CyanConnode Holdings PLC (LON:CYAN) shares, up 9.8% at 9p, were on a charge after the company was selected by EESL Energy Solutions as a technology partner.
CyanConnode, a specialist in narrowband radio frequency (RF) smart mesh networks, said it would collaborate with EESL India to develop and deliver large-scale projects in the Middle East and African markets.
EESL India is a joint venture of four Indian public-sector undertakings; NTPC Limited, Power Finance Corporation Limited, Rural Electrification Corporation Limited and POWERGRID Corporation of India Limited.
12.50pm: Catenae higher after warrants update
Catenae Innovation PLC (LON:CTEA) was 21% to the good at 3.75p after it confirmed it would issue a warrant over 2mln new shares in the company.
The warrant is exercisable at a price of 2.5 pence per ordinary share and will vest with immediate effect. The provider of digital media and technology said the warrant may be exercised at any date to 8 April 2023.
The warrant over 10mln shares to be issued to a related party of BHA-Medical (Pty) Limited referred to in the company’s announcement on October 16 remains unissued.
11.55am: Ridgecrest crashes after reality check
Ridgecrest PLC (LON:RDGC), down 39% at 0.925p, was the worst performer in London in late-morning trading as the cash shell issued a reality check.
The board continues to assess a number of opportunities, it has dawned on the directors that while a reverse takeover candidate would value Ridgecrest at a premium to its net asset value, such a valuation would be at a material discount to its current market capitalisation, which currently stands at more than three times net asset value.
As at the end of last week, the company's cash position (net of current liabilities) was about £2mln, which equates to 0.44p per share).
11.00am: Pelatro upbeat about revenue visibility
Pelatro PLC (LON:PTRO), the telecoms marketing software specialist, was 7.3% firmer at 40.25p after its full-results annu=ouncement.
The company said it ended 2020 with good visibility on revenues for the coming twelve months.
The AIM-listed group added said sales dropped to US$4mln (2019:6.67mln) in the year to end-December 2020, due to a switch to a recurring revenue-based model and Coronavirus (Covid-19) caused contract delays.
10.05am: Vela gets coated with the COVID-19 treatment magic dust
Investment company Vela Technologies PLC (LON:VELA) gained 5.8% at 0.08p after an update published yesterday evening by St George Street Capital Limited.
The update was on the status of the ARCADIA clinical trial to test SGS002, a drug that could be beneficial to diabetic patients suffering from COVID-19.
St George Street Capital Limited holds 7.95% of Vela’s share capital, and its holding is subject to a lock-in agreement until the successful completion of Phase II of the ARCADIA trial, or for a period of two months following completion of the ARCADIA trial, should the outcome of the trials not meet the minimum threshold.
9.10am: Touchstone Exploration Inc tops the charts after Trinidad discovery; 88 Energy back in favour
Touchstone Exploration Inc (LON:TXP), up 23% at 112.5p, topped the risers after flow-back testing of the Cascadura Deep-1 well confirmed a ‘liquids rich’ discovery.
The company, which owns an 80% stake in the well, highlighted that it had perforated the top 199 feet of 449 feet of potential pay identified previously, and an average flow-back rate of 4,262 barrels of oil equivalent per day (boepd) was measured. That rate comprised 22.9mln cubic feet of natural gas and 449 barrels of natural gas liquids (NGL).
A peak rate was measured at 4,567 boepd during the testing. The well, located on the Ortoire block onshore Trinidad and Tobago, flowed a total of 48.8mln cubic feet of natural gas and 1,081 barrels of NGLs during the testing programme.
Was not expecting such a quick comeback from Touchstone. Only bought in last week at 90p. I’ve had my eyes on this for a year looking for a dip!. #txp pic.twitter.com/JWwy3ONID1
— @SharesChat (@SharesChat) April 12, 2021
Sector peer 88 Energy Ltd (LON:88E), whose shares have been very volatile this month, was back on the rise, hitting 1.5p (up 8.7%) after it reported further evidence of oil in the Merlin-1 well, in Alaska.
