AIM movers: Vela Technologies portfolio gain and Scotgold Resources fundraising

Vela Technologies (LON: VELA) reported an 8.3% increase in gross asset value of its investment portfolio to £6.93m in the fourth quarter of 2022. The sale of one-third of the stake in EnSilica (LON: ENSI) helped to crystalise the gain. There is £864,000 in the bank. Since the end of 2022, investee company Mode Global Holdings has ceased operations. The share price improved 8.82% to 0.0185p.  

Some better news from Pantheon Resources (LON: PANR) about the Alkaid #2 well in Alaska. It is on course to clear out the sand blockage in the well. This will enable preparations for long-term production testing.  The share price is 6.6% ahead at 56.5p.

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Oil and gas company Reabold Resources (LON: RBD) has announced a general meeting on 28 February to enable it to buy back shares. Reabold has received £3.2m from the sale of Corallian Energy with a further £9.5m due to be received later this year. After that, cash will be distributed to shareholders. The share price is 4.55% higher at 0.23p.

Access Intelligence (LON: ACC) has won additional contracts since the November 2022 year end, including some in North America. This helps to underpin current 2022-23 forecasts, which predict a move from loss to profit. A £200,000 pre-tax profit is expected. The share price perked up 3.27% to 79p.

Scotgold Resources (LON: SGZ) has raised £2.5m at 40p a share, with directors investing £574,000. A retail offer could raise up to £500,000. The share price fell 26.7% to 42.5p. Debt funder Bridge Barn has agreed to defer £2.5m of capital repayments for nine months.

WH Ireland has reduced its forecasts for SaaS-based retail software provider itim Group (LON: ITIM) because of contract delays. Revenues for 2022 will be slightly below previous forecasts and that increases the loss by £200,000 to £1.1m. The 2023 loss is expected to be the same. Annualised recurring revenues are £13m, which is lower than expected. Net cash is £3.9m. The share price slumped by 24.8% to 37.5p. The June 2021 placing was at 154p.

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Midatech Pharma (LON: MTPH) is raising $6m at 58 cents for a unit of one American depositary share, one A warrant and 1.5 B warrants. This provides enough cash to fund the development of MTX110 and it should last until the end of 2023. Later this year, there will be news of the phase 1 study in rare orphan Diffuse Intrinsic Pontine Glioma and the phase 1 study in recurrent Glioblastoma. Prior to warrant exercises the ordinary shares issued as part of the ADSs are 37.5% of the enlarged share capital. The share price fell 17% to 1.95p.

Yesterday esports company Gfinity (LON:GFIN) said it requires more cash in March so management wants to raise £1.5m via a share issue. That will finance a corporate restructuring, invest in Athlos technology platform and reach breakeven. The share price had already slumped by 0.1p to 0.25p a share on the day and it has fallen a further 8.16% to 0.225p. Gfinity has a market capitalisation of £3m, so the proposed share issue will be highly dilutive. Asiamet Resources (LON: ARS) is finalising various components of the feasibility study update for the BKM copper project in Indonesia. The final updates of pre-production capital cost are expected shortly. The share price is 6.9% lower at 1.35p.

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