On Thursday afternoon, graphene technology developer Haydale Graphene (LON: HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. Ther are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month. There was a rise in the share price yesterday afternoon and added a further 56.3% to 0.375p.
Karelian Diamond Resources (LON: KDR) shares continue to rise following yesterday’s news that it has been issued a mining concession certificate for the Lahtojoki diamond deposit in Finland. The share price is a further 23.9% higher at 1.425p.
Chain manufacturer Renold (LON: RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The deal will help Webster Industries to expand globally and broaden the product range. There will also be benefits of scale. The share price rose 10.7% to 84.1p.
Oil and gas company Challenger Energy (LON: CEG) reported cash of $9.7m at the end of 2024. The sale of the Trinidad operations will add to the cash. The annual overhead cash burn is expected to be up to $3.5m. Cash is expected to be $7.2m at the end of 2025. The focus is offshore Uruguay. The OFF-1 asset, where Chevron is the partner, should start a 3D seismic survey before the end of the year and data will be available next year. Drilling could start by the end of 2027. There could be a farm-out agreement for OFF-3 by the end of 2025. The share price improved 10.3% to 8p.
The TSX Venture Exchange has approved the proposed share buyback by Arrow Exploration (LON: AXL). The Colombian oil and gas producer can acquire up to 5% of the share capital. Arrow Exploration can spend up to £2.7m on shares quoted on AIM. The share price increased 13.2% to 21.5p.
FALLERS
Phoenix Copper (LON: PXC) has raised £500,000 at 4p/share, following yesterday’s news that it signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The share price slipped 13.3% to 4.55p.
Fuel cell technology developer AFC Energy (LON: AFC) is successfully reducing the cost of its 30kw hydrogen fuel cell generator. A value engineering exercise has cut the cost by 85%. There are plans for a manufacturing partnership with Volex (LON: VLX). The share price fell 7.01% to 16.05p.
Cancer and neuroscience drugs developer TheraCryf (LON: TCF) has appointed Singer as nominated adviser and broker. The share price declined 7.84% to 0.235p.