(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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Capital Metals PLC, up 58% at 4.349 pence, 12-month range 2.055p-7.676p. The Sri Lanka-focused mineral sands company signs a memorandum of understanding with LB Group, a manufacturer of high-performance titanium dioxide pigments and sponge. Says the agreement is to fund the Eastern Minerals project into production. LB Group will "fully" fund the project, which is estimated to cost USD81 million. The two parties will for a 50:50 joint venture, Capital Metals adds. Chair Greg Martyr says: "This project will be a first of a kind for Sri Lanka with modern mining practices, knowledge transfer, and significant export income generation."
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Echo Energy PLC, up 32% at 0.043p, 12-month range 0.022p-0.5p. The Latin America-focused energy company says it plans to sell 65% of its 70% working interest in Santa Cruz Sur to Selva Maria Oil and Interoil Exploration & Production. Echo Energy said it will receive GBP1.7 million in cash. Echo adds that the sale addresses its near-term funding challenges by providing near term funding, enabling the company to walk away from the significant in-country creditors which had build up during the Covid-19 period and providing access to funding for the Santa Cruz assets.
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AIM - LOSERS
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Purplebricks Group PLC, down 60% at 2.19p, 12-month range 1.90p-20.95p. The online estate expects to have finished the financial year ended 30 April 2023 in line with management expectations. However, instruction levels did not increase through the fourth quarter of financial 2023 as previously anticipated, which is expected to hurt revenue and earnings before interest, tax, depreciation and amortisation. Purplebricks now believes that it necessary to "promptly" conclude its strategic review, in a manner that will provide "more certainty" around its future ownership. Purplebricks' formal sales process has been ongoing since the start of March. It said it is currently in discussions with a small number of parties and negotiations are ongoing.
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By Sophie Rose, Alliance News reporter
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Capital Metals (CMET)
Echo Energy (ECHO)