The AIM-listed company completed a GBP4mln share issue priced at 18.8p per share, down from highs above 22p last month and a two-and-a-half-year high above 31p earlier in the year.
A retail offer via PrimaryBid was completed overnight, raising a gross GBP1.99mln, adding to the subscription of a similar size.
Chief executive Al Sisto said Tern intends to use the proceeds “to maximise the value to our shareholders of our portfolio and I look forward to providing further updates in due course”.
8.32am: 7digital Group lifted by contract extension
7digital Group PLC (LON:7DIG) was one of the bright spots in early trading, jumping 4.6% to 0.97p after the company said it has signed an extended contract into 2023 with a global technology company customer.
The digital music specialist said the customer will use its platform to access a world-wide music catalogue from rights-secured labels as well as tracking and reporting services.
Meanwhile, plastics specialist Symphony Environmental Technologies PLC (LON:SYM) rose 12.3% to 21.3p after saying it has received approval from the US Food & Drug Administration (FDA) for its d2p antimicrobial food contact technology alongside much greater loading of the technology and the wider use of its original bread-packaging approval announced in February last year.
The AIM-listed firm said that the FDA’s approval applies to all types of polyolefin and polyester film for wrapping bread, instead of just linear low-density polythene (LLDPE),. As a result, it expects an “acceleration of the commercial process in the near term”.
Also on the rise was Kanabo Group PLC (LON:KNB), which climbed 1.5% to 16.7p after it passed a significant commercial milestone with the shipment of its first medicinal cannabis cartridges to the UK, as set down in its IPO prospectus in January.
The cartridges will be sold by the LYPHE Group’s clinics and dispensaries to be used with Kanabo’s VapePod device.
Proactive news headlines
Open Orphan PLC (LON:ORPH) has won two new lines of business. Through its Breda office in the Netherlands it has landed a EUR900,000 contract for clinical trial services with an unnamed existing client which it describes as a “world leader in vaccine and antiviral testing”. And in a separate announcement, it said the government is expanding a COVID-19 characterisation study with the recruitment of a further 20 healthy volunteers “to answer further questions” that can help in the fight against the virus.
Base Resources Limited (LON:BSE, ASX:BSE) is boosted by comments made at a conference by a government official who said an extension to the Kwale Special Mining Lease (SML 23) has been approved.
Ariana Resources PLC‘s (LON:AAU) chairman has hailed the dawn of a “new age” into the 2020s as the company continued to advance a strategy that he said will allow it to “pay dividends over the long term”.
Alien Metals Limited (LON:UFO) said its planned drilling programme at the Donovan 2 copper-gold project in Mexico remains little changed after reviewing new data.
88 Energy Ltd (LON:88E, ASX:88E, OTC:EEENF) told investors that further geochemical analysis of core samples from the Merlin-1 have again shown the presence of hydrocarbons.
Challenger Energy Group PLC (LON:CEG) said logging and analysis confirmed some 300 feet of net oil bearing reservoir sands in the Saffron-2 well in Trinidad and it is now being prepared for a production test later this month.
Seeing Machines Limited (LON:SEE) said trading of its shares in London has moved to the Stock Exchange Electronic Trading System (SETS). Previously, the shares were trading from SETSqx, the exchange’s quotes and crosses trading platform.
Iconic Labs PLC (LON:ICON) said joint administrators continue to work with the board and a potential funder with a view to determining whether there is a potentially viable financial proposal which could be proposed to creditors, and if relevant to shareholders. As the administrators will be issuing their report and proposals to creditors shortly, its delayed general meeting has been further adjourned to 10 August.
Anglo Pacific Group PLC (LON:APF, TSX:APY) announced that it received notification that chief executive Julian Treger’s Kings Chapel International vehicle sold 100,000 ordinary shares at an average price of 140.12p per share, reducing his stake to 79% of its pre-existing level, or 1.77% of the company’s ordinary share capital.
Bidstack Group Plc (LON:BIDS) said shareholders are still strongly advised to complete proxy forms ahead of its general meeting on 19 July, with attendance strictly limited to those shareholders whose names appear in the register of members at the close of business on 16 July and who have an NHS COVID pass.