Aquis weekly movers: Marula Mining manganese investment

Marula Mining (LON: MARU) is investing in the established Larisoro manganese mining operation in Kenya by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits and there has been mining for 12 years. The purchase price is £300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable increased production. Once there is a final agreement another £200,000 will be paid with £300,000 payable after the completion of an exploration programme. The final payment will be £750,000 when 50,000 tonnes of manganese ore is sold. A further £1.25m will be paid if the stake is raised to 70%. The share price rose 24.4% to 12.75p.

Bitcoin mining company Vinanz Ltd (LON: BTC) has applied to have its shares eligible for electronic clearing and settlement in the US, where they are traded on the OTCQB. The share price increased 20.5% to 13.25p.

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Nigel Pope has raised his stake in Phoenix Digital Assets (PNIX) from 3.2% to 4.04%. The share price recovered 18.3% to 3.55p.

KR1 (LON: KR1) had a NAV of 122.97p/share at the end of January. There was £1.8m of income generated from digital assets during the month. The share price improved 11.7% to 100p.

Digital diagnostic products developer EDX Medical Group (LON: EDX) has raised £1.56m at 12p/share, taking the total raised in February to £5.7m. This will be spent on product development. A WRAP retail offer could raise up to £500,000. This closes on 5 March. The share price increased 8.43% to 11.25p.

Ananda Developments (LON: ANA) says that its subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and NHS Lothian for the provision of MRX1 cannabidiol oil. This will be used in an endometriosis clinical trial, ENDOCAN-1. MRX will have a licence over all IP generated from the trial for development purposes. It could also licence the IP for commercial purposes. The share price is 6.15% higher at 0.345p.

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Flow battery storage technology developer Invinity Energy Systems (LON: IES) has secured a new deal with Taiwan-based Everdura, where it will supply the cell stacks and Everdura will handle manufacturing and sales. Performance testing of the first Mistral prototype has been successful and the agreement sets a target of 255MWh of Mistral sales over three years. Additional strategic partners could be announced within six weeks. The share price improved 6.12% to 26p.

Andrew Offit increased his shareholding in Supernova Digital (LON: SOL) from 11.9% to 14.1%. The share price improved 3.7% to 0.14p.


Quantum technology investment company Quantum Exponential Group (LON: QBIT) is seeking shareholder approval to leave the Aquis Stock Exchange. Apparently potential investors in a fund are not happy that the company is publicly traded. There will also be cost savings from leaving the market. Management is considering potential trading platforms for the shares. The share price slumped 64% to 0.45p.

Steven Bennett increased his stake in Oscillate (LON: MUSH) from 4.75% to 7.12%. The share price fell 22.2% to 0.35p.

Chris Akers has reduced his stake in Tap Global Group (LON: TAP) from 3.7% to below 3%. The share price declined 12.9% to 1.35p.

Aquis Exchange (LON: AQX) has launched conditional order functionality on the Aquis UK and Aquis EU platforms. This enables members to post the same liquidity on multiple venues without the risk of over-trading. This extends the Aquis dark pool, which was launched in 2022. The 2023 results will be published on 21 March. Pre-tax profit is expected to be 16% higher at £5.2m. The share price slipped 1.1% to 361p.

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