Firering Strategic Minerals (LON: FRG) has entered an agreement with Ricca Resources to fund the advancement of the Atex lithium tantalum project and adjacent Alliance Lithium exploration licence in Cote d’Ivoire. Firering Strategic will spend up to $18.6m. There is a cash payment of $1m and the acquisition of Ricca shares worth $600,000. The rest of the cash funds a four stage earn-in of up to 50% of the project. The share price soared 35.8% to 11.75p.
Frasers Group (LON: FRAS) has 94.5% of acceptances for its bid for MySale Group (LON: MYSL) and it will compulsorily acquire the rest. The MySale shares rose by one-quarter to 2.25p even though the bid is 2p a share.
Oil and gas producer Hurricane Energy (LON: HUR) has received an indicative bid of 7.7p a share but does not recommend this offer. Instead, a formal sale process has started because 28.9% shareholder Crystal Amber Fund Ltd (LON: CRS) is keen to sell its stake. Hurricane Energy is generating cash and more than $370m of tax losses. If there is no bid a 3.1p a share distribution is planned. The share price jumped 20.5% to 8.195p.
Africa-focused lithium explorer Atlantic Lithium (LON: ALL) published strong drilling results from four deposits in Ghana. There are more results to come. The estimated post-tax NPV8 of the project is $1.33bn. The capital cost is $125m. The share price is 12.5% ahead at 44.1p.
Sabien Technology (LON: SNT) has a 33% stake in b.grn Group, which is involved in setting up a 24T regenerated green oil system in the UK. South Korea-based City Oil Field is supplying the equipment and b.grn, assuming it can raise the required funds, will find and develop a suitable site in the Midlands. One has already been identified. Sabien is the sales agent for the agreement and is set to earn $1m in commission if the system is installed. Similar deals are possible in other countries. Shares in Sabien rose 10.2% to 13.5p.
Financial media business Bonhill (LON: BONH) says 2022 revenues will be lower than expected and the EBITDA loss expectation has been raised from £350,000 to £500,000. The formal sales process is continuing. The shares slumped 13.3% to 3.25p.
Cyber security services provider Osirium Technologies (LON: OSI) has been hit by profit-taking following yesterday’s share price rise on the positive trading statement. The share price fell 10.5% to 4.25p, which is well above the Monday closing price of 2.75p.
Sustainable wood products supplier Accsys Technologies (LON: AXS) will report a non-cash impairment charge relating to the restructuring of the Tricoya consortium with Accsys Technologies taking 100% ownership of the Hull Tricoya plant, which is going to be put on hold for six months. That will slash the cash outflow. The restructure means that the consortium partners will receive 11.9 million Accsys Technologies shares. The debt facility will be restructured with the principal reduced from €15m to €6m. Ineos and Medite still have their supply and wood chip offtake agreements. It may require €35m to complete construction of the plant. A decision on construction will depend on the assessment of the longer-term outlook for costs. The fourth reactor at the Netherland Accoya plant will increase cash generation and the US Accoya plant development is progressing. The share price declined 8.51% to 64.5p.
Liberum has cut its boohoo (LON: BOO) recommendation to sell and the share price has declined by 7.11% to 43.9p.
