Small Cap Feast

7th 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

DeepVerge 1.9p £14.4m (DVRG.L)
The environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins, announces the appointment of Andrew Waters FCA as Chief Financial Officer and as a Director of the Company. Andrew brings experience as a CFO of both public and private companies in the healthcare and life sciences field, including most recently at AIM quoted Venture Life Group plc. A further independent Non-Executive Director will be appointed as soon as practicable.

e-Therapeutics 16.85p £98.1m (ETX.L)
The company integrating computational power and biological data to discover life-transforming RNAi medicines, announces the filing of four new patent applications to protect innovation around novel gene targets, associated disease relevant biology as well as proprietary siRNA (short interfering RNA) stabilisation chemistries. The new patent applications build on an active period of IP generation, where a series of patent applications were filled to protect 13 inventions.

Feedback 122.5p £16.3m (FDBK.L)
The specialist clinical communication company, announces its unaudited results for the six months to 30 November 2022. Revenue increased 222% to £576k (H1 2022: £179k), while sales increased to £612k (H1 2022: £246k). Adjusted EBITDA loss increased to £1,197k (H1 2022: £1,007k) as a result of expanding and scaling the Bleepa-CareLocker platform. During the period FDBK was awarded £450k contract for a 12-month pilot extension of the Sussex Integrated Care Systems Community Diagnostic Centre development programme. Cash as at 30 November 2022 of £9,228k ( 31 May 2022: £10,306k). Looking to Q3-Q4 of this financial year, the Company's focus will be predominantly be on the NHS and pursuing opportunities in the emerging CDC space, where FDBK is seeing growing amount of government investment and substantial clinical need for our technologies.

Great Western Mining 0.086p £3.9m (GWMO.L)
An exploration company focused on gold, silver and copper targets in Nevada provides an operations update. Western Milling LLC: In January, the Nevada Department of Environmental Protection (NDEP) requested changes to be the plan for Western Milling LLC, (a production joint venture, 50% owned by the Company). A modified plan has been submitted for formal approval. Surface work started last week in preparation for laying concrete. OMCO Mine: A track-mounted reverse circulation drill rig has been secured and is currently being mobilised to the Olympic Gold site for shallow drilling at the OMCO Mine prospect. Drilling in 2022 intercepted the OMCO Mine vein for the first time and an extension to the OMCO Mine is now believed to have been established.

IXICO 25.5p £12.3m (IXI.L)
The precision analytics company delivering insights in neuroscience, provides a trading update. IXICO reconfirms its revenue expectations of £7m for the year to 30 September 2023. The Company now expects to achieve double digit revenue growth in the year to 30 September 2024. IXICO has diversified its orderbook and the Board expects to see revenue growth in 2024 as it continues to build upon the contract and client wins. The return to revenue growth is an important step on the path back to profitability.

Northcoders Group 305p £23.5m (CODE.L)
An independent provider of training programmes for software coding, announces that it has entered into a conditional agreement to acquire Tech Returners Limited, a leading UK technology re-training business for senior-level personnel for a total consideration of £1.576m, to be satisfied in cash and shares. The initial consideration of £1.326m will be satisfied on completion by payment of £326k cash and the issue of 322,580 new ordinary shares of £0.01 each in the capital of the Company. Deferred consideration of £0.25m is payable 12 months post Completion in cash. For the year ended 30 November 2021 Tech Returners reported a profit before tax of £68k on revenues of £565k and had net assets of approximately £7k. For the equivalent period to 30 November 2022 management accounts indicated revenues of over £800k and a breakeven position.

REACT Group 1.18p £12.4m (REAT.L)
The specialist cleaning, hygiene, and decontamination company, announces its final results for the year ended 30 September 2022. Revenue increased by 78% at £13.70m (2021: £7.70m), including a contribution of c. £1.6m from LaddersFree post acquisition. Gross profit increased 37% to £3.26m (2021: £2.37m) and adjusted EBITDA grew 20% to £953k (2021: £795k). In May 2022, REACT acquired LaddersFree Ltd, an established nationwide commercial window, gutter and cladding cleaning business, for a total consideration of up to £8.5m on a debt-free and cash-free basis. REACT intends to continue to build through organic growth and via strategic acquisitions if the right opportunity presents itself.

Tekcapital 21.5p £32.4m (TEK.L)
The UK intellectual property investment group notes that Innovative Eyewear, Inc. (NASDAQ: LUCY; LUCYW), the developer and retailer of smart eyewear under the Lucyd®, Nautica® and Eddie Bauer® brands, has announced the launch of Lucyd Lyte 2.0. Lucyd Lyte 2.0 is a major upgrade to its flagship Lucyd Lyte audio eyewear platform and brings several advances to the company's core product. Tekcapital currently owns 5,189,086 shares (approximately 71%) of Innovative Eyewear, Inc.

Victorian Plumbing Group 91.5p £297.6m (VIC.L)
The online specialist bathroom retailer, announces that Daniel (Dan) Barton, currently the Group's Director of Finance, has been appointed as the Group's Chief Financial Officer following the resignation of Paul Meehan. Dan will be appointed to the Board on 1 April 2023. Paul will remain with the business until 30 June 2023 to ensure an orderly handover. Dan joined Victorian Plumbing in August 2022 from DWF Group plc, where he was Deputy CFO for three years. Prior to this, Dan was Deputy CFO and Company Secretary at Wilmington Group plc, having previously qualified as a Chartered Accountant at PwC LLP.

Zinc Media Group 92.5p £20.2m (ZIN.L)
The television, brand and audio production group, provides a trading update. Revenue and adjusted EBITDA for FY22 are expected to be ahead of current market expectations, with the Group profitable (at EBITDA level) during the second half of the year. The strong Q4 performance boosted by The Edge (film producer), which had its best trading year ever. The outlook for FY23 remains positive. £15m revenue has been booked and anticipated to be delivered in FY23, and £12m of highly advanced revenue is in the pipeline for delivery in FY23.

7 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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