IMMUPHARMA (IMM.L)
SECTOR – HEALTHCARE
RATING – BUY*
MARKET CAP – £70m
CURRENT PRICE – 53p#
TARGET PRICE – 181p
Interim results
NORTHLAND VIEW
ImmuPharma issued interim results for the six months ended 30 June 2017 The Group reported a Loss for the Period of £3.0 million (H1 2016: £3.7million), broadly in line with our expectation. We maintain our forecasts and 181p price target.
ImmuPharma’s interims were broadly in line with our expectation. The group’s flagship drug candidate, Lupuzor, a potential treatment for Lupus, continues to progress well through its pivotal Phase 3 trial. Importantly, the drug continues to demonstrate a strong safety profile. We expect top line results from the trial in Q1 2018. Also of note, ImmuPharma and its research partners are working on expanding Lupuzor’s potential autoimmune pipeline, given Lupuzor’s recently demonstrated effects (pre-clinically) against other chronic inflammatory indications.
COMPANY DESCRIPTION
ImmuPharma PLC is a late clinical stage drug development business specialising in the area of autoimmune disease.
NQ Minerals (NQMI.PL)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £25.3m
CURRENT PRICE – 9.5p#
From Yesterday: Placing to raise c. £780,000
NORTHLAND VIEW
NQ Minerals has completed a placing to raise £781,787 through the issue of 6,082,657 shares at 8.5p per share and 3,091,475 shares at 10p per share. The Company has also issued 4,000,000 shares at a price of 10p per share for services in connection with introductions for further financing. Following the issue of these shares the Company will have 279,187,553 shares in issue.
NQ Minerals has successfully raised £781,787 for working capital purposes as it continues to focus on preparing for its AIM flotation and development of the polymetallic Hellyer Tailings Project.
COMPANY DESCRIPTION
NQ Minerals owns 100% of the polymetallic Hellyer Mine in Tasmania. Hellyer has over US$1bn of contained gold, silver, zinc and lead in tailings, over US$350m of existing mine infrastructure, and a NPV of US$210m. The Company aims to commence production by mid-2018.
SECTOR – MINING
RATING –CORP*
MARKET CAP – £8.2m
CURRENT PRICE – 0.38p#
Calidus Resources raises A$10m
NORTHLAND VIEW
Calidus Resources, a company in which Keras Resources holds 217.25m shares, has raised A$10m through the issue of 243.9m shares at a price of A$0.041 per share, a 10.9% discount to the last close price and a 12.5% discount to the 5 day VWAP. Novo Resources (NVO.TSX-V) is investing A$1.5m as part of the placing alongside existing investors and a number of new high quality institutional investors. Following the issue of shares to the placees and also the issue of shares to Novo Resources following the joint venture announced 20/09/17, Calidus Resources will have 994.166 shares in issue and Keras Resources will hold c. 21.9% of the Company. Keras’ holding will increase to c. 48% of Calidus when Calidus meets certain exploration milestones.
Positive news for Keras Resources, as this A$10m placing means that Calidus Resources is now well-funded through to the commencement of the pre-feasibility study. While Keras will have its shareholding diluted from this placing, it’s important to note that Keras will receive an additional 241.25m shares in Calidus on the definition of at least 500,000oz Au as an Indicated Resource, as well as a further 265.4m shares on the completion of a prefeasibility study. If these milestones are achieved Keras holding would increase to c. 48% assuming no further dilution. Based on the placing price, Keras’ holding would then be worth £17.4m at the current Calidus placing price, which compared favourably to its current market capitalisation of £8.2m.
COMPANY DESCRIPTION
Keras Resources is an exploration company with interests in gold projects, located in Australia, a manganese project and a cobalt-nickel project, located in Togo.
SECTOR – MINING
RATING – CORP*
MARKET CAP – £2.0m
CURRENT PRICE – 0.13p#
From yesterday: Interim Results
NORTHLAND VIEW
During H117 LBT totaled £261k down from £324k in H116, due to a reduction in R&D costs and finance costs. Net cash totaled £98k in H117 up from net debt of £205k in H116. During the period Accudo Metals committed to proceed with a detailed feasibility study on the potential use of Alexander's leaching technology. The Company also began to look into the potential to use its leaching technologies for the recovery of cobalt. It also undertook R&D initiatives for the recovery of lithium and vanadium.
Alexander Mining continues to be conservatively run and has made progress to advance the commercialisation of its core technology while also investigating the use of its technology on metals and minerals within the New Energy space.
COMPANY DESCRIPTION
Alexander Mining is a mineral processing technology business, seeking to commercialise its leaching technologies.