AIM movers: Conroy Gold intersections and Petro Matad slumps on fundraising

Article by UK Investor Magazine

Conroy Gold and Natural Resources (LON: CGNR) is rising on the back of Thursday’s news of gold lodes intersected between the Clontibret gold deposit and Corcaskea gold target. There are three gold lode zones with grades of up to 8.3g/t gold over 0.5 of a metre. This increases the potential for the 65km gold trend in Ireland. The share price increased by 15.7% to 14.75p.

88 Energy (LON: 88E) has recovered following yesterday’s fall when it announced it was raising up to £8.1m (A$15.1m) at 0.55p a share, which was a one-fifth discount to the previous closing price. The share price has recovered 12.5% to 0.675p. The cash will fund the Hickory-1 well at project Phoenix (formerly Icewine East) in Alaska, pay for new project Leonis acreage and provide working capital. There should be enough cash for at least 12 months.

Harvest Minerals (LON: HMI) share are moving upwards following an investor presentation earlier in the week. The share price has risen 7.58% to 8.875p.

Fintech Tintra (LON: TNT) has appointed Constantine Chikosi as director for strategic initiatives for Africa. The share price has been falling this week and it perked up 6.67% to 160p.

Immotion (LON: IMMO) continues to rise on the back of the disposal of the location-based entertainment business for $25.1m and a promised 3p a share dividend. There will be £6.5m of the proceeds left to invest in the remaining business. The share price improved a further 6.25% to 3.4p.

Late on Thursday, Mongolia-focused oil and gas producer Petro Matad (LON: MATD) launched a fundraising and that raised £4.9m at 2.5p a share. That is 50% more than the minimum that was sought. A retail offer could raise up to £500,000 more. The share price slumped 34.2% to 2.7p. The cash will fund the testing of the low-cost, high impact Velociraptor prospect, as well as evaluating other oil licence areas and renewable energy projects.

Morses Club (LON: MCL) gained 75.17% backing to approve the cancellation of the quotation on AIM. This resolution required 75% of the vote so it only just succeeded. Shareholders owning 61.7% of the share capital voted. The last day of dealings will be 10 February. After that, there will be a matched bargain facility on Asset Match.  The share price dived by one-third to 0.4995p.

Sustainable polymers developer Itaconix (LON: ITX) has raised £10.3m at 5.1p a share, while an open offer could raise up to £400,000. The share price slipped by 3.74% to 5.15p. The cash will fund product development, capital investment and working capital. The 2022 revenues more than doubled to $5.6m, which is better than expected. Tertiary Minerals (LON: TYM) is raising £300,000 at 0.12p a share, while the share price fell 3.57% to 0.135p. The cash will be spent on copper projects in Zambia and Nevada. Drilling is expected in Zambia later this year.