Zenova (LON: ZED) says the Zenova FX fire extinguishers have been approved for use by the marine industry. This market is growing at 8%/year. There were also positive testing results from a demonstration in Mallorca. The share price jumped
Graphene technology developer Versarien (LON: VRS) has raised some much-needed cash by selling assets in South Korea for £604,000 to MCK Tech, which has also licenced five patents. The licence deal could generate 4.5% of sales of products using the patents. If, after two years, revenues are below £250,000, then MCK Tech will pay £40,000 and the licence will be terminated. Other businesses remain for sale. The share price recovered 23.4% to 0.11725p.
GCM Resources (LON: GCM) was the highest riser earlier this morning and, at 8.5p, the share price was the highest it had been for three years, but it fell back by the middle of the day and was 17.7% higher at 8p. GCM Resources signed a contract with PowerChina International for mine infrastructure development works at the Phulbari coal and power project in Bangladesh. This involves $1bn of investment over four years. It also involves mining of mineral co-products in the overburden, which will be removed to expose the coal. A separate agreement for coal extraction is anticipated. The Bangladesh government has to approve the works and finance needs to be secured. There are power companies interested in buying the coal.
Aptamer (LON: APTA) is progressing its development partnership with Unilever to identify Optimers that can be used to develop consumer goods. Optimers have been developed and supplied to Unilever. They worked well and have been refined, which has led to patent applications. The share price increased 13.8% to 0.825p.
FALLERS
Cloud telephony provider LoopUp Group (LON: LOOP) did relatively well during Covid lockdowns, but it has found trading difficult since then. Management says it wants to leave AIM because it is difficult to raise cash. LoopUp needs to rise £9m, which management feels it cannot raise on AIM, but it four investors are willing to subscribe £6.2m if LoopUp goes private. In August 2016, the original placing price was 100p when £8.5m. Including that cash, LoopUp has raised more than £70m since joining AIM. The share price has fallen by two-thirds to 0.675p, which values LoopUp at £1.4m.
Global Petroleum (LON: GBP) executive chairman Daniel Page has unexpectedly resigned, having only joined the board in November 2023. Just afterwards he bought 14.3 million shares at 0.07p each. At the beginning of February, it was announced that his core annual remuneration was going to be £32,000 with a £250/hour consulting fee up to a maximum of £100,000/year. He was also due to be issued shares “in recognition of the below market rate remuneration”. The share price dived 31.8% to 0.075p.
Great Western Mining (LON: GWMO) raised £700,500 at 0.0435p each to finance work on the West Huntoon copper porphyry to identify drill targets, plus additional work on this prospect and others. The share price dipped 24% to 0.0475p.
Geospatial technology developer 1Spatial (LON: SPA) expects full year revenues to be in line with expectations, but pre-tax profit will be £1m and not £1.8m as previously expected. Higher interest rates restructuring costs hit profit and net cash is lower than anticipated at £1.1m. The share price declined 12.9% to 54p.