Small cap news round-up

Responding to rumours on social media, US and Egypt-focused oil minnow Nostra Terra confirmed that it would not be raising new funds in the immediate future, though it had contemplated a fundraising.

The AIM-listed company said in a short statement that a placing of new stock was "in contemplation" on 17 February but the board has since decided not to proceed.

Fishing Republic

Shares in Fishing Republic climbed on Monday as it said that 2016 results are anticipated to be inline with expectations with a rise in revenue as the fishing tackle retailer moves away from sales from third party platforms to its own website.

For calendar 2016, revenue is expected increase about 40% year-on-year, due to new store openings, organic growth across existing stores, and own website sales.

Edenville Energy

Edenville Energy, which is developing a coal-to-power project in Tanzania, has raised £2m to advance its progress to full coal mining operations.

The funds raised will be used to buy a wash plant and crusher, buy other mining equipment for an initial planned production of up to 10,000 tonnes of coal per month, complete land compensation requirements, build supporting infrastructure, and to provide working capital as Edenville moves towards full production.

StratMin Global Resources

AIM-listed miner StratMin Global Resources has appointed corporate lawyer Sam Quinn as an executive director with immediate effect.

Quinn, who has served as the company secretary of StratMin since June 2015, was legal counsel for and part of the executive management team of several listed and non-listed miners including the Dragon Group, a London-based mining venture capital firm.

Atlantis

Tidal power developer Atlantis announced on Monday that the first AR1500 tidal stream turbine has been deployed and energised at the MeyGenproject site in the Pentland Firth, Scotland.

The AIM-traded company confirmed the Atlantis AR1500 tidal stream turbine was successfully deployed in less than 60 minutes following the earlier connection of its proprietary wet mate connection management system, which allowed for rapid deployment and retrieval of the tidal stream turbine.

Sareum Holdings

Specialist cancer drug discovery and development business Sareum Holdings announced its half-yearly results for the six months to 31 December on Monday, a period in which it made good progress with its cancer and autoimmune disease research programmes.

The AIM-traded firm said its share of income from associates, relating to the Chk1 programme, was £1.52m - improving from nil at the same time last year - delivering a share of profit of £1.3m, compared to a share of loss £0.17m in 2015, after costs.

President Energy

Shares in President Energy are up almost 6% after it said the work-over rig has been mobilised to the first well location at the Puesto Guardian Concession, and that operations have already begun.

The company maintained its target of 1,200 barrels of oil per day production from Argentina by end-summer 2017, and was fully funded for its well workover programme.

Sound Energy

Africa and Europe-focussed upstream gas company Sound Energy announced on Monday that, further to its announcement on 19 January that it has entered into binding agreements with Oil & Gas Investment Fund for the conditional acquisition of a further 20% interest in the company's Tendrara exploration permits, rights to apply for a 75% operated interest in an exploration permit for the Meridja area and an application for a 75% position in certain relinquished areas of the Tendrara exploration permit areas.

The AIM-traded firm said the consideration for the acquisition will be the issue, on completion, of 272 million new ordinary shares in the company, subject to Sound Energy shareholder approval at a general meeting.

Tlou Energy

Shares in Tlou Energy have soared more than 15% after it turned in a narrower first-half loss ahead of what it is billing as a transformational 2017 for the company.

Pre-tax loss for the six-month period was $1.15m, from a loss of $1.99m. During the period it completed an oversubscribed equity placement.

Feedback

Shares in Feedback have slumped more than 11% after the medical imaging specialist posted a reduced first-half pre-tax loss of £130,00, from a prior loss of £160,00. Revenue had fallen to £200,000, from £230,000.

The company said it had received a significant number of purchase orders for TexRAD research versions during the period, most of which were installed shortly before the period end.