AIM weekly movers: Egdon Resources agrees bid

Egdon Resources (LON: EDR) is recommending a 4.5p a share cash bid from Petrichor Partners. This values the UK-focused oil and gas company at £26.6m. The share price jumped 89.1% to 4.35p, which is the highest it has been for six months, making it the largest riser on the week. Petrichor is owned by HEYCO, which provides services and capital to oil and gas projects in the US and Europe.

Some better news for IOG (LON: IOG). The control event at the Blythe H2 well in the North Sea has been successfully isolated. The first gas from this well should be produced by the end of June. The share price rebounded 35.4% to 7.04p – the highest price since February.

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Xeros Technology Group (LON: XSG) has signed a ten-year technology licence and distribution agreement with KRM Tekstil Boya, which will distribute denim processing equipment. Denim processing uses lots of water and energy and this will be reduced by this equipment. Xeros will receive a royalty on each machine sold and will supply XOrbs for the machine. The launch will be later this year. The share price is 25.8% higher at 3.9p.

ImmuPharma (LON: IMM) says that there was positive feedback from a consultation with the US FDA. This will help with the design of the phase 2/3 clinical study of the P140 treatment in chronic idiopathic demyelinating polyneuropathy. The trial could begin in the second half of 2023 and a Lupus trial could also start later in the year. The share price recovered 23.5% to 3.21p.



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Mirada (LON: MIRA) has set out plans to cancel its AIM quotations. The IPTV technology provider has been quoted for more than two decades, but a large shareholder with a 87.2% stake has limited liquidity and investor interest in the shares. The major lender to Mirada is also related to the main shareholder. This means that the cancellation will happen, and the shares will then be traded by JP Jenkins. That should save costs of $470,000/year. The share price dived 84.2% to 3p. This is the lowest the share price has ever fallen to.

Antibody discovery company Fusion Antibodies (LON: FAB) has raised £1.56m at 5p a share and a REX retail offer could raise more. The offer closes on 22 May. The share price slumped 79.3% to 7.75p. The cash and cost saving measures will provide enough funds to enable Fusion Antibodies to offer its Integrated Therapeutic Antibody Service, as well as further developing the OptiMAL therapeutic antibody discovery platform.

Tower Resources (LON: TRP) is raising £2.3m at 0.05p a share. This will fund the preparation of drilling of the NJOM-3 well in Cameroon. It will also fund work on interests in Namibia and South Africa. The share price slumped 57.1% to 0.0515p – a new all-time low.

Purplebricks (LON: PURP) is selling its business and assets to Strike Ltd for £1 and cancelling its AIM quotation. That should leave £5.5m in cash in Purplebricks. The cash remaining after costs, which could be £2m, will be distributed to shareholders, but that won’t happen until early next year. At 0.77p, down 48.1%, Purplebricks is valued at £2.4m.

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