Small cap news round-up
Mobile commerce company Proxama has won a £300,000 grant from Innovate UK, the government’s agency that supports innovation and business, to design and implement a smart transportation model for Greater Manchester.
The project is the company's fourth from Innovate UK and will start in the second quarter of the year with the £300,000 being paid out over 18 months.
Northern Petroleum
Oil and gas company Northern Petroleum says Shell Italia E&P S.p.A has initiated a local engagement programme in relation to the Cascina Alberto permit.
The permit is onshore, northern Italy. Northern Petroleum owned a 20% non-operated working interest and was carried for the seismic acquisition up to a gross cost of $4m.
BlueRock Diamonds
BlueRock Diamonds' shares fell more than 5% as it said delays in the planned move to 24-hour processing would delay revenue and cash flows from the production and sale of diamonds.
News of the delays followed BlueRock commenting that its primary crushing and screening circuit had been commissioned and that the plant upgrade was now complete.
IGas Group
IGas Group updated the market on its previously-flagged restructuring options on Wednesday, confirming it was looking to proceed with a significant injection of capital.
The AIM-traded firm had announced on 29 December that it was in “well progressed discussions” with a strategic investor in respect of its capital restructuring options.
Conygar Investment Company
Shares in Conygar Investment Company rose more than 2% as joint-venture company Conygar Stena Line Ltd said its phase-one application for Fishguard Harbour Marina project was approved by Pembrokeshire County Council.
The planning committee's decision was unanimous. Consent for the first phase comprised an 8.28 hectare development platform, two breakwaters, 345 floating marina berths and a dredged marina basin.
Sula Iron & Gold
Sierra Leone-focused gold company Sula Iron & Gold said two diamond drill rigs arrived yesterday at its Dalakuru exploration camp, on the Ferensola project site.
The rigs were being prepared by contractor Equity Drilling Ltd so as to begin Sula's planned drill programme.
Vertu Motors says its full-year trading performance will be in line with market expectations as it notes rises in total group and service revenue, in both total and like-for-like terms.
The vehicle retailer saw group revenues up 16.6%, or up 4.8% like-for-like. It added that service revenue was up 23.0%, and up 6% like-for-like.
Creo Medical Group
Medical device company Creo Medical Group is participate in a European programme for a stem-cell cancer treatment for brain tumours.
The AIM-listed company is to join the Semiconductor-based Ultrawideband Micromanipulation of Cancer Stem Cells (SUMCASTEC) H2020 FET open research programme, led by the XLIM Research Institute at the University of Limoges in France.
Starvest
Resources investment minnow Starvest's shares are up 5% after it turned in a full-year pre-tax profit of £81,113, from a write-off laden loss a year earlier of £3.3m.
In the just-finished period, amounts written-off against trade investments totalled £382,594, from £3.2m. Amounts written back against trade investments totalled £643,561, from £78,421.
DX Group
Parcel delivery firm DX Group’s planning permission for a proposed West Midlands hub has been declined.
The AIM-listed company’s plans for a development of a new central hub in Essington was declined at a local authority planning hearing on Tuesday.
MySale
MySale's shares are down almost 5% after it more than doubled its first-half pre-tax loss, but issued an upbeat accompanying statement and also reported a significant rise in underlying EBITDA.
The six-month period produced a pre-tax loss of A$1.4m, from a loss of $0.5m a year ago.