AIM movers: Angus Energy financing and Versarien disposals delayed

Angus Energy (LON: ANGS) has agreed a £20m debt facility with Trafigura to refinance existing debt and finance investment in the Saltfleetby field. The interest margin over SONIA is 8%, which is lower than before. The deal also replaces a hedge contract with a fixed price offtake agreement with Trafigura. The financing has pushed up the share price 21.1% from its recent low to 0.575p.

Pharmacogenetic testing company Genedrive (LON: GDR) has received initial orders from Europe and the Middle East for the Genedrive MT-RNR1 antibiotic induced hearing loss testing products. The initial orders from distributors will be used for promotion and evaluation. The share price improved 17.5% to 9.4p.

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Filtronic (LON: FTC) has gained a new contract for the second day running. This is a £4.8m contract for LEO satellite communications equipment. This is a follow-on contract for second generation Cerus32 solid state power amplifier modules for ground stations. This shows the increasing importance of the satellite market.  The share price rose a further 9.52% to 23p.


Graphene technology developer Versarien (LON: VRS) has found it difficult to complete the disposal of non-core assets. In the year to September 2023, revenues were £5.45m and cash fell to £600,000. There was £450,000 raised since then, but cash has fallen to £420,000. A general meeting will be held to gain shareholder approval for a reduction in share capital and nominal value to make it easier to raise money from share issues. The share price slumped 42.2% to 0.18p.

Bluejay Mining (LON: JAY) has appointed Roderick McIllree, Harry Ansell and Troy Whitaker to the board with the latter becoming chief operating officer. Robert Edwards, Bo Stensgaard and Peter Waugh have stepped down from the board. Roderick McIllree was previously chief executive between 2015 and 2022. The strategy is to focus on the Disko magmatic massive sulphide project in Greenland. The share price declined 18% to 0.5p.

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Ironveld (LON: IRON) achieved initial production at its Rustenburg smelter, but operational problems delayed the anticipated ramp up. In the year to June 2023, revenues were modest and there was a cash outflow from operations and investing of £5.6m. A funding transaction is imminent. The share price slipped 18.8% to 0.175p.

GCM Resources (LON: GCM) is still waiting to receive a further drawdown of £300,000 on the Polo Resources loan facility. The cash is required before the end of the year. The share price fell 5.88% to 1.6p.

Arkle Resources (LON: ARK) has completed drilling at the Inishowen gold prospect in Donegal. Vein bearing structures were identified in all four holes. This will enable further drilling to be undertaken. Earlier in the day, the share price rose, but it has fallen back 5.26% to 0.45p.

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