Small caps news round-up

Digital wellness technology developer Fitbug Holdings announced on Wednesday a proposed equity fundraising of around £2.61m before expenses. The AIM-traded company said the fundraising comprises a placing of 340,800,000 placing shares at 0.15p per share with institutional and other investors, and an open offer of up to 703,626,325 shares at 0.25p each.

Azerbaijan-focused gold, silver and copper producer Anglo Asian Mining announced on Wednesday that it has taken advantage of the recent strength in the gold price and entered into a transaction to hedge 18,000 ounces of its gold sales for the remainder of 2016. The AIM-traded firm said this represents about 50% of its forecast sales for the period.

As a raft of AIM companies rushed to post their 2015 results before the 30 June deadline, Work Group announced on Wednesday that its shares had to be suspended from trading. The AIM-traded company said it would not be in a position to publish its audited report and accounts for the year ended 31 December 2015 by 30 June in accordance with Rule 19 of the AIM Rules for Companies.

Six years after raising £3m and listing on AIM, Northwest Investment Group still had nil revenue to show the market in its final results for the 2015 calendar year on Wednesday. The firm said since its admission on 9 June 2010, it has been working to identify high value investment targets in the hydropower market in Western China in accordance with its investing policy.

Mobile commerce specialist Mporium announced on Wednesday that it has raised £3.1m before expenses through a placing of 41,379,008 ordinary shares of 0.5p each, at a price of 7.5p per placing share, from a combination of new and existing shareholders. The AIM-traded company said the proceeds of the placing will be used to continue the company’s ongoing product development, which is progressing as planned, as well as its growth strategy and for working capital purposes.

Robotic technology firm Rex Bionics announced on Wednesday a £2.3m gross fundraising to sustain its “commercial momentum” during a strategic repositioning and review of further funding opportunities. The board of the AIM-traded company said it has recently completed a strategic review on commercialisation progress and capital availability, and concluded that while first commercial revenues took longer than expected, the market opportunity remains significant with recent data showing the Rex product is safe and effective.

Industrial products distributor Brammer has warned it will be close to breaking its debt covenents and is reviewing whether to pay an interim dividend as profits for the year are likely to fall short of expectations. A significant slowdown in sales in May and June has not reversed, with a "particularly weak" performance since the Brexit vote result.

Clinigen Group was celebrating on Wednesday, as its Idis Managed Access division and Nasdaq-traded Horizon Pharma initiated a Managed Access Programme in Europe for Horizon’s RAVICTI oral liquid. The AIM-traded firm said RAVICTI received centralised marketing approval from the European Medicines Agency in September.

Emerging markets investing company Qannas Investments reported on what it called a “challenging” 2015 calendar year on Wednesday, posting losses of $1.3m. The AIM-traded firm said these losses were primarily due to foreign exchange losses, and partly due to the absence of any disposals of investments.