Kore Potash (LON: KP2) gained shareholder approval for its latest share issue to chairman David Hathorn who has subscribed $150,000 at 0.38p each. He owns 8.66%. The cash will be spent on further work on the Kola potash project. Trading in the shares has commenced on the A2X Market in South Africa. The share price jumped 102% to 1.06p.
Oil and gas explorer Indus Gas (LON: INDI) says that the recent share price decline did not reflect long-term value. Full year revenues were at least $42.9m. Management is considering finding a partner to help unlock the value of its assets. The share price rebounded 53.2% to 13.1p.
Shares in Nexus Infrastructure (LON: NEXS) recovered 53.1% to 111p following the interim figures. There was a decline in revenues in the six months to March 2024, but the order book is improving. Revenues generated by the infrastructure services provider fell from £51m to £25.8m and the company slipped into loss. The interim dividend is maintained at 1p/share. There was a cash outflow, but cash is still £9.3m, which is not much less than the market capitalisation. The order book is worth £72m, but the recovery in revenues may not happen until next year.
Chaarat Gold (LON: CGH) has signed a revised non-binding term sheet with Xiwang for a $150m funding package for the Tulkubash gold project. There will be discussions with convertible bond holders ahead of the repayment date of 31 July. The share price rose 39.3% to 3.9p.
Semiconductors designer Sondrel (LON: SND) is raising £5.63m at 10p/share and plans to cancel the AIM quotation. ROX Equity Partners is subscribing for the shares and its loans will be converted into a further 28.7 million shares, taking its stake to 49.3%. This requires government and shareholder approval. Miles Woodhouse will be ROX Equity Partners’ representative on the board. A new chief executive is being sought. Sondrel recognises it needs to manage projects better. The share price improved 35.9% to 6.25p despite the proposed AIM departure.
FALLERS
Active Energy Group (LON: AEG) says that its audit may not be completed by June, which would lead to a suspension of trading in the shares. Cash is running out and management may have to consider liquidating the company. This depends on whether the CoalSwitch assets are sold. There is currently $500,000 in the bank. There is also a 4.1% stake in green technology investor Alpha Prospects, but whether this is really worth the £680,000 book value is questionable. The share price slumped 44% to 0.21p
South Crofty tine mine developer Cornish Metals (LON: CUSN) says it does not know why the share price has been declining and it recovered on Friday, but it was still down 39.1% to 6p on the week. Management says that it will publish first quarter figures by 23 May.
Braveheart Investment Group (LON: BRH) has decided to write down the value of two investments from £4.71m to zero. The share price declined 34.5% to 4.75p.
Oracle Power (LON: ORCP) says its green hydrogen joint venture has been awarded a no objection certificate by the Sindh authorities. This provides permission for the construction of a 1.3GW renewable energy power plant. Late yesterday evening, a £300,000 share issue at 0.018p. This will be spent on projects in Australia and the joint venture green hydrogen project. Drilling has started at the Northern Zone gold project in Australia. The share price fell by one-third to 0.02p.
