3.45pm: Powerhouse secures funding from a “large corporate partner”
PowerHouse Energy Group PLC (LON:PHE) was a strong gainer in afternoon trading, jumping 10% higher to 0.83p after the waste-to-energy specialist said it has secured funding from a “large corporate partner” which has committed up to £500,000 to the AIM-quoted group.
The name of the partner hasn’t been revealed, but PHE said it was based in the UK and has previous involvement in the development of waste-to-energy projects.
Subject to achieving certain performance milestones with its G3-UHt demonstration unit, PowerHouse will receive the cash in two tranches.
Also on the up, Berkeley Energia Ltd (LON:BKG) saw its shares push 4.3% higher to 49p on news the firm has commenced the next phase of its exploration campaign on the Salamanca uranium project in Spain.
The aim is the discovery of additional deposits with similar characteristics to the company’s flagship Zona 7 project, currently under development, which is located close to the surface without a strong radiometric anomaly present.
12.30pm: Comptoir counting costs of weak trends before Easter
Lebanese restaurant chain Group Comptoir PLC (LON:COM) slumped 23% as it warned weak trends before Easter had continued.
The four-day holiday period itself was good, but after that trading tailed off again.
May saw an unexpected decline in like-for-like sales and profit at certain mature restaurants, particularly in retail-led locations and at its higher-spend restaurants, Levant and Kenza.
Restaurant openings are also behind schedule.
Yolo Leisure and Technology PLC (LON:YOLO) rallied 11% to 0.61p as its associate Magic completed a £1.2mln pre-IPO round of convertible loan funding.
Magic will use the money to launch a new version of core music streaming product and enter the North American market;
Yolo took up its full option in the funding round while a simultaneous conversion of convertibles took its stake in Magic up to 41.43%.
9.30am: Toople toppled by deep discount fund raise
Telecoms services supplier Toople plc (LON:TOOP) slumped as it unveiled a £1.4mln fund raise for increased marketing and customer acquisition.
The company announced the offer on Friday evening after the market had closed.
New shares were issued at 2p and will comprise approximately 43% of the enlarged share capital.
Andy Hollingworth, chief executive and majority shareholder said: “The fundraising, from both new and existing investors, has exceeded the Minimum Net Proceeds sought and will enable us to target accelerated growth."
Shares tumbled 34% to 2.14p.
Shares in Chariot Oil & Gas Limited (LON:CHAR) trundled higher ias it identified five new structural prospects offshore Namibia.
The shares advanced 10% to 15p after 3D seismic on Namibian blocks 2312 and 2412A identified similar geology to nearby successful wells.
“These prospects have the potential for material accumulations and success in one will significantly de-risk the remainder,” said Larry Bottomley, chief executive.
ReNeuron Group Plc (LON:RENE) has received positive guidance from US regulator as it prepares to take its CTX cell therapy candidate for stroke victims into final-stage clinical trials.
Following “favourable feedback” from come from US regulator the Food & Drug Administration, which has suggested the company apply for a Special Protocol Assessment (SPA) for the phase III study, potentially shortening the time to market.
Shares rose 4% to 1.98p.
Proactive news headlines:
Med-tech firm ANGLE PLC (LON:AGL) has uncovered another potential use of its liquid biopsy system after finding success in isolating and identifying tell-tale signs of breast, head and neck cancers. The results of a study to be presented to the prestigious American Society of Clinical Oncology in Chicago point to a potential use in the colorectal cancer.
ITM Power plc (LON:ITM) has £23.02mln of projects under contract, with a further £4.16mln of contracts waiting for sign-off, constituting a pipeline of £27.18mln, up £2.82mln since 18 April.
Waste-to-energy specialist PowerHouse Energy Group PLC (LON:PHE) has secured funding from a “large corporate partner” which has committed up to £500,000 to the AIM-quoted group. Subject to achieving certain performance milestones with its G3-UHt demonstration unit, PowerHouse will receive the cash in two tranches.
Green Dragon Gas Ltd (LON:GDG) has received 100% acceptances of the requested waivers of its financial covenants for the US$88mln senior secured bonds with Nordic Trustee.
Berkeley Energia (LON:BKY) has commenced the search for Zona 7 lookalikes on its Salamanca uranium project in Spain. An extensive sampling programme will be undertaken to identify drill targets
Petropavlovsk PLC (LON:POG) has highlighted that IRC, in which it holds a 31% stake, is ramping up production at its Russian iron ore assets, and may bring a second project on stream if commodities prices remain firm.
Richland Resources Limited (LON:RLD) has cut costs and boosted revenues following a second year of production from its sapphire mines in Queensland Australia.
Westminster Group PLC (LON:WSG) said the recovery in West Africa airport passenger numbers is continuing as it confirmed a return to underlying profitability in 2016.