AIM weekly movers: Clontarf Energy joint venture

Clontarf Energy (LON: CLON) is forming a joint venture with US-based NEXT-ChemX Corporation, which covers the deployment and marketing of the latter’s direct lithium ion extraction technology in Bolivia. There is limited water and energy consumption with this technology. The share price soared by 129% to 0.172p. Pilot testing and extraction starts in March. Clontarf Energy will contribute $500,000 towards the pilot plant for exclusive use of the technology and when that payment is made it will also issue 385 million shares to the partner. NEXT-ChemX will issue $500,000 of shares to Clontarf Energy in its next fundraising. A further 500 million Clontarf Energy shares will be issued to NEXT-ChemX on achievement of certain milestones. NEXT-ChemX has the right to invest £250,000 at 0.065p/Clontarf Energy share.

Inland Homes (LON: INL) has renegotiated banking covenants. The HSBC covenants relate to tangible net worth and gearing. They will revert to the original level from the end of June. A waiver of a historic breach of gearing on the Secure Trust loan has been secured and extended to the end of March. The share price recovered 79.6% to 15p. That is the highest it has been for more than three weeks. Total borrowings are £48.7m.

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Medical devices developer Creo Medical (LON: CREO) raised £28.5m from the placing at 20p a share, which was more than the £25m initially targeted. With up to £5.2m more to come from the open offer, Cenkos believe that this is enough cash to fully commercialise the current product portfolio. The cash will be used for further development and commercialisation of Creo Medical’s minimally invasive electrosurgical devices. Revenues of £100m are forecast by 2027. The share price jumped 38.8% to 34p.

Promotional goods supplier software platform provider Altitude (LON: ALT) says results for the year to March 2023 will be much better than expected. Zeus has upgraded its pre-tax profit forecast from £500,000 to £800,000 and that is the second upgrade in three months. The US promotional products market is strong and favourable exchange rates helped. The share price jumped 26.1% to 42.25p. That is the highest the share price has been since June 2021. MI Chelverton UK Equity Growth Fund trimmed its stake from 5.47% to 4.9%.



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PetroNeft Resources (LON: PTR) lost some of the previous week’s gains after chief executive Pavel Tetyakov was revealed as a potential buyer for its Russian assets. The share price slumped 47.6% to 0.55p, which is not much higher that before the announcement. Any deal will require shareholder approval. The current market capitalisation of £5.9m is well below the company’s $42.7m NAV at the end of June 2022, which includes loans to WorldAce Investments.

Esports company Gfinity (LON: GFIN) raised £2m at 0.15p a share, having originally sought £1.5m. The cash should last for 12 months. Technology platform Athlos still requires a strategic partner and there is enough funding for this for around four months. If not, then it could affect the restructuring and other plans for the rest of the business. At 0.1575p, down 33%, the current share capital is valued at Gfinity at £2.1m. Each placing share comes with a warrant to subscribe for one share at 0.15p and these warrants are exercisable between six and 18 months after the placing shares are admitted to AIM.

Deferral of contracts by clients has led to forecast downgrades for Jaywing (LON: JWNG) and 2022-23 pre-tax profit expectations have been more than halved to £1m, while next year’s forecast has been slashed from £3.7m to £2m. The digital marketing services provider won an Australian online education services contract which helps to offset some of the decline in forecast revenues in 2023-24. The share price slumped 26.9% to 5.025p.

Mkango Resources (LON: MKA) raised £3.5m at 12.5p and this will fund further development of the Songwe Hill rare earths project. The share price slipped 22% to 12.875p. Talks with potential funders for the project continue. Mkango Resources will also provide a €2.5m loan facility in HyProMag, which is developing a rare earth recycling production facility in Baden-Wurttemberg. The company’s stake in HyProMag could increase to 66.8%. Chief executive William Dawes acquired 400,000 shares at 12.95p each and 400,000 shares at 12.75p each. He owns 4.42%

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