SMALL CAP MOVERS: 88 Energy rises as it pays off debt, but tubing company Tricorn is thrown out of shape due to account irregularities
The oil explorer 88 Energy, which rose after the positive results of the drilling of the Merlin-1 well in Alaska at the end of June, had another good week.
Despite stiff competition from industry peers, the stock outperformed weekly small-cap movers and more or less doubled its share price after the group completed the sale of its Alaskan oil and tax credits and used the money to pay off its outstanding debt.
The dual-listed company is now debt free with cash on hand at around A $ 14.8 million.
Oil explorer 88 Energy saw the share price almost twice as high this week
It’s been hard to keep Hurricane Energy out of small-cap movers this year, but this week it’s a nice change of pace when the stock is among the movers, up 72 percent after the High Court turned it down Sanction the company’s restructuring plan.
A spokesman for Crystal Amber, the activist fund that owns approximately 14.7 percent of Hurricane, described the court’s ruling as “a victory for shareholders large and small who have faced their statutory rights being overridden.”
Crystal Amber withdrew its motion to call a general meeting to vote on the proposed restructuring and all non-executive directors of Hurricane resigned from the board with immediate effect.
It’s been a week since resignations, hasn’t it?
i3 Energy completed a triple gain for oil and gas stocks and was the third-best small-cap performer, up 55 percent.
The company said it was “very pleased” with the results of drilling its first Marten Hills Clearwater well in Canada.
Eight horizontal lateral sections were successfully drilled from this hole, with work progressing on time and on budget, i3 said in an operational update.
All branches drilled have encountered clean sandstone on the upper bank with porosities ranging from 24 to 27 percent and oil has been consistently detected by oil deposits in cuttings. The drill rig was moved to the second hole in the Marten Hills Clearwater drill program on 02-12-075-26W4, with drilling expected to be completed by mid-July.
On to the mining sector and IronRidge Resources, which has persuaded Piedmont Lithium, a Nasdaq-listed lithium exploration and development company, to fully fund and produce the Ewoyaa lithium project, which is part of IronRidge’s Cape Coast lithium portfolio in Ghana to accelerate.
The shares rose 38 percent.
Outside of the resource sector, Cambridge Cognition clearly had a brainstorm. Shares rose 55 percent after the company announced the spin-off of Monument Therapeutics, a drug development company that applies digital phenotyping to diseases of the central nervous system.
Cambridge Cognition has been incubating Monument Therapeutics since 2018.
The week’s biggest loser was Tricorn Group, the pipe tampering specialist, whose shares plunged 29 percent to 6p after its results for the 18 months ended September 2020 revealed more details about the “collapse of corporate control and oversight” finance function “During the period, which Chairman AndrewMoss described as” extremely disappointing “.
The group has made a solid start to the current fiscal year, but warned that the effects of Covid-19 and shipping delays of imported material will continue to put pressure on labor costs and related labor productivity in the short term.
Bidstack has raised £ 10.86 million to fund the development of a new platform for its native in-game advertising technology that it believes will accelerate the growth of this form of advertising.
Nearly 500 million shares were sold in one placement at 2p each, a third discount from the previous day’s closing price, so it’s no wonder the stock slumped 25 percent this week to 2.175p.
7digital was another tech stock among the Cosh; Shares fell 24 percent to 0.975p after the company, which provides a cloud-based platform for music apps, posted a loss of £ 1.4 million for 2020. Sales declined from £ 9.3 million in 2019 to £ 6.5 million.
“The sales momentum from the end of last year continued in 2021, which is reflected in significant sales growth compared to the previous year and will achieve a full year with positive EBITDA,” said Paul Langworthy, CEO of 7digital.