Emmerson (LON: EML) has notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. The share price bounced back 98.8% to 0.825p.
Red Rock Resources (LON: RRR) has been meeting with the Democratic Republic of Congo authorities concerning the court judgement in the company’s favour, as well as new opportunities. A framework agreement has been signed with Koto DRC for an equal joint venture once a suitable asset is secured. The share price rose 21.4% to 0.0425p.
Minoan Group (LON: MIN) is converting £1.3m of creditors into 78 million shares. Management is still seeking to raise additional debt and equity to finance the development of the Cavo Sidero project. Discussions are ongoing with a potential strategic partner. The fundraising should be at 1p/share or more. The share price increased 19.2% to 0.775p.
Global Petroleum (LON: GBP) reported a full year loss of $1.04m, down from $1.28m. There was $193,000 in the bank at the end of June 2024. Since then, £503,000 has been raised. The share price improved by one-fifth to 0.21p.
FALLERS
Transport technology services provider Microlise Group (LON: SAAS) has been hit by a cyber security incident. This has disrupted services, and they are currently inactive. Cyber security specialists have been appointed. The share price slipped 12.2% to 115p.
Supercapacitors developer CAP-XX (LON: CPX) has raised £2.75m from a placing and subscription at 0.11p/share. A retail offer could raise up to £275,000 and this closes on 4 November. The cash will fund product development and boost sales resource. The share price declined 11.1% to 0.12p.
Litigation funder Manolete Partners (LON: MANO) has been named as a Financial Times Europe long-term growth champion 2025. It ranks 25th in the UK and 152nd in Europe. The share price fell 6.58% to 106.5p.
Hummingbird Resources (LON: HUM) is in discussions with its primary lender and largest shareholder Nioko Resources, which has the same owner as the lender, about liquidity and short-term waivers. The company wants to partially restructure its debt and reschedule payments. Payments of $30m due on 31 October have been deferred, pending a restructuring agreement by 6 November. Net debt was $155m at the end of September 2024.The share price decreased 5.51% to 6.35p.
Kodal Minerals (LON: KOD) has agreed the transfer of its mining licence for the Bougouni lithium project in Mali, which means that the Mali government will hold 35% of the joint venture. This is made up of a 10% free carry and the purchase of a 25% stake for $4.3m. This stake cannot be diluted when further capital is raised. Kodal Minerals will hold 49% of 65% of the Bougouni project. There will be a $15m cash payment to the government in two tranches. Canaccord Genuity describes the outcome as “mixed but net negative”. The share price is 3.49% lower at 0.415p.