Small Cap Feast

9th May 2023

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What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. £1.98m total capital to be raised. Anticipated market capitalisation on admission £7.16m. Expected Admission 10 May 2023.

Breakfast Buffet

Capital Metals 4.6p £8.7m (CMET.L)
A mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (Project), announces that the Company has signed a Memorandum of Understanding (MoU) with LB Group. LB Group is expected to fully fund the Project, which is estimated to cost US$81m. The JV will fund any expansion of the Project parameters on a 50/50 basis. All funding is to be by way of equity on a staged basis to achieve 1.65m tonnes per annum mining rate capacity and processing to final products.

Echo Energy 0.043p £2.4m (ECHO.L)
The Latin American focused energy company, announces the execution of a binding Term Sheet for a transaction, designed to provide much needed funding for the Company through the sale of 65% of the Company's 70% of the current working interest in Santa Cruz Sur to Selva Maria Oil S.A. and Interoil Exploration and Production ASA for a cash consideration of up to £1.725m. Furthermore, Selva Maria Oil SA and Interoil Exploration & Production ASA have agreed to subscribe to c.115.38m shares at a price of 0.065p per share (raising £75k) for additional working capital.

Frontier IP Group 66p £36.7m (FIPP.L)
A firm commercialising intellectual property, announces that portfolio company Alusid Limited (Alusid), where the Company holds a 37.5% equity stake, has launched its first range of mass-produced wall tiles made from its sustainable materials with Topps Tiles. A first range of wall tiles has already been launched exclusively in UK retail by Topps Tiles. The range named Principle, are made on industry-standard mass production equipment from a minimum of 91% recycled industrial waste. Principle tiles are made using 23% less gas during production than the equivalent counterpart.

Global Connectivity* 1.62p £5.88m (AQSE: GCON)
Formerly known as Rural Broadband Solutions Plc, a company focused on communication services and technologies that enhance connectivity, announces that it has appointed Hybridan LLP as its AQSE Corporate Adviser with immediate effect. Hybridan remains AQSE Corporate Broker to the Company.

Petards Group* 8.5p £4.8m (PEG.L)
The developer of advanced security and surveillance systems, reports its audited final results for the year ended 31 December 2022. Total revenues decreased 19.9% to £10,872,000 (2021: £13,574,000) however, gross profit margin increased to 51.0% (2021: 44.9%). The Company’s adjusted EBITDA decreased 24% to £1,161,000 (2021: £1,534,000) and profit after tax was £524,000 (2021: £865,000). The focus of the Group's business in 2022 was on shorter delivery, lower value but higher margin contracts, and at year end the order book stood at just over £4m (31 December 2021: £7m). The Board's objectives for 2023 are for improved results, strong cash generation and to further strengthen the Group's portfolio of businesses.

Physiomics* 3p £2.9m (PYC.L)
The mathematical modelling company supporting oncology drug development and personalised medicine solutions announces the publication of an original article "Should personalised dosing have a role in cancer treatment?" in a special edition of the journal Frontiers in Oncology focused on the FDA's Project Optimus. Project Optimus has relevance to PYC both in its core consulting business and its personalised oncology initiatives.

Plant Health Care 10.55p £32.8m (PHC.L)
A provider of peptides for plant protection to global agriculture markets, announces that its new PREtec product PHC68949 has received the first stage of regulatory approval for commercial use in Brazil. PHC68949, a novel technology that amplifies a plant's natural defense against damaging nematodes (bionematicide), which have been estimated to cause up to 12.3% of annual crop loss, worth approximately $157bn per year. After its initial launch for use in soybeans, the Company expects to introduce PHC68949 in other crops in Brazil and aims to achieve revenues of $30m by 2025.

Reabold Resources 0.178p £16.4m (RBD.L)
The oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, announces that it has entered into a conditional subscription and option agreement with LNEnergy Limited (LNEnergy). Reabold will initially acquire an interest of 3.1% of LNEnergy for cash consideration of £250k, and receive options to acquire further shares in LNEnergy totalling a 25.0% shareholding in LNEnergy for aggregate cash and equity consideration of £3.8m. First gas production for LNEnergy is targeted for early 2025 and is aligned with Reabold's strategy to help to progress high quality pre-cash flow projects.

Serabi Gold 31p £23.5m (SRB.L)
The Brazilian-focused gold mining and development company, announces the appointment of Deborah Gudgeon as a Non-executive Director with immediate effect. Ms Gudgeon qualified as an ACA accountant at PwC (Coopers & Lybrand) and has significant experience in acting as an independent non-executive director.

XLMedia 11.75p £30.5m (XLM.L)
The digital media company that manages a portfolio of premium brands with an emphasis on Sports and Gaming in regulated markets, announces that, in line with its strategic objective to diversify revenue, it has signed a hybrid revenue agreement with bet365. The agreement, which combines customer acquisition with longer term retention, forms the basis of a multi-year partnership between the two brands and deepens the commitment both XLMedia and bet365 have made to North American expansion.

9 May 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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