Pawnbroker H&T (LON: HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at £297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal. The share price jumped 40.2% to 642p.
Oil and gas company Corcel (LON: CRCL) is acquiring a 27% additional stake in KON-16 in Angola for $500,000 and a 5% overriding royalty on the first development area. Corcel is selling on a 5% stake to Sintana Energy for $2.5m and Sintana Energy will receive 2.5% net profit interest on Corcel’s share of KON-16 until it reaches $50m, when it reduces to 1.5%. Corcel will have a 71.5% net interest in KON-16, which is valued at $36m based on the Sintana Energy investment. That is double the valuation of Corcel. The share price increased 24.1% to 0.27p.
Metals One (LON: MET1) has agreed to acquire the exploration lease over the Swales gold property, which is within the Carlin gold trend in Nevada. There are 40 unpatented mining claims with others identified. This diversifies the company’s assets and provides exposure to a prolific mining area. The share price improved 12% to 41.15p.
Tertiary Minerals (LON: TYM) has highlighted is Mushima North project in Zambia and multiple targets have been identified. Initial drilling is promising. The main target is a polymetallic silver copper zinc prospect. The share price rose 5.56% to 0.0475p.
FALLERS
Oil and gas producer Empyrean Energy (LON: EME) says the Wilson River-1 drill stem test has been completed and confirms the recovery of formation water. The well has been plugged and abandoned. The share price slumped 59.5% to 0.0375p.
In content advertising technology develop Mirriad Advertising (LON: MIRI) has raised £1.5m at 0.01p/share and a WRAP retail offer could raise up to £200,000. The retail offer closes at 4.30pm on 15 May. There are non-binding heads of joint venture agreement with a US technology company, which will take on the exclusive right to market the technology to existing media partners. There will be a one-off payment of £200,000 and a revenues share. A potential Middle East deal could generate revenues of £400,000/year. Monthly cost savings of up to £295,000 could be achieved. Mirriad Advertising will focus on white label and licence offerings. Louis Wakefield is taking over as chief executive. There should be 12 months of cash available to the company. The share price slipped a further 34% to 0.0165p.
Advanced materials developer Versarien (LON: VRS) is raising £425,000 via a placing at 0.0275p/share. This will finance a mortar mixing plant to scale production of 3D construction printing mortars. The January placing was at 0.033p/share. The share price fell 26.3% to 0.0295p.
Arc Minerals (LON: ARCM) is assessing future targeting options for the Zambia copper project joint venture with Anglo America. The most recent three hole identified no significant intercepts. Arc Minerals is progressing towards the acquisition of the Chingola project. The share price is 16.4% lower at 1.15p.