Samples taken from sidewall cores showed fluorescence and ‘cut’ which are both indicators of oil. They were present in samples taken from several horizons.
The samples have now been sent for further analysis.
Proactive headlines:
C4X Discovery Holdings PLC (LON:C4XD) has inked a worldwide licensing deal with international drug giant Sanofi worth up to €414mln for its oral IL-17A inhibitor programme.
Alien Metals Ltd (LON:UFO) has delineated seven high priority targets at the Elizabeth Hill silver project in Australia, following the completion of a litho-structural interpretation and target-generation study. The project area includes the Mining Lease containing the historic Elizabeth Hill silver mine and the Munni Munni North exploration Lease that surrounds it.
AfriTin Mining Ltd (LON:ATM) is advancing a metallurgical testing programme designed to investigate the potential production of tantalum and lithium as by-products from its producing tin project at Uis. The Uis tin mine is already known to contain an estimated 6,091 tonnes of tantalum and 450,265 tonnes of lithium oxide (Li2 O).
Live Company Group PLC (LON:LVCG) said it is well-positioned to take advantage of the expected upturn in the sector in the second half of 2021, particularly in the UK and the US.
Coinsilium Group Limited (LON:COIN) has updated investors with further details around the launch of a cryptocurrency postage stamp by the government of Gibraltar and a non-fungible token (NFT) counterpart exclusively produced by the firm in collaboration with Vietnam-based RedFOX Labs.
Caerus Mineral Resources PLC (LON:CMRS) announced better-than-expected results from preliminary drilling on the PR Ploutonic Resources Ltd licences in Cyprus, ahead of a vote by its shareholders on the acquisition of privately held PRL towards the end of this month.
Instem PLC (LON:INST) saw underlying earnings (EBITDA) rise in 2020 while it said it has "good visibility" for the current year with growing recurring revenues.
InnovaDerma PLC (LON:IDP) announced it is about to complete fundraising plans proposed in January.
ANGLE PLC said promising data highlighting the potential of its liquid biopsy in breast and lung cancers will be released in two posters at virtual meetings taking place this week and next month.
Xpediator PLC (LON:XPD) said first-quarter trading in its current year has been “ahead of management expectations” as the firm reported a profit surge in 2020 driven by changes to its business caused by the coronavirus (COVID-19) pandemic.
Canadian Overseas Petroleum Limited (LON:COPL) has said despite its previous announcement on March 19 that its shares would be cancelled on the London Stock Exchange on April 21, the company has now postponed the formal cancellation date to a date, yet to be determined, that will coincide with the re-admission of the shares on the LSE. Subject to regulatory approval, the firm now expects the re-admission of its shares to occur towards the end of May or in June and it is now intended that the cancellation and re-admission will occur simultaneously at such time.
Love Hemp Group PLC (LON:LIFE) said the broker option granted to Peterhouse Capital Limited in connection with its placing and subscription announced on April 8 closed on April 9 and was “significantly oversubscribed”. The cannabidiol (CBD) and hemp product supplier said the broker option has been exercised in respect of around 57.7mln shares, an increase of around 100% on the original number in the option, which on exercise will raise a further £2.02mln for the company, taking its total fundraise to £7.04mln.
Thor Mining PLC (LON:THR) said field work has started at its Ragged Range gold project in the Pilbara region of Western Australia.
Belvoir Group PLC (LON:BLV) has reinstated the dividend and said that trading in the year to date has been encouraging and in line with management expectations.
Touchstone Exploration Inc (LON:TXP) shares advanced more than 20% after the company told investors that flowback testing of the Cascadura Deep-1 well, in Trinidad, confirmed a ‘liquids rich’ discovery.
ADM Energy PLC (LON:ADME) inked a non-binding agreement with Eunisell Limited, a Nigerian owned oil and gas production solutions company, to potentially develop the Barracuda oil field in OML 141, in Nigeria.
88 Energy Ltd (LON:88E) reported further evidence of oil in the Merlin-1 well, in Alaska.