AIM weekly movers: Petro Matad jumps on Mongolian progress

Petro Matad (LON: MATD) has gained access permission for exploration drilling on Block V in central Mongolia and the licence term has been extended. The development of the Heron-1 well continues and should be in production by the end of the year. Cash flow should finance further drilling. The share price jumped 70.3% to 3.15p.

The battery energy storage project in Uskmouth has received conditional planning consent and the SIMEC Atlantis Energy (LON: SAE) share price jumped by 30.4% to 1.825p, although it reached 2.325p at one point during Friday. Financial close for the project should be achieved by the first quarter of 2023.

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Faron Pharmaceuticals (LON: FARN) has published a BEXMAB study update. The phase I/II study is for a combination of bexmarilimab in combination with standard of care in multiple haematological malignancies. An azacytidine-refractory acute myeloid leukemia (AML) patient achieved a complete remission. A second patient treatment shows signs of efficacy, and the remaining patients are stable. The treatment is well-tolerated. The share price improved by 27.4% to 360p.

Financial publisher and event organiser Bonhill (LON: BONH) has received an offer of £6.6m for its UK and Asia assets from a private UK company and this deal should complete in January. That would be worth 5.5p a share. There is also interest in the US business. There will be an EBITDA loss of £1.3m this year and there is around £300,000 in the bank. The share price rose by 26.1% to 7.25p.

In the six months to October 2022, MS International (LON: MSI) moved back into profit and net cash increased from £15.5m to £23.9m. The interim dividend is 14% higher at 2p a share. The defence and signage divisions are still loss making, but forgings and petrol station superstructures profit was increased significantly. The share price jumped 25.6% to 417p.


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Utility infrastructure provider Fulcrum Utility Services (LON: FCRM) is raising up to £6m in loans from significant shareholders Bayford & Co and Harwood Capital. The annual interest rate is 20% and the loans can be convertible from April 2023. There is a 20% fee for early repayment and a non-utilisation fee of 6%. If the loan is converted into shares, then other investors will have an opportunity to buy new shares at the conversion price. The previous week, Fulcrum Utility Services received £1.5m from asset sales. The share price dived 54.4% to 1.55p.

Graphene technology developer Versarien (LON: VRS) is raising £1.85m at a heavily discounted share price of 10p. The share price slumped by 41.7% to 10.2p. Versarien will use the cash to commercialise its technology, particularly in the construction and leisure sectors. The UK government has agreed to delay repayments for a £5m loan until August 2025. There will be ten equal repayments in each subsequent quarter.

ReNeuron (LON: RENE) shares continue to fall in price following last week’s revelation that it tried to raise cash but found that market conditions meant that it could not be done at a suitable share price. Cost savings are being made by the exosomes technology company so that the existing cash can last until the fourth quarter of 2023. The share price declined a further 27.3% to 11.125p even though there was positive data about the advantages of induced pluripotent stem cells.

Edenville Energy (LON: EDL) is raising £400,000 at 7p a share. The share price dived 26.2% to 7.75p. It needs the cash because revenues from the Rukwa coal project in Tanzania have been lower than expected even though demand for the coal is strong. Changes have been made to management and efficiency is improving. The initial target is steady production of 3,000 tonnes of washed coal/month, rising to 4,000 tonnes/month. Edenville Energy is still waiting to recoup £180,000 in costs from Envirom Group due to an aborted acquisition. There is ongoing litigation.  

OptiBiotix Health (LON: OPTI) has raised £500,000 at 16p a share to invest in its direct-to-consumer products and US expansion. The share price of the microbiome-based products developer subsequently slumped 24.4% to 14.75p. Peterhouse has been reappointed as joint broker and it handled the placing.

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