Mosman Oil & Gas (LON: MSMN) has completed the acquisition of 82.5% working interest in the Sagebrush project in Colorado. The sale of the EP-145 interest remains dependent on government approvals. The share price rose 13.8% to 0.0455p.
Zanaga Iron Ore (LON: ZIOC) has signed a memorandum of understanding with Centrale Électrique du Congo, which supplies more than 70% of Congo’s power, to evaluate potential ways to satisfy demand for power at the Zanaga iron ore project. The share price increased 11% to 9.1p.
MicroSalt (LON: SALT) raised £2.3m at 70p/share in an oversubscribed placing. There will be £1.2m to finance inventory for orders from snack manufacturers and £600,000 to fund sales and marketing. The rest will go towards working capital and development spending. There are commitments for an additional 290 metric tonnes for 2025 and the current year volumes are likely to be ten times the level of 2024. The share price improved 10.7% to 77.5p.
ASICs designer EnSilica (LON: ENSI) has been awarded £10.4m of funding from the UK Space Agency, which will help it to gain business in the satellite communications sector. The funding is for developing user terminal chip sets. To receive the cash EnSilica has to spend double the amount over around three years. There are no customers signed up but potential buyers, such as Airbus and Thales, will be consulted during development. The share price is 5.95% higher at 44.5p.
FALLERS
Lung cancer diagnostics developer LungLife AI (LON: LLAI) is planning to leave AIM with discussions continuing with one strategic partner. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up. The share price slumped 79% to 2.15p.
GreenRoc Strategic Materials (LON: GROC) is raising £735,000 at 1.3p/share. Every two shares come with a warrant to subscribe for a share at 2p each. This will enable investigation of potential grant funding for the Amitsoq graphite project and make progress with the exploitation licence application. There is also further spending on testing and discussions with offtake partners. The share price declined 18.7% to 0.2125p.
Oriole Resources (LON: ORR) says the first four holes have been completed as part of a $4m spend on exploration at the Mbe gold project in Cameroon to take its stake from 10% to 50%. There have been multiple gold mineralised intersections. There are narrower zones of high grades and broader envelopes of lower grade material. There will be further results later this month. Drilling also continues at the Bibemi orogenic gold project in Cameroon. Additional intersections have been discovered. Phase 5 drilling will be completed in this first quarter of 2025. The share price fell 18.4% to 1.55p.
Major General Graham John Binns is stepping down from the board of Westminster Group (LON: WSG) as part of a cost cutting move by the security services company. The share price slipped 12.1% to 1.45p.