Metals One (LON: MET1) launched a retail offer to raise up to £100,000 at 2p/share. This offer, which has been planned since January, closed at 8am on 28 March and raised the maximum amount. There was a ten-for-one share consolidation earlier in the week and the share price initially slumped to 7p, but it ended 139% higher at 21.5p.
Wines retailer Naked Wines (LON: WINE) has outlined plans to build up its cash, partly by reducing inventories, and return to annual revenue growth of 5%-10%. Cost cutting and focusing on the core members will help to improve EBITDA to more than £10m. If the strategy is successful, cash could reach £100m by 2030 and some of this could be returned to shareholders. In the short-term revenues will decline as the company focuses on the profitable base rather than chasing revenues. The share price rebounded 75.9% to 92p, which values the company at £68m.
European Metals Holdings (LON: EMH) shares rose 42.9% to 12.5p on the back of the EU declaring Cinovec a strategic project. There was initially a jump to 22p before profit taking. The Cinovec lithium project will have a simplified permitting process and receive support from financial institutions.
Oil and gas company Empyrean Energy (LON: EME) says the Wilson River-1 well has reached total depth. Petrophysical analysis is ongoing, and the results will be compared with existing wells. The share price dipped below 0.1p before recovering to 0.1425p, up 42.5% on the week.
FALLERS
Financial website operator ADVFN (LON: AFN) plans to cancel its AIM quotation. The board believes that the current share price and poor liquidity mean that it is difficult to make acquisitions. There are plans to organise a matched bargain facility with JP Jenkins. Interim revenues fell from £2.29m to £2.02m, although a reduction in admin expenses meant that the loss was lower at £453,000. There is £3.5m of cash. The share price slumped 57.7% to 5.5p.
Cannabis medicines developer Celadon Pharmaceuticals (LON: CEL) chief executive and 39.5% shareholder intended to propose the removal of the chairman and four non-executive directors at a general meeting. This is because they oppose his wish to leave AIM. The four non-executives have resigned and there will be a general meeting to propose the AIM cancellation. If this resolution passes, the chairman will resign, and JP Jenkins is likely to provide a matched bargain facility. The share price dived 42.9% to 8p.
GCM Resources (LON: GCM) has raised £1m at 3p/share, which will provide further working capital. Progress with the Phulbari coal and power project in Bangladesh remains slow and relies on the receipt of government approvals. At the end of 2024, there was cash of £900,000. The share price slid 30.3% to 2.72p.
Woodbois Ltd (LON: WBI) has raised £2.65m at 0.05p/share. Every two shares come with a warrant with a subscription share price of 0.125p. There are also two options for a total subscription of £650,000. The timber supplier needs the cash because it had to pause production, and it would have been insolvent. Money will be spent on maintenance and paying overdue creditors. The accounts will be brought up to date so an audit can be completed. Financial systems will be improved, and Jonna Cortez will become finance director and Mark Edworthy joint chief executive as part of the requirements of the providers of the investment. A repayment schedule has been agreed with Nykredit Bank. The share price declined 23.2% to 0.048p.