Path Investments tumbles after placing heavily discounted shares

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Path Investments PLC (LON:PATH) tumbled 39% to 0.5p after raising £3.5mln by placing 1.4bn shares at 0.25p each.

The price represents a 70% discount to Thursday’s closing price of 0.82p.

The energy and natural resources investment company said the proceeds will be used to support its strategy of owning and operating a diversified portfolio of long-life assets, while it focuses on cutting carbon intensity.

Meanwhile, Rotala plc (LON:ROL) lost 7% to 26.5p after announced that its Heathrow depot at Stanwell, Middlesex suffered a fire in its administrative offices.

The UK bus operator said no staff were injured and the fire is not thought to have been malicious.

The AIM-listed firm added that damages amount to £250,000 but are expected to be fully recoverable from insurance with more than one insurer, so there shouldn’t be any long-term financial consequences.

8.45am: GSTechnologies tops early morning risers with Singapore subsidiary update

GSTechnologies Limited (LON:GST) was the top riser early on Friday as it shot 22% higher to 3.12p on the back of an update from its Singapore subsidiary.

The information and communication technology infrastructure solutions provider confirmed that GS Fintech Singapore has now been established.

Alongside the recently established UK subsidiary, the new arm will support the firm’s expansion into blockchain-related technologies and services.

Elsewhere, SourceBio International PLC (LON:SBI) advanced 5% to 204p after revealing it will support the roll-out of mobile COVID-19 testing in the UK as part of the government’s new pilot scheme.

The provider of lab services and products will oversee all laboratory operations and processes and will have responsibility for clinical governance, quality assurance, staff training, sample processing and information management.

The AIM-listed firm said it will run the service on behalf of outsourcing specialist Mitie for the remainder of this early phase, adding that it is “working towards involvement in a potential UK-wide programme”.

Proactive news headlines

BASE Resources PLC (LON:BSE) has passed an important milestone in its bid to increase the mine life of its mineral sands operation in Kenya.

88 Energy Ltd (LON:88E) has announced the start of rig mobilisation for the Merlin-1 well, in Alaska, where drilling is scheduled to start in the first week of March.

Horizonte Minerals PLC (LON:HZM) confirmed the closing of its share placing, with the nickel mine developer raising £18mln in total.

Union Jack Oil PLC (LON:UJO) announced the convening of a general meeting, including a proposed consolidation of the company’s share capital. A shareholder circular explaining the reasons for the consolidation and other proposals is being posted to shareholders and will be available on the company’s website at www.unionjackoil.com under the AIM Rule 26 section.

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