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SMALL CAP MOVERS: CyanConnode and Sareum rise


SMALL CAP MOVERS: Smart meter company CyanConnode and pharmaceutical company Sareum are soaring despite the tapping of investors

Companies entering the market don’t typically see stock prices rising, but CyanConnode and Sareum did it this week.

CyanConnode rose 62 percent to 13.5p after raising £ 3.15 million from issuing 9.5p shares. At the time the shares were issued, that was a premium of 2.2 percent on the current share price.

The specialist in narrow-band, high-frequency smart mesh networks – these are smart meters for you and me – was a little vague about what he was going to do with the money.

CyanConnode specializes in high-frequency, narrow-band mesh technology used in smart meters

The company said it will use the funds to raise working capital, allow the company to continue capitalizing on its significant growth opportunities, and execute the company’s growing backlog and pipeline.

Sareum raised a more modest £ 900,000 by issuing shares at 2.8 pence a pop. On Friday, shares were trading at 3,375 pence, up 35 percent from the week.

Sareum, a drug development company, was a little more open about its plans for the money raised. The money will be used in the company’s development programs for TYK2 / JAK1 inhibitors SDC-1801 as well as working capital purposes.

The small molecule therapeutics company aims to complete preclinical studies in the third quarter of this year, subject to successful progress.

Clinical study plans, including priority autoimmune indications and potential Covid-19 uses, will also be developed in parallel if additional funds are raised.

TomCo Energy, which uses innovative technologies to develop unconventional hydrocarbon resources, rose 29 percent to 0.73 pence after posting an update on its joint venture Greenfield Energy’s work on Petroteq Energy’s oil sands facility in Asphalt Ridge, Utah.

The production rate has risen to such an extent that Greenfield expects to reach the target production level of 250 barrels of oil per day in the near future.

Trading in Savannah Energy’s shares was suspended after the company announced that it was in advanced exclusive talks with US oil giant ExxonMobil about the proposed acquisition of Savannah’s entire upstream and midstream asset portfolio in Chad and Cameroon is located.

Prior to its suspension, stocks were up 27 percent this week.

Quantum Blockchain Technologies, formerly known as Clear Leisure, was the front runner for the week, losing a third of its value at 1.3p.

A week ago, the company informed investors about the current status of the legal action taken by Clear Leisure 2017 against the former board of directors and internal audit committee of Sipem SpA.

The AIM-listed firm said the hearing on the case in the Venice court on May 27 was temporarily suspended due to oral notification to the judge at the opening of the hearing that one of the defendants had died.

Earlier this week, as part of a research and development strategy for Bitcoin mining, the company signed a service contract with a UK-based international cryptography expert who specializes in optimizing cryptocurrency mining blockchain.

The company said there are “tangible and disruptive optimizations” within the Bitcoin mining process that could result in faster execution and energy savings. It is expected that the first optimizations will be ready for testing in the coming weeks.

MyHealthChecked, which runs the ‘Fit to Fly’ test for outbound travel, fell flat after revealing increasing losses

Argos Resources, the exploration company focused on the North Falkland Basin, slumped 18 percent as its annual results disappointed.

The company made a loss of $ 299,000 in 2020, compared with a loss of $ 401,000 the previous year.

The company has no income and is seeking partners to participate in drilling on its Falkland Islands license, acknowledging that given the current difficult environment, it may take some time to convert expressions of interest into commitments.

The clock is ticking because the license will expire at the beginning of May 2022.

The annual results of MyHealthChecked also lagged behind in the market.

The home testing healthcare company’s stocks had a great run this year, rising from 14 to 4.96 pence earlier this week on the back of Boots stocking the company’s “Fit to Fly” overseas travel test and its Day 2 / Day 8 Tests for travel to the UK.

Shares drifted back towards 4p even before the results were released, showing the company’s pre-tax loss increased from £ 2.15m in 2019 to £ 3.76m in 2020.

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