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AIM movers: ADM Energy premium funding, while Rockfire Resources discounts

Oil and gas company ADM Energy (LON: ADME) has agreed a £500,000 subscription at 1.2p a share and a $250,000 loan with Tennessee Black Gold. This is more than double Friday’s closing price and the shares jumped 22.7% to 0.675p. There will be a strategic review of the company’s assets, so that it can focus on cash generating assets. The Tennessee Black Gold loan will be drawn down in five tranches of $50,000 and matures on 28 October 2024. The interest rate on the loan is 6%. The cash will pay off creditors and fund working capital while costs are being reduced. Osa Okhomina is stepping down as chief executive when the money is received. Tennessee Black Gold can appoint two directors.

Mosman Oil & Gas (LON: MSMN) announced a quarter-on-quarter decline in net production from 8,815 to 6,958 barrels of oil equivalent, but that was due to there being no contribution from Falcon. Production was halted prior to the latest period. Otherwise, the net production is higher. Oil sales prices were lower, but gas prices increased. Production should increase in the fourth quarter. The share price is 15.4% higher at 0.075p.

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Third quarter trading figures from CentralNic (LON: CNIC) sparked a further upgrade for the online marketing and internet domains supplier. Zeus has increased its 2022 pre-tax forecast from $57.8m to $68.7m, while net debt is expected to be lower than previous forecasts at $47.6m. There could be net cash by the end of 2023. So far this year, organic growth has been 66%, which is up from 62% at the half-way stage. The current forecast assumes that the rate of growth slows in the fourth quarter. Debt facilities of $250m have been secured to finance any suitable acquisitions that are found, and the interest rate will be lower than on the bonds currently in issue. The share price is 7.1% higher at 128.5p.

Floorcoverings supplier Victoria (LON: VCP) says interim revenues were more than £700m and EBITDA £100m, which is in line with forecasts. Cash flow should be stronger in the second half following the integration of recent acquisitions. The full interim figures will be published on 29 November. The share price edged up 3.1% to 414.5p, which is around nine times prospective 2022-23 earnings.

Gold and base metals explorer Rockfire Resources (LON: ROCK) has raised £375,000 at 0.125p a share with senior management contributing one-fifth of the funds. That is a big discount to the previous market price and there was a 48% slump to 0.1325p. The cash will fund a geophysical survey and initial drilling at the Molaoi zinc, lead and silver deposit in Greece.

Revenue recognition disagreements over a multi-year contract between auditor EY and MJ Hudson (LON: MJH) mean that the full year EBITDA of the asset management services provider will be lower than anticipated. EY is also questioning cost allocation and capitalisation. Management is positive about current trading. The shares dived 29.8% to 16.5p.

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PipeHawk (LON: PIP) shares have fallen 11.3% to 13.75p because a contract with Ventive will be delayed because the customer is still trying to raise development funding. This means that revenues from the contract are not likely to be booked in the year to June 2023.

Naked Wines (LON: WINE) confirmed that an operational and financial update will be held on 20 October. The shares fell a further 5.8% to 79.65p, which is near to the recent low and the lowest the price has been for more than two decades.

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