Small cap news round-up
By Digital Look
Date: Friday 24 Feb 2017
(ShareCast News) - Africa and Europe-focused upstream gas company Sound Energy upstream said the third Tendrara well, TE-8, has been drilled to the first casing point at a measured depth (MD) of 461m.
The 13-3/8 inch casing was being set and cemented in the top of Upper Lias formation. The company would now proceed to drill towards the second casing point at an MD of about 2070m.
Cambridge Cognition
Shares in Cambridge Cognition rose more than 9% on news it has teamed with Japanese pharmaceutical Takeda to pilot the use of an Apple Watch app to monitor and assess cognitive function in patients with major depressive disorder.
The collaboration is the first contract signed by Cognition Kit Ltd, the joint venture with Ctrl Group, since launching the wearable cognitive technology in 2016.
Atlantis Resources
Shares in tidal power company Atlantis Resources rose on Friday as its turbine has successfully exported power to the grid in Scotland and has operated at full capacity.
The AIM-listed company said that following the deployment of the first AR1500 tidal stream turbine, which part designed by Lockheed Martin, at the MeyGen project in Pentland Firth on Monday, the 1.5 megawatt turbine exported power and operated at full capacity.
Audioboom
Audioboom confirmed on Friday that it had received a further acceptance of its offer to purchase the entire issued share capital of SONR News, following its announcements on 25 January and 1 February over the acquisition of SONR.
The AIM-traded firm said as a result, a further 1,828,913 consideration shares were being allotted and issued to the holder who accepted the offer, and those shares would be admitted to trading on AIM on 2 March.
PowerHouse Energy
PowerHouse Energy updated the market on the movement of its G3-UHt ultra-high temperature demonstration gasification system on Friday, which was enroute from Australia to the UK, moving to its final transshipment point prior to its expected arrival in the UK in late March 2017.
The AIM-traded company said it had agreed with University of Chester to deploy its G3-UHt unit at its Thornton Science Park, adjacent to the newly constructed Energy Centre of the university.
Edenville Energy
Edenville Energy announced on Friday that as it was now concentrating on advancing activities at its Rukwa coal deposit, its exploration prospecting licence for uranium had been relinquished.
The AIM-traded firm said the Matiri South licence PL6147/2009 covered 28.5 sq km and was originally acquired for shares at the time of the company's admission to AIM in 2010.
Savannah Resources
Savannah Resources has almost halved its full-year pre-tax loss to £1.8m, from a loss of £3.1m, after a productive 12-month period that had enabled it to start 2017 with three projects, each at exciting stages of development.
"We have secured and amalgamated our individual projects in Mozambique into a globally significant ilmenite project at a time of rising prices, increased demand and declining inventories," said chief executive David Archer.
Webis Holdings
Shares in Webis Holdings are down more than 8% after it agreed a term loan on behalf of Watch & Wager Inc (W&W) for $500,000 from Galloway Ltd, as part of its strategy to consolidate and increase the number of operating licenses.
At present, W&W is licensed in the US states of California, North Dakota, Maryland, Minnesota, Kentucky and Washington, as well as additional licences to place wagers, principally in Hong Kong, United Kingdom, Australia, France, and Canada.
Beowulf Mining
Beowulf Mining's shares rose almost 7% after saying it remains hopeful it will be issued an exploration concession for the Kallak North project, but is frustrated with a now four-year-long application process laden with "twists and turns".
It had written to Sweden's Mining Inspectorate to state it did not agree with that body consulting with Sweden's National Heritage Board and Environmental Protection Agency in relation to Kallak North project.
Palace Capital
Property investor Palace Capital has sold a warehouse in Stockport and an office building in Leeds for a combined £3.7m.
The AIM-listed company sold vacant freehold of Allen House in Greater Manchester for £1.55m, which was slightly above the book value. Palace also sold its long leasehold stake in Warwick House in Leeds to a private investment group for £2.1m, which is £750,000, or 54%, above book value.
Cloudtag
Shares in Cloudtag plunged more than 30% as it said its nominated adviser had resigned, and that it has raised £975,000 in a subscription at 3.75p a share.
The subscription, for 26m new shares, would produce net proceeds of £916,500, which would be used for general working capital purposes.
Idox
Shares in Idox rose almost 4% after reporting a strong start to the new financial year, in line with its expectations.
The supplier of information management software solutions said it was seeing a solid pipeline of opportunities.
CPL Resources
CPL Resources announced on Friday that application had been made to the Irish Stock Exchange and to the London Stock Exchange for 330,697 new ordinary shares to be admitted to trading on the ESM market of the Irish Stock Exchange and to the AIM market of the London Stock Exchange.
The firm said the application was being made pursuant to the vesting of awards granted in 2014 under the terms of the company's 2013 long term incentive plan.
Ascent Resources
European oil and gas exploration and production company Ascent Resources announced on Friday that received a notice of exercise to convert 1,831 convertible loan notes of £1 each, which were issued in May 2013 as part of an open offer to all shareholders, the terms of which were amended in February 2015 and October 2016.
The AIM-traded firm said the 2013 loan notes, including rolled up interest, were convertible into new ordinary shares at a rate of 100 new shares per £1 loan note.
OneView Group
Retail software provider OneView Group said it expected revenue for the 2017 financial year to be significantly lower as it restructures it debt.
The AIM-listed company anticipated full year revenue would be no less than $3m, which included the up-front element of the recently announced contract win from retailer Discount Tire. This, however, is lower than the $8.1m it recorded in 2016.
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