Ethernity Networks (LON: ENET) has won a new contract valued at $800,000, which is an expansion of existing licence with a networking data communications client, and it will generate additional annual royalties. The contract should be delivered and paid for by the end of 2023 with $500,000 recognised in revenues for the financial year. The rest is a prepayment of royalties to be recognised in 2024. Cash collections are expected to be between $1.5m and $1.7m in the fourth quarter of 2023, taking the total for the year to up to $4.7m. The share price jumped 167.7% to 2.075p.
The second and third diamond drill holes at the Pitfield project owned by Empire Metals (LON: EEE) have provided more positive news. They include the highest grades of titanium so far. They suggest that the resource is much greater than currently thought. The focus becomes identifying high grades at shallower depth. The additional drilling will lead to mineral resource studies. The share price improved 32% to 11.35p. This is the highest the share price has been for five years.
On Tuesday evening, GCM Resources (LON: GCM) said that Power Construction Corporation of China has extended its memorandum of understanding period to 6 December 2024. This allows extra time to determine whether there will be a deal to develop the Phulbari coal mine in Bangladesh. The share price has recovered 11.1% from its all-time low to 1p.
Sabien Technology Group (LON: SNT) says carbon savings by M2G energy efficiency equipment have tripled. New orders and revenues are continuing their momentum. The share price rose 7.5% to 10.75p.
FALLERS
Green technology company Verditek (LON: VDTK) admits that it has limited cash that could last only four weeks, or 12 weeks if a VAT refund is received from the Italian government. Management is seeking additional funds and possibly a strategic partner. The share price dived 4.4% to 0.175p, valuing the company at £1m.
Tintra (LON: TNT) intends to cancel its AIM quotation. A general meeting will be held on 4 January to gain shareholder approval. Management bemoans that the share price is too low. It believes that costs can be reduced by £505,000 by leaving AIM, which is ridiculously high for a company of this size, and it is strange that the management has let them get out of control. That is before any indirect cost. A Middle East investor may become a partner after the AIM cancellation and there is talk of a Middle East listing. JP Jenkins will provide a matched bargain facility, although the minimum bid price is apparently going to be set at 150p/share for the first nine months so there is unlikely to be much trading. There may be a tender offer, but do not bet on it. The share price is not, and it has slumped 42.3% to 37.5p.
Fire protection products supplier LifeSafe Holdings (LON: LIFS) will fail to meet its 2023 target for revenues, having been optimistic earlier in the year. Sales are currently 62% higher than in the same period last year, but US sales have been lower than anticipated. The loss will be higher than £1.4m reported for 2022 and the business will not become cash generative by the end of the year as hoped. Management is attempting to reduce costs and refocus marketing. The share price has fallen to a new low and it is down 41.4% to 17p.
Mosman Oil and Gas (LON: MSMN) has raised £250,000 at 0.0125p/share. The share price declined 40.5% 0.011p. The new board intends to continue to develop its US oil and gas assets, as well as taking advantage of the helium, hydrogen and hydrocarbon opportunities in Australia.
