Increased trading levels in GCM Resources (LON: GCM) have led to a doubling of the share price to 2.8p. Trading levels have not been this high for around one year.
Share buying has also pushed up the share price of online building products retailer CMO Group (LON: CMO), which is asking for shareholder approval at a general meeting on 17 March to leave AIM. The share price rebounded 70% to 2.55p.
Xtract Resources (LON: XTR) confirmed the completion of three holes at the Silverking project, which is the subject of an option and joint venture agreement with Oval Mining. Xtract Resources can earn-in up to 70% of the copper mine in Zambia. Drilling continues to establish the morphology of the main pipe-like structure. The share price rose 63.6% to 0.9p, which is the highest level for more than six months.
Shares in European Metals Holdings (LON: EMH) continue to rise on the b ack of news reported on 7 March that its Cinovec lithium project has been designated a strategic deposit by the Czech authorities. This will make permitting easier. The share price improved a further 50% to 9.75p.
FALLERS
Surveillance technology developer Thruvision (LON: THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash. The share price dived by three-fifths to 0.9p.
Respiratory treatments developer Synairgen (LON: SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April. The share price slumped 57.4% to 0.85p.
Ethernity Networks (LON: ENET) is raising £88,750 at 0.05p/share. This follows yesterday’s announcement that the company invoiced $890,000 of a $1.05m contract with a US aerospace system products provider. The contract will be extended by $290,000. There will be further revenues in the second half. The share price slipped 41.4% to 0.0425p.
Hornby (LON: HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby. The share price declined 30% to 14p.