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AIM WINNERS & LOSERS: Sovereign Metals jumps; Firering CEO steps down

ALN

The following stocks are the leading risers and fallers on AIM on Wednesday.

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AIM - WINNERS

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Goldstone Resources Ltd, up 57% at 0.75 pence, 12-month range 1.48p-0.25p. The Ghana-focused gold explorer raises £2.0 million from a subscription by an investor for 200.0 million new shares at 1p each. It does not name the subscriber, and says each share came with a warrant over a further new share. Around £1.4 million of the new proceeds will be used to accelerate Goldstone’s exploration programme at the Homase mine in Ghana. Goldstone adds that Asian Investment Management Services Ltd has agreed to accept settlement of around £1.5 million of accrued interest under a gold loan agreement through a conversion into equity. As such, Goldstone will issue 144.9 million new shares at the subscription price. Following admission, AIMS will represent around 30% of the enlarged share capital.

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Sovereign Metals Ltd, up 34% at 40.80p, 12-month range 49.00p-24.05p. The Perth, Australia-based mining company recovers heavy rare earth monazite concentrate from Kasiya rutile tailings stream. It says early analysis shows Kasiya monazite contains ‘exceptionally elevated’ levels of heavy rare earth elements Dysprosium Terbium and Yttrium.

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AIM - LOSERS

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Firering Strategic Minerals PLC, down 11% at 1.20p, 12-month range 6.00p-1.20p. The Zambia and Ivory Coast-focused mining company says Yuval Cohen has stepped down with immediate effect as chief executive officer to focus on his role as CEO of Limeco Resources, its producing lime asset in Zambia. Firering appoints Chair Youval Rasin as interim CEO while a permanent replacement is found. The firm starts hot commissioning of Kiln 2. The company intends to exercise the next tranche of the Limeco option, to increase its shareholding to 36%. ‘This is a pivotal period for Firering as Limeco enters its production growth phase. Increasing our ownership, strengthening leadership at the asset level and commencing hot commissioning of Kiln 2 demonstrate our clear focus on scaling our flagship operation,’ says Chair and Interim CEO Rasin.

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