Amur Minerals (AMC), the Russia focused nickel sulphide group, announced the start of its payback in the Nathan River Resources deal whereby it will be receiving a return on the convertible loan note issued to fund NRR’s Roper Bar iron ore project. The first payment for the quarter ending September 30, is now in the Amur kitty. The company’s strategy is to use the income from NRR to help de-risk its massive Kun Manie project in Russia.
There was intrigue, or perhaps a lack of it, from the combination of Bezant Resources (BZT), and Xtract Resources (XTR), as both companies released RNS statements responding to Zambia media reports regarding ownership of the mining license relating to the Kalengua Processing project. They confirmed that none of the respective companies’ directors had been involved in any legal proceedings with respect to ownership of the mining license. Shares in both companies rallied by double digit percentage gains in the immediate aftermath of the announcements.
N4 Pharma (N4P) was one of the biggest risers of the day, despite no official news from the company. Some traders pointed to the likelihood of a leak of forthcoming news, with the favoured theory being that the company could be involved in the NHS / Government plans for mass vaccine jabs in the run up to Christmas. This may very well be the case, but given the way that both organisations have demonstrated that they do not have even the ability to organise a drinks party in a brewery, may have to be taken with a pitch of salt. Nevertheless, the drug delivery specialist saw its shares up 1.65p to 7.1p, after trading as high as 8.4p intraday.
Telecom services group Toople (TOOP) saw its shares build on recent gains, with a 26% rise to 0.145p. This come in the wake of the company’s trading statement on September 29, where the highlight was the revelation of £1.6m of annualised savings. However, traders also pointed to the way that cash at bank was over £1m, gross profit up 61%, off the back of soaring broadband and mobile revenues.
Given that 2020 to date has been the year of both the dog, and the living dead as far as the stock market has been concerned, it was not surprising to see a 34% rise in former hip fashion outfit French Connection (FCCN). The company, best known for its daring “FCUK” campaign, caused observers to scratch their heads as to why the stock was rallying so sharply, given that either large losses, or fresh funding, or both may be evident at forthcoming interim results due out next week.
Shares of Destiny Pharma (DEST) delighted the COVID-19 ambulance chasers with a 19% rise to 77p. This came off news released on pharmaceutical-technology.com that both Destiny and SporeGen are collaborating on using bacterial spores to develop a treatment to prevent the disease, with the initiative backed by an Innovate UK grant.
I-nexus Global (INX) enjoyed a 13% share price jump as the stock continued to find favour after last month’s update on its trading and financial position. Here the provider of cloud-based strategy execution software solutions said that it had reduced its running costs and was operating at monthly breakeven p/l. Traders have added since that the company has “billion dollar” companies as customers, and with a market cap of just £1.5m represents a ground floor opportunity. The IPO price two years ago was 79p, and there has been no dilution since, as compared to the latest 5p close.
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