Egdon Resources (LON: EDR) is recommending a 4.5p a share cash bid from Petrichor Partners. This values the UK-focused oil and gas company at £26.6m. The share price jumped 89.1% to 4.35p, which is the highest it has been for six months. Petrichor is owned by HEYCO, which provides services and capital to oil and gas projects in the US and Europe.
Chaarat Gold Holdings (LON: CGH) has signed a non-binding letter of intent for a potential equity investment of $250m by Xiwang International Company at 20p a share. That is well above the current share price of 12.5p, up 41.6% on the day. The share price has not been as high as 20p in for one year. This would help to finance existing projects and acquisitions. The final terms are being negotiated.
Xeros Technology Group (LON: XSG) has signed a ten-year technology licence and distribution agreement with KRM Tekstil Boya, which will distribute denim processing equipment. Denim processing uses lots of water and energy and this will be reduced by this equipment. Xeros will receive a royalty on each machine sold and will supply XOrbs for the machine. The launch will be later this year. The share price is 33.9% to 4.15p, which takes it back to around the level it was at the beginning of the year.
Mirriad Advertising (LON: MIRI) has raised £5.75m at 3p a share and a five-for-21 open offer could raise up to £2m more. This has reassured the market that Mirriad Advertising will have the cash to continue trading for a while and the share price rose 18.3% to 3.55p. The cash should last until June 2024, but it will take longer for the business to breakeven.
Purplebricks (LON: PURP) is selling its business for £1 and assets to Strike Ltd and cancelling its AIM quotation. That should leave £5.5m in cash in Purplebricks. The cash remaining after costs, which could be £2m, will be distributed to shareholders, but that won’t happen until early next year. The share price has slumped 42.2% to 0.761p, which values the company at £4m.
Healthcare IT provider EMIS (LON: EMIS) shares have fallen due to the continued uncertainty over the 1925p a share cash bid for the company. The share price declined 12.6% to 1364p. The UK Competitions & Markets Authority is launching a phase 2 investigation into the UnitedHealth Group Inc bid, even though concessions were made by the bidder.
Redx Pharma (LON: REDX) is evaluating its options to extend its cash beyond the first quarter of next year. There was £34.6m in the bank at the end of March 2023. Lead asset RXC007 is progressing well through a phase 2a clinical trial in idiopathic pulmonary fibrosis. There is enough cash to produce the phase 2a data. The share price fell 5.63% to 33.5p.
Pantheon Resources (LON: PANR) has raised $22m at 17p a share. This will fund the flow testing of the Alkaid#2 well in Alaska, a competent person report on the company’s oil discoveries and further development and exploration. The share price is 5.38% lower at 17.22p.
