required rate of production in Q1 2024, later than previously forecast. As a result, the Company is reducing its sales guidance for the year to December 2023 to £8.6m.

Synergia Energy 0.09p £8.2m (SYN.L)
The company focusing on the Cambay project located in the State of Gujarat, India, announces an update regarding the Cambay C-77H well artificial lift operations. The jet pump has been operating reliably since the installation in September. Two echometer surveys have been conducted to ascertain fluid levels in the borehole. Gas production rates are currently plateaued at 150,000 SCFD (standard cubic feet per day). with gas condensate production between 6-12 Barrels Per Day (BPD). Produced water rates are declining, currently running at 15 BPD, down from the initial peak levels of c. 60 BPD.

Thor Energy 1.6p £4.3m (THR.L)
The company focused on uranium and energy metals that are crucial in the shift to a 'green' energy economy, announces that Thor has fulfilled its Stage 2 expenditure obligations at the Alford East Copper Gold-REE Project in South Australia. As a result, Thor will acquire a further 29% interest in the Alford East Copper Oxide Project, covering portions of EL6255 and EL6529, taking Thor's interest to 80%. Spencer received consideration of AUD$250k in the form of 9,259,260 fully paid Thor shares issued at AUD$0.027 per share together with 18,518,520 unlisted options, exercisable at AUD$0.30 within the next 5 years (Stage 2 expenditure). Thor will shortly be receiving the Ambient Noise Tomography (ANT) geophysical data and interpretation from Fleet Space Technologies, covering the northern part of the Alford East project.

3 November 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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