AIM movers: Oriole Resources signs earn-in agreement and Revolution Bars closes eight sites

Oriole Resources (LON: ORR) has signed a definitive earn-in agreement with BCM International for the Bibemi gold exploration project in Cameroon. That triggers a payment of $450,000. BCM will then spend $4m on exploration to earn 50% of the project. Drilling should start in the first quarter. The Mbe project agreement should be agreed by the end of the month. The share price is 13.5% higher at 0.2p.

A company associated with Science in Sport (LON: SIS) executive chairman Dan Wright has acquired one million shares 11p each. Lombard Odier bought more than 9.7 million shares at the same price. Former chief executive Stephen Moon has cut his stake from 5.73% to 3.14%. The share price rose 10% to 13.75p.

- Advertisement -

Fintech property finance platform Lendinvest (LON: LINV) is selling the Mortimer BTL 2023-1 securitisation for £5m net. The deal will remove £392m of assets from the balance sheet and generate a pre-tax gain of £12m. Even so, Lendinvest is still expected to be loss making in the year to March 2024. The share price increased 7.41% to 29p.


Revolution Bars (LON: RBG) like-for-like sales were 9% ahead in December. However, most of that growth came from Revolucion de Cuba and Peach Pubs with Revoution barely growing even though the previous December’s train strikes meant that comparatives were weak. Eight bars have been closed. That leaves 58 bars and 22 pubs. Net debt is £18.3m. There will be another trading update on 24 January. The share price slumped 19.3% to 4.4p.

Ethernity Networks (LON: ENET) says that a significant majority of guaranteed and priority creditors have approved the proposed settlement plan to enable it to come out of the temporary suspension of proceedings process. Final votes of the general creditors have not all been received, and management is in discussions with them. The share price fell 10.8% to 0.825p.

- Advertisement -

Minoan (LON: MIN) has extended the expiry dates of options held by directors Grahame Cook and Timothy Hill and other management until the end of 2024. Discussions continue with the authorities in Crete regarding the granting of a 99-year lease for the Cavo Sidero project. Management is keen to accelerate development of the project and says that there is a shortage hotel beds for tourists in the region of Crete. The share price slipped 7.14% to 0.65p.

Phoenix Copper (LON: PXC) says discussions are continuing about the proposed corporate copper bond finance for the Empire open pit copper mine Idaho. Documentation has been finalised. The company hopes to change the current $2m short-term loan facility into a larger facility. The share price declined 6.67% to 17.5p.

Woodbois (LON: WBI) chief executive David Rothschild is stepping down and being replaced by executive chair Guido Theuns. The timber and carbon credits business is being structured in four profit centres. The share price dipped 5.79% to 0.895p.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.