Small caps news round-up

Oil and gas engineering services business Plexus Holdings announced on Monday it has agreed the terms of a conditional placing to raise £6m before expenses, by way of a placing of 9,230,770 new ordinary shares at a price of 65p each to new and existing investors. The AIM-traded firm said the placing is intended to strengthen Plexus’ balance sheet during the current down cycle, and provide Plexus with the flexibility to support the capital requirements of its long-term strategy of becoming a leading international oil and gas services company, supplying a new standard of wellhead equipment and associated products for exploration, production and subsea applications.

Natural resources development firm Metals Exploration announced on Monday that its Runruno Gold project has successfully poured its first gold Doré as part of its ongoing “test running and debugging” programme of the processing plant and associated operations. The AIM-traded company said the gold poured was predominantly recovered from the gravity circuit.

Energy storage and clean fuel company ITM Power was celebrating on Monday, after an announcement from the Thüga Group in Germany over the operational performance of the power-to-gas plant purchased from ITM Power two years ago. The AIM-traded firm said the plant has successfully concluded tests for primary grid balancing, with a more economic operation and higher revenues accessible from such grid balancing.

Resources company Sable Mining made an announcement to the market on Monday, over recent press comment and speculation regarding allegations of bribery and corruption made against the company in Liberia. The AIM-traded firm said one allegation is that CEO Andrew Groves has been indicted in Liberia on unspecified charges, by the Liberian government.

Ergomed, a British pharmaceutical development services company, said on Monday, it had bought two German service providers to complement and enhance its existing capabilities, and increase its presence in Germany. The company acquired Dr. Oestreich + Partner GmbH (O+P), a full service contract research organisation based in Cologne and Gesellschaft für angewandte Statistik + Datenanalyse mbH (GASD), a specialist statistics and data management company based in Neuss from their founders.

Ten Alps, trading as Zinc Media, has sold its subsidiary, Grove House Publishing (GHP) for £50,000. The multimedia content producer has sold its food, agriculture and animal medicines publisher and event organiser business as part of the company’s restructuring of its publishing business.

Exploration company African Potash confirmed on Monday that, following press speculation, it has signed a non-binding memorandum of understanding with the Government of Uganda to support the development of a fertiliser industry in Uganda. The AIM-traded firm, which focuses on the vertical integration of fertiliser operations in Africa and sub-Saharan potash assets, said the agreement will seek to help ensure the availability and effective distribution of fertilisers to Ugandan farmers.

Independent Oil and Gas (IOG) has tightened its grip on the Vulcan oil fields in the North Sea with an acquisition of up to £5m for four UK licences. AIM-listed IOG has acquired Oyster Petroleum, which on completion will own the four 'Vulcan Satellite' licences in the southern North Sea with estimated recoverable resources of 320.7bn cubic feet of gas, from Verus Petroleum for an initial £1m drawn from its loan facilities from London Oil & Gas.

Exploration company African Potash confirmed on Monday that, following press speculation, it has signed a non-binding memorandum of understanding with the Government of Uganda to support the development of a fertiliser industry in Uganda. The AIM-traded firm, which focuses on the vertical integration of fertiliser operations in Africa and sub-Saharan potash assets, said the agreement will seek to help ensure the availability and effective distribution of fertilisers to Ugandan farmers.