Shares of precious metals focused exploration company Wishbone Gold (WSBN) were up 8%, having hit an intraday peak of 14.4p as the company said it had completed the acquisition of the Patersons Range Project. It added that work programs on the properties in Queensland are progressing well to fast-track the four main magnetic targets covering an area of some 2,400m x 400m, which when compared to the ~500m x ~300m Havieron footprint, is a significant potential target zone.
There was a pie in the face to the bears of recent riser Remote Monitored Systems (RMS) which has tripled since the 0.9p intraday floor at the beginning of the week. The anti-viral face mask company said it has noted speculation regarding a possible fundraising. But that it has raised additional funds in excess of £900,000 via recent warrant exercises, the Directors do not foresee any current need to raise further funds. It seems that some in the market misunderstand the benefit of issuing warrants as a financing method. The stock was up 0.2p to 3p.
It has been the case that many of the oil & gas minnow stocks have hitherto missed out on the small caps revival we have been treated to so far this year. But the prospect of a COVID-19 vaccine does seem to have helped the cause this week. In focus positively for other reasons was Victoria Oil & Gas (VOG) as it announced a $12.5m settlement agreement with Cameroon Holdings. The shares jumped over 100% to settle at 4.3p.
Shares of IQ-AI (IQAI) continued to feel the benefit of an announcement on Monday, with a 34% gain. Earlier in the week it was revealed that Imaging Biometrics, a subsidiary of IQ-AI, had entered into an agreement with the Mayo Clinic to develop a brain lesion tracking platform, IB Trax.
88 Energy (88E) was a sharp riser off the back of the resource upgrade announced earlier this week. The stock put on 22% after comments from Managing Director Dave Wall who said, “The net potential to 88E in the Lima Fan System was estimated internally by 88E at around 100 million barrels prior to the drilling of Charlie-1. With this large independent upgrade and the recent increase in working interest in the leases, this potential has now improved to almost 900 million barrels net to 88E.”
N4 Pharma (N4P), the drug delivery pharmaceutical company for cancer treatments and vaccines, bounced back 15%, after being hit earlier this week in the general Pfizer vaccine sell off. Earlier this week N4 said it had appointed Nanomerics Limited to investigate the potential utility of Nuvec® in cancer therapy. The project was said to explore the role of Nuvec® as a delivery system for DNA and SiRNA.
Afritin Mining (ATM) was up 13% to 2.5p in the wake of an operational update. AfriTin. The company confirmed that its Phase 1, Stage I ramp-up of the Namibian Uis Tin Mine Project continued according to plan, with production of tin concentrate increasing to 48.2 tonnes, representing a 24% month-on-month increase. Production of 60 tonnes/month is likely to be achieved by the end of 2020.
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