Echo Energy (LON: ECHO) has raised £418,000 at 0.0025p each. The share price jumped 40.6% to 0.0045p/share. The convertible loan note deed has been terminated. The cash will fund initial production at the Tesoro gold concession and prepare for final investment decision on a tailings deposit project. Peterhouse is appointed as joint broker.
Unusually high levels of share buying have pushed up the share price of Jaywing (LON: JWNG) by 35.7% to 1.9p. The digital marketing services company changed its management in June and increased its lending facility.
Digital marketing technology company Electric Guitar (LON: ELEG) is launching Marcomms.ai as a joint venture with Cyprus-based Exelia Technologies. The combination will benefit from Electric Guitar subsidiary 3radical’s data with the partner’s software expertise. The share price recovered 29.6% to 0.875p.
The National Institute for Health and Care Excellence has chosen the CYP2C19-ID Genedrive (LON: GDR) test as a preferred platform for point-of-care genotype testing for clopidogrel use after strokes. This medicine is used to reduce the risk of heart disease. The test uses a cheek swab. The share price rose 19.7% to 4.55p.
Oil and gas producer Arrow Exploration (LON: AXL) says that the second horizontal well on the 50%-owned Carrizales Norte field in Colombia is producing ahead of expectations. The two wells are boosting group production. The drilling rig has been moved to drill the third well and there will be another after that. There is cash of $11m and should be at a similar level at the end of 2024 as cash generated from production helps to finance the drilling. Zeus has a total risked NAV estimate of 48.8p/share. The share price is 11.3% higher at 32p.
FALLERS
Shareholders have voted in favour of Destiny Pharma (LON: DEST) leaving AIM. There were 87.8% of the votes in favour. The cancelation will happen on 13 August. The share price slipped a further 23.7% to 2.25p.
Content management platform operator Fadel Partners Inc (LON: FADL) has been held back by delayed conversion rates for new customers who are cautious about investing in new software. Cavendish has reduced its 2024 revenues forecast by 9% to $14.8m, up from $14.5m in 2023. Net cash should be better than previously expected because of a higher working capital inflow taking it to $2m. The share price declined 7% to 126p.
Kodal Minerals (LON: KOD) says there have been delays in the shipping of equipment and materials for the 49%-owned Bougouni lithium project in Mali. Blasting is expected to start in September. First production should be before the end of the year. The share price fell 6.19% to 0.53p.
Bushveld Minerals (LON: BMN) produced 838mt of vanadium, taking first half production to 1,700 tonnes of vanadium, which is slightly lower than the corresponding period last year. Lack of funding held back production. Cash costs rose from $26.60/kg to $27.9/kg. Production guidance for 2024 is 3,800-4,000 tonnes of vanadium, which includes Vanchem. The disposal of Vanchem could achieve regulatory approval in October. The share price is 4.17% lower at 0.575p.