Fusion Antibodies PLC (LON:FAB) was the biggest market gainer in late afternoon trading, jumping another 30% higher to 161p, adding to Monday’s 35% debut leap after it was admitted to trading on AIM,
The Belfast-based firm raised £5.5mln in an initial public offering through the placing of 6.7mln shares at a price of 82p each, giving it an initial market capitalisation of £18.1mln. Additionally, selling shareholders sold a further 1.3mln shares as part of the placing.
The company was established in 2001, as a spin out from Queen's University Belfast, and provides antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications.
Elsewhere, Prospex Oil & Gas PLC (LON:PXOG) saw its shares gain 15% at 0.6p after the company said it has agreed to acquire up to 49.9% of the Tesorillo gas project in south Spain.
The company is acquiring the stake through Schuepbach Energy Espania SRL, which has a 100% interest in Tesorillo.
And Vela Technologies PLC (LON:VELA) added 16% at 0.90p after the investing company focused on early-stage and pre-IPO disruptive technology investments announces that it has raised C$147,500 (around £85,777) with the disposal of a total of 10,000, common shares in BTL Group Ltd at a price of C$14.75 per share.
The AIM-listed group said the net proceeds will provide the company with additional working capital and enable it “to take advantage of further investment opportunities as and when they arise.”
11.50am: Bluebird Merchant Ventures up on news CEO to fund feasibility study on reopening Gubong gold mine
Asian-focused mine developer Bluebird Merchant Ventures Limited (LON:BMV) gained nearly 18% at 2.5p after the group said its CEO is to fund a feasibility study on reopening the Gubong gold mine in South Korea.
Bluebird said it has committed to spending $500,000 on a study into reopening the mine with joint venture partner Southern Gold and CEO Colin Patterson said he had offered to provide funding of up to $700,000.
The Gubong mine was South Korea's second-richest gold mine when it closed in 1971 as gold traded at less than US$40 per ounce compared with more than US$1,200 now.
Elsewhere, oil services group Petrofac Limited (LON:PFC) gained 1.8% at 474.1p after it said it has completed the switch of its Santuario production enhancement contract into an interest in a production sharing contract.
Effective from Monday, Petrofac will own 36% in the production sharing contract, with Mexican state-owned PEMEX Exploration & Production Mexico owning the rest.
And European Metals Holdings Limited (LON:EMH) took on 1.4% at 37p on news it has added Cinovec NorthWest to the areas under consideration by the Czech State resource register for the granting of a mining license.
Cinovec South was first put up for consideration back in February.
10.30am: City of London Group easier on continuing first half losses
City of London Group plc (LON:CIN) was a faller in mid-morning trading, shedding 5.6% to 101p after the speciality finance firm continued to report a loss at the half year stage, albeit a smaller one than a year earlier, and confirmed its strategy plans.
The group’s interim results for the six month period ended 30 September 2017, saw it post a pretax loss of £0.2mln, against a £0.7mln loss at the same stage in 2016, with its operating profit before shareholder charges rising to £185,000 from £23,000 a year earlier.
Michael Goldstein, City of London Group’s chief executive officer, said: “With the increased financial strength of the Group following the completion on 5 October of the acquisition of Milton Homes and the receipt of £3m net from the issue of additional shares, the Company is now well placed to develop and realise the potential of both its operating platforms.”
The market’s biggest casualty was Indian online fashion retailer Koovs PLC (LON:KOOV), which plunged by nearly 40% to 16.25p after warning that it expects full year sales to be hit by lower marketing spend as it addresses ongoing funding requirements.
The company said marketing expenditure is "significantly down" at the moment and additional spend will depend on the timing of the closure of its funding programme announced in July, which is expected to close "shortly".
And Kromek Group PLC (LON:KMK) shed 9.2% at 24.75p as it continued to report underlying losses although the radiation technology company saw a solid increase in revenue in the six months to the end of October.
The firm saw its first half revenue jump by 27% to £4.8mln, up from £3.8mln the year before, helping it to halve its underlying losses (LBITDA) to £0.3mln from a loss of £0.6mln at the same stage in 2016.
The company said it is targeting break-even at the EBITDA level and remains on course to achieve this.
9.25am: Redhall up as it inks Sellafield nuclear contract
Redhall PLC (LON:RHL) was a strong early gainer this morning, adding 9% to 8.75p after the manufacturing and services group said its Jordan Manufacturing business has secured a key role the delivery of specialist handling and containment systems to process nuclear material for Sellafield.
The AIM listed firm said Jordan’s role is in support of Cavendish Nuclear, a subsidiary of Babcock International Group PLC (LON:BABK) which announced on 18 December 2017 that Cavendish Nuclear has been awarded a 10-year contract with Sellafield. worth up to £95mln over the first three year.
