Small cap news round-up
Tanzania-focussed mineral exploration and development company Kibo Mining announced on Monday that its CEO had officially unveiled and handed over two newly built classrooms to the Regional Commissioner of Songwe, Tanzania, on 3 March.
The AIM-traded firm said the classrooms were part of an ongoing joint programme by Kibo and the towns of Meheza and Namkukwe, directly northeast of the Mbeya Coal to Power Project in the Songwe Region in South Western Tanzania, to extend and refurbish the local schools at the respective towns.
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Timber and panel products distributor James Latham said on Monday that it expects revenue for the year to the end of March 2017 to be broadly in line with market views, while pre-tax profit is likely to be higher.
In a trading update ahead of the company’s preliminary results in June, James Latham said building work is continuing as planned and to budget at its new depot in Yate and the move to the site is anticipated during August 2017.
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Shares in All Asia Asset Capital were down on Monday as the investor announced it will sell Energy Central to Chakris Kajkumjohndej, an existing shareholder of Andaman Power & Utilities, for 34.88m Thai baht (about £810,000), subject to shareholder approval.
The sale of Energy Central, which its sole asset is a stake in Andaman, is conditional on approval of All Asia’s shareholders at the next general meeting on 24 March.
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Versarien has raised £1.5m from an oversubscribed equity placing in order to scale up its graphene manufacturing and marketing capabilities.
The company initially aimed to to raise about £1.0m at 15p, but due to strong demand the company decided to increase the size of the placing to raise £1.5m from just over 10m shares.
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Touchstone Innovations announced on Monday that it led a £12.0m funding round in GarrisonTechnology - a cyber security company based in London.
The AIM-traded firm said it committed £3.85m to the round alongside BGF Ventures, NM Capital and existing angel investors.
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Shares in Victoria Oil & Gas are up more than 12% after it and Bowleven, whose stocks fell more than 5%, agreed a farm-out agreement relating to the Bomono production-sharing contract (PSC).
Integrated-energy company Victoria and Africa-focused oil and gas exploration company Bowleven said gas produced from the Bomono PSC would be fed into the customer distribution network owned and operated by Gaz du Cameroun S.A.
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Crop enhancement technology firm Plant Impact announced its results for the six months to 31 January on Monday, with revenue up 17% to £4.9m, which the board said was assisted by favourable foreign exchange.
The AIM-traded firm said gross profit increased 18% to £3.9m, and its cash balance at period end was £6.0m, up from £5.6m at the start of the period, but down from £8.6m at the same time in 2016.
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Tidal power company Atlantis Resources’ MeyGen project in Scotland has gained accreditation by an industry watchdog.
Phase 1A of the MeyGen project in the Pentland Firth was granted full accreditation by Ofgem under the renewables obligations order, for the six megawatts tidal stream station at the Ness of Quoys in Caithness, which started operations in November 2016.
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Vast Resources has reported significantly higher grades of silver, copper, lead and zinc at the Faneata Tailings Dam, which is located near the Baita Plai Polymetallic Mine in Romania.
As a results of 33 drill holes, Vast said there was a 24% rise in silver to 9.15 g/t, a 12% gain in copper to 0.1%, a 84% surge in lead to 0.12% and a 14% gain in zinc to 0.16%.
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Brazil-focussed nickel development company Horizonte Minerals announced on Monday that it completed the tender process, and was awarding the contracts for the feasibility study for its 100%-owned Araguaia nickel project.
The AIM-traded firm said the aim of the FS was to deliver the most economically robust production scenario to produce 14,500 tonnes per annum of nickel using the proven rotary kiln electric furnace technology.
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Rose Petroleum has entered into a memorandum of understanding to potentially dispose of its mineral processing mill operation in San Dieguito de Arriba, Mexico, for $1.5m, including associated assets, licenses and agreements.
The memorandum was with Magellan Gold Corporation. The natural-resource business has operated the mill for 10 years and it was currently engaged in toll milling for third-party ore producers.