Small Cap Feast

6th December 2023

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Potential Initial Public Offerings:
01 December: Investment Evolution Credit ITF:
An U.K. registered fintech group that specialise in online consumer loans, announces its application for Admission to the AQSE Growth Market. The Company currently provides online consumer loans in the U.S. under the brand Mr. Amazing Loans and plans to provide online consumer loans in the U.K. under the brand IEC Credit. Expected AQSE Admission is on 14 December 2023.

30 November: Flex Labs ITF: a software business engaged in the development of advanced artificial intelligence (AI) middleware products, intending to offer these to business customers through a software as a service (SaaS) model announces its application for Admission to the AQSE Growth Market. Expected AQSE Admission date is on or around 15 December 2023.

23 November: Substrate Artificial Intelligence ITF: An artificial intelligence Company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health announces its Admission to the Aquis Growth Market. Expected AQSE Admission date is on or around 7 December 2023.

2 October: Tekcapital announced intention to spin off and IPO: 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-December.

Reverse Takeovers:
30 November: EnergyPathways RTO: Formally Dial Square Investments Plc, listed on the Standard Listing of the Main Market, announces its Admission to AIM pursuant to the Acquisition of EnergyPathways Limited which constitutes a reverse take-over. EnergyPathways is an integrated energy transition company, initially targeting development of UK gas assets, with the aim of bringing these into production. AIM Admission is expected mid-December.

15 November: Afentra Plc RTO: Formerly Sterling Energy plc, and launched in 2021 to support the African energy transition as a independent oil and gas company announces its Admission to AIM pursuant to the Sonangol Acquisition which constitutes a reverse takeover and therefore admission is being sought as a result of such reverse take-over. The Company will not be raising new capital as part of its Admission. Anticipated market capitalisation on Admission will be c.£65m. Expected AIM Admission date is expected Early December.

Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L):
Intends to delist from its Standard Listing of the Main Market and apply for the Admission of its shares to trading on AIM on 10 January 2024.

9 November: Chapel Down Group (AQSE:CDGP): England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing a secondary offering as part of its Admission. Anticipated market capitalisation on Admission will be c.£75m. Expected AIM Admission date is 7 December 2023.

Banquet Buffet

Ariana Resources 2.25p £28.6m (AAU.L)
The mineral exploration and development Company with gold mining interests in Europe announces a further set of results from the Hizarliyayla area of the Salinbas Project and outlines the progress of the geophysical survey over the area. The project is operated via Zenit Madencilik San. ve Tic. A.S. (Zenit), in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana. Best high-grade intercepts to date include: HZR006 1.0m @ 2.80g/t Au + 5.26g/t Ag from 72.5m; HZR003 3.4m @ 1.08g/t Au + 7.11g/t Ag from 202.0m; HZR003 2.0m @ 1.17g/t Au + 52.03g/t Ag + 2.76% Zn + 0.23% Cu from 333.0m; HZR001 4.9m @ 2.85% Zn + 0.96% Pb + 30.17g/t Ag from 158.5m; and HZR003 1.3m @ 0.75% Cu from 49.0m.

Devolver Digital 20p £89.0m (DEVO.L)
The digital publisher and developer of independent (indie) video games announces a grant of awards under the 2022 Long Term Incentive Plan. The awards consist of Performance Stock Units (PSUs) which are awarded subject to a three year cliff and achievement of financial targets, and Restricted Stock Units (RSUs), which are awarded subject to a three year cliff and financial performance criteria for senior management, and a two year cliff for other employees. These awards amount to 1.7%. of the issued and outstanding share capital. Total dilution from these awards and all outstanding share options and grants amount to 11.4% of the issued and outstanding share capital.

Galantas Gold 14.25p £19.1m (GAL.L)
The Canada-based mining Company announces that further to its news release dated November 9, 2023, the Company now expects its proposed non-brokered private placement of up to US$3m aggregate principal amount of unsecured convertible debentures of the Company to close during the week of December 11, 2023. The net proceeds of the Offering are expected to be used for exploration and development, working capital and for general corporate purposes. The Company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit in Scotland.

