Small cap news round-up
Telecommunications software provider Artilium is to buy Wbase CV, a Belgian web development agency, for up to €410,000.
The acquisition will pave entry into the Belgian market and help develop Artilium’s online presence, as well as provide client cross-selling and upselling opportunities.
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Shares in Serabi Gold rose 10% after it produced almost 10,000 ounces on fold in the first quarter of 2017, and forecast output of 40,000 ounces for the year.
"Total production for the first quarter of 2017 was 9,861 ounces of gold, generated from the processing of the run of mine (ROM) ore from the Palito and Sao Chico orebodies, combined with the Palito surface coarse ore and the stockpiled flotation tailings accumulated from Palito mine production in 2014," the company said.
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Gold miner Pan African Resources is to raise up to $123m from a share placing and credit facility in order to fund its Elikhulu Tailings project in South Africa.
AIM-listed Pan African is to place 291.48m shares of 1p each with new investors at a price of 14p (2.42 rand) each to raise about $51m (705m rand). The new shares will be admitted to trade on AIM around 19 April.
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Media and entertainment group Time Out has appointed Christine Petersen as chief executive of its business division, Time Out Digital, with immediate effect.
Petersen, who will report into the group chief executive officer Julio Bruno, has led global growth strategies for digital travel brands such as TripAdvisor, where she was president of Business and chief marketing officer.
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AIM-listed engineer Hayward Tyler Group has won a spate of new orders worth £3.7m to be delivered this fiscal year.
The first group of contracts worth £1m is for replacement motors for the Indian conventional power market. This is to support the operation of 600 megawatt and 500 megawatt coal fired power stations in West Bengal and Jharkhand.
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Asiamet Resources said resource definition drilling on the Beruang Kanan Main (BKM) copper deposit continues to intersect thick intervals of copper mineralisation with discrete high-grade intervals, at both the BK058 and BK044 Zones.
It said the 2016-2017 BKM resource definition drilling programme continued to intersect thick intervals of shallow, moderate to high-grade copper mineralisation across the deposit, which had successfully established continuity and closed gaps in the previous BKM Resource model.
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Cleantech industrial oil re-refining group Hydrodec's shares fell more than 9% has confirmed revenue growth from continuing operations of about 25% in first-quarter 2017, from the same period in 2016, on volumes of 7.7m litres, versus 8.2m litres.
It said transformer oil sales were expected to grow to 47% of all oil sales for the quarter, against 24% in 2016, leading to a significant increase in margin of about 10 cents a litre on the prior year.
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IronRidge Resource's shares fell more than 5% on stating the partnership with Enchi Proci SARL (Enchi) for the Gboguhue licence application is now unconditional.
"This provides IronRidge with exclusive rights to a further gold license application in Ivory Coast, West Africa," it said.
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Shares in AIM-listed Bilby are up more than 6% after reporting considerable progress in its core London and South East markets since the end of September last year.
Following several major contract wins, companies within the Bilby group now serviced more than 300,000 properties, significantly increasing its revenue visibility.
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CyanConnode, a specialist in narrowband radio mesh networks, has won a $150,000 order from Innologix Consulting in India for its smart metering software.
Innologix will integrate CyanConnode's software into its cloud-based energy management solutions to create a platform to store meter data to make sure utilities are charging correctly.
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Oil and gas investor Sirius Petroleum has appointed Peter Gregory as chief operating Officer with responsibility for all operational areas of the Ororo oil field in Nigeria.
Gregory has over 40 years experience in drilling and operations in the oil and gas sector, holding senior roles with a number of companies including with Lasmo, Premier Oil and BG Group, and has also been in involved in several projects in West Africa.
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Westmount Energy is to raise £764,258 in order to invest in possible offshore energy interests in Guyana.
The AIM-listed investor will raise the funds from a subscription of 4m new shares of 5p each to raise £200,000, before expenses, with two institutional investors and an open offer of up to 11.28m shares of 5p each to raise £564,258.35, before expenses.
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Natural gas producer Saffron Energy has received the final approval from the Italian government for to start production at its Bezzecca gas field in Milan.
On Tuesday, the Italian Ministry of Economic Development approved the AIM-listed company’s application and now commissioning and gas production will start in the “coming days”.
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W Resources has awarded a €4.98m design and construction contract for its Spanish mine to Allmineral Aufbereitungstechnik GmbH & Co, a German plant engineer.
Allmineral will design and build a jig and mill at the company’s La Parilla tungsten and tin mine in Spain and will also provide finance for just under half of the €4.98m contract price.
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Comptoir Group fell to a full-year pre-tax loss for 2016, a result it described as in line with expectations, and said a reduced opening schedule for 2018 would impact that year's financial performance.
"The Group ended the year (2016) with 22 restaurants and 2 franchise operations, ahead of expectations and is currently trading from 23 restaurants," said the Lebanese restaurant chain's chairman, Richard Kleiner.
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Tricorn is upbeat on its revenue and adjusted pre-tax profit for the full year, it said in a pre-close statement for the 12 months to 31 March.
"Revenue ... is expected to be slightly ahead of the previous year with a favourable USD translation impact more than offsetting the reduction in reported revenues from the enlarged joint venture in China," said Tricorn.