Europa Metals (LON: EUZ) says it does not understand why the share price has fallen so sharply after trading resumed following the decision not to buy Viridian Metals Ireland, which owns the Tynagh brownfield Pb/Zn/Cu/Ag project in the Republic of Ireland. The seven million shares held in Denarius Metals Corp are worth £175,000 at 2.5p each. The company disposed of its main asset to Denarius on 13 November and it has six months from then to secure an acquisition of a business or trading in the shares will be suspended. The share price recovered 37.5% to 1.65p, but it is still 17.5% lower since returning from suspension.
Guardian Metal Resources (LON: GMET) says trenching results confirm high-grade gold mineralisation at the 100%-owned Golconda Summit project in Nevada. There is potential for an extensive Carlin-type gold system at depth. The share price rose 4.29% to 36.5p.
Kazakhstan-focused oil and gas company Caspian Sunrise (LON: CASP) has received final approval for the purchase of CS Energy and this should be completed in two months. Work can start on the West Shelva contract area and an initial exploration well could be drilled in the first half. Production could commence before the end of the year. Caspian Sunrise is raising $88m from the disposal of non-core assets and $14m has already been received. The share price improved 3.17% to 3.25p.
Proteome Sciences (LON: PRM) has won a contract to supply mass spectrometry services for analysing samples for an ongoing clinical trial. The contract with a US company is worth more than $1m and it will generate income in 2025 and 2026. The share price increased 0.45% to 4.51p, having been 4.8p earlier.
FALLERS
Bioplastics company Biome Technologies (LON: BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility. The share price slumped by three-fifths to 1.5p.
Fire suppression products developer Zenova Group (LON: ZED) is raising £250,000 at 0.25p/share and each share comes with a warrant exercisable at 0.5p each. The cash will be spent on fulfilling potential orders. The share price slid 35.3% to 0.275p.
UK Oil & Gas (LON: UKOG) has raised £400,000 via a placing at 0.0102p/share. This will be invested in the South Dorset hydrogen storage project, including its conceptual design. The share price dived 30% to 0.01225p.
Poolbeg Pharma (LON: POLB) is not going ahead with the proposed merger with HOOKPIA Pharma Inc, which decided to withdraw. The share price slipped 17.7% to 3.95p.