Graphene technology developer Versarien (LON: VRS) has sold South Korean assets for £604,000, as well as the use of five patents. Versarien entered a licence agreement with Brazil-based Montana Quimica, which supplies paints and wood preservatives. The deal allows Montana Quimica to use Graphlinks formulations in its products. The initial fee is £50,000 with a further £25,000 when manufacturing starts. Royalties are 5% of revenues. The share price increased 69.5% to 0.161p.
Neometals (LON: NMT) reported an increased loss of A$21.3m in the six months to December 2023. This includes impairment of exploration and investments. There is still A$19.4m in the bank. The share price recovered 49.1% to 9.75p.
Additional share buying pushed up the share price of fiinu (LON: BANK) by 40.7% to 0.95p. The company still needs to raise cash to push ahead with its Plugin Overdraft product.
Sheffield Resources has paid £1.25m at 3.623p/share for 10% of Capital Metals (LON: CMET), which owns 50% of the Thunderbird mineral sands mine in Western Australia, with an option to invest more at 4.891p/share. The share price rose 10.8% to 3.6p. Sheffield Resources has been granted co-exclusivity with LB Group for 60 days to provide funds for the development of Capital Metals’ Eastern Minerals project in Sri Lanka. Sheffield Resources has conditionally been granted the right to acquire up to 50% of the project. The share price rose 35.8% to 3.6p.
FALLERS
Cloud telephony provider LoopUp Group (LON: LOOP) did reasonably well during Covid lockdowns, but it has found trading difficult since then. Management says it wants to leave AIM because it is difficult to raise cash. LoopUp needs to rise £9m, which management feels it cannot raise on AIM, but it four investors are willing to subscribe £6.2m if LoopUp goes private. In August 2016, the original placing price was 100p when £8.5m. Including that cash, LoopUp has raised more than £70m since joining AIM. The share price has fallen by 68.3% to 0.65p, which values LoopUp at £1.3m.
Supercapacitors manufacturer Cap-XX (LON: CPX) says its working capital position continues to deteriorate because of the costs of the patent infringement case and disappointing revenues. This has hampered the ability of the company to invest in R&D. Debt is not a potential source of funds and a share issue process has taken longer than expected. Cash is required by the end of the month. Management says that Maxwell is applying for more time to lodge a claim of costs relating to the recent patent case. Management is hopeful that negotiations with Maxwell will come to a settlement before the court have to make a judgement. The share price slid 54.1% to 0.195p.
Blue Star Capital (LON: BLU) says investee company Dynasty Gaming & Media is acquiring the assets of Googly Media for $7.6m. The combined business will be valued at $15m, but that is much lower than expected. Blue Star Capital, which will convert $75,000 of loan notes into shares, previously valued its investment at £5.45m and it is now worth £450,000. The share price dived 48.3% to 0.0375p.
Global Petroleum (LON: GBP) executive chairman Daniel Page has unexpectedly resigned, having only joined the board in November 2023. Just afterwards he bought 14.3 million shares at 0.07p each. At the beginning of February, it was announced that his core annual remuneration was going to be £32,000 with a £250/hour consulting fee up to a maximum of £100,000/year. He was also due to be issued shares “in recognition of the below market rate remuneration”. His departure led to the partnership with Cyprus-based Cynergy East Med. The share price declined 43.2% to 0.0625p.
