Small caps news round-up

Investing company Velox3 announced on Thursday its conditional acquisition of the entire issued share capital of Sheltyco Enterprises Group for £10.9m, to be satisfied by the issue of 43,753,775 new consolidated ordinary shares. The AIM-traded firm said Sheltyco is a holding company for several subsidiary companies focused on the marketing and promotion of third party online gaming, lottery adn bnary option operators, such as Betsafe, Lottopalace and Option888.

W Resource's shares are up more than 3% after it confirmed the maiden total resource at the São Martinho Gold Deposit was 3Mt at 1.04g/t of the yellow metal, or 111,987 ounces. The JORC-compliant estimate was carried out by Golder Associates. The São Martinho Gold Deposit forms part of the CAA Portalegre licence in northern Portugal.

Ascent Resources' shares are up more than 15% after it raised £500,000, net to the company, in a placing of 83,33m new shares at 0.6p each to meet its working-capital requirements into 2017. The oil and gas exploration and production company said the funds would enable it to continue to order long-lead items required for the alternative route to market.

Investment company Oakley Capital was celebrating success with one of its investee companies on Thursday, announcing the successful completion of the initial public offering of publisher Time Out Group, raising gross proceeds of £90m. The AIM-traded firm said it invested in Time Out to support its transformation from traditional print-based media to digital and mobile platforms.

Upholstered furniture and floorings company ScS Group has completed a hat-trick of upbeat trading statement this year, its latest stitching in the prospect of full-year profits ahead of market views. Shares in the company were up more than 8% on the news.

Shares in China New Energy dived almost a quarter as the AIM-quoted outfit raised £750,000, primarily to accelerate its field work in Africa and meet early project milestones. The hike, via a subscription of 37.5m shares at 2p each, would also place China New Energy favourably for investing in current projects or chasing new investment opportunities, it said.