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Metminco rallies after finance round

Last updated: 15:00 14 Feb 2017 GMT, First published: 10:15 14 Feb 2017 GMT

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Gold and copper group Metminco Limited (ASX:MNC LON:MNC) was a big riser as Redfield Asset Management confirmed it had an 8.62% stake.

Redfield, alongside Lanstead Capital and chief executive Bill Howe, supported a A$4.85mln fund raise that completed at the start of the month.

The financier paid A$0.12 (7.44p) for its shares which rose to 6.05p or by 27% today.

Evgen Pharma PLC (LON:EVG) is keeping the good news flowing. Hot on the heels of its services agreement with UK biotech collaboration group APTrans, it has been awarded a US patent for its lead product SFX-01.

SFX-01 is a synthetic version of the naturally occurring compound sulforaphane. Shares rose by 23% to 27.15p.

Fuel cell firm  AFC Energy plc (LON:AFC) is to raise £8.1mln in three stages; a placing of up to 58.5mln new shares, a subscription of up to 1.5mln new shares and an open offer of up to 20.7mln shares.

The issue price for all of the new shares is 10p a pop, around a 40% discount to Monday’s closing price, which knocked 27% off the price to 12.23p.

12.30pm...Getech up on contract to map UK continental shelf

Getech PLC (LON:GTC) picked up a contract from the UK's Oil and Gas Authority (OGA) to map the south west approaches of the UK continental shelf (UKCS).

The Wood Report recommended the UK government and industry have a current and easily accessible digital record of the geology and prospectivity of the UKCS.

As part of the programme, the 21st Century Roadmap Technical Advisory Committee (21CXRM), was set up to promote investment in frontier regions and bolster support for more mature areas.

The committee is led by the OGA and with industry representation awards contracts to help meet the Wood Report's recommendations.

The contract with Getech and others represent the start of a much longer project said Nick Richardson, OGA Head of Exploration and New Ventures.

Getech shares rose 4% to 43p.

BlueRock Diamonds PLC (LON:BRD) rose 5% to 5p on the first blast at  Kareevlei, its licence area in the Kimberley region of South Africa containing five known kimberlite pipes.

Around 15,000 tonnes of kimberlite was produced and is now being processed ahead of the primary crushing and screening circuit starting up.

Drone Services specialist Strat Aero PLC (LON:AERO) tumbled 23% to 0.104p on another fund raise.

This time £850,000 is the amount being raised at 0.1p per share and it follows a £380,000 funding last month.

Iain McLure, chief executive said that the money would strengthen the company’s balance sheet and help build on progress at the Survey & Inspection Services and Commercial UAS Training & Education operations.

10.15am....HaloSource rockets as lead filter passes US pilot trial

HaloSource Inc (LON:HAL) rocketed higher as its technology to extract lead from drinking water using a cartridge completed a successful US pilot trial.

The formulation reduced both colloidal lead and dissolved lead salts to below the current acceptable threshold of 10 parts per billion (ppb).

The company said it was a major step forward in the use of cartridges to lower lead in drinking water pulled from gravity fed systems and served in containers such as pitchers, bottles and counter top units.

Like the UK, gravity-fed water (tanks in essence)  are still widespread in the US with the market worth US$2bn and growing by between 7-9% per year.

HaloSource wants its device to become the standard for gravity-cartridge applications.

It already produces HaloPure(R), a cartridge-based bacteria and virus filter.

James Thompson, acting chief executive, said:  The size of the market for this product is enormous and this innovation will allow us to enter the North American market, where the problems of lead contamination at the household level are proving to be far more widespread than imagined.

Shares rose 22% to 1.67p

Veltyco Group’s (LON:VLTY) shares jumped 20% to 42.8p as it reiterated 2016 results will be “significantly” ahead of market expectations.

The AIM-listed online marketing company for the gaming, lottery and financial trading industries has anticipated net revenues in excess of €5.7mln in 2016, compared to €2.6mln the previous year, while underlying profit will be €2.0mln compared with €0.7mln in 2015.

Altitude Group PLC (LON:ALT) eased 4% to 85.8p even though it too said results would be ahead of expectations.

The price had rallied from an earlier heavier fall in spite of an upbeat tone in the statement.

In the year ended 31 December 2016, the company said profits were supported by annualised cost savings of about £1.8mln on the back of a significant restructuring.

The group’s results were also boosted by the launch of its Click2Ship websites in the fourth quarter, with just over 22,000 sites created.  

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