Lung cancer diagnostics developer LungLife AI (LON: LLAI) still plans to leave AIM following its US distribution deal, which requires shareholder approval. This will leave LungLife AI with the activities of running the LungLB test and collecting royalties. Circulogene will have exclusive rights to distribute and further development the LungLB lung cancer diagnostic in the US and the other countries it is involved in. It will also receive some of LungLife AI’s equipment. The royalty payment will be 20% of net revenues generated by the test in the first year, reducing to 15% in the second year. This is a two year agreement with potential for annual renewals. There is an option for Circulogene toacquire all the IP and licences for $6.2m less any payments already made. Circulogene is making an advanced payment of $375,000, which is returnable if the deal does not go ahead. There was $850,000 in cash at the end of March and costs are being reduced. An application has been submitted to a Medicare contractor for the technical assessment of LungLB. The share price jumped 272.2% to 3.35p.
Existing shareholders and directors have subscribed £744,000 for shares in EnergyPathways (LON: EPP) at 5.54p each. The directors subscribed for more than 1.2 million shares, including Horacio Carvalho who did not hold any shares and bought 180,505 shares. The share price rose 11.6% to 7.2p.
Kodal Minerals (LON: KOD) says approval has been received for the transfer of the Foulaboula exploitation permit to its subsidiary. This is an important mining licence for the Bougouni lithium project in southern Mali. The share price improved 6.58% to 0.405p.
Battery technology developer Gelion (LON: GELN) says initial tests of its sulfur battery technology show robust capacity retention and the achievement of more than 1,000 charge/discharge cycles. This has led to a materials testing agreement with a tier-one battery manufacturer and this should start shortly. Gelion will also recognise £780,000 of revenues relating to the battery energy storage system delivered to Borg Group. A placing and subscription has raised £2m at 9p/share and a retail offer could raise up to £191,000. The cash will be used to fund business development, collaborations and the strategic partnership with the Max Planck Institute, which will accelerate the move towards commercialisation. The share price increased 2.44% to 10.5p.
FALLERS
Internet of Things investment company Tern (LON: TERN) is giving shareholders the chance to buy one share for every 16 held in an open offer at 1p/share that will raise £340,000. The open offer is underwritten and closes on 6 May. Disposals of investments are planned, and the cash will enable management to wait for the right time to sell. The fundraising knocked 22.4% off the share price leaving it at 1.125p.
Haydale Graphene (LON: HAYD) says the auction of its US assets has completed and Greenleaf Corporation offered $680,000. This is not likely to be enough for any payments to the holding company when the US company is liquidated. The US cash outflows will end. The share price slipped 11.1% to 0.12p.
Last night, Premier African Minerals (LON: PREM) said that Circum Minerals, which is owned by Vortex Ltd, where Premier African Minerals has a 13.1% interest valued at $501,000, has had its mining and licence agreement revoked in Ethiopia. Circum has declared a dispute, and this will go to arbitration. The Premier African Minerals share price fell 4.84% to 0.0295p.
Eurasia Mining (LON: EUA) says it has sufficient working capital until the second half of 2026. It is still trying to sell its Russian assets. Trading on the Astana International Exchange in Kazakhstan should commence during the second quarter of 2025. The court case continues over the rightful owners of the shares held by Queeld Ventures and Mispare. The share price dipped 3.47% to 4.175p, but it has nearly doubled this year.
Ex-dividends
Airea (LON: AIEA) is paying a final dividend of 0.6p/share and the share price is 0.5p lower at 26p.
Arbuthnot Banking (LON: ARBB) is paying a final dividend of 29p/share and the share price fell 10p to 922.5p.
M Winkworth (LON: WINK) is paying a dividend of 3.3p/share and the share price is unchanged at 205p.