Small Cap Feast

4th October 2023

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Inland Homes, Fulcrum Utility Services and DWF Group have left AIM.

What’s Cooking In The IPO Kitchen?

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.

Breakfast Buffet

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the execution of the Heritage Agreements with the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC), that KNAC has withdrawn its objection to the application for a Miscellaneous Licence by Iron Ore Company of Australia (IOCA).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.

4 October 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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