Small caps news round-up

GCM Resources said it was not aware of any reason for the recent spike in its share price. In a statement, the company said it remained “wholly focused on pursuing the necessary approval from the government of Bangladesh for the Phulbari coal project to proceed with the next stage of development”.

Tengri Resources announced it was offloading its major operations on Tuesday, selling Kami Associates and Tatianna to Socagest SA for a total consideration of $6m. The two subsidiaries hold the AIM-traded company’s mineral exploration and development operations in Talas, Kyrgyz Republic.

Specialist asset manager Gresham House secured funding for its ongoing ‘strategic development’ on Tuesday, announcing a new £7m banking facility with Kleinwort Benson Bank. The AIM-traded firm said the borrowing was secured against its property assets and the deferred proceeds of the sale of its Newton-le-Willows site to Persimmon Homes, announced in September last year.

SolGold announced a fresh mineralisation discovery on Monday, at its Cascabel copper-gold porphyry project in Ecuador. The AIM-traded company said the discovery of porphyry-style mineralisation on the surface some 440 yards south of Alpala Creek pointed to a new target area - Alpala South.

Clean-tech industrial oil re-refiner HydroDecswung to a loss in the 2015 calendar year, reporting tough trading in a low oil price environment on Tuesday. The AIM-traded company reported total income as decreasing to $43.8m, from $54.7m in 2014.

Shares in Falkland Islands Holdings sank to their lowest in more than a decade after it set out plans to increase its UK focus due to the effect of low oil prices on its eponymous business, and warned annual profits would be at least 10% lower than the previous year due to investment in its fine art arm. Anticipating quieter trading in the Falklands due to the impact of low oil prices, the AIM-listed company said it planned to use some of its £10m net cash and "untapped borrowing capacity" to swing its focus on its UK businesses in the short-term and perhaps make some "high quality acquisitions".