Haydale Graphene Industries 0.425p £7.6m (HAYD.L)
The global technology solutions Company announces the award of a SMART Flexible Innovation Support Grant (SMART FIS) from the Welsh Government, to accelerate development of ultra-efficient, graphene infused heat transfer fluids. Hydratech, a division of Liquitherm Technologies Group and longtime manufacturer of aqueous-based heat transfer fluids, has been awarded a collaborative SMART FIS to work in partnership with Haydale on the project. The SMART FIS funding will enable both companies to accelerate the development of FSC towards market-ready products, with the project totalling £147,221 with a grant value of £73,610 shared between the partners.

IQGeo Group 296p £182.3m (IQG.L)
The developer of geospatial software that is "Building better networks" for telecom and utility operators announces that a major tier 1 multi-service utility in the US selected the IQGeo software to mobilise field workflows across its electric and gas operations. The utility provides transmission and distribution services to over 5m customers across eight states and will be using IQGeo software licenses to support field crews managing its electric grid and gas network. The total value of the project is approx. $3m encompassing software licenses with ongoing maintenance and support, and professional services over a 5-year period.

Likewise Group 17.5p £42.7m (LIKE.L)
The fast growing and progressive UK floor coverings distributor announce that it remains on track to achieve current market expectations for the financial year ending 31 December 2023. Revenue to the end of November 2023 increased 13.3% year-on-year, predominantly driven by increased volume rather than price inflation. Likewise has increased market share during 2023 and with capacity in the Logistics Network developed over the last three years, can look forward to further growth in 2024, towards the Group's medium term ambition of exceeding £200m Annual Sales Revenue.

Mineral and Financial Investments 11.75p £4.4m (MAFL.L)
The Company that invests in natural resources, minerals, metals, and oil and gas projects provide an update on its investments in Redcorp Empreedimentos Mineros Lda (Redcorp) and Ascendant Resources Inc. (Ascendant) which are developing the Lagoa Salgada Polymetallic Project in Portugal. The Project is being managed by Ascendant. M&F owns a conditional 20% carried interest in Redcorp and Ascendant owns the balance. Ascendant has informed M&F that further to the announcement on 18 October 2023 in relation to the Export Credit Agency Supported Project financing of up to US$158m, Ascendant has appointed Banco Santander, S.A. as Mandated Lead Arranger for the Lagoa Salgada Project in Portugal.

Power Metal Resources 0.525p £10.9m (POW.L)
The exploration Company seeking large-scale metal discoveries across its global project portfolio provides an update on its Molopo Farms Complex Project (Molopo Farms or the Project), where the Company is targeting a district-scale nickel and platinum group element (PGE) discovery in southwestern Botswana. The identified conductor is very strong, steeply dipping and multi-kilometre in length and importantly is co-incident with the keel of the feeder zone intrusion within target area T1-14. Since early October, the Company has advanced plans to drill test this target at T1-14, with follow up analysis determining up to two areas to optimally test this conductor. The Company is in the final stages of negotiating and signing a drill contract to commence drilling operations early in Q1 2024.

Quadrise 2.755p £43.0m (QED.L)
The supplier of innovative energy solutions for a cleaner planet confirms the finalisation of results from bioMSAR fuel testing completed in November 2023 (the bioMSAR Tests), further to the announcement of 27 November 2023. The ultimate objective of the bioMSAR programme is to supply the marine and industrial fuel sectors with sustainable biofuels that are lower in cost, more efficient, safer yet simple to use, and which generate the fewest harmful emissions. The bioMSAR Tests were conducted using the Company's 40kW Cummins diesel engine installed at Aquafuel Research Limited. The bioMSAR Tests concluded in November were completed on blends of bioMSAR containing up to 40% of Vertoro's CSO as a replacement for renewable glycerine.

Various Eateries 26p £23.1m (VARE.L)
The owner of “Coppa Club” and “Noci” restaurants announces that it is carrying out a conditional placing to raise approximately £10m, before expenses, by way of the issue of new ordinary shares at a price of 25p per share (Placing Price), a discount of approximately 3.9% to the closing price of 26p per share on 5 December 2023. The Company also confirms its intention to convert a deep discounted bond (DDB) held by Friends Provident which operates on an execution only basis on the sole instruction of Hugh Osmond and certain secured loan agreements with Anella Limited (owned and controlled by Andy Bassadone) and TDR Capital Limited into new ordinary shares of the Company at the Placing Price.

6 December 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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