ValiRx (LON: VAL) said it did not know why the share price has risen, but the cancer therapeutics company pointed out the merger of EUDA Health and TheoremX. ValiRx has a letter of intent with TheoremX concerning its clinical asset VAL201, which dates back to 2021. The share price is 83.8% higher at 10.75p, having been around 14.5p on Friday.
Orcadian Energy (LON: ORCA) has raised £350,000 at 12p/share from new investors. The cash will provide working capital while the oil and gas company makes progress with the potential agreement with a North Sea operator to farm out the Pilot project for a full carry until first oil. Orcadian Energy would retain a 18.75% working interest. Further cash calls will be required. Orcadian Energy expects to hear whether it has been successful in any of its three North Sea licence applications by the end of the year.
Autonomous vehicle developer Aurrigo International (LON: AURR) has signed a deal with International Airlines Group to deploy its vehicles at a major UK airport. A small number of vehicles should be deployed in early 2025. The share price increased 34.7% to 165p.
Educational services provider Tribal Group (LON: TRB) is recommending a 74p/share cash bid from Ellucian Company. The share price has not been at the bid level since September 2022, following disappointing interim figures. The bid values Tribal at £172m and it will create an international supplier of technology to education and public sectors. The share price is 31.6% ahead at 71.7p.
FALLERS
Horizonte Minerals (LON: HZM) is changing the design of the Araguia nickel project in Brazil, which will increase capital investment and delay production until the third quarter of 2024. Management is in talks about additional financing. A review of operating costs should be completed by the end of the year. The share price slumped 82.9% to 2.14p.
Resources projects developer Oracle Power (LON: ORCP) is raising £350,000 at 0.035p/share with one warrant exercisable at 0.07p attached to every two shares. A capital reorganisation to reduce the nominal value of the shares to 0.001p is required, or the new shares could not be issued. The cash will be spent on the company’s green hydrogen project in Pakistan, which will have a 400MW capacity. Fidelity reduced its stake from 5.1% to 3.17%. The share price fell 61.3% to 0.03p.
Safestyle (LON: SFE) is still talking with interested investors about a fundraising to provide working capital. It is a tough market for the windows manufacturer, but the directors believe that they will be able to obtain the finance required. It is uncertain what the terms will be and how dilutive it could be for existing shareholders. The share price dipped 37.6% to 2.75p, having been below 2p earlier in the week, and it has fallen 90% this year.
Following last week’s publication of 2022 full year figures and 2023 interims, Echo Energy (LON: ECHO) shares returned from suspension and dived 33.9% to 0.0185p. Losses increased, but management believes that there is potential to acquire new energy assets.
