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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Eurasia Mining, up 44% at 25.84 pence, 12-month range 1.01p-45p. The platinum and gold miner notes Wednesday's 39% share price slump following the announcement of the sale of 27.4 million shares by Alexei Churakov. Churakov is a strategic advisor to the Eurasia board. Eurasia says he notified the company that he sold the shares to cover an urgent and critical cash call and that they were all acquired by Veles International, a subsidiary of investment company Veles Capital. Churakov has no intention to sell his remaining shares. "The company notes that the acquisition by Veles evidences interest in Eurasia among institutional shareholders. Veles is a well-established and one of the oldest professional institutional investors in Russia," says Eurasia.
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Genedrive, up 28% at 71.87p, 12-month range 6.25p-302.6p. The molecular diagnostics firm says it has entered into a distribution agreement with Beckman Coulter Life Sciences for its Genedrive 96 SARS-CoV-2 Kit. The agreement enables Beckman Coulter to sell and distribute genedrive's high-throughput Covid-19 PCR Kit in the US and Europe for use on upper respiratory viral samples.
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Kibo Energy, up 20% at 0.34p, 12-month range 0.15p-8.5p. The energy company says MAST Energy Developments is commencing its roadshow this week to raise GBP4.5 million with an initial target market capitalisation of around GBP20 million for its London Stock Exchange float. MAST will remain a Kibo subsidiary after listing, with Kibo holding at least 55% of MAST on the day of admission. "Completion of the pathfinder prospectus and commencement of the roadshow brings the stated objective of listing on the LSE closer. This at a time when significant growth opportunities are available in the rapidly growing Reserve Power market to realise value for all stakeholders, as demand for Reserve Power in the UK increases," says Chief Executive Louis Coetzee.
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Reabold Resources, up 12% at 0.60p, 12-month range 0.22p-0.83p. The the investor in upstream oil and gas projects says it has raised GBP7.5 million via a share placing and subscription. The fundraise was completed at a price of 0.55p per share, a 2.8% premium to Wednesday's closing price. "We are extremely happy to secure the funding required to progress activity across our asset base, including further drilling and testing at West Newton, adding value across the wider PEDL 183 licence, and providing available funding to move the Victory gas development towards FDP in 2021. We look forward to providing updates to the market on these workstreams in due course," says Reabold Co-Chief Executive Stephen Williams.
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AIM - LOSERS
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ITM Power, down 18% at 532.90 pence, 12-month range 82.6p-724p. The energy storage and clean fuel company reports revenue of GBP178,000 for the six months to October 31, down a sharp 92% from GBP2.4 million a year ago. ITM's pretax loss widened to GBP12.0 million from GBP9.8 million. ITM says the substantial reduction in revenue was largely due to Covid-19 restrictions. "The delays in product delivery are expected to be reversed as the projects are completed, and will be recognised as work is completed as we progress through the contracted backlog. Without Covid restrictions, the revenue would have been about GBP3.1 million higher," says ITM.
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By Lucy Heming; lucyheming@alliancenews.com
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