A company controlled by ThinkSmart Ltd (LON: TSL) executive chairman and 29.4% shareholder Ned Montarello has entered into a scheme of arrangement to acquire the AIM company. The independent shareholders will be offered their share of the sale of 618,750 shares in NYSE-listed credit provider Block, after expenses. At the current Block share price of $74.76, shareholders would receive 36p a share. The Block share price has fallen by two-thirds in the past year and could fall further, although it has recovered in the past few weeks. The ThinkSmart share price has taken a similar trajectory. It recovered 26.3% to 30p on the news of the offer.
Tintra (LON: TNT) has fast-tracked development of its banking platform and is six months ahead of the roadmap. Tintra intends to raise $25m to fund further development and it believes that it can be done for no more than 10% of the company. That seems a tall order. The shares have jumped 60.9% to 185p and they are 252% higher than at the beginning of the year.
Ormonde Mining (LON: ORM) has agreed to sell the La Zarza copper gold project in Spain to Tharsis Mining for €2.3m. The assets were valued at €2m. There will be €800,000 paid on the sale and then three annual amounts of €500,000 each on the anniversary of the deal. Ormonde Mining still has the Salamanca and Zamora gold projects. The share price is 17.4% higher at 0.675p.
Pantheon Resources (LON: PANR) says that the Alkaid #2 well has reached a total depth of 8,950 feet and the oil bearing reservoir is thicker than expected and could be deeper than thought. The data is still being analysed. The Pantheon Resources share price rose 22.5% to 125.45p.
Antibody discovery company Fusion Antibodies (LON: FAB) has risen again after yesterday’s appointment of Dr Adrian Kinkaid as chief executive. The share price is up 20.6% to 61.5p. It is more than 50% ahead of the level two days ago. He joins from NetScientific (LON: NSCI) investee company Vortex Biotech.
A production concession has been granted for the Podere Maiar gas field, where Prospex Energy (LON: PXEN) has a 37% interest. First gas should be produced next year. Prospex Energy has to pay €280,000 towards the connection to the gas grid. The shares are 13.9% ahead at 4.5p.
Bradda Head Lithium Ltd (LON: BHL) reported its maiden full year figures and the share price dipped 4.88% to 7.8p. There was still $7.33m in cash at the end of February 2022. The North America-focused lithium explorer has completed the drilling of Basin East project in Arizona. Metallurgical testing shows 99% lithium extraction into leach, while 85% of lithium mineralisation sits in the 11-micron fraction. Since Bradda Head joined AIM, the lithium price has risen from $12,000/t to $70,000/t, although the price is expected to fall back.
