A sharp uptick in trading volumes at the end of the week made linear generator technology developer Libertine Holdings (LON: LIB) the highest riser on the week with a 257% jump to 6.25p. This follows the completion of phase 1 support for the KARNO linear generator with Hyliion Holdings. Libertine’s HEXAGEN technology was integrated into the first prototype. The income from this business will help the Libertine cash pile last until July.
Renalytix (LON: RENX) continued its rise from the previous week, although it lost some of the gains from earlier in the week following the publication of interim results. Revenues fell from $2.16m to $1.17m. Net cash used in operating activities increased from $15.3m to $17.3m. There was cash of $5.62m at the end of 2023. Management admits that it will need to raise more cash. The share price is 104% higher at 28.5p.
MicroSalt (LON: SALT) announced a marketing collaboration with food and beverage exporter American Trading International. This will make the company’s low-sodium salt product available in up to 80 countries around the world. The share price has risen a further 74% to 114p. The placing price was 43p. Majority shareholder Tekcapital (LON: TEK) says that another investee company Guident is integrating its autonomous vehicle remote monitoring and control technology in the MiCa autonomous shuttle. Another investee company, portable oxygen equipment developer Belluscura (LON: BELL) has a new partnership with Chicago-based Sunset HealthCare Solutions, which will offer the X-PLOR portable oxygen concentrator to more than 1,600 businesses. It will then offer the DISCOV-R POC when it is available. The share price is 25.6% higher at 24.5p. Belluscura has received 95.7% acceptances from shareholders for its merger with standard list shell TMT Acquisition (LON: TMAA). The Tekcapital share price is 78.9% ahead at 17p.
Jarvis Securities (LON: JIM) has announced a first quarterly dividend of 1.75p/share and the shares go ex-dividend 22 February. Jarvis Securities did not pay a fourth quarter division for the previous financial year. The third quarter dividend was 2.25p/share. A FCA skilled persons review was ongoing, and this was hampering the ability to pay dividends, so today’s announcement is a positive sign. A phase 1C report is due to be published by the FCA. The share price has jumped 40.9% to 77.5p.
FALLERS
Electric drivetrain developer Saietta Group (LON: SED) has failed to secure an electrical steering pump contract manufacturing opportunity and it may sell the relevant production line for £600,000. That would help its short-term financial position. Cash was expected to last until March and additional funds will still be required. Discussions continue with potential OEM customers. The share price slumped 60.9%% to 6.25p.
Trading in Artemis Resources (LON: ARV) shares has resumed on ASX and the AIM share price has lost most of its previous gains falling 40% to 0.9p. Trading was halted on 8 February and the share price is still higher than the 0.825p on that day. Artemis Resources published an update on the West Pilbara project exploration. This shows potential sub vertical orientation of pegmatites at Kobe and Osborne. The first drill hole potentially stopped short of the Osborne target. A drilling programme to test Osborne is planned for March to test near surface lithium rich zones.
Baron Oil (LON: BOIL) has raised £3m at 0.05p/share, while the retail offer generated £260,000. The market price dived 36.4% to 0.0525p. This will fund drilling preparations for the Chuditch-2 appraisal well south of Timor-Leste, which is planned for the fourth quarter. Shell discovered the Chuditch-1 gas field in the Chuditch production sharing contract in 1998. Timor-Leste authorities recently approved the farm-up agreement with TIMOR GAP Chuditch Unipessoal relating to the production sharing contract. Baron Oil’s subsidiary will retain 60% of the production sharing contract and the partner, which has increased its interest from 25% to 40%, will be responsible for 20% of all costs, including the Chuditch-2 appraisal well.
Beowulf Mining (LON: BEM) is raising cash to invest in Kallak iron ore project in northern Sweden and the graphite anode materials plant in Finland. There will be a rights issue and a PrimaryBid retail offer in the UK raising up to £7.5m in total. A formal decision on the fundraising and pricing will be made on 7 March. A capital reorganisation will reduce the par value of the shares from 1p to 0.1p. The cash will be spent on the Kallak pre-feasibility study and environmental studies, which will enable the application for an environmental permit. The share price slipped 31.6% to 1.3p.
