The company plans to raise about £1.04mln through an open offer of shares at 2.5p per share.
The share issue is being underwritten by 29.9% shareholder Richard Griffiths and Adams said the proceeds will be used to fund investments, without providing further details.
Shares gained 48.15% to 10 euro cents or 9p.
Chief executive Murat Ozgul said Monaghan had been “a very valuable member of the Genel team”, adding that the search for his replacement was underway.
It’s not all bad news though, if anything it’s a good example of the bullish market sentiment towards microcaps at the moment that the drug developer can raise US$50mln in just over six months.
The money from the latest round of funding will be used to fund to completion the second of two phase-III studies on its antibiotic, iclaprim.
Shares lost 13.5% today to trade at 32.9p, although if Motif gets the results they’re hoping for from the trials, they won’t be languishing at those levels for long.
1.30pm...AFH Financial rallies
The wealth management group has paid £1.5mln upfront for Eunisure, although it could end up forking out another £3mln over the enxt two years if certain conditions are met.
Alan Hudson, chief executive of AFH, said Eunisure was “one of the leading face to face advisory businesses” and would help to increase the distribution capacity of AFH.
Investors were clearly in favour of the deal as well, with shares jumping more than 10% to 215p.
The company said the money it received was double what it thought they were worth.
Agriterra told investors it had taken the projects as far as it could and that they now needed “significant capital investment” which it couldn’t get access to. Shares jumped by 10% to 0.19p.
10am...Investors pile into Vipera after Bankart signs up for its contactless payment system
Investors were on Vipera PLC (LON:VIP) after the mobile payments group picked up an meaty deal with Bankart to provide ATM, POS, card and SEPA processing services to 26 banks and other financial institutions in five countries in South eastern Europe.
Vipera will initially be providing a mobile wallet and mobile payment solution to enable mobile contact-less payments.
Bankart will use Vipera’s Motif platform to serve all of its territories and customers from a central installation and to pay from Android- driven mobile phones.The multi-year agreement includes a licence fee linked to volumes.
Marco Casartelli, Vipera’s chef executive, said: "We are delighted to have agreed such a significant and multi-year agreement with Bankart and we very much look forward to delivering more innovative solutions together in the future."
Shares rose 13% to 8.79p.
Commissioning of the mine in Salamanca, Spain is now earmarked for the third quarter of 2018.
The project had been originally scheduled for the end of 2017, but was put back in December 2016 due to the weakness of the metal.
APT prices have gradually been moving north since touching a low of $162 per metric tonne unit in January 2016 and indicators are now pointing towards a sustained increase into the future, the firm said.
Shares in the European property investor, which are listed in euros, fell 9% to 10c.
Proactive news headlines…
Drug developer Motif Bio Plc (LON:MTFB) has unveiled plans to raise £19.4mln via a share placing - cash that will be used develop its late-stage antibiotic. Specifically, it will fund to completion the second of two phase III clinical studies on iclaprim.
Kibo Mining PLC (LON:KIBO) has surrendered most of its early stage licences in the Lake Victoria region of Tanzania as it focuses more on the Mbeya coal mine/power station project and Haneti nickel site. In total, 79 licences were surrendered over 800 sq km.
Greka Drilling Limited (LON:GDL) has arranged a US$2.5mln loan with its chief executive Randeep Grewal. The loan pays interest rate at 7% per annum and is repayable between 1 January 2018 and 31 May 2018 through the transfer of leases of an office building in Zhengzhou, China.
TomCo Energy Plc (LON:TOM) has agreed the new framework for its new TurboShale Inc business unit to unlock the potential of the Holliday shale block in Utah. The agreement has been agreed between TomCo, TurboShale Inc, Tomco subsidiary OMC, JR Technologies LLC and Venture Development Partners Ltd (VDP).
Stem cell storage specialist WideCells Group PLC (LON:WDC) has described as 'momentous' the decision to include it in the DISRUPT 100 index as the 21st most disruptive firm in the world. The index ranks businesses with the most potential to influence, change or create new global markets and is judged by global brands including Google, Uber, Oracle, Silicon Valley Bank and Virgin StartUp.
E-sports promoter Gfinity (LON:GFIN) will host the final of Microsoft's Forza Racing Championship at the Le Mans 24-hour endurance race event this month. The ForzaRC season 3 Elite finals will take place on 17 and 18 June 2017 at the Circuit de la Sarthe in Le Mans, France.