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The Markets
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Small cap wrap: Arizona Gold & Silver, MustGrow Biologics, Baselode Energy…

Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has received A$1.43 million under the Australian Government’s Research and Development (R&D) Tax Incentive scheme for the 2025 financial year.

The rebate relates to eligible R&D expenditure incurred both domestically and overseas and will be used to advance development of the company’s lead asset, HMBD-002, a novel therapy in its oncology pipeline.

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American Bitcoin, the bitcoin miner owned by Hut 8 Mining Corp (TSX:HUT) and two of US President Donald Trump’s sons, could begin trading on the Nasdaq as soon as September, Hut 8 CEO Asher Genoot told Reuters recently.

American Bitcoin’s merger with publicly traded Gryphon Digital Mining is expected to be finalized shortly.

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Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced a non-brokered private placement of up to 3.33 million units, at a price of C$0.30 per unit, for gross proceeds of up to C$1 million.

Each unit will include one common share and one common share purchase warrant. Each warrant will allow the holder to acquire one additional common share at a price of C$0.40 for a period of three years following the closing of the placement.

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MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF), a provider of innovative regenerative agriculture solutions, has reported record revenue for the second quarter, with sales of $2.8 million for the three months ended June 30, 2025.

This compares with no recorded revenue in the same quarter of 2024.

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Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) reported that on August 22, 2025, the Supreme Court of British Columbia granted final approval for the company’s acquisition of Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF).

The acquisition, which will see Forum Energy Metals shareholders receive 0.3535 of a Baselode common share for each Forum share held, was approved by Forum shareholders at a special meeting held on August 19, 2025.

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Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) shares climbed more than 20% after announcing a deal with current and former directors to restructure €3.36 million of liabilities.

The company, in a statement, said the arrangements see the liabilities (accrued fees and emoluments) converted into net smelter royalty entitlements and share options linked to future production.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) reported a net profit after tax of $337.3 million for the year ended 30 June,

In the financial results statement, Greatland's first set since acquiring the Telfer gold-copper mine in December, revenue reached $961.3 million, with an average realised gold price of $4,785 per ounce. Operating cash flow amounted to $601.1 million.

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Imugene Ltd (ASX:IMU, OTC:IUGNF) has completed its Share Purchase Plan (SPP), first announced on July 16, 2025, which closed on August 25, 2025.

The SPP, offered at an issue price of A$0.33 per share, raised a total of A$2.42 million through the issue of 7,335,608 fully paid ordinary shares. The offer followed Imugene’s earlier institutional placement on July 16, 2025, which raised A$22.5 million at the same price.

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archTIS Ltd (ASX:AR9, OTCQB:ARHLF) has wrapped up the institutional component of its $20.5 million equity raising, securing $8.7 million from a placement and fully underwritten entitlement offer to accelerate its US growth strategy and fund the acquisition of key assets from US data security firm Spirion LLC.

The capital raising follows Wednesday’s announcement of the Spirion transaction — a A$15.7 million deal that archTIS says will materially expand its North American presence and boost its annual recurring revenue.

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An A$80 million oversubscribed placement and a fully underwritten entitlement offer will help Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) restart its Cathode Project at the Nifty Copper Complex, reduce debt, and advance the feasibility study for the Concentrate Project.

The placement, priced at A$0.028 per share, represents a 6% discount to the 10-day volume weighted average price (VWAP). The raise comprises A$74 million from the placement and A$6 million from the entitlement offer.

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