Trading recommenced in Caribbean-based oil and gas explorer Star Phoenix (LON: STA) shares following the appointment of a new auditor and publication of its annual report. The share price jumped 438% to 2.15p making the biggest riser on the week.
Mark Tindall increased his stake in Zinnwald Lithium (LON: ZNWD) from 3.17% to 4.01%. The share price is 26.4% ahead at 9.85p.
Construction recruitment and services provider Hercules Site Services (LON: HERC) shares went ex-dividend last week, but they still rose by 22% to 72p. They have been on the rise since reporting full year figures and the final dividend of 1.12p a share. This is a new high for the shares.
Conroy Gold & Natural Resources (LON: CGNR) made a high-grade gold discovery in a new area of the Longford-Down Massif. Visible gold is present. The grades are between 12.8g/t and 123g/t at the Mines Royal option area in Northern Ireland. Exploration is being carried out with joint venture partner Demir Export. The share price is 21.7% higher at 21p.
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Fallers
Asia-focused investment company Jade Road Investments (LON: JADE) completed its fundraising which raised $1.75m gross, or $1.57m after underwriting costs, at 0.75p a share. The share price slumped 44.4% to 1.25p. This is a new low. Jade Road Investments issued nearly 202 million shares, nearly two-fifths of the enlarged share capital, and 171.2 million went to the underwriter.
Antibiotics developer Destiny Pharma (LON: DEST) is raising up to £8m at 35p a share via a placing (£7m) and open offer (up to £1m). The share price slumped 35.3% to 35.25p on the week, which could hamper the take-up of the open offer. The fundraising followed news that Sebela Pharmaceuticals has been secured as development and commercial partner for M3, which is focused on the prevention of C.dif recurrence. This de-risks the phase III trial, which Sebela will pay for in return for North American rights. Destiny Pharma retains the majority interests in the other rights.
The phase III trial will start next year and there could be a commercial launch in 2027 if everything goes to plan. There is an upfront payment of $1m and could be development and sales-based milestone payments of up to $570m. The royalty will be in double digits. There will be enough cash to get to the phase III trial and for further development of XF-73, which prevents post-surgical infections.
Snowfall has hit production at the Pakrut gold mine operated by China Nonferrous Gold (LON: CNG) and the share price fell 28.3% to a new low of 2.15p. The Tajikistan mine has been hit by avalanches and landslides that have damaged power supply. Operations will be suspended for at least one month.
Corporate finance adviser Marechale Capital (LON: MAC) has made a gain on its stake in biogas plants developer and operator Future Biogas Group after it was acquired by 3i Infrastructure (LON: 3IN). The shares were acquired in 2010-11 for £11,600 after Marechale Capital provided advice. The total amount received was £218,000. However, this is below book value.
