Small caps news round-up

Strategic natural resource investor Metal Tiger advised the market on Wednesday that it has raised £1.1m through a placing and subscription of shares. The AIM-traded company said the placing and subscription of 28,571,428 new ordinary shares in Metal Tiger was at a subscription price of 3.85p per ordinary share.

Highlands Natural Resources said on Wednesday that it plans to drill two new wells in Southeast Montana in the next 30 days after it filed permits with state authorities. The company said the pilot drilling programme will target natural gas and helium and is aimed to demonstrate the technical and economic viability of the proposed dewatering technique to potentially unlock significant bypassed resource.

NewRiver Retail announced on Wednesday that the Royal Court of Guernsey has made an order sanctioning the scheme to change its corporate structure. The AIM-traded firm had proposed to change the NewRiver group’s corporate structure by inserting a new English-incorporated parent company at the head of the group called NewRiver REIT.

Following recent meetings in Lima, Baron Oil update the market on its activities in Peru on Wednesday. The AIM-traded company said it has recently met Perupetro in its regular bi-monthly meeting to update the state oil and gas organisation on the ongoing activities in the block.

Tungsten, copper and gold exploration and development company W Resources announced on Wednesday it has completed a placement of 171,428,569 ordinary shares of 0.1p per share, at a price of 0.35p per ordinary share to raise approximately £0.6m before expenses, to existing shareholders and Directors of W. The AIM-traded firm said the funds raised complete the finance package for the first phase of the La Parrilla FTM Mine Development, which has been achieved with limited dilution of shareholders while retaining 100% of the valuable La Parrilla project.

Former specialist real estate investment and financing company PSPI announced its unaudited results for the six months to 30 June on Wednesday, with profit from continuing and discontinued operations is reported at £0.6m for the period, compared to a loss £3.0m for the first six months of 2015. The AIM-traded firm said administrative costs from continuing operations for the six months were £0.3m, which was 33% lower than the equivalent period in 2015.

A week after property developer Trafalgar New Homes reported its 2016 results, the company warned that revenue and profit before tax in fiscal year 2017 will be lower than market expectations. The company said the proceeds from a prospective sale of a lavish detached home in Kent will be recognised in the 2018 financial year rather than the current one, as previously thought.

Reputation and operational risk management software supplier Access Intelligence announced its unaudited half year results for the six months to 31 May on Wednesday, with revenue from continuing operations increasing to £5.5m from a restated: £2.0m in the first half of last year. The AIM-traded company said this reflected the acquisition of the trade and assets of Cision UK and Vocus UK.

Clinical stage drug development company Evgen Pharma announced on Wednesday that it has received a Clinical Trial Approval from the UK's regulatory agency for the commencement of its Phase II clinical trial of SFX-01 in breast cancer. The AIM-traded firm said patient recruitment will begin in the UK at Manchester's Christie NHS Foundation Trust following Research Ethics approval, which is expected during the coming weeks.

Newmark Security shares jumped on Wednesday after the company maintained its full year dividend due to an “optimistic” outlook on trading. The group, which provides electronic and physical security systems, reported a 4.5% decrease in revenue to £22.9m in the year to 30 April 2016.