SMALL CAP MOVERS: Gemfields Confuses Share Price Rise As Cora Gold Celebrates “World Class Intersection” On His Sanankoro Project
Gemfields was the top performing small cap performer this week, something to the amazement of the company’s management.
“The company takes note of the recent increase in its share price and confirms that there is currently no unpublished price-sensitive information about the company,” said the company on Friday in a stock exchange release.
Gemfields is closely monitoring the global COVID-19 situation and is observing that its operations in Mozambique and Zambia are essentially uninterrupted by the pandemic. The company currently expects to hold three more gem auctions this year.
Gemfields is closely monitoring the global COVID-19 situation and is observing that its operations in Mozambique and Zambia are essentially uninterrupted by the pandemic
“Despite the welcome surge in the company’s share price, Gemfields still trades at a significant discount to its net asset value,” the company noted.
The shares rose 46 percent to 13.35 pence.
Industry colleague Cora Gold rose 43 percent after announcing a “world-class average” for its Sanankoro gold project in southern Mali.
The company stated that 31.56 grams per tonne of gold came from a 19 meter long interval discovered in drilling in Zone A of the project. Other notable intersections of Zone A comprised 21 meters of 5.75 grams of gold per tonne (g / t Au); 7 meters at 2.44 g / t Au; and 19 meters grading 2.07 g / t Au.
The results of the drill program to date have been extremely encouraging, with good widths and high grade results in generally shallow oxide ores, Cora said.
Another mining stock on investors’ shopping list this week was Orosur Mining, which is up 39 percent at 19.5p.
Shares soared after the company signed a letter of intent with Canadian company Meridian Mining for a proposed joint venture for Meridian’s Ariquemes tin project in Brazil.
Orosur has 90 days to conduct due diligence and finalize a joint venture proposal. After that, the exclusivity period ends. Orosur said the general terms of a joint venture had already been discussed between the parties.
Outside the mining sector, Ridgecrest, which sounds like it should be a mining company but is an AIM-listed cash shell, rose 31 percent to 1.15p before trading its shares on hold pending a reverse takeover by Airline Invest has been. which owns the Romanian low-cost airline Blue Air.
Assuming the deal goes through, Airline Invest’s current owners will receive 95 percent of Ridgecrest’s shares. It is proposed that the company name change to Blue Air Group upon completion of the transaction.
As the names of the airlines suggest, Blue Air is particularly suitable as it is likely that many passengers will turn the air blue this summer …
A trading update from Yu Group was well received by the market.
Shares in the independent gas, electricity and water company serving the UK corporate sector rose 16 percent to 277.5 pence after the company posted strong growth in bookings and revenue in the first half of the year.
Once the final numbers are added up, Yu expects first-half revenue to be 42 percent year-over-year to about £ 65 million, resulting in the group making an underlying profit (EBITDA) compared to one Loss of 1.8 million pounds in the same 2020 period.
Recreational Game Chamberlin was 13 percent firmer at 10.75 pence after HSBC Bank announced Thursday that it had a 6.2 percent stake in the company.
On Friday, the company announced that it would post an annual loss by the end of May, but is confident that with most of the restructuring costs and non-cash write-downs in the current fiscal year, it is well positioned to make a strong recovery.
Evgen Pharma was the week’s biggest loser after disappointing results from the preliminary safety and futility assessment of the first 100 patients treated in the STAR-COVID-19 study.
Evgen said the analyzes did not meet the preliminary futility threshold required to continue the study and that active treatment was unlikely to show any statistically significant overall improvement. The recruitment for the procedure will therefore be discontinued.
Animalcare, the international animal health company, slid 16 percent to 297p after placing 13.9 million shares at 285p per capita.
The newly issued shares represent around 23 percent of the company’s existing share capital.
Another stock that was written off after the company issued shares was UK Oil & Gas (UKOG), which raised about £ 5 million by placing shares at 0.18p, which is a discount of about 22 percent corresponded to the share price on the day before the announcement of the placement.
The funds raised will finance UKOG’s remaining portion of the drilling, completion and testing costs of the Turkish Basur-3 appraisal well and the planned 2D seismic data acquisition.
Shareholders are given the option to buy shares at the same price (0.18p) through an open offer, although the stock is currently trading at around 0.175p – down 27 percent this week – but this is of little use.