AIM WINNERS & LOSERS: Cornish Metals Jumps 40% On AIM Debut

Tue, 16th Feb 2021 11:31

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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AIM - WINNERS

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Mercantile Ports & Logistics, up 84% at 0.70 pence, 12-month range 0.2p-1.04p. The Indian port and logistics facility developer says subsidiary Karanja Terminal & Logistics Private inks a contract with Rudra Marine Services, while another contract is signed with an unnamed "major" cement manufacturer for use of its facility.

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Cornish Metals, 9.88p, up 41% from initial public offering price of 7.0p. Miner began life as a listed company in London on Tuesday after raising GBP8.2 million in its IPO.

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Cloudcoco, up 30% at 1.49p, 12-month range 0.5p-2.17p. The IT services provider says earnings in its first quarter came in significantly ahead year-on-year despite the challenging economic environment. Looking ahead, the Warrington, England-based company outlines a positive outlook, noting a healthy sales pipeline which underpins progress made in its turnaround plan.

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Jangada Mines, up 28% at 10.30p, 12-month range 0.9p-11p. Miner says its Pitombeiras vanadium project in Brazil has very good potential for becoming a profitable mine following a positive preliminary economic assessment.

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Avacta Group, up 19% at 184.00p, 12-month range 12.62p-215.25p. The pre-clinical stage biotechnology company says its SARS-CoV-2 rapid antigen test can identify patients with an infectious viral load with no false positive results.

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AIM - LOSERS

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Rambler Metals & Mining, down 14% at 0.31p, 12-month range 0.2p-2.0p. Minerals explorer says it has raised USD10.5 million through the placing of 2.55 billion shares at 0.3p each. Will use the new cash to add equipment to its mining fleet to support operations upon a return to mill production capacity of 1,350 tonnes per day.

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Kodal Minerals, down 10% at 0.095p, 12-month range 0.02p-0.17p. The lithium-focussed development and exploration company says it has received a conversion notice in relation to its USD1.5 million unsecured convertible loan agreement with Riverfort Global Opportunities. Kodal notes it will convert USD169,385, made up of a principal amount of USD150,000 and accrued interest of USD19,385, into 153.4 million new shares at a price of 0.08p each.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com