Small cap news round-up

Brave Bison

Shares in Brave Bison fell after the online video and marketing firm warned that revenue in 2017 will be “substantially lower” than 2016 due to two material contract losses at the end of last year and the potential discontinuation of certain low margin business.

It said that the lower revenue is a continuation of the trend it saw in the second half of 2016.

Herencia Resources

Herencia Resources confirmed on Friday that, following “prudent cash management” and an ongoing working understanding with creditors, it believes its working capital position remains satisfactory until the end of February.

The directors of the AIM-traded firm said they remained in discussions with major shareholders to provide further funds to meet Herencia's working capital needs and to progress the development of the Picachos copper project.

Cambria Africa

Cambria Africa confirmed the result of its open offer and the conversion of VAL's loan into Cambria ordinary shares on Friday, having initially announcing the offer to qualifying shareholders on 28 November in a bid to raise up to £1.25m.

The AIM-traded company said the open offer closed for applications on 15 February, and said valid applications were received for 15,918,606 new ordinary shares, raising £159,186.06.

Asa Resource Group

Asa Resource Group posted an update on operations and exploration activity for the quarter to 31 December on Friday, with old production and sales 3% lower at Zimbabwe’s Freda Rebecca Gold Mine, at 15,365oz.

The AIM-traded firm said revenue at the mine decreased by 14% to $18.4m on a lower gold price, although its all-in sustaining C3 costs also decreased by 5% to $1,055/oz.

Landore Resources

Landore Resources posted the maiden mineral resource estimate and report for the BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada on Friday.

The AIM-traded company confirmed a 301,000 ounce gold maiden resource estimate for the deposit, with a time frame of one year from discovery to estimate.

Holders Technology

Printed circuit board laminate and LED solutions supplier Holders Technology announced its audited results for the year ended 30 November on Friday, saying both its PCB and LED segments achieved modest revenue growth in the year, with margins maintained.

The AIM-traded firm said PCB overheads were reduced, while LED overheads increased due to additional sales recruitment, and the result before restructuring and impairment costs was somewhat behind 2015.

Metal Tiger

Shares in Metal Tiger are down more than 16% despite it confirming the discovery of an "exciting new zone of mineralisation" beneath the T3 Resource, in Botswana's Kalahari Copper Belt.

"We think that this new discovery has the potential to significantly improve the dynamics and economics of the T3 Deposit," said chief executive Michael McNeilly, referring to the joint-venture project with partner MOD Resources.

Tern

Shares in Tern are up more than 6% as it swung to an annual pre-tax profit in 2016 -- helped by a handsome uptick in the fair value of investments -- in what it described as a "pivotal" year.

Pre-tax profit was £5.3m, from a loss of £185,121. Tern also recorded a £5.8m rise in the fair value of its investments, from 363,492. Net assets were £11.2m, from £1.7m.

Agriterra

African agricultural company Agriterra announced its results for the six months to 30 November 2016 on Friday, with revenue from continuing operations falling to $8.1m from $9.4m year-on-year.

The AIM-traded firm posted a gross profit of $0.82m, down from $1.47m, although thanks to a larger profit on the disposal of property, it narrowed its operating loss to $0.77m from $1.55m.

Ithaca Energy

AIM-listed explorer Ithaca Energy has started production at its Stella oil field in the North Sea.

The company said that production has been started from the field along with oil exports to the adjacent shuttle tanker.

Driver Group

Driver Group’s revenue for the 2016 financial year revenue increased but the company swung to a loss as it implemented a recovery plan.

Meanwhile, the construction company is also aiming to raise £81m through an accelerated bookbuild in order to “normalise the capital structure of the business”.