AIM weekly movers: TEK4 Group gets off to strong start
Precision engineer TEK4 Group (LON: TEK4) joined AIM today after raising £2m at 200p/share. Existing shareholders raised £22.75m and the market capitalisation is £41m. The company manufactures hole-drilling systems for aero engine and gas turbine components. The cash raised will help to grow the existing business and move into medical devices. A new factory will grow capacity by 75%. The share price jumped 65% to 330p.
Emissions reduction fuel technology developer Quadrise (LON: QED) has launched a strategic review. This will assess commercial and financing options. Alternatives include the granting of master licences for geographic regions, the creation of a joint venture company with a strategic investor, or the seeking of a strategic investor in the holding company. Investments and acquisitions will also be considered in the marine sector. Cash was £2.1m at the financial year end, supplemented by a £1.4m fundraising in July. This could last until September 2027. The share price improved 53.9% to 1.45p.
Mkango Magnetic Materials (LON: MKA) is acquiring the 10% stake in HyProMag GmbH of Professor Carlo Burkhardt, taking its stake to 100%. HyProMag GmbH is developing a rare earth magnet recycling and manufacturing plant in Germany. venture HyProMag USA has announced an independent pre-feasibility study outlines potential rare earth magnet capacity expansion to add to the first plant in Texas. There is potential for three new plants and a centralised finishing hub. The incremental post-tax NPV of $1.85bn to $2.06bn. Total capacity could be 6,000 metric tons each year by 2034. The Texas facility is in detailed engineering. There have been additional filings in connection with the reversal of assets into Crown PropTech Acquisitions. The share price rebounded 31.8% to 34p.
Blue Star Capital (LON: BLU) investee company SatoshiPay have received certification for a R&D tax incentive programme and claims could generate more than €900,000. A bridge loan facility has been agreed until that cash is received. The Vortex platform has secured an international payments provider client. Blue Star Capital is in discussions regarding a potential minority investment in a business developing a decentralised browser. The share price rose 21.4% to 4.25p.
FALLERS
GCM Resources (LON: GCM) has received a pre-action letter of claim from Trephina Assets, the personal service company of the company’s chief executive, Datuk Michael Tang. He is owed £868,000 in deferred fees and interest. Datuk Michael Tang has demanded immediate payment of fees and interest totalling £1.23m. The company disputes the higher interest charge. At the end of October, GCM had cash of £1.82m. The share price halved to 6.75p.
Ironveld (LON: IRON) says deliveries from its mine in South Africa under the existing supply contract have stopped because of technical difficulties at the customer and material is being stockpiled. This means that Ironveld has two months of working capital. The restart of deliveries depends on the customer. There is positive news from the samples at Layer 21. There are numerous rare earths confirmed in the samples. Commercial viability depends on generating revenue streams from several minerals mined at the same time. The share price declined 49.2% to 0.0099p.
Gunsynd (LON: GUN) says Talon Resources (LON: TAR) has published early assay results for the Eagle Lake gold project in Ontario, where Gunsynd has a 10% interest. High-grade gold mineralisation was intersected at multiple targets. Hole EG-26-07 at Cedar Trench is described as “a fantastic intercept. There are more assays to be announced. The disposal of the Gunsynd investment in Low 6 raised £50,000. The share price dipped 47.5% to 0.725p.
A heavily discounted fundraising knocked 44.5% off the Sareum (LON: SAR) share price to 15.25p. A subscription raised £3.19m at 14p/share and includes two new institutional investors. The retail offer was oversubscribed and closed early and was increased to £150,000. Associated warrants could generate a further £4.7m of cash if exercised at 20p each. This will finance the phase II-enabling programme for the SDC-1801 inhibitor for autoimmune diseases. The next stage of clinical development is likely to be with a partner.
