Cancer treatments developer ValiRx (LON: VAL) has entered into an exclusive option agreement to licence VAL401 with Ambrose Healthcare. The option lasts for 12-months. A fee in the form of Ambrose Healthcare shares has been paid and there are milestone payments of up to £16m plus royalties. The share price jumped 24.1% to 12.25p.
Condor Gold (LON: CNR) says it has five non-binding offers for the La India gold project in Nicaragua. There are advanced discussions with two gold producers. The exercising of warrants has raised £1m at 15p/share and Galloway Ltd, which is controlled by Condor Gold chairman Jim Mellon, owns 25.6%. A placing at the same share price is possible. The share price improved 8.9% to 15.25p.
Shares in payments services provider Cornerstone FS (LON: CSFS) continues to rise after yesterday’s positive trading statement. The share price rose 6.45% to 16.5p. The full year pre-tax profit forecast has been upgraded from £100,000 to £700,000.
Reabold Resources (LON: RBD) is set to receive £5.2m as the second tranche of the payment from Shell for the Victory gas field. This cash can be reinvested in other oil and gas projects in the UK and Italy. The West Newton B-2 well in the North Sea will be drilled in the first half of 2024. The share price increased 4.44% to 0.1175p.
FALLERS
Video games company tinyBuild (LON: TBLD) says current trading is below expectations and full year revenues will be between $40m and $50m – a large spread for such a late point in the year. A claim from the vendors of a past acquisition has been settled for $3.5m plus costs. At the end of November, there was cash of $5.7m, which will be lower at the end of the year. There is no debt, but new funding will be required in January. Chief executive Alex Nichiporchik says he will underwrite a fundraising of up to $10m. Other shareholders will be given the opportunity to participate. The share price dived 33.1% to 4.1p. The March 2021 placing price was 169p.
Helium One Global (LON: HE1) says it requires further funding for the Tai-3 well at Itumbula in Tanzania, which should be spudded in early January when the drilling rig has been repaired. Management is in discussions with potential investors and assessing other options. The share price slumped 27.1% to 2.15p.
Ethernity Networks (LON: ENET) says full year revenues were between $3.6m to $3.8m and the loss will be lower than in 2022. Monthly operating expenses have been reduced to $300,000. There is $954,000 in the bank, including a loan from the chief executive. Management believes that the company can exit the temporary suspension of proceedings process. The share price fell 18.8% to 1.625p.
Chaarat Gold Holdings (LON: CGH) is raising £1.1m at 5.25p/share and converting a £700,000 working capital facility into shares at the same price. This will help to complete the financing of the Tulkubash gold project. An investment of $104m is required to construct the project. The share price dipped 20.7% to 5.75p.
Clothing retailer Quiz (LON: QUIZ) moved back into loss in the six months to September 2023. Net cash fell to £3.6m and it has further reduced to £900,000. Revenues were 14% lower at £42.3m with the biggest fall in online revenues. Sales continue to decline, and full year revenues could be up to 8% lower than expectations. A strategic review should be complete in the first quarter of 2024. The share price decreased 13.6% to 6.025p.
