Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 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). The Company is looking to raise £10m - £15m on IPO and 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 to trading on AIM is expected to be 18 October.
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 16 October.
Alien Metals 0.185p £11.9m (UFO.L)
The minerals exploration and development company announces that following the execution of the Heritage Agreements with the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC), that KNAC has withdrawn its objection to the application for a Miscellaneous Licence by Iron Ore Company of Australia (IOCA). The Western Australian Department of Mines, Industry Regulation and Safety has now granted the Miscellaneous Licence associated with its 90% owned Hancock Iron Ore Project (Hancock Project), in the Pilbara Region, Western Australia. The Miscellaneous Licence provides the Company necessary tenure to construct the essential infrastructure for site access from the Great Northern Highway to the proposed mine site.
Amaroq Minerals 57.5p £152.7m (AMRQ.L)
The independent mine development company with gold assets and strategic mineral licenses in Southern Greenland confirms that it has signed a contract mining agreement with Thyssen Schachtbau GmbH and a procurement and supply chain support agreement with Tamarack Mining Services. The initial two-year contract mining agreement with Thyssen Schachtbau covers the rehabilitation of the existing portals, ramps, ventilation, and electricity supply of the targeted mining area, followed by the initial development and stoping of the high-grade Mountain Block. Rehabilitation activities at Nalunaq will start during the first week of October 2023.
CAP-XX 1.525p £10.9m (CPX.L)
The designer and manufacturer of supercapacitors and energy management systems used in portable and small-scale electronic devices announces the expansion of its international sales operations with the appointment of four sales representatives for the North American market. The announcement follows the recent appointment of sales directors for Europe, India, and South Africa. CAP-XX is additionally expanding its distribution network, targeting the larger Tier 1 and Tier 2 distributors. With its strengthened distributor network, CAP-XX will have twenty designated personnel covering North America in the Central/North, South East, South West and Texas/Mexico regions.
i3 Energy 13.55p £163.9m (I3E.L)
The UK-based independent oil and gas company with assets and operations in the UK and Canada announces an update regarding Serenity. i3 Energy is aware that the licence for the Tain discovery (previously held by RSRUK and Rockrose Energy) recently lapsed and that the Tain acreage is therefore unlicensed and available to be re-licenced in the future. With the acreage now unlicensed, additional options for the area may now come available and i3 and its partner in the Serenity field, Europa Oil and Gas are commencing discussions with the NSTA and other interested parties to explore the remaining potential of the wider area.
Kibo Energy* 0.0525p £2.1m (KIBO.L)
The renewable energy-focused development company announces that it has entered into a definitive share sale agreement with Shumba Energy (Pty) Ltd for the sale of the Company's remaining 35% equity in Kibo Energy Botswana Pty (Ltd) (Kibo Energy Botswana) in which Kibo held its interest in the coal resources associated with the Project. Kibo Energy Botswana consists of the Mabasekwa Coal to Power Project, which had a carrying value of £nil as at 31 December 2022 with an associated loss before tax of £3.56m. The consideration of US$375,000 is payable by means of ordinary shares in the authorised unissued share capital of Shumba, listed on the Botswana Stock Exchange.
Rainbow Rare Earths 15.5p £90.4m (RBW.L)
The mining company with rare earth mineral projects announces that it has signed a Letter of Intent to enter into an offtake agreement with NEXUS Intertrade (Pty) Ltd (NEXUS), under which NEXUS will acquire gypsum from the Phalaborwa project in South Africa and sell it to end users. The Phalaborwa project is due to commence production in 2026 and operations will involve processing the existing unlined gypsum stacks in order to extract the rare earth elements. These gypsum stacks have accumulated acid water over time and Rainbow’s process will neutralise the acid, rendering the water suitable for use in the process plant.
Star Energy Group 11.5p £14.7m (STAR.L)
The UK-based energy company announce that its Croatian subsidiary has been issued with two highly prospective geothermal licences by the Croatian Hydrocarbon Agency, as part of the current licencing round announced on 28 December 2022. The two licences, each with an initial five year exploration term, Sječe and Pčelić, are located in the Drava depression geological region (the southwestern area of the Pannonian basin), the same region where its recently acquired Ernestinovo licence is located. The licence commitments are to drill four and three wells respectively; however given the density of existing data on the licences, it is expected that only the first well on each licence will be an exploration/appraisal well.
Trinity Exploration & Production 83.5p £33.0m (TRIN.L)
The independent E&P company focused on Trinidad and Tobago welcomes the Government of Trinidad and Tobago stated intention to stimulate higher levels of activity and investment in the energy sector as set out in the 2024 Budget Statement delivered on Monday 2 October 2023. The Statement included a proposal to change the Supplemental Petroleum Tax (SPT) regime for shallow marine areas similar to reforms that have been made previously to onshore activities. The proposed SPT changes, subject to further definition through the legislative process and Parliamentary ratification, are expected to meaningfully improve the economics of the Company's East Coast and West Coast shallow marine licences.
United Oil & Gas 0.875p £5.9m (UOG.L)
The full cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets provides an update on the conditional sale of the UK Central North Sea Licence P2519 containing the Maria discovery in Block 15/18 (the Licence) to Quattro Energy (Quattro). Following Quattro’s update on its funding process and a formal request to extend the long stop date, the parties have agreed an extension of the long stop date in the APA to 27 October 2023.
Vast Resources 0.275p £9.2m (VAST.L)
The AIM-listed mining company announces an update in relation to the Asset Backed Debt facility from A&T Investments SARL (Alpha) as announced on 16 May 2022 and the debt owed to Mercuria Energy Trading SA (Mercuria) relating to Tranche A of the Prepayment Agreement announced on 21 March 2018. Further to the announcement made on 2 October 2023, the Company has agreed a further extension with Alpha and Mercuria to 30 November 2023 and it is now concluding the legal documentation. All terms and conditions of the debt remain the same.
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This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
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.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute 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 the MIFID II Regulation.
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