Small caps news round-up

Brazil-focused mining and development company Serabi Gold reported on a quarter of growth on Friday, with revenue up to $11.7m in the three months to 31 March, from $7.5m a year earlier. The AIM-traded company also reported an increased cost of sales, at $6.7m against $4.9m, and increased depreciation and amortisation charges, at $1.2m against $1.1m.

Mobeus Income & Growth announced on Friday that its chairman Keith Niven was to step down and retire from the board with immediate effect, on health grounds.The AIM-traded company confirmed that as a result he will not be standing for re-election at the forthcoming annual general meeting on 23 May.

Independent petroleum exploration and gas storage company InfraStrata made a public statement on the contentious Woodburn Forest project on Friday, promising to progress with its drilling programme as a possible injunction hearing loomed. On Thursday, the High Court in Northern Ireland was told that Mid and East Antrim Borough Council would re-examine disputed issues over drilling work at the forest by the beginning of next week.

Avanti Capital announced its disposal of its total investment in MBlox on Friday, as news emerged that the SMS solutions provider has entered into a definitive merger agreement with CLX Communications. Under the arrangement, CLX will acquire 100% of the shares in MBlox for a cash consideration of $117m, on a cash-free and debt-free basis.

Friday brought another strategic investment from natural resource investing company Metal Tiger, as it confirmed it was putting £0.1m intoConnemara Mining Company. The AIM-traded firm said the investment is entirely in cash, and is in exchange for five million Connemara shares at 2p.

Kosovo-focused marble quarrying company Fox Marble announced the conditional raising of £2m before expenses on Friday, through a firm placing of new ordinary shares at 10p per share and a conditional placing of new ordinary shares, also at 10p per share, subject to shareholder approval. The AIM-traded firm said proceeds from the placing are intended primarily to fund completion of the factory and employee skills training, to further expand the sales and distribution platforms globally - particularly in North America, India, the Middle East, Balkans and the UK - and provide additional working capital while it develops its sales channels.

Andes Energia produced 3,532 barrels of oil equivalent per day in April, it reported on Friday, broadly in line with March and February production at 3,567 and 3,538 barrels respectively. The AIM-traded company’s production update said that at its Argentine licences in Chachahuen, Chañares Herrados, Puesto Pozo Cercado, Vega Grande, La Brea and El Manzano production was 2,388 barrels per day net.

Executive recruitment software supplier Dillistone announced a major new partnership on Friday, with its Voyager Software division teaming up with an unnamed top-ten UK recruitment company. The AIM-traded firm said that, through the collaboration, Voyager will work closely with the partner to further optimise a new product, to be launched later this year.

West Africa gold producer Aureus Mining reported on a quarter in which it began effective commercial production on Friday, with some positive numbers - though working capital continued to be an issue. The AIM-traded company declared commercial production effective on 1 March.

Hutchison China MediTech announced on Friday that it has completed patient enrolment of FRESCO, its Phase III trial of fruquintinib in third-line locally advanced or metastatic colorectal cancer in China. The AIM-traded company said more than 300,000 new cases of CRC were diagnosed in the country in 2012.