Spectral MD (LON: SMD) soared by 69.6% to 47.5p following news that it is merging with Nasdaq-listed SPAC Rosecliff Acquisition Corp 1. The deal values Spectral MD at $170m, 101p a share. There is likely to be a $15m placing. This will provide additional cash to finance the commercialisation of the DeepView woundcare analysis technology. The AIM quotation will be cancelled. The transaction should complete in the third quarter. The June 2021 placing price was 59p.
Block Energy (LON: BLOE) has signed a deal with that government in Georgia, which covers support for the development of projects and the sharing of data between oil companies. It will also help in securing a long-term gas offtake agreement. The share price rose 24.1% to 1.8p.
Recent new admission Ocean Harvest Technology (LON: OHT) has gained 13.5% to 20p after buying interest from investors. A placing raised £6m, or £4.5m after expenses, at 16p. The company produces ingredients for animal feed using seaweed under the OceanFeed brand name.
Shares in TomCo Energy (LON: TOM) returned from suspension at 1.30pm last Thursday after it reported figures for the year to September 2022. The share price edged up from 0.305p to 0.32p on Thursday and buying during the late morning today has pushed up the share price 9.37% to 0.35p.
Shares in Beacon Energy (LON: BCE) have been readmitted following the acquisition of Rhein Petroleum. This brings with a producing oilfield with potential production of up to 4,000 barrels of oil per day in the coming years. Beacon Energy has certified 2P net reserves of 3.85mmbbl across four assets in Germany. The share price dipped 28.6% to 0.125p.
Shares in Nanosynth (LON: NNN) have fallen another 25% to 0.075p following Thursday’s warning that it is running out of money. A VAT rebate will help, but it only has enough cash up until June. An R&D tax credit claim could extend that timeframe. Potential funding options are being considered.
Kibo Energy (LON: KIBO) is repricing 1.13 billion warrants to 0.1p, the loan notes will be convertible at 0.14p a share and the bridge loan has been amended to a 24-month loan. For each warrant exercised before the end of June 2023, there will be one incentive warrant issued that is exercisable at 0.25p. This could help to fund the spinning-out of Ultimate Sustainable Energy as a separate AIM company. The share price has fallen 15.4% to 0.0825p.
Zephyr Energy (LON: ZPHR) admits that there was an oil spill at the State 36-2 LNW-CC well in the Paradox Basin in Utah. It is attempting to remove impacted soil and clean up the equipment. An environmental survey will be conducted. The share price fell 12.8% to 4.45p.
