AIM movers: Advanced Oncotherapy Nasdaq hopes and Woodbois refinancing requirements

Proton therapy cancer treatment developer Advanced Oncotherapy (LON: AVO) announced a strategic review yesterday. The share price has recovered 54.6% to 4.25p. A Nasdaq listing is being considered, which could involve selling the business to an existing Nasdaq company. There are no current discussions. Management hopes to obtain additional working capital by issuing more loan notes. That could extend the company’s cash until the end of May.

North Sea oil and gas consolidator Kistos (LON: KIST) is acquiring Norway-based Mime Petroleum for the assumption of $111m in debt and the issue of six million warrants exercisable at 385p each. The share price rose 13.5% to 332.5p. This is the first acquisition in the Norway jurisdiction. Windfall taxes make the UK and Netherlands sectors less attractive. Proforma annual combined production for the enlarged group is between 8,500 and 10,500 barrels of oil equivalent/day. Proforma reserves and resources will be 80 million barrels of oil equivalent/day.

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Hummingbird Resources (LON: HUM) produced 27,262 ounces of gold in Mali in the first quarter of 2023 and the all-in costs were 11% lower at $1,109/ounce. There were 26,380 ounces of gold sold at $1,878/ounce. Group EBITDA was $17.5m in the quarter. The second quarter is likely to be similar. The Kouroussa mine should commence production by the end of June. The share price increased 13.7% to 13.5p.

The FDA will meet with ImmuPharma (LON: IMM) on 7 June to provide guidance on the phase 2/3 adaptive study of Lupozur for treating lupus. The study could start in the second half of 2023. The share price is 4.41% to 3.08p.

Woodbois (LON: WBI) says that the lender to its Denmark-based Woodgroup timber trading subsidiary has given notice on a $6m lending facility. The facility provided by Sydbank is fully drawn, but there is also $3.1m in cash deposits with Sydbank, which wants a refinance plan by the end of May. The uncertainty has hit the share price, which is down 61% to 0.4p.

Shares in Echo Energy (LON: ECHO) have declined a further 14.5% to 0.0325p after yesterday’s announcement of a reduction in cash due to lower oil and gas production and sales. It will be difficult to raise cash from a share issue in current market conditions.

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Brazil-based Serabi Gold (LON: SRB) produced 8.005 ounces of gold in the first quarter of 2023, up 13% on the first quarter of last year. The company had $13.9m at the end of March 2023. The share price has been hit by allegations that it does not have approval to mine at Coringa in Brazil. Management says that the trial mining licence has been automatically renewed for 12 months to February 2024. The share price fell 10.3% to 30.5p.

Podcast platform operator Audioboom (LON: BOOM) says first quarter revenues, excluding Morbid which has left the platform, were flat, although monthly downloads increased by 13%. There were 38 million unique users in March. Net cash fell to $5.1m at the end of March 2023, but it should improve later in the year. finnCap still expects growth in revenues and improving margins. The share price slipped 4.73% to 352.5p.

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