Global Petroleum (LON: GBP) has risen on the back of yesterday’s application two additional licences near to an existing licence in Western Australia. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The recent board appointments have experience in this area. The share price jumped 37.8% to 0.1275p.
Paul Scott has taken a 3.18% stake in wellhead safety equipment developer Plexus Holdings (LON: POS). The share price rose 13.3% to 11.5p.
FALLERS
Jade Road Investments (LON: JADE) shares continue to fall following news ithas constituted up to £1m of principal value convertible loan notes lasting 10 months. There is no interest charge, and the conversion price is a 30% discount to the lowest closing bid price in the 30 days prior to conversion. Jade Road Investments has issued £80,000 of convertibles to strategic partner MBM. The two-fifths decline in the share price to 0.3p means that the market capitalisation is not much more than the maximum amount of convertibles that can be issued. That means potential dilution is huge.
Wishbone Gold (LON: WSBN) has raised £360,000 at 0.375p. This will provide working capital. The share price dived 31.8% to 0.375p.
Digital media company Catenai (LON: CTAI) reduced its loss from £196,000 to £13,000 in the six months to June 2024. That is down to the fees earned for the £450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to £31,500. The share price dipped 30.2% to 0.15p.
Steppe Cement (LON: STCM) reports a 4% decline in cement volumes in the first half of 2024 and revenues fell 7% to $34.4m due to lower prices. That means that the Kazakhstan company has fallen into loss. Steppe Cement expects to maintain its market share at around 14%. Inflation is easing and sales volumes and prices are recovering. The share price is 16.1% lower at 13p.
CleanTech Lithium (LON: CTL) says procedural matters have delayed the approval process for the ASX listing. The share price is down 12% to 15p.
Pressure Technologies (LON: PRES) says current trading is slightly weaker than expected. A defence order has been delayed. On the bright side, the sale of the precision machined components division should be completed soon. This will enable the focus on the cylinders business and move the balance sheet into net cash. The share price fell 5.36% to 26.5p.
Iodine producer Iofina (LON: IOF) generated record interim revenues of $26m due to raised volumes, but higher costs meant that pre-tax profit slid from $4.68m to $1.06m. Iofina is paying more to oil and gas companies for the brines it requires, and maintenance costs were increased. The new IO#10 plant is operating, and prices have improved. Canaccord Genuity has raised its full year forecast revenues from $50.8m to $55.4m, although a higher tax rate means that earnings have been cut from 2.4 cents/share to 2.2 cents/share. The share price fell 4.65% to 20.5p.