Aim movers: Cornerstone fundraise and DeepVerge disappointment

Cornerstone FS (LON: CSFS) announced a fundraising late on Thursday. This has been completed by the international payments business and it has raised £1.09m. A placing raised £860,000 at 6.5p a share and a further £225,000 through an unsecured convertible loan note. There is no interest charge on the two-year loan note, and it is convertible at 6.5p a share. Cornerstone is also issuing shares for previously announced incentive agreements. Robert O’Brien will initially receive 4.29 million shares – 9.9% of Cornerstone FS – and then a further 5.11 million at 10p when the FCA gives permission for him to own more than 10%. Robert O’Brien will also receive £2m in 6% loan notes repayable on 31 July 2025. Three other people will receive 2.1 million shares. The share price declined 11.8% to 7.5p.

Oracle Power (LON: ORCP) has raised £500,000 at 0.275p to finance the development of its green hydrogen project. Earlier this week, Oracle Power was told by the Sindh authorities that it will receive a letter of intent for establishing a 1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan. Oracle Power is required to provide a $600,000 performance guarantee. Prior to that announcement the share price was 0.285p. Today, the share price has fallen 17.1% to 0.315p.

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Light Science Technologies Holdings (LON: LST) increased its loss in the first half of 2022. Revenues were 4% ahead at £3.6m and investment has been increased. There was a small initial contribution from the controlled environment agriculture division. Since the end of June, the SensorGrow SaaS has been launched with a three-year subscription model. A new slimline low profile tuneable light has also been launched. Net cash is £145,000, after a £1.28m cash outflow from operations. The shares fell 6.1% to 7.75p. Last October’s placing was at 10p.

Deepverge (LON: DVRG) says interim revenues almost doubled to £6.47m and the environmental and life science company says that it is on course to achieve full year revenues of £18m. That is lower than previously expected because of uncertainty about the pace of new contract wins. There are £8.87m of orders due to be delivered in the second half, so more than four-fifths of the forecast is covered. The Skin Trust Club started earlier this year has already achieved sales of more than £1m. The share price fell 6.6% to 14.25p.

Lithium-ion battery cell technology developer AMTE Power (LON: AMTE) has secured a partnership with Cosworth for its Ultra High Power (UHP) rechargeable pouch battery cells. The share price rose 15.6% to 85p. AMTE Power raised £12.95m at 175p a share when it joined AIM in March 2021.

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