AIM weekly movers: Tasty restructuring

There was no news from Eurasia Mining (LON: EUA) but the level of trading in the shares was the highest it has been for many months. The share price recovered 176% to 3.8p.

Restaurants operator Tasty (LON: TAST) gained court approval of its restructuring plan on Tuesday afternoon. Tasty has got out of the leases of 23 sites. This leaves 38 restaurants, which are predominantly the Wildwood brand. This should improve EBITDA by up to £2.1m between 2023 and 2025. The share price rebounded 71.1% to 1.625p.

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Mosman Oil & Gas (LON: MSMN) is paying $500,000 for a 10% interest in a US helium project in Las Animas County, Colorado. This is an area with known helium deposits. There are five helium prospects and a well will be drilled for each of them. The sale of oil and gas asset will help finance the move into helium. There were warrants exercised at 0.0125p. The share price rose 58.1% to 0.034p.

GRC International (LON: GRC) is recommending an 8p/share cash bid from Bloom Seed Bidco, which values the cybersecurity company at £8.6m. The bidder is a vehicle for technology investor Bloom, which can provide increased financial backing for the business. GRC joined AIM in 2018 at a time when there was investor interest in the cybersecurity sector. The flotation valuation was £40.2m at 70p/share. GRC has been loss making and never moved into profit. The share price increased 56.3% to 7.5p.


Beacon Energy (LON: BCE) has not been able to produce a stabilised flow rate from the SCHB-2 sidetrack in the Erfelden field in Germany. Based on bottom hole pressures and flow rates obtained the initial response from the reservoir was poor. The well will be temporarily shut-in and data analysed. This well was expected to produce 9,000 barrel of oil equivalent/day. This cash would have funded further exploration and development. The share price slumped 79.1% to 0.012p.

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Clontarf Energy (LON: CLON) has failed to move through to the next stage of the bids for the seven priority salt pans in southern Bolivia because of its offtake partner’s poor credit rating. Management hopes that it can argue the case that the credit rating is not relevant. The share price dived 58.7% to 0.0155p.

Mohammmed Ashraf has been appointed chief executive of Kibo Energy (LON: KIBO) and James Parsons is joining the board to oversee a restructuring. The company will become a broader based energy company that includes oil and gas. There will be a review of existing interests. Stefania Barbaglio and Clive Roberts are also joining the board. The renewable energy company has raised £500,000 at 0.015p/share. The main assets are 83.2 million shares in MAST Energy Development (LON: MED) plus £849,000 owed by that company, 134.4 million shares in Katoro Gold (LON: KAT) and a portfolio of waste to energy projects. The receivable from MAST Energy Developments will be used to reduce the debt owed to RiverFort Global Opportunities from £767,000 to £400,000, which be structured as a two-year loan with a 10% annual interest rate. The Johannesburg Stock Exchange listing may be dropped. The share price fell 52.9% to 0.0165p.

Faron Pharmaceuticals (LON: FARN) has published a prospectus for a fundraising of up to €30.7m at €1/share (85p/share). This will include an open offer raising up to £6.8m and a REX retail offer that could raise up to £850,000. The retail offer closes on 19 June. The cash will provide sufficient funds for Finland-based Faron’s requirements in 2024, so it can reach a commercial partnership agreement to finance further product development. If the full amount is raised the cash should last until March 2025. Faron has committed to issue an additional 1.6 million shares to investors in the placing at €1.50/share in April, so that the effective price would be reduced to €1/share. The share price slipped 48.1% to 96p.

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