Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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AfriTin Mining 4.25p  £64.5m (ATM.L)

The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an operational update. Commissioning of the Uis Phase 1 Expansion Project has been completed. Production is projected to ramp up from 780 to 1200 tpa (tin concentrate per year) over the next 3 months. The expansion of the dry plant will increase the feed rate of ore to the plant by approximately 50%, while the new stockpile provides buffer before the concentrator ramps up utilisation. The potential by-product production of lithium and tantalum is expected to benefit from the plant throughput expansion due to its co-occurrence within the ore.

ATOME Energy 87.5p  £28.4m (ATOM.L)

The green hydrogen and ammonia production company with projects in Europe and South America announces it has entered into a non-binding Memorandum of Understanding (MOU) with Puma Energy Paraguay S.A. in relation to hydrogen in Paraguay. The MOU provides a non-binding framework for discussing the potential transactions such as testing and running clean fuels on trucks that transport Puma’s fuel; development of a clean energy supply corridor along Puma’s service station network, store and dispatch hydrogen in Paraguay; establishment of commercial relationships, offtake agreements for hydrogen produced by ATOME for mobility purposes and the possibility of testing and running clean fuels on the push boats that provide services to Puma.

Brave Bison 2.2p  £23.8m (BBSN.L)

The social and digital media company announces that it has entered into an agreement with Barclays Bank for a new £3m revolving credit facility (RCF). The RCF is a 3-year facility with an interest margin of 2.75% over Base Rate. The RCF will provide additional resources for acquisition of complementary businesses in the digital media, marketing and technology industries. Brave Bison reported gross cash of £5.4m and net cash (excl. leases) of £4.8m as at 30 June 2022.

Caledonia Mining Corporation 915p  £120.3m (CMCL.L)

The gold exploration, development, and mining company provides an update to the NI 43-101 compliant Mineral Resources statement at its 100% owned Maligreen project in the Zimbabwe Midlands. Caledonia has also updated the technical report with an effective date of September 30, 2022, replacing the previous technical report filed on SEDAR in November 2021. Highlights include: Measured and Indicated Mineral Resources of 8.03m tonnes at a grade of 1.71g/t containing approximately 442k ounces of gold. Inferred Mineral Resources of 6.17m tonnes at a grade of 2.12g/t containing approximately 420k ounces of gold. Caledonia will continue to evaluate the potential of Maligreen.

DeepVerge 2.13p  £5.4m (DVRG.L)

The scientific research company announces that further to the announcements of 25 October 2022 and 3 November 2022, Gerard Brandon, Executive Director with responsibility for the Modern Water Division, has resigned and will leave the Company with immediate effect to enable him to devote more time to his other business commitments. The Company announces the appointment of Paul Ryan as General Manager of the Modern Water division. Paul is currently the Company’s Chief Business Development Officer and has played a key role in transitioning Modern Water to a solutions business. The Company is progressing with the recruitment of a new CEO and CFO.

Engage XR 15p  £44.3m (EXR.L)

The virtual reality technology company launches its new metaverse product, ENGAGE Link to complete the Company’s transformation into a metaverse technology company. ENGAGE Link has been developed as a metaverse platform designed for corporations, professionals, education organisations, and event organisers. It allows the Group’s customer base to use the metaverse to create their own virtual worlds so as to provide services directly to their own clients and to engage with employees and suppliers. ENGAGE Link is an evolution of the immersive communications platform, ENGAGE, which has grown to serve more than 180 commercial customers since launch in 2019.  

Great Eastern Energy 18.5p  £22.0m (GEEC.L)

The fully integrated Indian Coal Bed Methane (CBM) Company, announces its unaudited half-year results ended 30 September 2022. Revenue decreased 2% to $13.13m (H1 22: $13.42m). EBITDA fell 13% to $5.85m (H1 22: $6.75m). Given the current pricing environment and renewals effected after the 6 months reporting period, the average selling price for the full FY ending 31 March 2023, and 31 March 2024, is expected to be ~$12.77/mmbtu and ~$16.47/mmbtu respectively. Gas production decreased from an average of 15.86 mmscfd in FY 2022 to an average of 15.58 mmscfd in October 2022, including choked production. This is due to the natural decline in CBM wells. The Company is profitable, cash generative, and continues to maintain sufficient liquidity to meet all its financial obligations on time.

Insig AI 18.25p  £19.3m (INSG.L)

The data science and machine learning solutions company serving the asset management industry, announces that a London based alternative investment manager has signed a consultancy agreement that will draw on Insig AI’s fintech data science capabilities with the aim of generating alpha. The contract value is £120k and is expected to be completed by 31 December 2022. The Company is in active discussions with other institutions.

Rosslyn Data Technologies 1p  £3.4m (RDT.L)

The provider of a leading cloud-based enterprise data analytics platform, announces the signing of two multi-year contracts with new blue-chip customers, worth approximately £1m in aggregate over 5 years. The new clients comprise 1) A multinational aerospace engineering company headquartered in the US. 2) A global automotive car rental company. Rosslyn has now signed 5 deals within H1 FY23.

SolGold 18.6p  £427.1m (SOLG.L)

The  Australian-based company that engages in the exploration and discovery of minerals announces it has entered into a binding agreement with Osisko Gold Royalties Ltd for a US$50m royalty financing with reference to its Cascabel copper-gold project in northern Ecuador. Osisko will receive a 0.6% NSR interest from SolGold, calculated with reference to net smelter returns from the Cascabel licence area. SolGold has a buy-back option, exercisable at SolGold’s election for 4 years from closing, for one-third of the NSR interest.

What’s cooking in the IPO kitchen?

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market.  The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market.  Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. Investors are focused on Ithaca’s dividend yield, with the price range corresponding to a dividend yield of 11.3%-14% for 2023, a bookrunner involved said. Expected 9 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.

*A corporate client of Hybridan LLP

** Content not provided by Hybridan LLP

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