Small Cap Feast

5th October 2023

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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

Artemis Resources  1.3op £19.1m (ARV.L)

The Perth-based exploration and development company provides an update on its lithium pegmatite exploration program on its 100% held West Pilbara tenure and Osborne JV project (GRE 51%: ARV 49%), located within the Karratha region of Western Australia. The recently completed reconnaissance exploration using high-definition aerial photos, Geological Survey (GSWA) mapping and in-house 400 m by 100 m geochemical soils data has resulted in the identification of over 90 pegmatite outcrops and the collection of 230 rock chip samples.  It is anticipated that processing and interpreting of the company's Worldview Satellite hyperspectral data will be completed in October, which will further enhance its targeting abilities.

Coro Energy* 0.2475p  £7.1m (CORO.L)

The South East Asian energy company with a natural gas and clean energy portfolio, announces the appointment of Hybridan as joint broker. The appointment is part of a series of actions the Company is initiating to increase research coverage in anticipation of the outcome of the Duyung PSC Operator's farm out/sale process. Coro has a 15% participating interest in the Duyung PSC. As announced on 12 September 2023, the operator of the Duyung PSC has signed the non-binding Term Sheet with Sembcorp Gas Pte. Ltd. for a long-term gas sales agreement for the Mako gas field. In addition, Coro has a pipeline of 50MW solar rooftop projects in Vietnam and solar and wind development stage projects in the Philippines.

ECR Minerals 0.275p  £3.2m (ECR.L)

The exploration and development company focused on gold in Australia, announces the final rock chip results and latest exploration developments at the Hurricane Project located approximately 200km west of Cairns in North Queensland, Australia. Best results include grab samples up to 45.7 g/t Au (Hurricane North) and 43.2 % Antimony (Holmes South) or 83.38 g/t gold equivalent grade. A full review of the size and extent of mapped visible outcrops is presented below. Quartz stockwork zones up to 20m wide have been confirmed at the Holmes prospect. The Board is continuing to evaluate the Hurricane Project and in particular, the mineralised vein systems currently established at Hurricane are known as the Holmes, Tornado, Cyclone, Pedersons, Bouncer, Typhoon and the Hurricane North and South.

Eden Research  4.9p  £19.8m (EDEN.L)

The company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, provides an update on the proposed completion of its Conditional Placing, as originally announced on 28 July 2023. A total of 129,230,769 Ordinary Shares will be issued via the Conditional Placing, raising £8.4m (before expenses). This includes subscriptions for 7,692,307 Ordinary Shares more than the minimum announced at the time of the initial announcement, raising a further £0.5m.  Consequently, a total of £9.9m (before expenses) has been raised pursuant to the Firm Capital Raising, the Retail Offer and the Conditional Placing.

Helium One Global 4.3p  £40.7m (HE1.L)

The primary helium explorer in Tanzania provides an update on the drilling of the Tai-3 well. At 22:15 hrs EAT (20:15 hrs BST) on 4th October, the Predator 220 drilling rig suffered a component failure within the main rig carrier. In order to undertake the necessary repairs, mechanical parts will need to be brought in from outside of Tanzania and, as a result, will require temporary suspension of operations.  The Company expects this to take in the region of two weeks to source the required parts and repair the drilling rig and is confident that it will then be able to successfully recommence drilling in accordance with the original programme. Further updates will be made in due course.

Kibo Energy* 0.0525p  £2.0m (KIBO.L)

The renewable energy-focused development company announces that it has received 31,646,424 new MED Shares at a deemed issue price of £0.01482 per share (Settlement Share Price") from its subsidiary, Mast Energy Developments PLC (MED), asthe partial settlement of £469,000  (the Partial Settlement) of the total outstanding amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus).  Following the partial settlement, the remaining outstanding shareholder loan amount owed by MED is £762,535 and Kibo will hold 147,811,746 Ordinary Shares representing a 56.02% interest in MED.

Light Science Technologies 2.6p  £8.7m (LST.L)

The controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, announces that it has appointed Richard Mills as an external consultant via his agency Arkif Limited (Arkif), to scope and implement global partnerships to sell the Group’s NurturGROW lights,  SensorGROW sensors and Tomtech control systems. Arkif has a range of clients covering solar, greenhouses, sustainable waste management as well as investors and it is targeting opportunities that could include participation in a broader turnkey project for sustainable farming.

Ramsdens Holdings 200p  £63.4m (RFX.L)

The diversified financial services provider and retailer, announces a pre-close trading update for the year ended 30 September 2023 (FY23). The active pawnbroking loan book increased by approximately 20% to a record £10.3m as at 30 September 2023 (FY22: £8.6m), with August being a record month for new lending. The Group continued to trade well during the second half of FY23, benefiting from the strength of its diversified business model. As a result, the Board anticipates the profit before tax for FY23 to be a record result of more than £10m (FY22 £8.4m). 

SDX Energy 4.35p  £8.9m (SDX.L)

The independent oil and gas with producing assets in Egypt and Morocco, announce that, further to its announcement on 13 September 2023 where the Company announced a Gas Prepayment Heads of Terms, the prepayment amount of c. $1.9m has now been received from DIKA MOROCCO AFRICA, a 100%-owned subsidiary of CITIC Dicastal, which is a subsidiary of Citic Group. This prepayment shows evidence of a deepening partnership between SDX and CITIC Dicastal, which is the Company's largest offtaker and has an increasing and immediate demand for SDX's gas. The funds will be used primarily to pay the costs of drilling the KSR-21 well in Morocco.

TruFin  61.5p  £67.2m (TRU.L)

The holding company of an operating group comprising four growth-focused technology businesses (early payment provision, invoice finance, IFA finance and mobile games publishing), announces that it has completed the disposal of its 53.8% equity holding in Vertus Capital Ltd (Vertus), a specialist lender to independent financial advisers, for cash consideration of £3.2m following the acquisition of Vertus by Enable Partners Holdings Limited (Enable). Watrium AS, a 22.8% shareholder in the Company, has co-invested in Enable, alongside Explore Equity II SCSp ("Explore") as part of the transaction, taking a 48.89% stake in Enable.

5 October 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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