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AIM weekly movers: Potential reversal for Advance Energy

Shares in AIM shell Advance Energy (LON: ADV) rose 106% to 0.175p prior to their suspension on Friday. Non-binding heads of agreement have been signed for the acquisition of a European oil and gas company. The initial payment would be made in shares and there would be an earn-out based on oil production. Exclusivity lasts until 29 October. The suspension will end when a document is published or if the deal does not go ahead.

Data and machine learning company Insig AI (LON: INSG) has risen 71.7% to 33p following its full year figures on Friday, but it is still well below the 67p reversal fundraising share price last year. There was a 2021-22 loss of £4.15m on revenues of £1.7m. Progress in signing asset management clients has been slow, but management believes that it can secure contracts before the end of October. There could be an annual run rate of recurring revenues of £4m before the end of March 2023.

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RAB Capital has taken a 4.02% stake in Strategic Minerals (LON: SML) and the share price has risen steadily since this announcement. On the week, it has jumped 60% to 0.4p.

In August, Chile-focused lithium CleanTech Lithium (LON: CTL) has signed up SunResin New Materials to work on pilot scale production tests on Laguna Verde brine. This could lead to a fast-track development agreement for SunResin modular direct lithium extraction plants for the projects. The share price continues to rise on the back of this announcement, and it is a further 56.8% higher at 59.6p.

Trading on ASX in the shares of coal miner MC Mining Ltd (LON: MCM) was suspended on Thursday and lifted on Friday. They continued to trade on the JSE and AIM. The share price was rising ahead of the suspension after which MC Mining announced that it is near to concluding the process of raising funds for the Makhado hard coking coal project before the end of the year. The share price increased by 50% to 25.5p.

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Fallers

Canada-based copper and gold producer Ramblers Metals & Mining (LON: RMM) is running short of cash because of a fall in copper prices. Funds could be raised through debt and/or equity. There are also increasing costs, although mining operations are running well. More capital investment will help to further improve efficiency. The share price has dived 45.9% to 11.1p.

Clontarf Energy (LON: CLON) fell by 38.8% to 0.075p, although the share price is still higher than two weeks ago. Management said it did not know why the share price had risen. The oil and gas company is assessing its block on the North Western Shelf in Australia, where it has a 10% working interest. In Ghana, there are talks concerning the completion of delayed ratifications of signed petroleum agreements that will enable exploration in Tano Basin. There is an interest in lithium exploration in Bolivia.

Fire protection products supplier London Security (LON: LSC) slumped 31.9% to 2350p. There was a decline prior to the interim announcement on Friday and a sharper fall after the publication. Less than 2% of the shares are available to trade and there were four trades valued at less than £13,000 on Thursday and Friday. Interim revenues rose 7% to £82.7m, while pre-tax profit dipped to £10.8m due to higher overheads.

One trade of 500,000 shares at 21p each on Monday, hit the share price of Trackwise Designs (TWD: TWD). That sparked a 26.3% decline in the share price to 21p. Richard Sneller cut his stake from 4.7% to below 3% on Monday. At least some of these shares were bought at a much higher price.

Phoenix Global Resources (LON: PGR) says main shareholder Mercuria Energy acquired a further 223.7 million shares via its offer to minority shareholders at 7.5p a share. The AIM quotation will be cancelled on 15 September. The share price dropped 24.1% to 5.5p on the week.

Broker Cenkos Securities (LON: CNKS) fell into loss in the first half of 2022, although there was an underlying profit of £1.9m, down from £2.9m. The share price slumped by 23.8% to 46.5p. Revenues fell by around 30% as market activity slowed. The interim dividend has been cut from 1.25p a share to 1p a share. Cash fell to £15.9m, which is three-fifths of the market capitalisation.

Online musical instruments supplier Gear4Music (LON: G4M) may not be the worst performer of the week, but amongst these shares it is the worst performer so far this year with an 84.4% decline to 112.5p. There was a 22.4% decline on the week. Trading has been tough in recent months and management is cautious about trading in the second quarter. The first quarter to June 2022 but spending in July and August was weaker than expected even if the hot weather is taken into account. September is showing signs of improvement. Guidance has been lowered with pre-tax profit expected to slump from £5m to £1.1m with a possible recovery to £3.3m next year.

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