Mining company Vast Resources (LON: VAST) is in discussions to secure a further delay to the repayment of debt owed to A&T Investments and Mercuria Energy Trading. This was due for repayment on 29 September. The share price is one-quarter higher at 0.325p.
Scirocco Energy (LON: SCIR) says that the authorities in Tanzania have approved the sale of 25% of the Ruvuma oil and gas asset. The transaction should complete in the next few weeks. This will enable the refocus on sustainable energy assets. The share price recovered 17.7% to 0.5p.
Corero Network Security (LON: CNS) has won $2m of orders in the third quarter. There are two new cyber security customers in North America and Asia, plus two contract extensions. The share price improved 9.61% to 7.7p.
Tekcapital (LON: TEK) is rising on the back of confirmation of the AIM flotation of investee company MicroSalt and a PrimaryBid offer. The low sodium salt company is raising up to £2.5m via PrimaryBid, with a minimum subscription of £500, and expects to join AIM on 18 October. There is also an institutional fundraising. The Tekcapital share price rose 8% to 13.5p.
FALLERS
Horizonte Minerals (LON: HZM) is changing the design of the Araguia nickel project in Brazil, which will increase capital investment and delay production until the third quarter of 2024. Management is in talks about additional financing. A review of operating costs should be completed by the end of the year. The share price slumped 57.4% to 52.5p.
Following last week’s publication of 2022 full year figures and 2023 interims, Echo Energy (LON: ECHO) shares have returned from suspension and dived 32.1% to 0.019p.
Security products supplier Thruvision (LON: THRU) has not received the expected order from US Customs and Border Protection due to budgetary problems. The order could come through in one year’s time but forecast revenues for 2023-24 have been slashed by two-fifths to £8.1m – £3.5m has been generated in the first half. A full year loss of £3.2m is expected. The company continues to win new retail clients. The share price slipped 15.5% to 24.5p.
Interim figures from Quadrise (LON: QED) show an increased loss of £3.1m. There was £1.3m in the bank at the end of June 2023 with a further £1.94m raised in July. There are still concerns about delays in Morocco and that a court ruling in Utah could hamper progress with that project. The share price declined 9.9%. Graphene technology developer Versarien (LON: VRS) says it has significantly reduced the cost base and the ongoing loss. The R&D team is slimmed down and refocused. Disposals are ongoing, but cash is running out. There are likely to be impairment charges in the full year figures. The share price dipped 6.95% to 1.105p.
