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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Cadence Minerals PLC, up 26% at 24.63 pence, 12-month range 14.50p-31.30p. Enters binding settlement agreement with the secured bank creditors of Dev Mineracao, the owner of the Amapa iron ore project in Brazil. The agreement is the last major precondition for Cadence to vest its initial USD2.5 million for 20% of the large-scale Amapa iron ore mine, beneficiation plant, railway and private port. As a result, Cadence and Indo Sino's joint venture have now secured 100% ownership of Amapa. Cadence has already begun work on the next investment phase to earn an additional 7% of Amapa for USD3.5 million. Chief Executive Kiran Morzaria says deal represents its "greatest achievement to date as a mining investment company".
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Iofina PLC, up 11% at 15.80 pence, 12-month range 11.00p-16.00p. Will meet its crystalline iodine production target of 260 to 275 metric tonnes of crystalline iodine for the second half of the 2021, as strong demand continues. Iodine spot price have increased 25% to USD50 per kilogram since Iofina's third quarter update in October. Firm adds that it expects the current pricing levels to be maintained into the first half of 2021 due to "robust" market trends.
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Sound Energy PLC, up 4.1% at 2.55 pence, 12-month range 1.25p-3.10p. Secures USD18 million loan note financing agreement with Afriquia Gaz. Loan comes as part of a 10-year deal for Afriquia Gaz to buy liquefied natural gas from Sound Energy. The agreement is for no fewer than 100 million cubic metres of gas per year and covers the phase one development at Sound Energy's Tendrara concession in Eastern Morocco. The loan will be applied towards the development of the Tendrara production concession, Sound Energy added.
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United Oil & Gas PLC, up 12% at 2.51 pence, 12-month range 2.05p-6.00p. Says its Al Jahraa-13 well in Egypt will be brought onstream in the coming days. The news follows the well reaching a total depth of 3,840 metres and encountering 17.5 metres of net oil pay across the upper and lower Bahariya reservoir targets. The AJ-13 well is under the Abu Sennan licence of which United holds a 22% working interest. The licence is operated by Kuwait Energy Egypt. The AJ-13 is the fifth and final well in United's Abu Sennan 2021 drilling programme.
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AIM - LOSERS
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Northern Bear PLC, down 9.8% at 60.00 pence, 12-month range 47.00p-66.50p. Subsidiary, Springs Roofing Ltd, has been served a notice of formal court proceedings regarding a claim by Engie Regeneration FHM for GBP1.9 million. In the Newcastle-based building services firm's annual report for the year ended March 31, Northern Bear said that Springs Roofing had received correspondence regarding a claim of up to GBP2 million on a roofing contract carried out from April 2009 to March 2011 for Engie Regeneration. Spring Roofing said it intends to defend the claim vigorously and are currently reviewing the claim documents alongside legal advisers.
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By Paul McGowan; paulmcgowan@alliancenews.com
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