Small cap news round-up
By Digital Look
Date: Wednesday 15 Mar 2017
(ShareCast News) - Metals Exploration's shares have dived more than 16% after revealing mining and processing operations at Runruno gold project are ramping-up slower than expected.
The company said this was almost entirely due to a prolonged period of incessant rainfall, along with other factors that had restricted the effective mining of waste materials.
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Shares in Vast Resources rose as the explorer announced that it has made "significant progress" with the expansion of the Pickstone-Peerless gold mine in Zimbabwe.
The AIM-listed miner has made "significant progress" with the construction of the sulphide processing plant, which will enable production from the high-grade sulphide pits.
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Savannah Petroleum's shares have soared by almost a fifth after confirming its drilling operations in Niger are expected to begin during the first half of the year.
The company said it had signed a letter of award with Great Wall Drilling Company Niger SARL for GWDC Rig 89, this providing for a programme of three firm wells, and including options for a further six wells at Savannah's discretion.
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Infinity Energy noted the jump in its share price on Wednesday and said it is not aware of any reason for the move.
The company said it continues to have very limited cash resources and is dependent on the continued financial support of its major shareholder.
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Manx Telecom has produced a marginally improved underlying pre-tax profit for the full year, and bumped its total dividend up, too.
Chief executive Gary Lamb said 2016 was a solid year for Manx Telecom and that the company's result was in keeping with the board's expectations.
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Gaming technology firm Nektan is to launch a California-based casino operator's real money in-venue mobile game to the US market, for an undisclosed fee.
Respin Games, Nektan's US subsidiary, has signed its first major contract with a US casino and will launch Rapid Games, the casino gaming industry's only in-resort mobile platform that has been independently certified class two - a Protected Tribal Gaming Category.
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Shares in Modern Water are up almost 8% after it posted a narrower full-year pre-tax loss and said its strategy review is bearing fruit.
The water technology company's 12-month period, pre-tax loss was £2.6m, from a loss of £4m. Revenue had improved to £3.6m, from £3.2m.
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Shares in Immedia Group surged on Wednesday after the media content company announced it has won a material installation purchase order from a contractor on behalf of a British financial institution for an undisclosed sum.
The AIM-listed company said that installation work will be undertaken in the current financial year.
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Nanomaterials company Haydale Graphene Industries has won a four-year supply deal with a global industrial manufacturer.
The AIM-listed company's subsidiary Advanced Composite Materials (ACM) will supply silicon carbide micro-fibre to a industrial manufacture of tooling and wear resistant solutions.
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Scotgold announced on Wednesday that an update to the bankable feasibility study for the Cononish Gold and Silver Project, dated August 2015, had been completed by Bara Consulting, which mainly evaluated the economic impact of a range of technical development options and the current economic environment.
The AIM-traded firm said that as a result, the 'phased project' development option had been selected as the most favourable overall, incorporating a number of key changes.
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US onshore-focussed oil and gas exploration and production company Magnolia Petroleum announced the results of an independent reserves report on Wednesday.
The AIM-traded firm said the report, which formed part of the six-month bank debt redetermination process, showed an increase in the company's net proved developed producing reserves across its leases in US onshore formations such as the Woodford and Mississippi Lime, Oklahoma, and the Bakken and Three Forks Sanish, North Dakota.
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Clear Leisure announced on Wednesday that it entered into an unsecured convertible loan facility agreement with Eufingest, a Swiss investor and major shareholder in the company.
The AIM-traded firm said under the Facility, Eufingest would provide €100,000 at an interest rate of 2.5% per annum.
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Powerhouse Energy announced on Wednesday that it received payment of £0.5m from Yady Worldwide for its participation in the recent placing of ordinary shares in the company.
The AIM-traded firm said the 62,500,000 shares to be issued to Yady would be locked in for a period of 12 months from the date of admission.
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Digital radio company Frontier Smart Technologies is to power nine new smart audio devices using Google's Chromecast technology built-in for three US brands, Brookstone, Jensen and Solis.
Brookstone will use Frontier's Minuet platform for four new wireless speakers in its Big Blue range, and the first two products are already on sale with the next two are expected to be in sale by spring.
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1pm, a provider of finance facilities to SMEs, is to buy broker Intelligent Financing (iLoans), established a secured loan note programme and created a new loans divisions in the company.
The company is to buy iLoans, which trades as Intelligent Loans, a broker that provides secured bridging loans, second charge loans and commercial mortgages, for up to £2m as part of 1pm's growth strategy.
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Television and multimedia content producer Zinc Media Group announced its unaudited interim results for the six months to 31 December on Wednesday, with group revenues of £9.19m, down from £10.18m in the first half of the 2016 financial year.
The AIM-traded company's gross margin increased to 30.8% from 28.5%, with the board reportedly placing a renewed focus on quality of revenue and cost control.
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Ortac Resources' shares fell more than 12% after it proposed a one-for-100 capital recorganisation.
The company's current issued capital of 8.2bn shares would be reduced to 82.1m.
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Orchard Funding Group reports trading in-line with directors' expectations for the six months ending 31 January.
The company specialising in insurance premium finance noted pleasing growth in all segments of the business.
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Shares in Mobile Streams are down more than 10% after it warned challenges in its Argentina operations will see the company's full-year revenue and EBITDA materially below market expectations.
It said trading in Argentina continued challenging as a result of general market conditions and regulation there for mobile-content subscriptions
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Gaming industry technology provider Quixant announced on Wednesday that CEO Nick Jarmany would, for the duration of medical treatment he required, pass on his executive responsibilities to chief operating officer Jon Jayal.
The AIM-traded firm confirmed Jarmany would remain on the board during this time.
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Cloud-based asset management portfolio analysis and asset pricing service provider StatPro Group announced its unaudited preliminary results for the year to 31 December on Wednesday, with revenue rising 25% to £37.55m or 16% at constant currencies.
The AIM-traded company said its annualised recurring revenue was 37% higher year-on-year at £39.27m, or 18% higher at constant currencies.
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