Drug developer Sareum (LON: SAR) has issued 8.9 million shares to RiverFort Global Opportunities (LON: RGO) and this has reduced the money owed under the facility provided to Sareum to £220,000. The Sareum share price recovered 63.8% to 23.75p.
Chief executive Lisa Anson continues to buy shares in Redx Pharma (LON: REDX), which will soon be leaving AIM. She acquired a further 189,500 shares at an average price of 10.01p each. She owns 751,683 shares. Unsurprisingly, the departure from AIM has been approved by shareholders and this will happen on 30 April. The share price bounced back 45.5% to 12p.
Risk management software provider KRM22 (LON: KRM) has signed a contract for the Limit Manager software, which manages trading limits at futures commission merchants, worth £600,000 and that increases annualised recurring revenues to £6m. Costs are being reduced. The contract announcement was followed by director share buying with chairman Garry Jones acquiring 100,000 shares at 25p each and smaller purchases by the chief executive and finance director at 28p/share and 20p/share respectively. The share price improved 44.7% to 27.5p.
GreenRoc Mining (LON: GROC) has received a letter of intent from the US official export credit agency, which could provide up to $3.5m in finance for goods and services relating to pre- or definitive feasibility studies for the Amitsoq graphite mine in Greenland and/or a definitive feasibility study for the graphite active anode processing plant. The share price rose 40.6% to 2.25p.
FALLERS
Horizonte Minerals (LON: HZM) has been unable to restructure debt or obtain other finance to complete the Araguaia nickel project. Low spot prices for nickel put off investors. Management has to consider its options, which include selling the project or liquidation of the assets. Discussions with creditors continue. The share price slumped 82.1% to 0.425p.
Metallurgical coal miner Bens Creek (LON: BEN) is applying for its US subsidiaries to enter Chapter 11 bankruptcy protection. Bens Creek major shareholder Avani Resources will commit to provide a debtor-in-procession financing facility so the operations can be restructured. If BC Carbon does not pay the cash due, then Bens Creek will have enough cash until mid-May. The share price dived 47.8% to 0.3p.
Shareholders have approved the cancelation of the AIM quotation of Molecular Energies (LON: MEN) and trading will stop on 29 April. JP Jenkins will provide a matched bargain facility. The share price declined 34.3% to 11.5p.
Alaska-focused oil explorer 88 Energy (LON: 88E) confirmed the discovery and producibility of light oil and gas from the Shelf Margin Delta 8 reservoir. This means that there are three discoveries at Hickory-1. 88 Energy says flow testing shows light oil flow from two reservoirs at the Hickory-1 well in Phoenix project Alaska. A farm-out partner could fund the next stage of development at Hickory-1. Management will obtain an independent contingent resource declaration. Cavendish has increased its target price from 1p to 1.3p, but the share price slipped 28.6% to 0.225p.
