Small Cap Feast

8th September 2023

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Spectral MD Holdings (SMD.L)
Cenkos Securities (CNKS.L)

What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, 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, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Breakfast Buffet

AMTE Power 2.1p £0.8m (AMTE.L)
A developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, announces that it has conditionally placed new ordinary shares at a price of 1.7 pence per Placing Share to raise approximately £2.1m before expenses. The Issue Price represents a discount of approximately 81.62% to the closing middle market price of 9.25 pence per Ordinary Share on 7 September 2023. The net proceeds of the Placing will be used to provide further time for the Company and the potential new equity investor to complete the proposed initial equity investment of £2.5m. This placing is expected to provide the Company with working capital till early November 2023.

Atlantic Lithium 24.88p £152.3m (ALL.L)
The African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, announces that it has agreed non-binding Heads of Terms with the Minerals Income Investment Fund of Ghana (MIIF) to invest a total of US$32.9m (£26.3m) in the Company and its Ghanaian subsidiaries. MIIF's proposed investment will support the development of the Company's flagship Ewoyaa Lithium Project (Ewoyaa) and the broader Cape Coast Lithium Portfolio in Ghana towards production. MIIF will acquire a 6% interest in the Company’s Ghana portfolio including the Ewoyaa project and the interest will take the form of funding of development, exploration and studies expenditure.

Dekel Agri-Vision 3.15p £17.6m (DKL.L)
The West African agriculture company focused on building a portfolio of sustainable and diversified projects, provides an August production update for its Ayenouan palm oil project in Côte d'Ivoire (Palm Oil Operation). August 2023 resulted in an increases in Crude Palm Oil (CPO) and Palm Kernel Oil (PKO) production of 38.3% and 103.3% compared to August 2022. CPO sales prices increased slightly to EUR822 per tonne in August 2023 compared to EUR814 per tonne achieved last month. Local CPO prices are still trading slightly below international CPO prices which traded around EUR850 per tonne in August 2023 due to higher than normal local stock supplies

Harland & Wolff Group 13.8p £23.8m (HARL.L)
The company focused on strategic infrastructure projects and physical asset lifecycle management, announces its unaudited interim results for the six-month period ended 30 June 2023 (H1 23). Revenues of £25.53m; a 65% increase (H1 22: £15.41m). EBITDA loss £15.92m (H1 22: loss of £12.71m) owing to investment in headcount in preparation for delivery of the Fleet Solid Support contract, and net debt of £88.53m (H1 22: £19.74m) reflecting the upsized Riverstone Credit Facility from $35m in March 2022 to $100m. Directors believe that trading remains on track to achieve FY23 Group revenues of £100m. Post period, the Company announced a notice to proceed for the mid-life upgrade and dry docking of a large vessel, expected to be in the region of £60-£70m in revenues and reiterates its revenue guidance for FY24 of £200m.

IQ-AI 4.2p £7.7m (IQAI.L)
Imaging Biometrics, LLC (IB), a wholly owned subsidiary of IQ-AI Ltd announces the results of a study that validates IB Neuro's processing of reduced-dose gadolinium-based contrast agent (GBCA) perfusion studies on 1.5T scanners. The multi-center study, led by Dr. Mark Shiroishi validated the use of a low-dose protocol for acquiring MRI perfusion data. In the 2019 study, it was shown that 3T MRI data collected with 50% less GBCA could provide perfusion maps comparable to the higher dose standard when processed using IB Neuro. Dynamic susceptibility contrast (DSC) MRI is the most common approach used to measure brain tumor perfusion. IB Neuro automatically processes DSC data using its unique contrast leakage (of GBCA) correction technology. The platform generates quantitative output that can be directly compared across timepoints. This study validates IB Neuro’s platform proven to provide accurate perfusion maps under low-dose conditions at both 1.5T and 3T MR scanners.

Jangada Mines 2.4p £6.2m (JAN.L)
A natural resources company with interests in Brazil, announces its unaudited interim results for the period ended six months to 30 June 2023. Pitombeiras, located in the state of Ceará, Brazil, has a Total Mineral Resource Estimate of 8.26Mt with 62% classified at the higher confidence Measured & Indicated Mineral Resources category. A technical report published in April 2022 demonstrated the project's robust economics including 100.3% post-tax IRR and US$96.5m post-tax NPV (8% discount rate). The Company held a 0.58% interest in ValOre's share capital, relating to the disposal of our previously owned PGM project held by Pedra Branca Brasil Mineração Ltda. Jangada has received a total of CAD$3m cash from ValOre and six tranches of common shares from the disposal. The Board continue to evaluate multiple value accretive commodity projects going forward.

Polarean Imaging 11.5p £24.8m (POLX.L)
A commercial-stage medical device leader in advanced magnetic resonance imaging (MRI) of the lungs, announces that it has partnered with VIDA Diagnostics (VIDA), a clinical imaging intelligence company providing medical imaging software solutions. The companies are partnering to further enable the Polarean xenon 129 MRI platform to accelerate clinical and research use. These new products and services will be utilised to expand access to xenon 129 MRI as a lung imaging service and to investigate new indications and biomarkers in broader populations with unmet medical needs. VIDA has empowered more than 1,000 clinical and research sites globally with its imaging management platform, a cloud-native AI-enabled solution that drives standardisation and efficiencies in clinical trial imaging operations.

Power Metal Resources 0.83p £17.2m (POW.L)
The metals exploration and development company, announces the discovery of a significant helium anomaly at its 100% owned Perch River Uranium Project (Perch River) within the Athabasca Basin, Saskatchewan, Canada. The strong helium response could be indicative of significant buried uranium mineralisation or leakage of helium from a buried helium reservoir at depth. As a response to the discovery of this significant helium target, the crews currently active on the Company's uranium portfolio have been repositioned in order to complete a high-resolution soil sampling grid over this target area. The Company plans to engage a helium gas specialist to determine optimal next steps to further develop this target.

SIMEC Atlantis Energy 1.125p £8.1m (SAE.L)
The company focusing in tidal energy announces that it has successfully secured 4 Contracts for Difference (CfD) in the latest allocation round, for the world leading MeyGen site. These CfD contracts guarantees £198 (£/MWh), for 15 years from 31st March 2028 commissioning date, will allow SAE to deliver a total of c.22MW of clean, home-sourced, predictable power at its MeyGen site in Scotland. SAE has been making good progress on the delivery of the 28MW secured in the AR4 round (July 2022) and by delivering these projects in parallel, SAE will be delivering a 50MW tidal stream array, in addition to the 6MW already operational at the MeyGen site equivalent to over 65,000 homes per annum being powered by the tide.

88 Energy 0.38p £84.4m (88E.L)
An oil and gas exploration and production company with a North American focus and interests in onshore Alaska announces its half year financial report. For the period ended 30 June 2023 the Company recorded a loss of $11.6m (30 June 2022: $67.3m loss). The loss was attributable to the impairment of the Yukon Project and leases (Regenerate Energy Alaska) of $8.8m. The Group had cash on hand of $7.3m (31 December 2022: $14.1m ) and no debt. Net assets totalled A$139.6m (31 December 2022: $131.6m). The Group continued its principal exploration activities in Alaska, complemented by a 75% owned, non-operated working interest in onshore Texas Permian Basin production assets.

8 September 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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