Movers of Friday 29 July 2022

 shares rise 13.92% to 4.5p after production concession is granted for Selva Field

Prospex Energy said that its partner and operator Po Valley Energy Limited has received approval for production at Podere Maiar gas field within the Selva Malvezzi concession in Po Valley, Italy. Prospex holds a 37% working interest in the Podere Maiar licence, with Po Valley Energy holding the remaining 63%. First gas is expected in H1 2023.

Italy's Ministry of Ecological Transition has fully approved the production concession at Selva on the assumption that the two parties meet all development costs. Development contracts can now be awarded for the construction of automated gas plan facilities, the installation of a 4-inch 1km pipeline, and a connection to Italy's national grid network operated by SNAM.

 shares rocket 64.11% to 0.14p on inaugural inventory monetisation transaction

Supply@Me said its first official inventory monetisation (IM) transaction is being finalised. Supply@Me worked closely with partner VeChain in July to design the integration processes between their respective platforms, the company said.

Supply@Me said the IM transaction was in the final stage of completion, involving the coordination of the formal signing process of three parties: the VeChain Foundation, its Italian operating subsidiaries, and the trading company.

The company said all parties were fully committed to the formal completion of the IM transaction, following each party's final internal approval process which, with reference to the client company (a global manufacturer), is planned for next week.

 shares soar 47.83% to 170p on announcement of funding round to raise US$25m

Tintra said it would start a funding round to raise US$25m for not more than 10% of the company in order to scale operations. The company said its growth objectives are 6 months ahead of its roadmap.

"This fundraising round will see the Company scale to some 130 staff members in 4 countries over the next 12 months and in that same period deliver more patent applications, likely two of our primary banking licences, as well as the full tech stack, moving us toward a launch of ... major operations in Q3 2023." CEO Richard Shearer said.

 shares jump 31.37% to 67p on new CEO appointment.

Fusion Antibodies said yesterday that Adrian Kinkaid had been appointed CEO, effective 15 August.

"Adrian Kinkaid is an experienced life sciences executive with 25 years' experience in life science and biotherapeutics industries. He joins Fusion from Vortex Liquid Biopsy Solutions Ltd and Vortex Biosciences Inc (together "Vortex"), a biotech group focused on world class technology for the isolation of high quality circulating tumour cells. As CEO of Vortex, Adrian led the company's development, including management of its business units." the company said.

Prior to joining Vortex, Adrian worked as CEO of several antibody-based diagnostics companies, including BioFab Ltd, and Lumabs BV.

 shares soar 47.83% to 0.85p on sale of La Zarza Copper-Gold holding to Spanish company

Ormonde said it had entered into a conditional agreement for the sale of its interests in the La Zarza Copper-Gold Project in Spain €2.3mn to La Zarza Mineria Metalica, a subsidiary of Spanish company Tharsis Mining, which controls the mining rights to La Zarza.

The agreed sale price is at a premium to the book value of €2m, with Ormonde receiving €800K on completion of the sale, with the balance to be paid in three equal payments €500K on the first, second and third anniversaries of completion.

Brendan McMorrow, CEO, commented: "To reach a Sale agreement to release value from these assets at a premium to the book value is an excellent outcome for the Company and its shareholders. It places the Company on a stronger financial footing to acquire new projects in line with Ormonde's strategy to generate shareholder value by leveraging its balance sheet and resources."