Corporate finance business Marechale Capital (LON: MAC) is acquiring broker Stanford Capital Partners along with global asset tokenisation platform Blubird Global and NJC Capital Management VSA Private Fund and its manager. The payment is 75.2 million shares issued at 1.75p each, which values the businesses at £1.32m. There will be £1.06m raised at the same price. This will make Marechale a digital merchant bank with tokenisation offering an alternative way of raising money for clients. The share price soared 123% to 4.45p.
Bacchus Capital proposes to make a £3.5m strategic investment in Beowulf Mining (LON: BEM) as part of a £4m fundraising. The cash would fund progress with the Kallak iron ore project in Sweden and prospects in Finland until 2027. The share price recovered 63.6% to 9p.
Forestry investor Woodland Capital has increased its stake in energy and critical minerals business Focus Xplore (LON: FOX) from 4.4% to 6.5%. The share price increased 36.4% to 0.0375p.
Drinks brands owner Distil (LON: DIS) says Ardgowan Distillery Company has agreed to the early conversion of £3m of convertible loan notes issued in July 2021. This will give Distil a 10.5% stake. It will also receive a payment of £395,000. The Distil share price rebounded 35.8% to 0.055p.
FALLERS
Portmeirion (LON: PMP) announced a fundraising late on Wednesday evening. It raised £15m at 50p/share and a retail offer could raise up to £2m more. The homeware brands company will use the cash to reduce net debt and to invest in the US Amazon online business that has been brought in-house. There could also be small bolt-on acquisitions. The share price slumped 43.5% to 54p.
Litigation Capital Management (LON: LIT) says that the debt covenant waiver by Northleaf has been extended to the end of June. The interest charge remains two percentage points higher during the waiver. Two cases with A$9m invested have had negative developments and this will lead to write-downs. The strategic review continues. The share price declined 37.5% to 2.6p.
Dotlines Global (LON: DOTL) fell 29.2% to 8.5p during the week. The Singapore-based technology company moved from the Main Market on 11 May when the business reversed into shell Ikigai Ventures. The deal was done at 9.5p/share.
CleanTech Lithium (LON: CTL) has raised £4.77m via a placing at 6p/share. A proposed WRAP retail offer could raise up to £250,00. The outstanding convertible loan notes will be converted into 64.5 million shares. Chairman Steve Kesler has taken £276,273 of fees in 4.6 million shares at the issue price. The cash raised will fund licence purchase costs at Laguna Verde, finance the environmental impact assessment and refinement of the direct lithium extraction processes. Nearly 20 million options will be granted to directors and senior management as part of an incentivisation package. The share price dipped 26.2% to 5.9p.