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AIM movers: Empire Metals discovery and Woodbois requires cash

Empire Metals (LON: EEE) has confirmed that there is a giant-scale hydrothermal titanium and copper mineral system at its Pitfield project in Western Australia. The share price jumped 60.8% to 2.975p. The maiden drilling programme indicated a metal-rich 40km by 8km system. Titanium mineralisation is between 4% and 10% titanium oxide. There are also anomalous copper values. So far, 2% of the system has been drilled.

Malvern International (LON: MLVN) has confirmed that trading continues to recover. The educational services provider says that there is enhanced visibility from bookings and deposits. WH Ireland is confident Malvern International will reach profitability this year. The share price recovered 18.2% to 19,5p.

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Cannabis-based medicines developer Celadon Pharmaceuticals (LON: CEL) has secured a £7m credit facility. The facility lasts for two years and is being provided by a shareholder with a stake below 3%. The interest rate is 10% on the amount drawn down. Celadon Pharmaceuticals has agreed to supply £3m worth of product over three years and has expressions of interest from other potential customers – another customer could be worth more than £7m. The share price is 7.8% higher at 172.5p.

Greatland Gold (LON: GGP) has entered a farm-in agreement with Rio Tinto to accelerate exploration of the Paterson province in Western Australia. This is near to the Havieron project. A letter of support has been sent by the banking syndicate relating to the proposed financing of Havieron. The share price rose 7.34% to 7.75p.

Woodbois (LON: WBI) has called a general meeting on 14 June in order to reduce the nominal value of the shares, which is currently higher than the share price of 0.375p, down 21.9%. This is so it can issue shares to raise funds to help pay a bank facility that has been terminated.

Shore Capital says that interest in the Oxford BioDynamics (LON: OBD) prostate cancer test suggests strong demand. The group’s interim revenues were £220,00. Although there was £3.6m in cash at the end of March 2023, management admits that revenues have to increase significantly or more cash will need to be raised later this year. The share price slumped 18.7% to 13.675p.

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Empyrean Energy (LON: EME) is raising £1.5m at 0.8p a share. The share price dived 19% to 0.834p. The cash will fund exploration of the Topaz prospect in China. The executive directors will take one-third of their salaries in shares.

Shareholders have voted to cancel the AIM quotation and dispose of the main asset of Argos Resources (LON: ARG), although the final day of trading will be later than expected. The share price fell 14.3% to 0.45p.

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