AIM weekly movers: Active Energy agreement for failed US plant

Active Energy Group (LON: AEG) has agreed a settlement with Player Design Inc, which was constructing a CoalSwitch plant in Maine, and it has received a cash payment of $1.65m. Player Design will retain IP rights that were developed while the plant was being developed – but not Active Energy Group IP. All legal claims have ended. John Celaschi has sold his 6.24% stake. The share price has jumped 115% to 0.7p.

Diversity Network Investments has raised its stake in energy efficiency company Sabien Technology (LON: SNT) from 20.1% to 25.2%, following concerted buying over the past week. The share price moved up by two-thirds to 13.75p.

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Drug discovery company Immupharma (LON: IMM) confirms it has enough cash for its immediate requirements with additional income coming from commercial deals on the development portfolio. Discussions continue with potential partners. This could involve upfront payments. There are two late-stage autoimmune development programmes, including a treatment for lupus, and two early-stage anti-infective programmes. The share price improved 51.4% to 1.3775p.

Lansdowne Oil & Gas (LON: LOGP) says that registered shareholders on 21 March will be protected beneficiaries of the arbitration process with the Irish government. If there any share issues, reverse takeovers, etc then the current shareholders will still maintain their current interest in the arbitration. The company is considered to be a cash shell so trading will be suspended on 21 March. Management appointed Mantle Law to pursue a claim against the Irish government for its refusal to award a lease undertaking for the Barryroe oil and gas field. Third party finance is being sought. The share price increased 50% to 0.12p.

FALLERS

Beowulf Mining (LON: BEM) has revealed the terms of its cash raising to invest in Kallak iron ore project in northern Sweden and the graphite anode materials plant in Finland. There is a rights issue of SDRs to raise £6.3m, of which £3.8m is underwritten, and a PrimaryBid retail offer at 0.61p/share raising up to £1.6m in the UK fundraising. Last year, the company raised money at 2.06p/share. A capital reorganisation will reduce the par value of the shares from 1p to 0.1p. Beowulf Mining has also agreed to acquire the minority stake in Balkans-based Vardar Minerals for the issue of 52.3 million shares. The share price slumped by one-third to 0.8p.

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Helium One Global (LON: HE1) says drill stem test results on the Itumbala West-1 well show a minimum flow rate of 0.5 million cubic feet/day containing 4.7% helium. There will be an extended well test in the third quarter. Resource estimates are being progressed. The share price slipped 32.2% to 1.492p., but it is still 491% higher this year.  

KEFI Gold and Copper (LON: KEFI) announced a fundraising at the beginning of the week. The miner raised £4.5m via a placing at 0.6p/share and further £496,000 through a PrimaryBid offer. This is part of a funding package for the Tulu Kapi gold project. Management says that the NPV8 of KEFI Gold and Copper’s interest in the project, at a gold price of $1,862/ounce, is equivalent to 2.9p/share. The share price fell 28.4% to 0.566p.

Lung cancer diagnostics developer LungLife AI (LON: LLAI) has raised £1.8m at 35p/share. Following positive validation study results the commercialisation process is starting. The cash will fund the evidence generating activities, including an early access programme and clinical utility studies. It will also help to raise clinical awareness and enable LungLife AI to investigate licensing opportunities. There should be enough cash until April 2025. The share price dipped 26.5% to 30.5p.

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