Small Cap Feast

6th February 2023

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What’s Cooking In The IPO Kitchen?

Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023


Breakfast Buffet

Bonhill Group 7.25p £8.6m (BONH.L)
A leading B2B media business specialising in financial services providing media, events and data & analytics, announces an update on the formal sale process announced on 10 October 2022 and a trading statement. The Company announces that it has received a non-binding offer from a US media buyer for the business and assets of InvestmentNews LLC of $6.5m in cash. The Board now expects FY2022 revenue of £13.6m and EBITDA of £1.5m. The Company is expected year end net cash position of £0.7m.

B90 Holdings 2.875p £8.1m (B90.L)
The online marketing and operating company for the gaming industry, announces that it has raised a further £500k through subscriptions for convertible loan notes by existing investors in the Company. The net proceeds will be used to develop the growth initiatives of the Company and for general working capital. The Board expects that revenues for FY 2022 will be marginally in excess of EUR2.1m, in line with market expectations. The Company expects to report a reduced loss for FY2022 compared to FY 2021, with an increase in administrative expenses.

EKF Diagnostics Holdings 32.6p £148.3m (EKF.L)
The global diagnostics business provides an unaudited trading update for the year ended 31 December 2022 (FY2022). Overall performance has shown growth compared to pre-pandemic levels and, as a result, the Company will report revenues for FY 2022 that are in line with market expectations. Group cash, net of borrowings, as at FY2022 was £11.4m (FY2021: £19.6m). The Company will recognise large costs in 2022, but this will lead to stronger and clearer foundations for 2023. The board anticipates the outlook for 2023 remaining positive.

hVIVO 18.65p £125.2m (HVO.L)
A growing organisation in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has signed a £6.8m contract with a pharmaceutical company based in Asia Pacific to test its respiratory syncytial virus (RSV) antiviral drug, using the hVIVO RSV Human Challenge Study Model. The Phase 2a double-blinded placebo-controlled human challenge trial will take place in Whitechapel and will evaluate the efficacy profile of the antiviral against RSV infection in healthy volunteers. The study is expected to commence and generate revenue in H1 2024.

ImmuPharma 2,995p £10m (IMM.L)
The specialist drug discovery and development company, provides an update to the market on its Lupuzor™ programme in patients with systemic lupus erythematosus (SLE). ImmuPharma confirms that with its partner Avion, they have agreed on an adaptive Phase 2/3 study for Lupuzor™ in SLE patients. This new study design incorporates guidance from the Food and Drug Administration which advised exploration of higher dose levels than have been used in the clinical program to date. The Group aims to commence the trials during H2 2023.

Iofina 27.25p £32.3m (IOF.L)
Specialists in the exploration and production of iodine and manufacturers of chemical products, provides a trading update. The Group reports that it now expects its FY 2022 EBITDA to be materially ahead of the previous market forecast and no less than $10.5m and revenues remain in line with current guidance. The Company also confirms that the construction of its newest IOsorb® plant, IO#9, continues to progress within the expected timelines. The Group continues to see demand for its iodine and iodine derivatives going forward.

Oxford BioDynamics 16.575p £24.3m (OBD.L)
A biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces the publication of results involving OBD's technology in the multi-disciplinary PROSTAGRAM study using blood to detect prostate cancer in an at risk population. The resultant Prostate Screening EpiSwitch® (PSE) blood test which combines the PSA component and the EpiSwitch classifier, demonstrated a 92%:94% positive : negative predictive value and an accuracy of 94%. This rapid and minimally invasive test can minimise referrals to expensive and invasive procedures.

Oracle Power 0.19p £5.8m (ORCP.L)
A leading developer of Green Hydrogen announces that it has successfully raised gross proceeds of £500k by way of a placing. The net proceeds of the placing will be utilised to support the advancement of the Company's Green Hydrogen project (Project) through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum. The Project would be Pakistan's first commercial Green Hydrogen production facility, with an initial capacity to produce 55,000 tonnes annually. Oracle Energy intends to supply its production to local industries supporting manufacturing, fertiliser production, gas utilities, transport and power generation, and also to export to European and Asian markets.

Seeen 5.75p £5.4m (SEEN.L)
The company whose proprietary AI-generated Key Video Moments technology helps all video asset owners increase direct revenue and profits from their videos, announces a trading and operational update for the year ended 31 December 2022 (2022). For 2022, the Group generated revenues expected to be approximately $3.3m and an expected adjusted EBITDA loss of $0.8-0.9m, reflecting the increased commercialisation focus of the Group. The Group fundraising of £2.6m is to accelerate sales through an enhanced sales and marketing team and selected technology upgrades. The Group also announces a further strategic customer and is expected to deliver approximately $1m per year in revenues to SEEEN, generated from YouTube advertising.

88 Energy 0.725p £131.4m (88E.L)
An Alaska-focused oil exploration and appraisal company advises that it has successfully completed a bookbuild to domestic and international investors to raise A$17.5m (approx. £10.1m) before costs at a 20.8% discount. The net proceeds together with the Company's existing cash reserves (A$14.1m (c.£8.1m) as at 31 December 2022), will strengthen the Company's balance sheet and will provide the Company with sufficient capital to fund the planned Hickory-1 well at Project Phoenix, payment for the new Project Leonis acreage, and additional working capital. The Group also plan to pursue additional new ventures, targeting opportunities across the asset life cycle that are complementary to our existing portfolio.

6 February 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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