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AIM weekly movers: Powerhouse Energy patent success

Powerhouse Energy (LON: PHE) has resolved its patent issue with Onunda, which had disputed its European patent and patent applications for waste to energy technology. There will be no additional challenges from Onunda. The share price doubled to 1.8p, having been above 2p at one point. That was the highest level it has been since August 2022.

There were five trades in Infrastructure India (LON: IIP) last week. Four were at 0.0497p/share and they were worth just over £170 in total. The trade on Thursday was at 0.0995p/share and it was valued at £35. That was enough to push up the market price by 71.4% to 0.06p. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed by shareholders.

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Waste to energy technology developer Eqtec (LON: EQT) has refinanced debt facilities with a new non-dilutive secured facility for up to £10m. Repayments will be based on performance rather than regular monthly payments. This includes 20% of cash generated in a fundraising and 25% of cash inflows. The fixed coupon is 9.5%. The share price recovered 54.5% to 1.7p.

Video games services provider Keywords Studios (LON: KWS) has received a bid approach from Sweden-based EQT Group. There have been four other unsolicited proposals from EQT, which has a range of investment portfolios, including a private equity fund. Discussions are advanced. The suggested bid level is 2550p/share in cash, which is a level the share price has not been at for one year. The share price jumped 50.6% to 22214p. The final dividend of 1.76p/share would be paid.

FALLERS

MRI device developer Polarean Imaging (LON: POLX) launched a heavily discounted placing, subscription and open offer. The placing and subscription raised £8m at 1p/share with £2m of that invested by NUKEM Isotopes and £1.6m by Bracco – both existing investors. Up to £2m could be raised from an open offer. The cash is being used to accelerate commercialisation of the XENOVIEW technology and further development. The share price fell back by two-thirds to 1.25p.

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Shares in Goldstone Resources (LON: GRL) have returned from suspension after raising £834,000 at 1p/share and the previous publication of 2022 annual accounts and interims for last year. One of the original subscribers to the subscription in April did not come up with the cash it promised, and the amount raised is lower than expected. The main asset is a gold project in Ghana. The share price slumped 53.5% to 1p.

Metals One (LON: MET1) is raising £895,000 at 1p/share to finance development of the Black Schist nickel zinc copper cobalt project in Finland. This cash will enable the termination of the farm-in agreement with Gunsynd (LON: GUN) and enable Metals One to regain 100% ownership of the project. There were assay results for Black Schist and these will be sued to produce a new mineral resource estimate. The Metals One share price lost 27.8% to 0.975p.

Cancer treatments developer Faron Pharmaceuticals (LON: FARN) had a positive data announcement for the Bexmab trial on myelodysplastic syndrome, a form of cancer relating to blood cells in bone marrow. The Finland-based company says phase 2 has confirmed the findings in phase 1 and the overall response rate is 87.5% for the specific group of patients. Following an initial positive reaction the share price declined 23% to 192.5p over the week.

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