Goldstone Resources (LON: GRL) says it has agreed to assign the convertible loan notes to Devonport Capital and the redemption date has been extended to 31 January 2025. They will be converted into 85.9 million shares at 3.25p each – principal and interest will be £2.79m. This is reassuring for investors. The share price rose 54.1% to 1.425p.
Synairgen (LON: SNG) shares have rebounded after last week’s decline because of the proposed funding to raise up to £19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten £18m of this. However, there is a placing and open offer to raise £6m and the TFG subscription will be reduced by the amount raised over £1m. However, if the placing and open offer does not raise at least £2.9m the AIM quotation will be cancelled. The share price recovered 39.8% to 2.795p.
Contract pharma services provider Proteome Sciences (LON: PRM) has a growing order book and this will show through in 2025 revenues. There will be an improvement in the second half revenues. Vulpes Investment Management and Christopher Pearce are providing a total loan facility of £1m. This will finance the purchase of a new Exploris mass spectrometer. Chief executive Dr Mariola Soehngen is leaving, and Christopher Pearce will become executive chairman. The share price improved 28.4% to 3.57p.
Mitsubishi Electric is investing £26.2m in Seeing Machines (LON: SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%. The share price increased 6.74% to 4.75p.
FALLERS
Retailer Quiz (LON: QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a £1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility.
Gemfields (LON: GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed. The share price dropped 12.6% to 6.25p.
Orosur Mining Inc (LON: OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling its to resolve the complexities. Pepas has exceeded expectations. The share price fell 11.5% to 7.3p.
Nativo Resources (LON: NTVO) says 50% owned Peru joint venture Boku Resources has made its first mineral sale from the Tesoro gold mine. This had an average grade of 15.6g/t. The focus is the high-grade material. The share price dipped 9.09% to 0.002p.