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The Markets
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Mining

Parallel Media Group drops 27% on news of further funding from its chairman

The event marketing and media agency said David Ciclitira provided further loans to the company of £288,000.

11.20am ... Parrallel lines ...

Parallel Media Group plc (LON:PAA) was the biggest market faller, shedding 27% at 9.63p as it revealed it had received further funding from its chairman in 2016.

The event marketing and media agency said David Ciclitira provided further loans of £288,000, taking the total balance of loans advanced by the chairman and entities he controls to £1.4mln.

Ciclitira and related concert parties control around 63% of Parallel Media.

Boiler group Inspirit Energy Holdings PLC (LON:INSP) was also an end-of-year casualty, losing 18% at 0.16p as it reported a full-year pretax loss of £553,000, albeit narrowed from a loss of £779,000 a year earlier due to decreased administrative expenses.

The company did not generate any revenue in the year, but said it was "getting closer" to the commercialisation of its microCHP boiler Inspirit Charger, a micro combined heat and power boiler.

10.15am ... Lithium boost ...

With the year drawing to a close, a number of resources stocks provided the main movers on a dull half-day session to end 2016 trading.

Kodal Minerals PLC (LON:KOD) was the top market gainer, up over 50% to 0.19p after the lithium miner issued an upbeat drilling report.

The AIM-listed group said the final 44 rock-chip samples collected from the Bougouni project in southern Mali have confirmed further high-grade lithium mineralisation at the site.

Assay results from the sampling showed grades of up to 2.03% lithium oxide at a newly-identified pegmatite vein located to the south of the Bougouni concession area.

Kodal said all samples for the drilling have been submitted for laboratory analysis and results are expected by the end of January 2017.

Another resources minnow, Pantheon Resources Plc (LON:PANR) was also strong, adding 15% at 76.5p after the oil & gas explorer noted the discovery of two "potentially significant zones" at a project in Tyler County, East Texas.

The firm said drilling operations at the VOBM 4 well in Texas - in which it owns a 50% working interest - encountered two "separate, potentially significant, hydrocarbon-bearing zones" before reaching both the primary and secondary targets.

Pantheon said both the two formations will be tested before any further drilling to deeper depths is completed, and a lower cost workover rig has been brought in to carry out this testing.

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