22nd Aug 2025 10:59
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Cloudbreak Discovery PLC, up 19% at 0.32 pence, 12-month range 0.080p-0.47p. The natural resource project generator and royalty business completes negotiations and final contracts for the sale of its US oil assets to G2 Energy Corp for its Masten Unit Energy Project in Texas. Cloudbreak says it will receive GBP50,000 on signing plus a further GBP50,000 over the next five months, with an immediate GBP75,000 outstanding liability removed from its books. It will no longer be exposed to any current or future liabilities related to the assets. "New funds in sterling from asset sales and financings is an important leverage tool for Australian gold exploration, as the British pound buys over 2 Australian dollars in today's money and that can fund a lot of on-ground exploration," says Managing Director Tom Evans. He says being London-listed and operating in sterling "gives us a good competitive edge when competing for assets [in Western Australia] and spending money on the ground." Also, Cloudbreak raises GBP300,000 via a placing of 120 million shares at 0.25p each with an institutional investor. It will use the funds for working capital and "to accelerate the enhancement of the company's asset portfolio".
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SMALL-CAP - LOSERS
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Argo Blockchain PLC, down 19% at 1.50p, 12-month range 0.80p-11.50p. The cryptocurrency miner issues an update on its proposed recapitalisation announced on June 30, which is intended to resolve its short and medium-term capital needs. The firm says negotiations regarding a senior secured multi-draw term loan from Growler Mining LLC remain ongoing, with the loan not yet executed or funded. It notes that following the loan's conversion, if applicable, it currently expects Growler to be left holding at least 80% of Argo's issued shares. Argo intends to seek a waiver from the Takeover Panel so that Growler to be the majority owner without making a takeover offer, as would normally be its obligation under the UK Takeover Code. Bondholders would receive equity in the recapitalised firm in exchange for debt, while equity holders would retain their existing interests subject to dilution by issuance to Growler and the bondholders. Argo expects the first court hearing for the recapitalisation plan to occur in late October, and to become effective in early to mid-December if it is subsequently sanctioned at a later court hearing. Also, Argo confirms that it did not make the scheduled interest payment due July 31 on its outstanding bonds. This is subject to a grace period ending August 30, it says.
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By Emma Curzon, Alliance News reporter
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