Small cap round up

AIM-listed oil and gas explorer Egdon Resources has bought the additional stake in an East Midlands licence from Corfe Energy for £50,000.The company bought an additional 12.5% interest in PEDL201 in the Widmerpool Gulf from Corfe Energy for £50,000 in shares, subject to approval from the Oil & Gas Authority, with the number of shares to be calculated based on the average closing mid-price for the five days before completion of the deal.

VinaLand, the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, said it has divested its stake in Project Ceana for $7.6m. The project, acquired by VNL in 2007, is a 7.3 hectare parcel of land located in Dien Ban District, Quang Nam Province and has approval for a future villa resort development.

China Africa Resources noted the jump in its share price on Wednesday and confirmed that it is in the final stages of negotiating a transaction that could lead to the restructuring of the group. In addition, the company said it is planning a share placement at a price “materially lower than the current market price”.

AB Dynamics, the AIM-listed automotive testing systems designer, reported a rise in profits in line with expectations for the year to the end of August. Revenue increased 23.9% to £20.5m driven by increased demand from the global automotive testing sector.

LightwaveRF raised £1m at a big discount to its recent high as it looks to build its sales efforts on the back of last week's news its 'smart home' products could be controlled via Amazon's Echo voice control device. After its shares shot up close to 23.5p on Tuesday, their highest level since January, the board issued 7.69m shares at a price of just 13p, but said it was looking to raise a further £1m from existing investors at the same terms.

Miner Savannah Resources “encouraged” by high grade copper mineralisation at its Oman sites after a resource drilling programme. The results for the drilling programme at the Mahab four prospect in block five in Oman found that the 16B5DD018 licence, drilled at 14.25 meters had 3.86% copper, 0.62% zinc and 0.22 grams per tonne of gold from 109.1 meter.