AIM movers: Tower Resources rising and Unbound hit by postal strikes

Oil and gas company Tower Resources (LON: TRP) have risen by 31.3% to 0.21p following yesterday’s fundraising news. Tower Resources is raising up to $6m with a place over 24 months. The initial tranche of $1.7m will be raised at 0.36p a share – more than double the previous market price.

Active Energy Group (LON: AEG) says that there was an increase in interest in CoalSwitch biomass fuel. There is also interest in the technology. Player Design Inc has started building a CoalSwitch production facility at Ashland, Maine. First production should be in the second quarter. Litigation over operational permit breaches at the Lumberton site continues, although the North Carolina authorities have confirmed that the company was in full compliance with the permit. This stie was sold for $3.9m last year. The share price rose 19.2% to 4.65p.

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United Oil & Gas (LON: UOG) has agreed to sell the Maria discovery, offshore UK, to Quattro Energy. There is an initial cash payment of £2.45m, plus £1m on approval of a field development plan due in late 2023. There could also be up to £2.25m in production bonuses. The purchaser is awaiting new funding. United Oil & Gas will focus on assets in the Mediterranean and North Africa. The share price is 13.9% higher at 1.15p.

AVA6000 shows signs of targeting tumours and that has pushed up the Avacta (LON: AVCT) share price by 17.4% to 162p. A phase 1 study involving six patients indicates the release of active doxorubicin at the tumour site. AVA6000 appears to be safe and higher does will be used to assess the maximum tolerated dose.

Kibo Energy (LON: KIBO) says that there is potential to introduce an additional revenue stream to its South African 2.7MW plastic-to-syngas power plant from the production of synthetic oil. An integration study will determine the impact on the project. The share price increased by 12% to 0.14p.

Footwear retailer Unbound Group (LON: UBG) has fallen to a new low after weak pre-Christmas trading and Royal Mail strikes. There has been some improvement in recent weeks. Gross margins are being maintained and cost savings identified. The operations are being reviewed to improve efficiency. Investment in the Unbound platform designed to sell additional products to the company’s database has been slow in building up sales and the short-term focus is on the core Hotter Shoes business. The share price slumped 42.2% to 3.9p.

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Rail strikes and cold weather hit Revolution Bars Group (LON: RBG) at the end 2022 and it is expected to make a loss for the year to June 2023. Like-for-like sales fell 9% in the first half. Recently acquired Peach Pubs increased its revenues. Capital investment is being delayed while trading remains tough. The share price reduced by one-quarter to 5.55p.

Great Western Mining (LON: GWMO) has raised £800,000 at 0.08p a share. This will be used to build a mill at Mineral County, Nevada to produce gold and silver concentrates and further exploration. The share price declined by 28.3% to 0.0825p.

Networking technology company Ethernity Networks (LON: ENET) is raising £1.55m at 7p a share, including £212,000 invested by the chief executive. The share price fell 26.3% to 7p. A broker option could raise an additional £150,000. The shares come with a warrant exercisable at 15p each. Full year revenues were 10% higher at $2.9m with $600,000 of sales delayed until 2023. Management believes revenues of $9m are possible this year.

Cybersecurity software provider Corero Network Security (LON: CNS) 2022 revenues were below expectations at $20.1m, which is 3% lower than last year. Annualised recurring revenues are $14.4m. EBITDA is set to be between $1.4m and $1.8m which is within the previous range of $1m-$2m. Net cash is $4.4m. The share price slipped 11.5% to 8.5p.

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