Redhall said Jordan will manufacture containment systems and associated process equipment, and it is anticipated that this will be worth up to £18mln over the first three years.
Also among the early risers, cancer drug discovery firm Sareum Holdings Plc (LON:SAR) saw its shares jump over 6% higher to 0,.85p on news it has secured patents in Japan and China for its TYK2 kinase inhibitor programme.
The Japanese Patent Office has formally granted the patent, while the Chinese authorities have agreed to issue one subject to “certain formalities being completed”.
And Rambler Metals and Mining PLC (LON:RMM)(CVE:RAB) took on 4.7% at 8.38p after the group revealed it processed 33,870 tonnes of ore from the Ming Mine through the Nugget Pond mill in November, averaging 1,221 metric tonnes per day during operational hours, a new record.
Rambler said that for seventeen days the plant ran as high as 1,260 mtpd.
Other Proactive news headlines:
UK Oil & Gas Investments PLC (LON:UKOG), Solo Oil PLC (LON:SOLO) and Alba Minerals PLC (LON:ALBA) are among the oil explorers reporting the same update for the Horse Hill - aka Gatwick Gusher - project in southern England - where the next phase of work is now expected to start "in late winter 2017/18”.
Radiation technology company Kromek Group PLC (LON:KMK) saw a solid increase in revenue in the six months to the end of October and remains on course to achieve break-even on an EBITDA basis over the full-year.
Base Resources Limited (LON:BSE) is acquiring an initial 85% stake in the Toliara Sands project in Madagascar for an up-front payment of US$75mln. Base will pay a further US$17mln for the remaining 15% on the completion of certain milestones. To fund the deal a partially underwritten US$100mln placing and entitlement offer is now underway. Broker RFC Ambrian called the deal "fantastic".
Bulk email specialist Dotdigital Group plc (LON:DOTD) is on track with its “ambitious growth plans”, with the strong trading momentum reported earlier this year showing no signs of stopping. dotdigital’s non-executive chairman Frank Beechinor-Collins will tell shareholders at Tuesday’s annual general meeting that the continued progress is being driven by “strong international sales and growing demand for dotmailer in the ecommerce market”.
Challenger Acquisitions Ltd (LON:CHAL) remains confident that the stalled New York Wheel (NYW) project will get rolling again soon as too many vested interests want to see a return on their investment.
Faron Pharmaceuticals Ltd (LON:FARN) has been given the green light to continue a phase II/III study of its lead drug. Traumakine is being tested for safety and efficacy in patients with multi-organ failure (MOF). This is a potential second indication for a treatment which is currently undergoing phase III trials on patients with acute respiratory distress syndrome (ARDS).
Akers Biosciences Inc (NASDAQ:AKER, LON:AKR) has unveiled plans to raise US$6mln. It plans to issue a mix of common stock, warrants and convertible shares.
Tlou Energy Limited (LON:TLOU) told investors it has now completed the first two core holes in its ongoing programme at its coal bed methane projects in Botswana. The first two holes were drilled at the Lesedi project, and the third hole is being drilled in the Mamba area and it is expected to be completed in early 2018.
Horizonte Minerals Plc is to acquire the Vermelho nickel-cobalt project from Brazil's national mining champion Vale. The price is US$$8mln, with just US$150,000 up front and the rest deferred. The company is raising £8mln through a placing of shares in the UK and Canada to fund the deal.
European Metals Holdings Limited (LON:EMH) has added the Northwest Cinovec license to the area it has under application with the Czech government. In addition, the company has revealed that recent testwork has demonstrated ways to reduce capex and opex in the roasting process at Cinovec. Cinovec is one of Europe's leading lithium projects.
Coinsilium Group Limited (AQSE: COIN), the blockchain venture builder and investor, noted the increase in the company's share price today but confirmed that “they know of no specific corporate or operational reason for the increase”. The group pointed out, however, that continues to be active in the increasingly dynamic and popular blockchain technology sector. Consillium shares on NEX were 12.8%, or US$0.03p higher at US$0.22.
Ebiquity plc (LON:EBQ announces that after 10 years as a director of the data-driven marketing insights firm, Nick Manning is stepping down from the board and will be leaving the company at the end of the year.
Touchstone Exploration Inc. (LON:TXP) (TSX:TXP) announced that on 18 December 2017, Paul R. Baay, the Trinidad and Tobago focused oil and gas exploration and production company’s president and chief executive officer, exercised incentive share options over 100,000 common shares in the company at a price of C$0.05 per share (approximately 2.9p per share).It added that Baay subsequently sold 100,000 common shares at a price of C$0.20 per share (approximately 11.7p per share).